Good evening StockBandits!

The market edged higher today with some rather quiet action.  The buyers weren’t in a big hurry to put cash to work, although they never went away either.  Today’s advance brings the NAZ and S&P 500 near resistance zones, so I’ll be watching for a possible push through those levels with virtually any additional upside from here.

In looking through many charts this evening, I am still seeing a ton of stocks which are behaving quite well technically and still appear poised for higher prices.  The difficulty at this point, however, is locating well-defined entries to hop on board if this rally continues.  I suspect in the coming days we’ll see quite a few more setups emerge, but heading into Thursday, I have a pretty streamlined list I’ll be focused on.

There is one correction I need to point out in tonight’s video, which is that SOHU is a swing trade candidate (in the video I refer to it as a day trade candidate).  The corresponding chart markup is down below, as always with swing trades, and this one will also be on tonight’s Hit List post (for swing trades) to reflect that.

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: CCJ, BWA, BEN, OII, WFT, CERN, SOHU, ASH, GMCR, VPRT

Swing Trading Candidates:

SOHU rallied sharply to end last month on a positive note, and since then has consolidated on light volume.  The stock is sitting in a very tight pattern here resembling a bull pennant, and looks ready to break out any day now.  Given that this one has put in adequate rest, it could easily play catch-up once it clears resistance, particularly if the market shows strength.  I’ll be looking to buy this one if the $48.10 level is cleared, and will have my stop and target levels on the Hit List post here in the Hideout.

Chart courtesy of StockFinder

Bullish Watch:

DRI, MOS, MON, NTES, ADSK, BIDU, SOHU, MTL, ASH, JNPR, MCO, CMI, AONE, AMG, FFIV, ISLN, NTGR, TWC, DPZ, GET, NCR, HAR, R, GMCR

Bearish Watch:

NEM, CERN, AKAM, VPRT

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Following Monday’s ramp higher, a day of consolidation arrived today for the indexes.  The market gave back only a small piece of what was gained yesterday, which is a very healthy way to digest rallies.  Momentum was absent, the downside gained no real traction, and once again we saw a decline which finished well off the session lows.  Better yet, volume remained quiet.

Immediate follow through isn’t a necessity, and particularly right now with the NAZ, S&P 500, and RUT each sitting just shy of key resistance zones, a little rest is actually a good thing before a breakout attempt is made.

Rest days like today also help individual stocks to base, and there was some constructive price action going on from what I saw in the charts tonight.  More candidates are beginning to emerge, and that’s encouraging as well.

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: MCO, OVTI, CSCO, GOLD, GG, DRI, NEM

Swing Trading Candidates:

DRI has already created one higher low, and appears to be in the process of creating a second one.  A move up through the trend line at $42.50 will trigger a buy for me as this one begins another advance in the uptrend.  The Hit List will contain my stop and target levels for this swing trade.

Chart courtesy of StockFinder

NEM sold off hard from its last weak bounce, and over the past several sessions, another poor advance has occurred.  A move down through the trend line at $55 would constitute a break of support, and I’ll be looking to short sell this stock for a move to lower levels.  As with all swing trades, my stop and target levels will be on the Hit List.

Chart courtesy of StockFinder

Bullish Watch:

LLL, NTES, DRI, IDT, MON, TSLA, BP, JNPR, MCO, HOT, GS, ATW, AMG, MOS, FFIV, SID, NTGR, OVTI, CSCO, HAR, SNDA, ATK, NTAP

Bearish Watch:

CRK, MHS, GDX, GG, NEM, GLD, GOLD, XEC, WDC, COV, RRC, ATHR, BKE, ORLY, WBSN, BBT

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Quiet action at the end of last week left the indexes looking like they could easily turn higher.  The minor dip we saw came with finishes off the session lows each day, as I noted last night, and that created an opportunity for a higher low to be formed on the daily charts once the pullback came to an end.

Today, it appears the pullback is done.  Stocks surged higher today, holding an opening gap to the upside and building on it as the day progressed.  Monday morning optimism is often times a chance for profit-taking, but today it kicked the buyers into gear and stocks never looked back.  By the closing bell, the indexes had gained roughly 2% across the board.

The DJIA actually broke out today with a solid move through the June high.  The NAZ, S&P 500 and RUT each have now come to within spitting distance of key resistance levels, although the June highs are still some distance away.  Regardless, the bulls now have an opportunity to flip this “relief rally” into a full-fledged trend reversal.  Follow through will at some point be needed in order to make that happen, so it should be a very interesting market we’ll face in the days ahead.

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: NEM, GG, AEM, MON, F, HAR, FMER, GOLD

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PCP, ESI, BID, IDT, NIHD, DRI, MON, F, SOHU, TSLA, BP, ASH, CRUS, TIE, JNPR, HOT, GS, ATW, EMR, MOS, CRM, FFIV, X, FMER, JLL, GET, NCR, MGM, HAR, SNDA, R

Bearish Watch:

MHS, GG, NEM, AEM, GOLD, ATHR, COV, NFLX

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Friday’s session was one of those days where it looked like very little happened, yet there was a lot happening beneath the surface.  With a gap down on the open, the indexes continued their pullback which began from Tuesday’s gap up.  Early trading left stocks marking new lows on the week, but once again, the buyers emerged.

Just as in the previous 3 sessions, the market recovered from its lows of the day to erase some of the losses.  While we didn’t necessarily see strong closes per se, we saw no weak finishes.  That suggests the buyers are offering support and stepping in to pick up shares on the dip, which is encouraging.

The positive finish on Friday leaves the charts looking like another short-term higher low has just been established, although more strength from here would certainly help to confirm that.  At any rate, uptrend lines were tested Friday and held, reminding us that the relief rally is still intact for now.

There are a lot of bullish charts out there, but I’d like to see just a little more stability kick in on many of them.  The overall action has been very bullish of late (the month of July), so let’s see if that carries over into August as we kick off a new month tomorrow.

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: JLL, CCL, X, ISLN, TWC, ONXX, CBOE

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

MOS, APA, BIDU, SHLD, BID, CRM, FFIV, ISLN, X, BUCY, CCL, AN, SNDK, LCC, TWC, ONXX, ALV

Bearish Watch:

MYGN, CBOE, MHS, GG, NEM, RRC

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The short-term pullback which began with Tuesday morning’s gap fill continued into today, with the indexes again erasing a positive morning gap and finishing negative.  The action wasn’t entirely negative though, as the market was able to rally back from its worst levels to finish only down slightly.  That points to an underlying bid beneath this market, which is bullish when combined with the recent higher lows and higher highs we’ve seen.

Today’s volume picked up over the past couple of sessions, and that’s most likely due to the churning action we saw intraday.  The morning gap was filled, then stocks staged a rally mid day, and then we saw some additional profit-taking.  So all told, it was really a constructive session.  The heavier volume simply points to turnover, and in my opinion was offset by the close well off the low.

Many charts are beginning to set up patterns now, which is great to see.  We’ve seen a solid rally and a shallow pullback, and that’s creating quite a few flag-like patterns in the charts.  Most still need a little time to really mature, but I’ll be going over several in the video tonight.  That way I can point out what I’m watching for, and you can sharpen your chart-reading skills as well.

One last note is that I’ve been invited by my good friend Charles Kirk to do a mid-day Strategy Session on Friday, where we’ll do a live chat and attendees can submit questions.  I’d love for you to join us.  It’s free, and should last about 1 hour.  It begins at 12pm ET, and you can use this link to attend…hope you can make it!

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: ISLN, ARUN, FNSR, ONXX, BUCY, V, XCO, AEM, FFIV, SID, AN, SNDK, MYGN

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

MOS, ISLN, FFIV, GS, BIDU, PWER, IDT, ITT, OIH, SOLF, HOT, SID, AN, SNDK, ARUN, LCC, FNSR, ONXX

Bearish Watch:

SYK, ICE, CLB, V, MYGN, XCO, GG, NEM, NFLX, LNCR, SAFM, AEM, ZMH, DO

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.

Trade Like A Bandit!

Jeff