Good evening StockBandits!
The 5-day winning streak ended for the market today, despite a pretty good afternoon lift from the morning lows. A downside gap on worries tied to a Greece default set a negative early tone, and stocks struggled to find their footing until late morning when they finally caught a bid. From there, they worked their way back up to erase a big chunk of the early deficit, although they still ended slightly in the red.
We also saw volume diminish today with the declines in price, which technically is healthy. That’s largely attributed to a combination between heavy volume at the end of last week tied to quadruple witching, as well as traders laying somewhat low in the early going this week ahead of the Fed announcement on Wednesday.
The NAZ was able to climb back above the 2600 level by the close, although the S&P 500 gave up 1208 and the RUT and DJIA remained within their respective trading ranges as well. That’s providing a bit of a mixed bag at the moment with select big-cap NAZ names ripping higher while many of the blue chips are still showing indecision. That’s keeping me a day trader at the moment, as are the individual charts which are lacking the tight bases I prefer, so that will be my focus for Tuesday’s session.
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: PANL, TZOO, JAZZ, WLL
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “127” 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.
