Good evening StockBandits!

A positive response to earnings reports since yesterday’s close sent stocks gapping higher this morning.  Along with it came the appearance that perhaps we’d see more upside follow through on the heels of bullish intraday reversals in each of the past two sessions.  However, stocks got sold quickly right off the bat to erase the morning gains.  They stabilized for a while, but FOMC Chief Bernanke’s remarks of an “unusually uncertain” economic outlook sparked a second wave of selling.  By the end of the day, the indexes were well below Tuesday’s closing levels.

Days like this can be frustrating as good news gets sold.  I was stopped into 2 swing trades this morning on the long side, only to finish the day having been stopped out of one of them while the other finished just a few cents above my stop.  Getting whipsawed on trades is never fun, and yet it’s all part of trading.  At times, good setups will trigger and promptly fail, testing our will and patience as traders.  It’s how we respond to those events that ultimately define us as traders.  Fortunately, we’ll have another shot at it tomorrow, and I’m looking forward to it.

As we look toward tomorrow, we have the indexes starting to consolidate here with yesterday’s lows as potential short-term support and last week’s highs as short-term resistance.  Those are the nearest levels to keep an eye on, so let’s see if this market is able to gather some longer-lasting momentum than just a few minutes or hours.

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, LXK, PCLN, BG, NYX, FISV, ESRX

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

NTES, PWER, CTCM, QLIK, NETL, CSIQ, AGU, JNPR, TK, SLXP, MCO, BG

Bearish Watch:

RIG, WLP, ANV, VCI, NYX, PCLN, FISV, LXK, WFMI, MFE, MHS, FAST, ROST, ESRX

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 net changes for the indexes didn’t tell the whole story today, as is sometimes the case in the market.  Not only did the market battle back from a poor start, but we saw buyers step in to offer support.  Recent turns lower have not fared that well, and they’ve been able to fully run their course before dip-buyers emerged.  Today was different in that regard, which is quite positive.

There’s also now the possibility that the bears find themselves trapped.  The pivots in recent weeks have proven reliable, and with the bears having performed so well, their confidence has run high.  Friday’s harsh turn lower and yesterday’s light-volume bounce left bears unconcerned, but today’s action tells a different story.  For the second day in a row, the dip was bought, and that’s not something we can ignore – especially with a bullish engulfing bar on the daily charts.

A number of stocks are turning higher here, and may soon be able to build on the recent bounce we saw from the July lows.  That remains to be seen, but for now the downside isn’t getting much traction, and the charts are our guide.  As a result, I’m eyeing several long-sided plays as we head into Wednesday.

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: CTCM, QLIK, XLNX, ALTR, PWER, YGE, TS, MT, STP, JOE

Swing Trading Candidates:

STP formed a higher low just a couple of weeks ago, and since then has turned up to create a higher high as well.  For the past 7-8 sessions, price has consolidated to create a large bull pennant pattern.  A breakout would occur at $10.90, so I’m looking to buy this one for a swing trade if that level is cleared.  I’ll set my stop and target levels on the Hit List post, which is soon to follow.

Chart courtesy of StockFinder

JOE turned higher after creating a higher low on the daily chart, and this one looks poised for higher prices.  For the past week, this one has pulled back to create a falling wedge pattern, so I’m looking for an upside resolution to this pattern.  A move up through the trend line at $25.75 will trigger a buy for me as a swing trade.  My stop and target levels will be on the Hit List post.

Chart courtesy of StockFinder

Bullish Watch:

NTES, PWER, PPO, FDX, AMZN, YGE, SOL, CLB, NBL, AAP, TS, OIH, STP, ADTN, CTCM, EXPR, ARMH, QLIK, XLNX, MT, STEC, ALTR, CSIQ, AGU, JOE

Bearish Watch:

VXX

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!

A positive start this morning was followed by more selling as the indexes once again moved into negative territory.  It was looking like more of the same from Friday, but buyers stepped in to offer some support after Friday’s lows were broken, and from there the situation improved.  The indexes finished higher across the board, and although today’s gains paled in comparison to what was lost Friday, the bulls deserve some credit for stopping the bleeding.

Recent selloffs have resulted in 1-way moves where buyers stood aside for days on end, but that’s not what we saw today.  The bounce we saw today may get erased in the days to come, but this preliminary price action for the current decline (from last week’s highs) is different from that we’ve seen in recent pullbacks.

Needless to say, it’s a good time to exercise some caution until some better technical signals come along, so I’m looking at some short-term trades heading into Tuesday.

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: VMW, STP, CTCM, OIH, NYX

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PPO, YGE, SOL, ABV, VMW, TSLA, CLB, OIH, STP, WY, ADTN, CTCM, AZO, EXPR, TUP

Bearish Watch:

FRO, RS, CF, NYX, MA

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!

With a pair of decisive moves in both directions having taken place in recent weeks, we saw what may be the start of yet another decisive move take place on Friday.  The action on Wednesday and Thursday was rather quiet, allowing the market to put in some needed rest after a big move up from the July 1st low.  So when the buyers failed to show up on Friday after some early slippage, the selling accelerated and the indexes gave up 3%.

This market has been very streaky of late, and that could continue.  Combine that with the fact that Friday’s selling never did stop, and there’s ample reason for caution as we head into Monday.  The wild card is the impact of options expiration from Friday, so that may impact tomorrow’s trading as well.  Nonetheless, lower highs are currently in place for the indexes, and that means we should be in no big hurry to step out in front of this decline until signs emerge that it’s ending.

Speaking of this decline, the bulls are actually facing yet another good opportunity with this pullback.  That may sound ironic, but the truth is that the magnitude of the bounce from the July low opens the door for this dip to result in a higher low.  When and where that happens, as well as IF it happens, are yet to be seen.  It’s just one scenario to consider as a possibility, because this correction will not last forever.  I’m not the least bit anxious to buy, but if we do see signs of stability begin to emerge before the July lows are tested, one can be sure the bargain-hunters will spot a low-risk setup for putting cash to work, which could in turn motivate shorts to cover, and next thing we know a low will have been put in.  Again, this is no prediction, just a possibility to keep in the back of our minds as yet another pullback gets underway.

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: APA, NYX, ABV, WY, SHLD, RIG, CF, LVS

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PPO, IOC, VRX, SOL, ABV, STP, WY, TSL

Bearish Watch:

SHLD, ESI, DRQ, RIG, CLF, F, LULU, RGLD, ALK, LVS, RS, WMS, SLW, TS, RTP, CREE, GIL, RCL, CTRP, APA, AKAM, CF, NYX, CSTR

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 NAZ and DJIA upheld their streaks today as they went for 7 straight in the green.  Today’s gains were more of a technicality than anything, as the single-digit advances hardly spoke momentum.  Nonetheless, the market did a nice job of holding onto recent gains, and it seems for now that the bulls are in no hurry to give back ground.

The past few months have been very reversal-prone, and that’s not likely to suddenly change.  With 7-day streaks on the line, it’s somewhat of a mirror image of what we were seeing just a couple of weeks ago on the downside.  Relentless moves have characterized this market, keeping all of us on our toes if we don’t want to either get whacked or left behind once it turns.

Tonight there are only a few stocks I’m eyeing for trades tomorrow, although there are quite a few which have patterns in development.  I’ll walk through them in tonight’s video, and hopefully you can not only add a few names to your watchlists, but also learn from the dialogue as I explain what I’m waiting for and wanting to see before taking action in these stocks.  The market always requires us to find new ideas, so stay attentive to the charts and you’ll be able to see what’s cooking out there.  As a result, you can then formulate the if/then scenarios for trades where your risk is defined and your job is simply to execute.  That’s where I want to get those of you who are here to learn, while the rest of you can sit back and let me do the work!

One other note is that there will be no Thursday evening Bandit Broadcast this week, as I will be traveling.  With option expiration day on Friday, that may be a good thing, as things tend to get tricky around those days.  So, the next Broadcast will be on Sunday as usual.  Trade smart these next couple days, stay picky, and enjoy your weekend!

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: PWER, SOL, STP, TSL, HAL, NE, RS, CREE, RCL, VCI, ARBA, PCP, WMS, DECK

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

ARBA, PWER, PCP, ROVI, ITT, SOL, RINO, CLGX, APKT, TSLA, LCAPA, AAP, STP, TSL, HAL

Bearish Watch:

RGLD, PRU, CRK, WMS, SLW, RTP, DECK, GIL, RCL, VCI

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