Good evening StockBandits!

New 52-week highs set on Friday last week once again struggled to find follow through, as today we saw the market simply stagnate.  The primary character of this market hasn’t been its ability to post a lot of big up days, but rather its inability to move lower.  That keeps things difficult for bulls and bears alike, as short sales get no traction and the buyers get very limited momentum.

We are still right in the thick of earnings season right now, which is also keeping traders primarily focused on individual stocks instead of ‘the market.’  That means much of the activity is centered around individual names, rather than the ‘buy anything’ mentality which often accompanies uptrends.  So until we see some better market-based momentum, it’s a good idea to keep this in mind when it comes to expectations for follow through.

Heading into Tuesday, I’m looking to focus on day trades.  The combination of setup quality I’m finding, along with it being right in the thick of earnings season is requiring a narrower timeframe for my trades right now, so in the video I’ll point out the ones I’ll be watching closely tomorrow.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: CRUS, STRI, LLEN, GMCR, MTG

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

CRUS, LLEN, HLX, INFN, OZM, DM, STRI, SIRI, GG, ARBA, CMCSA

Bearish Watch:

RTI, UTHR, CAGC, MON, CEPH, STT, MOS, FCX, MASI, RINO, NTY, MTG, AGU, CSIQ, IPI

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 the previous week which ended with the biggest decline in more than 2 months, last week we saw the indexes make a complete recovery.  The buyers emerged once again to support stocks on weakness, keeping the pullback shallow and short-lived before finishing the week by making new 52-week highs across the board.

The pace of the uptrend which began in early February has slowed, as price has been hugging the uptrend line in the NAZ for the past few weeks.  However, the uptrends remain intact in each of the major averages.  While many traders are eager to proclaim the end of the rally being near, the fact is that no technical proof has emerged yet to support that notion.  It’s wise to keep a close eye on major levels which may be coming into view as resistance, but predicting a turn is for amateurs and isn’t where the real money is made.  Keep that in mind this week, and always let the charts dictate the plan of action.

Heading into Monday, I see a handful of plays which interest me, primarily for day trades.  The earnings calendar must be noticed right now, as many companies are due to report in the next couple of weeks.  That’s also keeping my timeframe shorter for some of these plays, but once earnings season blows over we should be able to get more aggressive with the swing trades again.  April has been a good month, so let’s close it out in a solid fashion!

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: FSLR, FINL, HLX, GMCR, MTG, ATPG

Swing Trading Candidates:

ATPG saw a key breakout a few weeks ago with some solid upside follow through.  Last week the stock pulled back gradually, but is holding steady.  A move up through the yellow descending trend line could put this stock back on the move for a secondary move higher, so I’ll be a buyer if and when this one clears the $22.80 level.

Chart courtesy of StockFinder

Bullish Watch:

ATPG, CRUS, HLX, NTRI, CBI, MTW, GDP, HXM, RGLD, GE, THC, FSLR, AEM, FINL, SLW, IMGN, TD

Bearish Watch:

CF, GMCR, MON, RINO, NTY, MTG

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!

An ugly open this morning left stocks well underwater to start the day, reversing higher from a triple-digit decline.  Concerns in overseas markets, mixed responses to earnings since yesterday afternoon, and the presence of Obama in NY speaking out against Wall Street in hopes of reform left the tone rather negative.  But once again, the buyers emerged to not only offer support, but turn the tables with positive closes by the end of the session.  The NAZ made a new 52-week high, while the S&P 500 and DJIA each stopped just shy of their recent highs.

‘Amazing’ is probably the best word for the current action, as it seems this market cannot or will not stay negative for more than a few hours.  Shorts are getting their heads handed to them and are forced to cover on a regular basis, keeping a bid beneath the market.  Those with cash on hand have growing confidence with the higher prices we continue to see, and that’s also playing a role in the persistent strength we’ve seen.

At some point we will see conditions change, and a dip will not get bought.  However, it’s not up to us to try to anticipate when that will be.  Our job as traders is to stick to what the charts are telling us, which for now is that the uptrends are still intact.  The higher we go, the more caution is warranted, but we can continue to trade in the direction of the trend until technical proof emerges that suggests otherwise.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: HLX, THC, JOE, FAST, RINO

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

HLX, JOE, PDCO, WMS, NTRI, LPX, MTW, FAST, HXM, FISV, ATPG, RGLD, DAN, THC

Bearish Watch:

MON, SOHU, RTI, MASI, RINO

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!

Last night’s news in tech land left the NAZ gapping higher this morning, but only limited strength beyond the opening bell was seen.  The highs were marked in the first half hour of the day, and although the gap was filled rather quickly, the buyers kept things afloat.  Ultimately, the indexes finished little-changed and with mixed results on the day.

Days like this which seem to be so news-heavy and yet which have such limited movement in the overall market can often be confusing for some.  However, traders can tend to simply focus on individual names in times like this right in the thick of earnings season, making for some lively action in select stocks while the big picture does very little.  Sometimes it’s a market of stocks, and sometimes it’s a stock market.  Today’s action fits the former description.

Tonight many stocks are still trying to build bases on their daily charts, which means I’m again looking at a pretty select list heading into Thursday for trades.  This will change soon, I would expect, but until then I’m looking to grab quick hits and wait for better swing trading opportunities to emerge.  Heading into Thursday, day trades are going to be my focus.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: APOL, FFIV, MASI, RINO, MON, RTI

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

LPX, APOL, FFIV, GBCI, WMS, PDCO, NTRI, SUSQ, CBI, DV, FAST, GMT, AMAT, HXM, JEC, MAS, SMG, FISV

Bearish Watch:

CAGC, CLF, MON, RTI, SPWRA, MASI, FE, RINO, TX

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!

Perhaps determined to prove that yesterday’s rebound was no fluke following Friday’s weakness, today the buyers pushed each of the major indexes higher.  All of them stayed beneath last week’s highs, although not by much, making another breakout a distinct possibility going forward.

On a week during which big-name earnings are the primary focus, traders were a bit less active today, but apparently unafraid to proceed without waiting for all the news to arrive before putting more cash to work.  The S&P 500 reclaimed its (formerly) broken trend line, leaving it just a few points from last week’s highs.

Clearly, the uptrends are still very much intact, and that’s worth noting.  A hiccup like we saw on Friday so late in a trend like this tends to get many contrarians talking about that being the end.  As I’ve noted here, a true change of trend isn’t likely to happen in a day – it’s far more likely to be a process.  Lower highs and lower lows will need to emerge, and as of yet, we simply don’t see that in the technicals.

Although I do see a lot of stocks working on new bases over the past few days, very few of them appear ready to go, and that leaves me with a pretty thin trading list heading into Tuesday.  With an upside gap looking likely here in the after hours, exercise some caution early in the session tomorrow and pay close attention to how the gap gets treated.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: FO, SUSQ, AMAT, FFIV, FAST, APOL, CBI

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PDCO, COL, CREE, FO, JOE, AIG, F, SANM, WMS, NFLX, BZH, SUSQ, FFIV, APOL, LPX, CBI, VRGY, FAST, AMAT

Bearish Watch:

JCP, MON

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