Good evening StockBandits!

Today doesn’t look like much on the surface, other than some minor gains in the major averages.  However, it was technically important as the S&P 500 finally posted a close above the early-November high at 1227.  Tuesday’s failure to do so after trading above that level earlier in the session gave rise to some caution, but today the buyers nudged the blue chips past that threshold to produce a breakout on a closing basis.

The NAZ continued to climb beyond 2592 (cleared on Monday), and although it could use a rest it doesn’t seem ready to do so.  It cleared resistance a few days ago, but until today didn’t have the sympathy strength of the S&P to help validate the breakout.  We now have both, which gives the bulls continued hope as we head into the end of the year.

Interestingly, many stocks could still use some rest here, and there are also plenty which are in correction mode.  I’m not at all opposed to trading the long side with a shortened timeframe heading into tomorrow’s session, and have a few bearish setups on my radar as well.  So, we’ve cleared the trading ranges, but we can’t yet ignore their presence just a few points below current levels, as it wouldn’t take much for this market to fall back inside the range.

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: VRSN, CVH, RHI, JNPR, CERN, CLD, ULTA, WYNN

Swing Trading Candidates:

WYNN has corrected from its peak but hasn’t been able to rebound since it stabilized two weeks ago.  This one appears vulnerable to another selloff, so I’m watching for a break of support at the $100 level to trigger a short sale. As with all swing trades, my stop and target levels are on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Bullish Watch:

RHI, BIIB, ACOM, CPO, CODE, VRSN, CY, SODA, CCK, RIG, JNPR, BRCM, MWW, CVH, ETFC, WOOF, TTWO, CERN, CLD, MCO, ALXN, ULTA, ESRX

Bearish Watch:

MMYT, JKS, BORN, MICC, LVS, LO, FRO, ITRI, DWA, CMG, WYNN, HOGS, EC

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!

A big upside gap kicked off today’s session as an influx of buy orders followed the news of Obama’s support for prolonging the Bush-era tax cuts.  That same enthusiasm proved to be the culprit for profit-taking by the smart money, as the open marked the high of the day and the market spent the rest of the session giving back its gains.  By the closing bell, the indexes (with the exception of the RUT with a 1% gain) finished flat.

Today’s action doesn’t necessarily mark a turning point, but was simply some profit-taking into news-related strength.  We often see that take place, so to see the bulls use an opportunity to capitalize on strength is no surprise.  Each of the indexes are still sitting right at new 52-week highs, as each of them marked new intraday highs today.  So for now, the S&P is still respecting the 1227 level on a closing basis, and that index will need to get over the hump in order to get things rolling again in the near term.

Tonight I’m doing a free webinar with the fine folks over at Worden (makers of the charting program I use). The webinar has been scheduled for a few months, and anyone can attend, so I’d love to see you there. Even if you can’t make it live, if you’ve registered you can still view a recording. I’m planning to work through many charts of interest and discuss the current trading environment.

With that being the case, and with my time availability running tighter at the moment with a brand new baby, the webinar will take the place of tonight’s video Broadcast. I’ll post a quick list of trade candidates in written format here for Wednesday’s session, and then will likely return to full speed on Wednesday evening here (fingers crossed).

For Wednesday’s session, these are the stocks which are on my radar and the triggers I’ll be using for entries, all on the long side:

VRSN long with $35.75 trigger

WYNN short with $100 trigger

LVS short with $47.40 trigger

MIPS short with $13.15 trigger

LO short with $81.30 trigger

MMYT short with $26.20 trigger

Again, thank you for understanding that on this very special occasion for my family my duties are reduced here at the site temporarily as I’ve noted it would be. When I do return to full speed (most likely on Wednesday evening) you can expect the usual Broadcast you know and love! In the meantime, I’ll do my very best to share some ideas so as to keep you in the loop.

Hope to see you in tonight’s webinar, but if not have a great Wednesday!

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Traders returned from the weekend to a choppy session today as the indexes got off to a soft open but soon recovered to move fractionally positive.  The intraday ranges were narrow, as the indexes essentially marked time.  The NAZ did clear 2592 to break out to a new high, which is positive, but it wasn’t followed by vigorous buying.  That isn’t to say today’s breakout isn’t meaningful, but rather it should gain better momentum if and when the S&P 500 can accompany it with a push through 1227 (stopped at 1225 today) to join the NAZ at new 52-week highs.

There were some nice moves out there though, including NG from the Hit List which triggered an entry on Friday and today was at one point 10% above the trigger.  I have notes on it with an updated grid in a separate Hit List post, but the point I’m making is that even on a dull day in the market there were some opportunities for great moves.

For Tuesday, I’ll be back doing some trading and will also be preparing for a free webinar Tuesday evening with the fine folks over at Worden.  The webinar has been scheduled for a few months, and anyone can attend, so I’d love to see you there.  Even if you can’t make it live, if you’ve registered you can still view a recording.  I’m planning to work through many charts of interest and discuss the current trading environment.

With that being the case, and with my time availability running tighter at the moment with a brand new baby, the webinar will take the place of Tuesday’s video Broadcast.  I’ll post a quick list of trade candidates in written format here Tuesday night for Wednesday’s session, and then will likely return to full speed on Wednesday evening here (fingers crossed).

By the way, here’s a shot of my new son Tyce, my lovely bride, and my older son Rix.  Tyce & mama are home and doing great, and I appreciate all of you who have reached out to me during this exciting time for our family!

For Tuesday’s session, these are the stocks which are on my radar and the triggers I’ll be using for entries, all on the long side:

MWW $23.55 trigger

HANS $53.10 trigger

RIMM $64 trigger

HUN $15.90 trigger

FOSL $73.20 trigger

OII $74 trigger

Again, thank you for understanding that on this very special occasion for my family my duties are reduced here at the site temporarily as I’ve noted it would be. When I do return to full speed (most likely on Wednesday evening) you can expect the usual Broadcast you know and love! In the meantime, I’ll do my very best to share some ideas so as to keep you in the loop.

Go get ’em tomorrow!

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Baby Bandit has arrived, as just over 24 hours ago we welcomed our 2nd child (another boy) to the world!  We are thrilled, needless to say, but the work I’d normally have done by Sunday simply didn’t happen this weekend – as I had warned if this baby happened to show up.

Over the next couple of days, I’ll be taking some time to tend to personal things (hospital releases, Dr. follow-ups, my wife, and of course our new baby), and therefore do not plan to trade.  My family is my priority, so that’s where my attention will be these next couple of days.

Our first arrived 3 years ago, and on that occasion I took a week off.  However, we’re more experienced parents now (thankfully!) and also have some help, so I don’t expect to be out for more than a couple of days.  I’ll do my best to put out at a minimum an abbreviated post here and there until I can return to full speed.  Thank you for understanding!

This market is strong, as on Friday we saw another rebound with the indexes tacking on more gains.  The NAZ needs to clear 2592 to make new highs and the S&P 1227, so we’re quite close to more 52-week highs.  If I were trading on Monday, these are the stocks which would be on my radar and the triggers I’d be using for entries:

RVBD $35.10 on the long side

BMRN $27.60 on the long side

RIMM $64 on the long side

SODA $33.60 on the long side

GSM $17.30 on the long side

CSTR $65.30 on the long side

Again, thank you for understanding that on this very special occasion for my family I will be reducing my duties here as I’ve noted in recent weeks.  It’ll be a short break, and when I return to full speed you can expect the usual Broadcast you know and love!  In the meantime, I’ll do my very best to share some ideas so as to keep you in the loop.

Next update I’ll try to have a picture ready for you too 😉  See you then!

Trade Like A Bandit!

Jeff

Good evening StockBandits!

This morning we saw another strong open on the heels of Wednesday’s big rally, as the buyers apparently went home last night wishing they had more stock on their books.  They wasted little time again today in putting cash to work, and by the closing bell we saw 1% gains across the board.

At this stage of the rally, it feels as if stocks can only move higher.  However, as traders we know that’s a dangerous mentality to adopt.  The bigger picture is still showing the indexes in trading ranges, although each are now facing key levels after moving to the upper ends of those ranges.  We just saw support get respected early this week, so if resistance happens to hold in the same manner, this would prove to be a better spot for booking profits than in adding long-sided exposure.

Tonight there are fewer stocks on the radar heading into Friday’s session, as the market ramp has eliminated many bearish setups and left many bullish setups short-term extended.  Rather than short strength or chase stocks which have already made big runs, the prudent move here in my opinion is to shorten trading timeframes and exercise some discipline while we wait to see whether or not the range will persist (read: resistance holds).  This would be a logical spot for some profit-taking to kick in, but instead of becoming overly anticipatory it’s best to simply raise our level of caution and participate in the short-term moves as we close out the week.

**As a reminder, my wife & I are expecting a baby in the next 3 weeks and our first arrived 4 weeks early. So, I could drop off the radar anytime when this baby decides to arrive. If I do, fear not – I will resurface with an update shortly after!

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: RVBD, MWW, HANS, BID, TSL

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

RIMM, ORLY, CODE, MEE, NG, NOV, RIG, TWI, RVBD, MWW, MSCC, HANS, SIG, BID

Bearish Watch:

BIDU, MCP, TSL, MOS

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