Good evening StockBandits!

This morning we saw a bit of a weak start to the day, as the indexes gapped slightly lower.  The weakness didn’t last long though, and shortly after we had filled the gap.  From there we saw a steady intraday uptrend take the market positive before the final few hours of trading where the market simply held its gains.

Tonight we’re once again sitting at new 52-week highs, and once again it’s as a result of not a banner day but simply another modest advance.  The dips continue to get bought, but new highs still aren’t yet producing the blow-off, upside runaway price action which may eventually arrive.  Call it a slow uptrend if you will, but just don’t get caught short for very long.

Tomorrow we have options expiration ahead of a long holiday weekend, which could bring with it a little more lively price action.  Regardless of which way we head, it’s important to keep in mind that if things start to slow down in the afternoon not to force trades.  Many will be stepping away from their screens if the market stagnates ahead of the long weekend, so it will be easy to overtrade if there’s no real momentum present.  My focus will be on a handful of day trades, along with some tightened stops for my swings (so be sure to check the Hit List post for updates there).

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: WYNN, BMC, PNRA, RAX

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

DIS, APC, FTK, AGU, BSFT, RCII, APKT, PAY, RVBD, KKR, OPEN, RAX, WYNN, CLR, MOS, RES, AA, TEX, IPI, SWK, LULU, SWKS, MOLX, ONNN, BMC, CTXS, CSX, PTEN, PNRA, WSM, EMN, ICE, ONXX, VECO, FTNT

Bearish Watch:

MCP, TCK, ALV, COH, CCL

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

An upside gap was held today as morning strength was followed by additional buying.  The indexes peaked late in the morning, pulled back to test the opening lows, and then finished just a short distance from their highs as once again even an intraday dip was bought.

Today’s strength took each of the indexes to new multi-year highs, serving as yet another reminder that the trend is up.  We’re still headed toward the next resistance levels I’ve pointed out, and possibly beyond.

To predict where this market is going is just as pointless as predicting when we’ll roll over, and it’s important to note here (again) that it isn’t our job as traders to predict.  Trends can last much longer than many expect, so whenever we find ourselves in the midst of one – even if it seems a bit long in the tooth – it’s our job to trade it.

Right now that means taking clean setups, primarily on the long side, while still managing risk with stops and booking profits along the way.  As long as we’re doing that, we’ll be effective and able to participate in the trend.  And when technical evidence does surface to suggest we’re changing directions, we’ll recognize it if we’re paying close attention to the charts.

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: LULU, RVBD, OPEN, RAX, WYNN, PTEN, EBAY, RCII, CLR, EMN, TCK, COH

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

DIS, FTK, RCII, LO, PAY, RVBD, OPEN, KKR, RAX, WYNN, CLR, NKE, VRUS, BAC, CELL, AA, SWK, LULU, AVL, MOLX, ONNN, HES, BMC, CXO, NG, CTXS, CSX, FSLR, PTEN, SFSF, EBAY, CVLT, WSM, EMN

Bearish Watch:

BVN, TCK, AMZN, ALV, COH, BAP

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The market took a very small step back today with a weak open which was followed by only a partial gap fill.  As a result, the indexes finished in the red, although not by much.

We’re still holding above the recent breakout areas and still not far from highs, which leaves the indexes in good shape to digest recent gains and possibly go for more soon.  That’s right along the lines of the stairstep-type of rally we’ve been in since December 1st, which has to leave the bulls feeling somewhat comfortable.

Overall, this market remains in good shape from a technical standpoint, and the bears are still on the run.  The dips have continued to be brief and shallow, which shows that buyers are still stepping in on even minor weakness.  As long as that remains the case, and particularly if this market can continue to base after it makes new highs, it could easily perpetuate this uptrend.

My intent is to continue trading the setups as they come along, without chasing strength.  If there’s one nuance about this rally, it’s that we aren’t seeing runaway strength.  So patience is a virtue especially now.

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: KKR, YOKU, ALV, COH, MOLX

Swing Trading Candidates:

MOLX has put in some rest since its last run higher, and this one may be gearing up for another move.  I’ll be a buyer if this one can clear the upper trend line of the bullish wedge at $27.70, and will use the lower trend line as a stop. As with all swing trades, my stop and target levels for this trade are found on the Hit List here inside the Hideout.

Chart courtesy of TeleChart

Bullish Watch:

EBAY, NG, MOLX, ADSK, LBTYA, JCI, VSH, GTI, KKR, JAZZ, GDP, IPXL, YOKU, SWK, SM, HOG, CSX, JNPR, ALXN, SFSF, SBGI

Bearish Watch:

TCK, WHR, ALV, COH, TSRA

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The bulls seemed to have other things on their minds today, although they managed to produce modest gains in the indexes (with the exception of a minor downtick in the DJIA).  The intraday action was somewhat subdued, although we did see a bit of afternoon strength.  Narrower ranges were seen in each of the averages, along with lighter volume.  Overall, it made for yet another day where the market was able to made modest progress while still putting in some essential rest.  We didn’t really run past Friday’s highs, but upticked and then churned on lighter volume – a great way to digest last week’s advances.

My focus for Tuesday in the way of new trades is going to be on day trades, with only a few on my radar.  I’ve still got several swing positions on, despite getting stopped on one today and booking profits on a couple more.  Details there are on the Hit List here inside the Hideout, but my point is that I’m doing my best to stay positioned for a continued move higher, should it occur.  I’m comfortable with the stocks I’m holding tonight, and not looking to add during tomorrow’s session for anything but short-term trades (if they trigger).  I expect we’ll see more swing setups emerging soon, but I just didn’t see anything tonight in the charts that I can’t live without.  As always, it’s important to let the best setups come to us, rather than lowering our standards or forcing trades in an attempt to “just get in” something.

Tonight I’m going with the written format rather than the usual video as I was midway through producing tonight’s Broadcast when my primary PC had a hard drive failure.  Fingers crossed, I have a backup drive which should leave me with only a minor inconvenience, and the system is under warranty, but let me remind you to back up your files regularly!  If a hardware failure’s going to happen, it will happen at an inconvenient time like on Valentine’s Day when you have a date with your wife! 😉  All good though, enjoy your night & go get ’em Tuesday!

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of TeleChart

Chart courtesy of TeleChart

Chart courtesy of TeleChart

Chart courtesy of TeleChart

Swing Trading Candidates:

NONE TONIGHT.

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of TeleChart

Chart courtesy of TeleChart

Chart courtesy of TeleChart

The Hit List will not be posted tonight as I am 100% cash overnight and there are no new swing trades for Tuesday. The Hit List typically contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Last week we saw some quiet basing action above prior resistance areas, with some modest strength on the heels of the breakout from the previous Friday.  Then we saw yet another breakout to new highs take place on Friday, sending the indexes into the weekend each at fresh 52-week highs.

The steady stair-step style uptrend continues to lift this market, and stocks are acting well.  We’ve seen brief periods of rest along the way, but very few pullbacks.  The dips we have seen have been modest and short-lived, as shorts rush to cover on weakness and the buyers step back in to put cash to work at virtually any lower prices.  At some point this type of price action will morph into something different, but for now, the trend is still up and there’s no technical reason to fight it.

Quite a few stocks are behaving well on a technical basis, and I expect that to continue for a while.  The only difficulty at this point is finding stocks which have based a sufficient amount of time to warrant a multi-day play (vs. a day trade), yet which are still participating in the market advance.  More are emerging daily though, and as they arrive I’ll certainly have them here.  For Monday, there are several plays I’m eyeing, and as usual, I’ll look to take them once they clear the levels highlighted in tonight’s video.

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: MOLX, ADSK, AA, RDC, WLT, MON

Swing Trading Candidates:

MON has put in some healthy rest for almost two weeks as it consolidates here near its highs.  A push through the upper trend line would take place at $75.80, so I’m looking to get long this stock if and when that breakout occurs.  As with all swing trades, my stop and target levels for this trade are found on the Hit List here inside the Hideout.

Chart courtesy of TeleChart

Bullish Watch:

ATPG, ADSK, RCII, IDCC, APKT, PAY, ADTN, KSU, LBTYA, LRCX, XXIA, JAZZ, LEN, ARMH, SFY, CHK, SOL, LDK, CSX, BRKS, MON, SWK, AA, RDC, MOLX, HUN, CXO, WFR, HES, EL, PXP, CCJ, HSC, CRUS, RL, SFN, KLIC, EP, PTEN

Bearish Watch:

WLT, SLAB, VMW, SSRI, AG

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.

Trade Like A Bandit!

Jeff