Good evening StockBandits!
The short-term pullback which began with Tuesday morning’s gap fill continued into today, with the indexes again erasing a positive morning gap and finishing negative. The action wasn’t entirely negative though, as the market was able to rally back from its worst levels to finish only down slightly. That points to an underlying bid beneath this market, which is bullish when combined with the recent higher lows and higher highs we’ve seen.
Today’s volume picked up over the past couple of sessions, and that’s most likely due to the churning action we saw intraday. The morning gap was filled, then stocks staged a rally mid day, and then we saw some additional profit-taking. So all told, it was really a constructive session. The heavier volume simply points to turnover, and in my opinion was offset by the close well off the low.
Many charts are beginning to set up patterns now, which is great to see. We’ve seen a solid rally and a shallow pullback, and that’s creating quite a few flag-like patterns in the charts. Most still need a little time to really mature, but I’ll be going over several in the video tonight. That way I can point out what I’m watching for, and you can sharpen your chart-reading skills as well.
One last note is that I’ve been invited by my good friend Charles Kirk to do a mid-day Strategy Session on Friday, where we’ll do a live chat and attendees can submit questions. I’d love for you to join us. It’s free, and should last about 1 hour. It begins at 12pm ET, and you can use this link to attend…hope you can make it!
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: ISLN, ARUN, FNSR, ONXX, BUCY, V, XCO, AEM, FFIV, SID, AN, SNDK, MYGN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MOS, ISLN, FFIV, GS, BIDU, PWER, IDT, ITT, OIH, SOLF, HOT, SID, AN, SNDK, ARUN, LCC, FNSR, ONXX
Bearish Watch:
SYK, ICE, CLB, V, MYGN, XCO, GG, NEM, NFLX, LNCR, SAFM, AEM, ZMH, DO
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.
