Good evening StockBandits!

The long weekend kept the buyers away for 3 days, but today they returned with enough push to propel the DJIA and S&P 500 each to new 52-week highs.  The NAZ stopped just a few points shy of short-term resistance, but all in all it was another positive session in every way.  Early strength was quickly followed by some additional buying, but from there things leveled off considerably with a narrow trading range for the remainder of the session.

We did see a rest phase in the past 2 weeks with merely some lateral price movement, and that has thus far proven to be of benefit to many individual charts.  Stocks which were able to consolidate, even briefly, are now back on the move again to continue their uptrends.

The trading environment remains an interesting one though.  There’s persistent strength, which so far hasn’t abated.  At the same time though, the intraday action continues to lack the spark that most active traders really desire.  The daily trading ranges have been narrow, exhibiting a lack of volatility, which in turn keeps opportunities limited to the daily charts in most cases.  Eventually that will change, and more movement will appear on the shorter timeframes, but for now we’ll take what the market has to offer and make the most of it.

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: VTIV, UNP, SKX, DPZ, MON, GGC, CAG

Swing Trading Candidates:

GGC just established a higher low on the daily chart and now appears ready to push through key resistance.  A move up through $19.15 should put this one back on the move, so I’ll be a buyer when that occurs.

Chart courtesy of StockFinder

CAG turned decisively lower a couple of weeks ago, and since then the stock has been unable to make much lasting upside progress.  A bearish rising wedge has emerged on the daily chart, and a confirmation of that pattern would take place with a break of the lower rising trend line at $25.  I’ll be going short this stock if when that break happens.

Chart courtesy of StockFinder

Bullish Watch:

GGC, TIE, FO, BID, TMK, LLEN, PCL, A, KSU, RCL, R, PFCB, JOE, VTIV, MLNX, ACXM, BAC, CRL, CLF, CBL, UNP, RQI, CATM, SKX, DPZ, EZCH, KEY, CIGX, MEE, AIG

Bearish Watch:

CAG, MON, ENDP, F

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 2nd Quarter started off with more upside on Thursday, as traders wasted no time in bidding stocks up once again ahead of the long holiday weekend.  Although the early strength did fade during the session, enough afternoon strength emerged to propel stocks back into positive territory.  The senior indexes led the way with the DJIA and S&P 500 each tagging new 52-week highs, while the NAZ lagged slightly.

All in all, this remains a very strong environment.  We haven’t seen the kinds of big point gains on a day to day basis which previous advances have allowed, but the buyers are doing a nice job of holding their ground and not allowing much downside either.  In fact, about the only thing we’ve seen aside from upside is some lateral consolidation, which has been very helpful for individual charts to construct new bases.

As we head into this week, I’m keeping an eye on a number of stocks which have put in some needed rest in recent days, and that may serve to keep things afloat for a little longer.  Now that the indexes have been able to consolidate for several sessions, they may also attempt to head higher from here once again.  The uptrend lines are still to be watched closely, but at this point we have no technical reason to expect a pullback or reversal until those get broken.

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: LPNT, PCL, RCL, R, BAC, CAG

Swing Trading Candidates:

CBL spent several weeks in rally mode before putting in some needed rest just recently.  The pullback has been mild, and the volatility has contracted, creating this large bull pennant pattern.  A breakout at $14.30 would clear the upper trend line and put this one back on the move.

Chart courtesy of StockFinder

Bullish Watch:

DLTR, LEA, GD, LPNT, CISG, PCX, CTEL, LLEN, PCL, CNW, RCL, R, DAL, CEDC, STI, BAC, FOE, CRL, AMLN, CLF, SWC, CELG, CBL, ALKS, VAR

Bearish Watch:

MON, ENDP, CAG

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!

Another range-bound session today saw a weak start, a slow grind higher, then a return to lows in the afternoon.  In the end, minor downside was seen, but it keeps the indexes inside the trading range of the past several days.  That has meant a distinct lack of momentum, but at the same time it’s gone a long way toward allowing individual stocks to put in some much-needed rest.  As a result, many bases are emerging on the daily charts, which is a healthy thing.

The indexes remain stuck in between their uptrend lines from the February lows, and the highs set last week.  Until we see one of those get taken out, particularly on a closing basis, we can likely expect more of the same choppy action.

With that in mind, it’s important that we also consider Thursday to resemble a Friday in terms of market activity.  Unless some nice momentum is seen in the early portion of the day tomorrow, it’ll be a clear signal to do less in the afternoon, given that it’s the last trading session of the week ahead of a long holiday weekend.  The market will be closed for Good Friday, and traders by and large may leave their screens in the afternoon with an absence of momentum in favor of spring weather and other activities.  So, stay on your toes out there tomorrow, and if not much is happening, sit on your hands.

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: PCX, FDX, OSG, AMED, TMK, CNW, PCL

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

CNW, PCL, TMK, CTEL, PCX, CISG, PDCO, RDN, FDX, PXD, ATVI, ACXM, GMCR, ROK, DAL, WFC

Bearish Watch:

CAGC, UTHR, MLHR, GDP, CAG, OSG, AMED, SFL, CF, EQIX, MAN, SY

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!

On the heels of a churning session Monday with incredibly light volume, today we saw more of the same with the market never getting far from the flat line.  The indexes spent the bulk of today’s session range-bound once again, finishing fractionally higher than Monday’s closing levels.

So far, it’s shaping up to be a pretty quiet week, which is interesting since traders only have 4 days to make it count with the market closed for Good Friday.  Nonetheless, the indexes can stand to rest, as we’ve seen very little consolidation throughout this rally from the February lows.  Although this range-bound action sure makes for a dull environment in the short term, it is quite healthy for most individual charts to get to do some basing here.

More setups are arriving in the charts by the day, and that should keep us busy in the days and weeks ahead.  However, I’m looking to approach the next couple of days with some caution given the very light volume we’ve already seen this week.  In addition, with a 3-day weekend approaching fast, we could see traders continue to do less rather than more.

Selectivity and patience are important here, and it’s critical we avoid overtrading while in the midst of a short-term trading range.  Exercise some patience if momentum isn’t present tomorrow, because eventually we’ll see the action heat up again.

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: PDCO, PCX, RDN, FNSR, UTHR, CAGC, CNW, PCL

Swing Trading Candidates:

CNW rallied nicely from the February low where key support was found, and in recent weeks has put in a nice base with a minor pullback.  There’s a trend line just overhead, which if cleared, could pave the way for a push back toward key resistance.  I’ll be a buyer if this one can clear the trend line at $36.

Chart courtesy of StockFinder

PCL has carved out a nice cup & handle pattern over the past couple of months, and today’s turn higher within the handle on a pick up in volume indicates a breakout may come anytime.  I’ll be going long if this one can clear resistance with a push through $39.40.

Chart courtesy of StockFinder

Bullish Watch:

CNW, TMK, PDCO, LPNT, CISG, PCX, CTEL, RDN, MSG, WYNN, AGP, AET, FNSR, PCL, A, FDX, HSY, PXD, GR, KSU, DMND, CSTR, RCL, SOHU, R

Bearish Watch:

UTHR, DSW, GDP, CAGC, DTV, CAG, OSG

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!

For a holiday-shortened trading week in which the action should be more condensed, there sure wasn’t much taking place today.  Perhaps the quarter-end activity has already occurred, but the fact of the matter is that today’s trading ranges were quite narrow and volume was very light.  That made for some choppy conditions in which doing less was certainly better than more.

In looking through many charts of individual stocks tonight, I did see one thing for the first time in a while which has been distinctly absent:  some bases beginning to form.  The quiet action in recent days has gone a long way towards improving the number of stocks which are suitable for trading, as I’ve been very reluctant to chase extended names after big recent runs.  A few days can have a dramatic impact on the appearance of a chart, and that’s certainly encouraging for the days ahead.

Heading into Tuesday, we have no guarantee the action will improve, but if it does, there are quite a few stocks emerging which could offer some potential.  I would expect that to continue to be the case these next few days, barring any sudden changes in the overall price action.  As usual, I’ll be waiting for stocks to hint at imminent moves, and watching key levels before looking to get aggressive.

By the way, I am doing a webinar Tuesday night with the folks at Worden, so be sure to register as it’s free and I’d love for you to attend.  I’ll be going through charts for 30 minutes and then we’ll have 15min of Q&A to round out the evening.  A recording will also be available for those registered.  Here’s the link to get registered, and hope I see you there at 8pm ET!

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: CREE, CTEL, RDN, DE, AGP, AET, MLHR, GDP, UTHR, COL, HMA, PCX, RYN, TMK

Swing Trading Candidates:

TMK remains in a nice uptrend here, and for the past several sessions has put in some needed rest.  A turn higher from here up through the trend line at $53.65 could put this one back on the move for another leg higher within the trend, so I’ll be using that level as a pivot for a buy.

Chart courtesy of StockFinder

Bullish Watch:

COL, BA, EFX, DLTR, HMA, HAR, PKI, HE, CVI, PDCO, CREE, PCX, CTEL, RDN, RYN, CDNS, MGA, WYNN, FO, BID, DE, AGP, AET, TMK, LLEN

Bearish Watch:

UTHR, MLHR, GDP, DSW

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