Good evening StockBandits!
A takeover attempt on POT gave the market some spark today as stocks traded higher right out of the gate. The opening gap found additional buyers into early afternoon, but then the market drifted back into the closing bell. All in all, it was a solid session for the bulls after a 5-day pullback.
Today’s action filled the gaps left last Thursday morning, and that’s technically healthy to see. The weak finish does leave something to be desired though, and it gives today’s action the look of merely a relief bounce after last week’s break of the uptrend lines. The wild card is that we’re now entering late-August, which is a time notorious for light volume (like we’ve been seeing) and listless trading.
That light volume is also being seen in the charts of many individual stocks, some of which I’ll outline in tonight’s video. For Wednesday, I’m planning on going where the action is, so I have a narrow list of names on watch and most of them are momentum stocks.
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: AUXL, WPRT, IOC, CAGC, MMYT, MA, OCR
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
BAX, IOC, PCLN, CAGC, ADM, BID, MA, CROX, AUXL, STR, WPRT, MMYT
Bearish Watch:
HPQ, WDC, BBY, CSC, OCR, KGC, RBCN, CME, STI, SLAB, BAC, MFE, NETL, ETP
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.
