Swing Trading and momentum investing stock pick newsletter and swing trading service.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
LEAP, FMCN, FLS & WYNN added
No open positions – currently 100% cash.
No closed positions.
Happy New Year StockBandits!
It’s great to be back at full speed, and I hope the holidays were a wonderful time for you. I was able to spend some nice time with family, including getting to experience an actual blizzard in Oklahoma, and the break from the markets was a healthy one. Hopefully you were able to spend some time focusing on other things and put together some plans for how you want to approach 2010. I’ll have a specific New Year’s post coming this week in which I’ll be addressing some goals here at the site, so be on watch for that in the days ahead.
While we were away, the indexes were able to climb higher to hit new highs on the year, although they slipped slightly on the final day to finish a short distance from their best levels of 2009. Thanks to the March – December rally, the indexes were each able to post solid gains on the year, and those uptrends are still very much intact.
Here at the site, our swing trades were net profitable again in December to cap off 6 consecutive months of gains (July, August, September, October, November, December). Consistency is of course the aim here, so it has been nice to find that for the past 6 months. Hopefully we can tack on many more going forward. I’m sure glad you’re a member here and that you’re seeing the value of membership. We’ve seen more conversions from monthly memberships to the annual plan lately, and for good reason.
As we head not only into a brand new week of trading tomorrow but also as the New Year gets underway, I just want to remind myself and you that great trading does not require bold or outlandish action. It does not require the ability to predict future movements or forecast why or when the market will be on the move. Rather, it DOES boil down to patience in finding plays and letting them develop, as well as discipline with cutting losses and sticking to a game plan. That’s what I’ll be doing in the months ahead, because I know from a dozen years of trading that over time that method works very well. That gives me confidence that 2010 can be yet another year for account growth. And while I’d like to get off to a great start this year, the pressure of doing so is removed based upon that confidence.
Just as the end of the year holds some unusual cross-currents, the very beginning can as well. In years past, we’ve seen big moves take place early in the year, so it’s important that we are ready for that in case it happens again. Hunting for the best setups in the charts is what will guide us in the right direction, so there is no substitute for doing our homework.
In tonight’s video, I’ll be of course discussing the overall market and several setups of interest heading into tomorrow.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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LEAP has pulled back slightly in recent days but in a shallow fashion, indicating it is simply seeing a rest on the part of buyers rather than true distribution (selling). A push back above the trend line at $17.85 should put this one back on the move, and I’ll be a buyer if that occurs.
FMCN broke out through its prior high in December on heavy volume, and has pulled back gradually to test that former resistance level. At the same time, a small trend line has emerged just overhead, and a push through it would indicate this stock is getting back on the move. I’ll be a buyer if this one clears that trend line at $16.20.
FLS is in the midst of a downtrend which started in November, and is threatening to not only make a lower low here but also break key support. I’ll look to short sell this stock if it undercuts the $93.90 level.
WYNN is sliding lower and currently is sitting just above short-term support. A break of that support at $58.00 would leave plenty of room for more selling to kick in as the stock heads back down toward former support. I’ll short sell this stock if and when it breaks $58.00.
FMCN, RDN, IOC, UAUA, LUV, LEAP, ANV, FBR, NEP, APL, WTI
FLS, WYNN, OSK, BBY, FSYS, NEM, CAT, POT, ESV, HON, VAR
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.
Good evening StockBandits!
Modest strength provided some needed follow through today as the NAZ continued to build on Monday’s breakout. The S&P 500 also edged higher to reach its best levels of the year, briefly clearing the 1119 high set earlier this month, but the DJIA remained inside its trading range for another day. Volume was expectedly light, and we’re starting to see the diminishing participation in the market as the Christmas holiday nears.
The bulls have ignored multiple opportunities in recent weeks to start another leg higher, hesitating to add to their 2009 gains. All the while, they have done a good job of maintaining the underlying strength by not allowing any notable dips to occur. The result has been the creation of multi-week bases on the daily charts of each of the indexes, and if the buyers want it badly enough, they’re now poised to build on those bases with another advance. How far it carries though will depend on their ongoing resolve as we not only finish out the current year but begin a new one.
With tomorrow being my final trading session of 2009, I will not be adding any overnight positions (swing trades), but will instead stick with day trades in order to keep my timeframe abbreviated and my risk tight. The one-day plays lately have provided some very nice moves, such as last night’s LULU and SWK, so hopefully you’ve been able to participate in some of them.
Friendly reminder: this is the final Bandit Broadcast for December. I always take off the week between Christmas and New Year’s, but have no intentions of returning to trade on New Year’s Eve since it’s such a quiet day. The end of the year is a great time to reflect, rest, and renew goals for the coming year, so I’d encourage you to do the same. I also wrote about this on the blog. This way, we can hit the ground running from the very beginning in 2010.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction and will be checking in periodically over the holidays.
NONE TONIGHT – Will add swing trades again starting in January, but end-of-year cross-currents tend to impact traditional technical analysis so I’ll hold no more positions during December.
Here are the setups I’ll be eyeing tomorrow for intraday plays, but will not plan to hold them overnight as tomorrow will be my final trading day of 2009. As always, I’ll want to see price clear these levels before I’ll get involved. There are only a few setups I’m interested in, as again, I do expect volume to get lighter once again. My notes are on the charts themselves tonight, and we’ll return to the usual video format after the holidays.
There will be no Hit List tonight as we are 100% cash in terms of swing trades. Once we have open positions again on an overnight basis, Hit List posts will resume.
Good evening StockBandits!
The market gapped slightly higher this morning to kick off the shortened week on a positive note, and more buying quickly followed. In fact, in the opening few minutes, the market had essentially made its move for the day, and for the remainder of the session it stayed within a narrow trading range.
The NAZ led the way with a multi-week breakout, getting well clear of the trading range which has held it captive lately. Meanwhile, the S&P 500 and DJIA each stayed beneath their highs, gaining some ground but stopping shy of new high territory.
The absence of follow through today was a reminder that shortened timeframes are likely best right now, so heading into tomorrow I’m sticking with day trades once again.
Friendly reminder: I’ll produce the Bandit Broadcast through Tuesday, December 22nd, and then be done for December. I always take off the week between Christmas and New Year’s, but have no intentions of returning to trade on New Year’s Eve since it’s such a quiet day. The end of the year is a great time to reflect, rest, and renew goals for the coming year, so I’d encourage you to do the same. I also wrote about this on the blog. This way, we can hit the ground running from the very beginning in 2010.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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NONE TONIGHT – Will add swing trades again starting in January, but end-of-year cross-currents tend to impact traditional technical analysis so I’ll hold no more positions during December.
NSC, NTRI, VNO, RMBS, SLG, GIL, CREE, TSTC, VISN, H, VMED, HXL, UAUA, ALK, MCO, HUN, IMAX, JASO, LULU, BID, HOT, WSM, SWK, IVN, BCSI, PAY
WMS, BIDU, IAG, RGLD, AGQ, NEM, ABV, PWRD
There will be no Hit List tonight as we are 100% cash in terms of swing trades. Once we have open positions again on an overnight basis, Hit List posts will resume.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
CBT & VNO closed
No open positions – 100% cash.
CBT tried to make some upward progress today, but couldn’t hold onto the early strength. Ultimately it slipped enough to trigger my stop loss, taking me out for a 3% gain. This one was never confirmed by volume and the move up was sluggish, making it not very trustworthy. With that being the case, I’m pleased to have closed it out for a winner. I’ll keep it on the radar in case it sets up again though.
VNO never showed the follow through I would have expected after a breakout from its bullish consolidation, so I tightened my stop last week in order to reduce risk. On Friday, the stock dipped and took me out for a modest 1.4% loss. This one isn’t ready to run, but I’ll keep it on watch in case it is able to exhibit some better strength.
Good evening StockBandits!
The NAZ led the indexes last week with a strong showing on Friday to close out the week on a positive note. The tech-heavy NAZ broke out once again through resistance at 2205, finishing 6 points above that key level. The DJIA and S&P 500 weren’t quite as impressive, as they ended the week still in their trading ranges and beneath key levels at 10,500 and 1113, respectively.
This week we of course have Christmas on Friday, along with an early close on Thursday (1pm ET). Although traders will only have 3 1/2 days to be active, it generally is a very drifty trading environment with extremely light volume. This time of year, interest in the markets tends to get eclipsed by things like travel, family, shopping, parties, and wrapping up loose ends ahead of the New Year. That’s perfectly alright, but we must be aware of it since the market usually behaves differently for the final 1-2 weeks of the year. As a result, I’ll be trading much lighter this week since the liquidity won’t be up to normal standards, and I also will not be adding any new swing positions, instead focusing on shorter timeframes.
Friendly reminder: I’ll produce the Bandit Broadcast through Tuesday, December 22nd, and then be done for December. I always take off the week between Christmas and New Year’s, but have no intentions of returning to trade on New Year’s Eve since it’s such a quiet day. The end of the year is a great time to reflect, rest, and renew goals for the coming year, so I’d encourage you to do the same. I also wrote about this on the blog. This way, we can hit the ground running from the very beginning in 2010.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
–
NONE TONIGHT – Will add swing trades again starting in January, but end-of-year cross-currents tend to impact traditional technical analysis so I’ll hold no more positions during December.
NTRI, F, RMBS, LNCR, JOE, HUN, CYH, BEXP, LEAP, MRX, DWA, JASO, ENI
WYNN, SINA, NFLX, PVH
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.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
MDVN closed
CBT had some pre-market prints below my stop loss level, but never traded down to the $25.80 level once it opened on the NYSE. Stops with my broker are based on the primary exchange, in this case the NYSE, so I am still in this position. Today’s action was very dull, although the stock was able to post a minor gain and exhibit a little bit of relative strength. Overall though, it was a day of rest. I’ll stick with my existing stop heading into tomorrow, as I still plan to keep it tight given the lack of strong upside volume since the breakout.
VNO slipped a little today, but no technical damage was done. Overall, this one did a pretty nice job of shaking off the widespread market weakness and holding up rather well. My stop did not change tonight, as I’m giving it a little breathing room while waiting for some follow through to arrive. If not, I’ll be looking at a small and manageable loss.
MDVN climbed early in the session to push through Target 1 where I booked 1/2 profits for a solid 5.9% gain. It then reversed and turned lower. The stock was able to rebound from its worst levels, but not before triggering my stop loss right on the number to stop out my 2nd half. Getting taken out on the low of the day is irritating, but this one still paid me well. I’m now out of this position with an average gain of 4.8%, a pretty decent winner during a time when the overall market remained range-bound. Volume never really confirmed the advance (as discussed last night), so I kept it tight and am pleased with the result. I’ll wait for a new pattern to emerge before considering a reentry.
Good evening StockBandits!
A weak open this morning set the tone for the day’s trading, and the buyers never emerged. The indexes drifted lower to move deeper into their respective trading ranges, confirming the failed breakouts we’ve seen in recent days. By the end of the session, the indexes had given up 1.2% across the board, again shying away from upper resistance zones.
The inability of the bulls to capitalize on recent breakout attempts remains a concern. They’ve got longer-term momentum on their side with a 9-month rally of magnificent proportions off the March lows, but the stalled-out appearance of the daily charts at these levels implies they’re facing some fatigue. At the same time, we still have yet to see a breakdown or any downside follow through, which means the bears haven’t had much to work with. At some point, we’ll see this range get broken with some force and better momentum will arrive. Until then, we either stay sidelined and preserve capital by not overtrading, or we take a stick-and-move approach with shortened timeframes and tight stops.
Tomorrow is options expiration, so the action could get choppy as the day progresses. Also keep in mind that the end of the year is fast approaching, so volume is likely to start tapering off very soon. My plan at this point is discussed in the video, but essentially I’ll produce the Bandit Broadcast through next Tuesday, December 22nd, and then be done for December. I always take off the week between Christmas and New Year’s, but have no intentions of returning to trade on New Year’s Eve since it’s such a quiet day. The end of the year is a great time to reflect, rest, and renew goals for the coming year, so I’d encourage you to do the same. I also wrote about this very thing on the blog this morning. Anyway, I’ll be sure to post my plans again here as next Tuesday arrives, but wanted to give you a heads-up.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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NONE TONIGHT
SLG, CBT, VNO, TTM, ALK, MCO, JOE, CAL, CEG, CRZO, HUN, IMAX
FCX, WMS, CEDC, AIG, FWLT, ARO, CNQ, STT, FLS, BIDU, CLF, WYNN, VMW, ORLY, SINA, NFLX, BBY, BAC, FSYS, NOV
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.
The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
CBT & MDVN & VNO stops tightened
CBT showed some nice relative strength the past couple of days, but today it put in some rest, giving back only a few cents. This one has been rather sluggish and with the exception of Tuesday, volume has not confirmed this move. As a result, I’m going to stick with it and watch for follow through, but with a pretty tight stop as of tonight in order to lock in some gains should this one happen to fade. The slow move higher on generally light volume is not a look I trust very much.
MDVN opened slightly higher today and quickly added to the early gains, running right up within 4 cents of Target 1 before backing off slightly and spending the remainder of the session in a narrow range not far from the highs. Today’s move is good follow through with the stock now reaching new recovery highs, and it bodes well for continuation in the days ahead. With Target 1 very close by and with volume still not confirming this advance, I’m tightening my stop aggressively tonight.
VNO spent the bulk of the day in positive territory, although it never really showed much momentum. Volume was rather quiet as well, so I’m still waiting for follow through here. I’ve adjusted my stop loss tonight to bring it up a little tighter, requiring a multi-day low to occur in order to take me out. However, if the stock will turn higher from here it will be irrelevant. A solid push through $71 is likely what it’ll take.
No closed positions.
Good evening StockBandits!
Today was the much-anticipated Fed day, and it proved to be a non-event. Not only did the averages finish just a few points from Tuesday’s closing levels, but no intraday momentum was ever seen. Although the FOMC announcement did prompt a little profit-taking, it was very minor and orderly.
The market remains in a trading range, and traders continue to show a lack of interest in the market. Strength has struggled to find follow through, and yet the dips are still getting bought. As a result, the standoff continues between buyers and sellers while the clock keeps ticking.
We’re getting into the final 2 weeks of the year now, and the factors I mentioned on November 30th are very much in play between now and New Year’s. I’m reminding myself, as well as you, that this is a time when unusual cross currents are at work. The way to respond is to take it in stride and stay selective, particularly while the technical picture is showing no momentum. This will pass soon, but the key is not to force anything until then.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
The Bandit Broadcast Video – Click to Watch!
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NONE TONIGHT
CHKP, VNO, SLG, FMCN, CAR, HEW, VMED, APWR, ALK, MDVN, MCO, JOE, TSRA, AGU, MOO, CSX
PBR, GG, BVN, GDX, RGLD, WYNN, ANF, TS, HOG, NFLX, OSK, BAC, PNC
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.
