Good evening StockBandits!

For the third straight session, afternoon weakness erased prior gains today as the indexes moved from green to red by the closing bell.  The losses weren’t significant, but what may be significant is the fact that this market is sending daily signals of fatigue with these weak finishes.  That’s not to say we’re set to roll right over, although anything’s possible, but simply to say some caution here is warranted on the long side until we see some strength which entices more buyers rather than sellers.

The lack of conviction we’re seeing here on the upside has brought about short-term downside reversals on the charts of quite a few individual stocks.  That has left sloppy patterns over the past few sessions, and there aren’t a lot of setups tonight I’m watching (as evidenced by the abbreviated Bullish & Bearish Watch Lists down beneath the video).

My plan for the moment is to respect the indecision we’re seeing at the moment and in many cases just shorten my timeframe for new trades.  I noted here a few days ago how the end of the year brings with it some cross-currents which aren’t present during the rest of the year, and it could be that we’re just seeing some of the fruits of those other motives in the market.  Regardless, there are some setups I’m willing to take for trades on Thursday if they do happen to trigger.

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: DECK, YOKU, QLIK, SODA, AGU

Swing Trading Candidates:

AGU established a lower high on its daily chart and since then has been grinding lower.  A rising trend line has served as support in recent weeks, and I’ll be using that trend line as a pivot for a short sale at $80.40 if broken, looking for some accelerated selling if that trend line break occurs. As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Bullish Watch:

IDT, MIPS, KMX, MCP, SFY, GPC, IPI, SODA, MFC, XEC, SRS, DECK, YOKU, QLIK

Bearish Watch:

BVN, BIDU, LLL, AGU, CSIQ, WYNN

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!

For a Fed day, today was about as uneventful as they come.  The indexes moved slightly higher this morning and gave some back in the afternoon, finishing not far from where they began the day.  Momentum was fleeting, and we spent the middle portion of the session in a very choppy, tight pre-FOMC range.  Indecision was prevalent all day though, as even the afternoon selling was followed by a bounce into the closing bell.

Often times, the market needs an extra day or two to really digest the FOMC and make a move, and today we saw no clear response to provide with us with expectations for tomorrow’s session.  Perhaps we’ll see better momentum surface tomorrow in one direction or the other, so I’ll be watching for a multi-day high or low to arrive to signal that.

Tonight in looking through a great number of charts, I saw many stocks which are indicating a need for further rest.  With no interest in forcing trades out of sloppy bases, my list for Wednesday’s session is rather limited – and that’s not so bad.  There are some candidates I’m considering for plays on the long and short sides, as well as day and swing trades to help diversify timeframes.

One final note I’d like to make is that with it being near the end of the year, there’s plenty of noise about where the market will finish and how these next couple of weeks will play out.  Some say we’ll ramp higher, others say we’ll see selling pressure as funds move to lock in profits.  Personally, I don’t care which way we go or if we move at all.  What I want to remind you of is that it’s always important to assess the current situation from a technical standpoint, and right now we’re sitting near highs within an uptrend.  I’m not interested in fighting the trend until signs emerge that it’s ending, and thus far we don’t have that.  So, stick with what you see on the charts, and leave opinions aside for the talking heads on TV.  You and I will only make money trading when we take action on quality setups with defined risk and good potential… not when we marry ourselves to a thesis and then hope it plays out.

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: GTI, ALXN, AGU, CSIQ, ATU

Swing Trading Candidates:

ATU recently crossed a key level at $24 and gathered momentum quickly to the upside.  Since then, it has put in some needed rest, but today it began to turn higher within its base on improved volume and may be ready to start another leg up.  I’ll be a buyer if this one clears $27.85 to confirm this bull flag.  As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Bullish Watch:

WCC, DRIV, LNCR, GTI, XEC, WOOF, CERN, ALXN, ESRX, KKD, BLL, ATU, NAK, GNTX, JCI

Bearish Watch:

WYNN, BIDU, AGU, HCN, MOS, TCO, LVS, CSIQ

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 was poised for continued strength for much of today’s session as each of the indexes held positive for the bulk of the session.  However, fatigue seemed to set in as we saw some profit-taking pick up in the final hour of the day to erase the gains and put an end to the NAZ streak of 8 consecutive gains.

Today’s late reversal isn’t yet something to be concerned about, for a few reasons.  First, it wasn’t the kind of nasty selloff where technical damage was done.  Second, the indexes finished mixed, with the NAZ and RUT lower while the S&P 500 and DJIA actually finished slightly in the green.  And third, we still have former resistance levels which could still serve as support in the days ahead if this pullback continues, so I’m suspending judgment until we see more technical clues surface.  Today’s action simply appeared to be a sign of fatigue, so I’ll wait to see how the market responds to it in the next couple of days.

A byproduct of today’s turnaround is that it left quite a few charts of individual stocks looking sloppy, so my focus for Tuesday’s session is narrowed as a result.  The setups I’m eyeing are for day trades, as I’m content with the current stocks on the Hit List and those which are set up for plays tomorrow look best to me for hit-and-run types of trades.

We’re still in a great trading environment here, but the key to maximizing it is to lay low when setups are tougher to find and only get aggressive when potential plays become more prevalent.  For Tuesday, I’m planning to take what the market’s offering here and otherwise be patient.  I’ve rarely regretted doing that in times like this where the market is attempting to rest in the 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: MWW, BLL, PTEN, MOS

Swing Trading Candidates:

NONE TONIGHT.

Bullish Watch:

GPC, RS, GTI, AMTD, WSM, ONXX, XEC, MWW, CTSH, CERN, BLL, MTW, INFY, NOR, OXPS, PTEN, MTL, GNTX, AREX, TRGP

Bearish Watch:

WYNN, MOS, HMIN, TSLA, JKS, CXO, TCO, CSIQ

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 indexes stretched to new multi-year highs on Friday (with the exception of the DJIA), capping off another strong week.  Recent trading ranges were left behind for the NAZ and S&P 500, reminding all that the trend remains up and the buyers remain in control.

It’s no surprise that given the multi-week trading ranges we just broke out from, the stocks on my radar at this point are nearly all bullish.  The idea is to trade with the proverbial wind at your back, or with the trend, so that’s my aim at the moment.  It also happens that with all the strength out there, bearish candidates are simply more sparse at the moment.  Regardless, there are some nice setups I’ll get too momentarily which are on my radar for plays on Monday and this week.

I expect there to be more good setups as time goes by, so we’re in a nice environment here to do some trading – no matter which direction this market heads.  The next several months are likely to be that way, so even though the “easy” money may have been made for the current rally to investors, there will be many opportunities to capitalize on for those of us who are trading.

With it being December, I have to make mention of a couple of factors which just don’t play a role for the rest of the year which are in play over the next few weeks.  Tax loss selling is the biggest one, as are index rebalancing and quarter-end and year-end window-dressing for funds.  That’s a lot to take in, but essentially it’s just a mixture of motives for buying and selling which don’t come together simultaneously except for December, and particularly later in the month.  So we may have another week or two of “normal” trading activity, but as the holidays approach, it’ll be wise to shore up exposure for a few days.  I’ll remind of this in the next few weeks, but wanted to put it out there now as we head into the final 2/3 of the month.  If you typically take some down time around the holidays anyway, it’s nothing to be concerned about.

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: JRCC, CTSH, BLL, CVH, RS, MTW

Swing Trading Candidates:

RS exhibited exceptional momentum recently after clearing a trend line, and since then the stock has pulled back only slightly.  Instead, it has been basing in a bull pennant pattern, and I’m watching for a push through $50 to signal the start of another leg higher.  I’ll be using that as my trigger to get long. As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

MTW has rested over the past few sessions to digest its recent run, and may be gearing up for another push.  I’m watching the upper trend line of this tight pennant pattern at $13.05 for a break to trigger a buy. As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Bullish Watch:

DRIV, PVH, SKS, GES, RS, TEX, GTI, QCOR, WSM, VMC, RIG, AA, CVH, CTSH, ULTA, TER, KKD, BLL, DANG, JBHT, INFY, MTW, CMI, NOR, LEN, JRCC, SLAB

Bearish Watch:

MOTR, TSLA, LVS, FRO, WYNN

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 indexes posted minor gains today (with the exception of the DJIA being down 2 pts.) as morning strength failed to generate any lasting momentum.  The intraday highs from Tuesday were tested and held, but the buyers kept bids beneath the market to prevent any downside progress.  As a result, it was a choppy, range-bound day despite the fact new closing highs were made.

The relatively quiet sessions we’ve seen in recent days have had me for the most part biding my time while waiting for more swing setups to emerge.  I’ve been patient in that regard, and tonight there are some new candidates which I’ve added to the Hit List and will discuss in the video below.  There are also some setups I like for trades on the shorter timeframes (day trades) which look to have some nice potential for the final day of trading this week.

For me, the key right now is to wait for trades to come to us, rather than try to force trades while the market is essentially consolidating.  Keep that in mind with tomorrow being Friday, as it’s easy to try to cap off a good week or recoup losses ahead of the weekend and end up lowering your standard and finishing frustrated instead.  Take your signals as they come, but if they don’t, there’s no shame in sitting on your hands and letting the trades come to you.  I was reminded of that this afternoon with some impatient trades I took, and I paid for it.  Discipline is a habit, and it’s important to reinforce it daily in every aspect.  I’m looking to get back on track tomorrow and head into the weekend in a better frame of mind – hopefully you will to!

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: CERN, VMC, MOTR, LVS, MASI, PVH

Swing Trading Candidates:

MASI is in an uptrend but over the past week has pulled back within the trend.  Today the stock perked up a bit on increased volume, and it’s now just a short distance from clearing the small descending trend line overhead.  I’ll be going long upon a trend line break at $31.75, as that could free up this stock to move higher once again.  As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

PVH has put in some healthy rest over the past few days after tagging new highs last week.  This stock is sitting in a well-defined falling wedge pattern, and these patterns are often resolved to the upside.  I’m watching for a move up through the trend line at $69.40 to trigger an entry on the long side as the uptrend continues.  As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Bullish Watch:

PVH, SKS, GES, TZOO, VSH, THQI, VMC, RIG, AA, JNPR, APC, MWW, ATML, CVH, CERN, ETFC, CLD, ULTA, DIG, MASI, PVA

Bearish Watch:

MOTR, MMYT, AGU, LVS, LO, WYNN, MICC, MMM

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