Good evening StockBandits!
Overbought conditions following the rally which began last week opened the door for some profit-taking, and that’s what we saw today. The downside was rather limited though, and the volume was extremely light, and those are both very healthy to see.
It’s unclear whether summertime was responsible for the light volume, or merely the uncertainty of how far this pullback may carry, but there sure wasn’t much going on out there. Earnings season is still very much in full swing, and that’s also playing a role in how active traders are willing to be at the moment. It seems there is no shortage of reasons for traders to take it easy, so while we wait for more technical clues to emerge, that’s a good reminder for us to tread lightly.
There are many setups in the works which just need a little more time, as well as some good patterns I’m looking at for trades on Thursday.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: CRM, FFIV, ISLN, BUCY, CCL, RCL, HOT, CSTR, SYK, NFLX, LNCR, MOS
Swing Trading Candidates:
MOS bottomed out at the first of the month, and since then has been under steady accumulation. A push through resistance will trigger a buy for me, as this one has potential to accelerate higher out of this pattern. As with all swing trades, my stop and target levels will be on the Hit List post soon to follow.
Bullish Watch:
EMR, HOT, CSTR, IOC, ITT, SOLF, CRM, FFIV, VMED, ISLN, MOS, BUCY, CCL, RCL
Bearish Watch:
PRU, CLB, SYK, CERN, NFLX, WDC, LNCR, COV, HSY
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
