Good evening StockBandits!
Strength was sold for the third consecutive day today as stocks opened higher and set their highs of the day in the opening half hour, never to be seen again. A late-day lift provided better closing numbers than the indexes had been facing, but it was a pretty vertical move which smacked of short covering.
All in all, the market remains range-bound, with ample room to move in either direction before a meaningful break would be threatened. That’s been the case for many weeks now, but it’s still just a very indecisive market right now with neither the bulls nor bears gaining the upper hand for more than a few days at a time.
I was encouraged by the charts tonight after seeing quite a few setups being constructed on the daily charts on both sides of the market, although they need more time before they look ready for new plays. For Friday, however, there are a handful of names I”ll be focused on which look to have some short-term potential ahead of the weekend.
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: NFLX, WPI, INTU, CPHD, GOLD, FLR, WLL, NIHD, SLB, NFX, ATHN, RCII, BBBY, RCL, VNO, ALR
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “135” 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.
