Good evening StockBandits!
The opening 40 minutes today was filled with selling as the major averages moved into negative territory with some decent velocity. The initial bounce turned into a reversal though, and the lows of the day were established. From there, a steady rebound took the indexes into positive territory, and despite some back-and-forth action in the afternoon, that’s where the market finished.
Last night here I mentioned the presence of dip-buyers and how that’s the key to this market, and today we saw them step in again and get paid for doing so. Until that dynamic changes, we can expect the bulls to maintain a bid beneath this market. It may end up taking more than one selloff before they walk away, too, as they’ve had big recent success with aggressive buying.
More basing action would still be very helpful to the charts of most individual stocks, as we have only small bases out there for the most part. For that reason, I’m eyeing some day trades for Wednesday in order to participate in the market movement while still appropriately managing my risk.
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: SOLF, CSIQ, YGE, SNDK, GS
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ATHR, LAZ, TKR, PANL, PHM, RYL, RRC, NFLX, MAN, DGX, BLK, SMT, TDC, N, MASI, SOLF, LEN, CSIQ, PVH, DHI, VECO, ULTA, YGE
Bearish Watch:
JKS, ADBE, SNDK, AMAG, DRI, WFC, GS
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.
