Good evening StockBandits!
Stocks finished higher again today with choppy intraday uptrends, despite a pair of pullbacks. The RUT and NAZ led the way with 1.7% and 1.4% gains, respectively, to produce some upside follow-through after a quick rout late last week.
Today’s move left the indexes climbing farther from Monday’s low, while still a fair distance from last Thursday’s high. Nonetheless, another pullback has been bought, so the big questions now are “will it hold” and “how far will this bounce carry?”
While those are certainly valid questions, the fact of the matter is that the indexes remain range-bound for now, which means we can expect continued indecision as long as that’s the case. The lack of rest following meaningful advances or declines in price has prevented quality bases from forming in the charts, so instead we’re really forced at this point to either stay sidelined in an effort to protect capital (which I’ve been doing on an overnight basis), or we go with trend line breaks for quick-move trades.
My trading of late has been focused on catching some intraday moves through those trend lines, but at some point we’ll see more swings and have potential facing us across multiple timeframes. I, for one, am looking forward to that. In the meantime, I’ll take the cash-flow day trades since that’s what’s available.
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: PH, CTXS, FIO, GGC, DV
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “123” 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.
