Good evening StockBandits!
Friday’s session was one of those days where it looked like very little happened, yet there was a lot happening beneath the surface. With a gap down on the open, the indexes continued their pullback which began from Tuesday’s gap up. Early trading left stocks marking new lows on the week, but once again, the buyers emerged.
Just as in the previous 3 sessions, the market recovered from its lows of the day to erase some of the losses. While we didn’t necessarily see strong closes per se, we saw no weak finishes. That suggests the buyers are offering support and stepping in to pick up shares on the dip, which is encouraging.
The positive finish on Friday leaves the charts looking like another short-term higher low has just been established, although more strength from here would certainly help to confirm that. At any rate, uptrend lines were tested Friday and held, reminding us that the relief rally is still intact for now.
There are a lot of bullish charts out there, but I’d like to see just a little more stability kick in on many of them. The overall action has been very bullish of late (the month of July), so let’s see if that carries over into August as we kick off a new month tomorrow.
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: JLL, CCL, X, ISLN, TWC, ONXX, CBOE
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MOS, APA, BIDU, SHLD, BID, CRM, FFIV, ISLN, X, BUCY, CCL, AN, SNDK, LCC, TWC, ONXX, ALV
Bearish Watch:
MYGN, CBOE, MHS, GG, NEM, RRC
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.
