Good evening StockBandits!
Monday’s strength carried over into today’s session with a big opening gap to the upside. Traders were reluctant to sell it though, and instead the market edged higher into early afternoon. After approaching the upper portions of their respective trading ranges though, the indexes came under some profit-taking which shaved a considerable amount off the day’s gains by the closing bell.
It was a weak finish, but still a strong day overall. The afternoon stumble reminds us, however, that we’re still caught in a wide range for the time being, and that means messy individual charts and no realistic expectation for follow through until those ranges get broken.
Tonight I’m going to cover setups which look ready for plays on Wednesday, as well as several others which I think belong on the radar as patterns mature and key levels are approached. It’s still a day trader’s market right now, so cash remains the place to be overnight, and that’s why my timeframe for new trades right now is so short-term.
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: RIG, MPC, VHC, NUVA, CP, VRUS, OPEN, FSLR, DV, NFLX
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “133” 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.
