Swing Trading and momentum investing stock pick newsletter and swing trading service.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
No changes
No open positions.
No closed positions.
Good evening StockBandits!
Another range-bound session today saw a weak start, a slow grind higher, then a return to lows in the afternoon. In the end, minor downside was seen, but it keeps the indexes inside the trading range of the past several days. That has meant a distinct lack of momentum, but at the same time it’s gone a long way toward allowing individual stocks to put in some much-needed rest. As a result, many bases are emerging on the daily charts, which is a healthy thing.
The indexes remain stuck in between their uptrend lines from the February lows, and the highs set last week. Until we see one of those get taken out, particularly on a closing basis, we can likely expect more of the same choppy action.
With that in mind, it’s important that we also consider Thursday to resemble a Friday in terms of market activity. Unless some nice momentum is seen in the early portion of the day tomorrow, it’ll be a clear signal to do less in the afternoon, given that it’s the last trading session of the week ahead of a long holiday weekend. The market will be closed for Good Friday, and traders by and large may leave their screens in the afternoon with an absence of momentum in favor of spring weather and other activities. So, stay on your toes out there tomorrow, and if not much is happening, sit on your hands.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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NONE TONIGHT
CNW, PCL, TMK, CTEL, PCX, CISG, PDCO, RDN, FDX, PXD, ATVI, ACXM, GMCR, ROK, DAL, WFC
CAGC, UTHR, MLHR, GDP, CAG, OSG, AMED, SFL, CF, EQIX, MAN, SY
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
CNW, PCL added
No open positions.
No closed positions.
Good evening StockBandits!
On the heels of a churning session Monday with incredibly light volume, today we saw more of the same with the market never getting far from the flat line. The indexes spent the bulk of today’s session range-bound once again, finishing fractionally higher than Monday’s closing levels.
So far, it’s shaping up to be a pretty quiet week, which is interesting since traders only have 4 days to make it count with the market closed for Good Friday. Nonetheless, the indexes can stand to rest, as we’ve seen very little consolidation throughout this rally from the February lows. Although this range-bound action sure makes for a dull environment in the short term, it is quite healthy for most individual charts to get to do some basing here.
More setups are arriving in the charts by the day, and that should keep us busy in the days and weeks ahead. However, I’m looking to approach the next couple of days with some caution given the very light volume we’ve already seen this week. In addition, with a 3-day weekend approaching fast, we could see traders continue to do less rather than more.
Selectivity and patience are important here, and it’s critical we avoid overtrading while in the midst of a short-term trading range. Exercise some patience if momentum isn’t present tomorrow, because eventually we’ll see the action heat up again.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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CNW rallied nicely from the February low where key support was found, and in recent weeks has put in a nice base with a minor pullback. There’s a trend line just overhead, which if cleared, could pave the way for a push back toward key resistance. I’ll be a buyer if this one can clear the trend line at $36.
PCL has carved out a nice cup & handle pattern over the past couple of months, and today’s turn higher within the handle on a pick up in volume indicates a breakout may come anytime. I’ll be going long if this one can clear resistance with a push through $39.40.
CNW, TMK, PDCO, LPNT, CISG, PCX, CTEL, RDN, MSG, WYNN, AGP, AET, FNSR, PCL, A, FDX, HSY, PXD, GR, KSU, DMND, CSTR, RCL, SOHU, R
UTHR, DSW, GDP, CAGC, DTV, CAG, OSG
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
TMK added, ACXM stopped
No open positions.
ACXM slid slightly lower this morning, triggering my stop loss right on the number before stabilizing to finish the day a few cents positive. I’m now out of this trade with a 3.8% loss, and while the breakout attempt failed, the stock hasn’t yet broken down. I’ll be keeping this one on the radar in case it makes another attempt to rally, but first it will need to challenge the trend line once again. For now, I’m on the sidelines.
Good evening StockBandits!
For a holiday-shortened trading week in which the action should be more condensed, there sure wasn’t much taking place today. Perhaps the quarter-end activity has already occurred, but the fact of the matter is that today’s trading ranges were quite narrow and volume was very light. That made for some choppy conditions in which doing less was certainly better than more.
In looking through many charts of individual stocks tonight, I did see one thing for the first time in a while which has been distinctly absent: some bases beginning to form. The quiet action in recent days has gone a long way towards improving the number of stocks which are suitable for trading, as I’ve been very reluctant to chase extended names after big recent runs. A few days can have a dramatic impact on the appearance of a chart, and that’s certainly encouraging for the days ahead.
Heading into Tuesday, we have no guarantee the action will improve, but if it does, there are quite a few stocks emerging which could offer some potential. I would expect that to continue to be the case these next few days, barring any sudden changes in the overall price action. As usual, I’ll be waiting for stocks to hint at imminent moves, and watching key levels before looking to get aggressive.
By the way, I am doing a webinar Tuesday night with the folks at Worden, so be sure to register as it’s free and I’d love for you to attend. I’ll be going through charts for 30 minutes and then we’ll have 15min of Q&A to round out the evening. A recording will also be available for those registered. Here’s the link to get registered, and hope I see you there at 8pm ET!
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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TMK remains in a nice uptrend here, and for the past several sessions has put in some needed rest. A turn higher from here up through the trend line at $53.65 could put this one back on the move for another leg higher within the trend, so I’ll be using that level as a pivot for a buy.
COL, BA, EFX, DLTR, HMA, HAR, PKI, HE, CVI, PDCO, CREE, PCX, CTEL, RDN, RYN, CDNS, MGA, WYNN, FO, BID, DE, AGP, AET, TMK, LLEN
UTHR, MLHR, GDP, DSW
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
No changes
ACXM drifted slighly lower on Friday to end the week just a short distance from my stop loss level. This stock is still struggling to show any upside follow through since nudging through the descending trend line last week, and currently resides still inside the base. I’m sticking with my existing levels for this one, but it may not be long before I punt it if some strength doesn’t arrive soon.
No closed positions.
Good evening StockBandits!
More new 52-week highs were made last week as the major averages tacked on early gains and held onto them as the week progressed. A minor dip from the highs was seen in the latter portion of the week, but it was mostly a brief rest for this market which continues to push higher without any meaningful pullbacks. That dynamic is frustrating both bulls and bears alike, as the buyers would like to get in on the rally and the short sellers can’t get any lasting downside to set in at all.
At some point, that will change, and it’s important for us to recognize that. One of the toughest things about being a trader is walking the line carefully between trading what we see and looking slightly ahead to plan for what may soon arrive. I’m not claiming that a bear market is right around the corner, but eventually we are going to see a pretty good pullback, so it’s imperative that we continue to monitor the price action and the character of the moves in the days and weeks ahead. Once some elements begin to shift, it’ll be a good signal to take a more defensive posture, but right now it’s tough to get even a brief rest in stocks to create some new patterns. Patience is important in a tape like this, so we can’t be in too big of a hurry to either deploy capital or call a top.
As we head into a 4-day trading week (with the market being closed on Friday for the Good Friday holiday), the bulls maintain an edge in both the technical and psychological realms. We have some key levels to keep an eye on, but otherwise the uptrend channels are still very much intact and deserve our respect. While we wait for better conditions to surface for putting more capital to work on a multi-day timeframe, day trades look best so I’ll be taking a quick-hit approach for Monday.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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NONE TONIGHT
COL, BA, EFX, LEA, GD, DLTR, TRW, CISG, JCP, LPNT, ODP, HMA, HAR
ANW, UTHR, SYNA, MLHR, SQM, MED
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
No changes
ACXM showed no follow through to yesterday’s breakout attempt through the trend line, and today edged lower on light volume. This one now stands just a short distance from my stop loss level, so Friday may be its last chance to get moving before I punt it. For now, I’m sticking with my existing trade parameters while waiting to see if it can turn back up and continue its uptrend.
No closed positions.
Good evening StockBandits!
Another push higher this morning took the indexes back to more new highs, but the strength proved to be fleeting as an afternoon selloff erased the day’s gains. It wasn’t a negative experience though, as the major averages finished just a short distance from Wednesday’s closing levels.
Today’s afternoon rollover does indicate some fatigue setting in, as it’s been unusual to see this market give up gains. What it’s been more known for is its ability to erase deficits, as stocks have been bought on every single dip. A move like we saw this afternoon doesn’t mean the party is over, because the bulls are likely to defend their recent success, but it does indicate some added caution on the long side is warranted here.
With that in mind, I’m planning to take a pretty conservative approach as we head into the final session of the week. Spring fever may hit traders with the urge to get away from the screens in the afternoon, and I want to be mindful of that as well and stay selective.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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NONE TONIGHT
DPZ, JOE, LEA, AIG, A, CPE, AET
MED, PXP, ANW, KOL, SPWRA, COG, UIS, UTHR, SQM, HP, RRC, SYNA, DTV, CF, SU, DO, AGQ, ECA, MMR
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
