Good evening StockBandits!
Wednesday’s turn lower from the morning highs hinted at fatigue, and today we saw confirmation of it as the market saw some profit-taking. Today’s pullback took the indexes back into their respective August trading ranges, although that was somewhat to be expected after breaking out incrementally during the ramp higher from last week’s lows.
Tomorrow we have the highly-anticipated jobs report (Nonfarm Payrolls in the premarket), which could quite easily prompt a sizeable gap by the opening bell in either direction. Beyond that, we have a 3-day holiday weekend with the markets being closed on Monday in observance of Labor Day. With that said, it’ll be of great importance to stay selective on Friday, particularly in the afternoon, as a dull morning could send traders heading for the exits early to kick off the long weekend.
I continue to see very little on the daily charts in terms of setups which are high-quality enough to warrant new swing (multi-day) entries. However, we’re still seeing a few setups emerge for single-day plays, so that will remain my focus for Friday.
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!
Video Stocks Discussed: AUY, BTU, ADSK, PAY
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “114” not found /]The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
