Good evening StockBandits!

The bulk of the session was characterized by trendless action once again today, although some afternoon strength ultimately made the difference as each of the major indexes were able to post modest gains.  The trading ranges we’ve been closely watching on the daily charts in recent weeks are still intact, making it easy to overanalyze the action on any given day despite the fact we’ve seen nothing of technical significance for weeks.

I’m still waiting for a close beyond the trading range boundaries, and until then am sticking primarily with shortened timeframes and staying selective while waiting for better momentum to arrive.  One of these days it will!

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: UAUA, KLAC, LRCX, WY, MAN, WMS, MDVN

Swing Trading Candidates:

MDVN has been on quite a run lately, pausing for occasional rests on the way up.  Over the past few days, this one has pulled back in a shallow fashion and stabilized, implying it could turn higher once again very soon.  I’ll be a buyer if this one can clear $33.75 to turn back up out of this bull pennant pattern.

Chart courtesy of StockFinder

Bullish Watch:

TSTC, VMED, MMM, TTM, SEED, UAUA, AONE, CREE, IPI, POT, DECK, TRIT, TRW, SWSI, RMBS, KLAC, LRCX, WY, ALB, FMCN, MRX, CBT, VNO, SLXP, LUV, TIN, AME, TEG, DTE, MDVN, MAN

Bearish Watch:

WMS, UPL, NUVA, UNM, ATLS, PLCE

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 slightly negative open this morning set the tone for the day, and the indexes never were able to recover.  Despite the fact that they never touched positive territory, the downside was contained quite well, offering the appearance of a buyer’s strike rather than any intense selling.  The intraday trend also reflected that, as no downside momentum was ever seen.  The S&P 500 set its low for the session in the opening minutes and simply hovered above that level for the remainder of the day.

Today’s action of course keeps the recent trading ranges very much intact, and as we slide a little further from the highs it reminds us again of the importance of breakouts which happen on a closing basis.  I discussed that last week with the failed attempts to clear resistance, and it’s still an important issue this market is facing.  No technical damage has been done, but if the bulls want to make a year-end run, it’s going to have to start with a close above 1113 (S&P 500), 2205 (NAZ) and 10,500 (DJIA).  Until then, the action could remain choppy and trendless.

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: TSTC, ALB, MRX, VMED, SEED, SMN, SWSI, SLXP, AXP, XOP, NFX, PXD

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

ACL, NANO, CGA, TSTC, VMED, HLF, SEED, VISN, IOC, SMN, SWSI, ALB, MRX, WX, VECO, CBT, SLXP

Bearish Watch:

WFMI, AXP, UNT, PVA, MEE, UPL, ILMN, UNM, NOV, XOP, MTL, NFX, LNC, PXD, ATLS

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 market spent the day in a mostly uneventful trading range with only minor net changes across the board.  Light volume contributed to the lack of momentum, as early modest gains were given back in the afternoon before a late-day bounce essentially returned the indexes back to Friday’s closing levels.  It had the feel of a waiting game in which nobody blinked.

So little has changed for the overall picture, and the primary item of concern remains the multi-week trading ranges which we have been watching so closely of late.  A closing breakout will be needed in order to technically trust a move through resistance, and ideally that would be accompanied by a surge in volume.  However, selectivity and shortened timeframes is still my mantra until that occurs.  There are some swing candidates tonight, but overall I’m sure not looking to load the boat yet in either direction.

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: VMED, SWSI, WY, LFT, ALB, MRX, XOP, UNM, ECA, HAR, WX, CBT

Swing Trading Candidates:

WX has been trending higher in a stair-step fashion, and over the past week has pulled back gradually from its high.  This has created a small descending trend line, which I’ll be using as a pivot for a buy at $17.10.

Chart courtesy of StockFinder

CBT has based in a high channel for a couple of months now, and currently is sitting just a short distance from a breakout.  I’ll be a buyer if resistance is cleared with a push through $25.05, and will have a tight stop expecting a breakout to produce follow through quickly.

Chart courtesy of StockFinder

Bullish Watch:

ACL, LFT, SNIC, VMED, CHKP, CYD, DDS, IOC, SWSI, WY, ALB, FMCN, TSL, MRX, WX, WCRX, HRBN, CBS, CBT, VECO

Bearish Watch:

WFMI, BEN, WYNN, FLR, UNM, AIG, JEF, XOP, BIDU, CEDC, ECA, SII, NFX, GS, HAR, EXPE

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 highly-anticipated jobs report on Friday before the bell was indeed a market-mover, causing a big gap up once the opening bell rang.  The NAZ gapped roughly 30 points on the open to the upside, and the DJIA was up triple digits in no time.  The NAZ followed the blue chips by finally breaking out above recent resistance at 2205, but traders sensed an opportunity to lock in profits so that’s exactly what they did.  By mid-day, all the early gains had been erased, and for the 3rd straight session the breakout attempts failed as the S&P 500, DJIA and NAZ each closed back under their key levels of 1113, 10,500 and 2205, respectively.

The fact that the market is tagging new recovery highs yet again is certainly proof that the buyers are still running the show.  However, the failure to close at new highs above resistance zones is a bit concerning and warrants continued caution.  Performance anxiety in the market brings a herd mentality to the forefront of the action, as new highs will inspire more buying.  However, it’s been quite a run and the institutional money certainly will be quick to lock in a solid 2009 at any hint of weakness, making for a little bit of a skittish environment.

No doubt it’s tricky out there, but such is the case with a market that’s seeing a battle take place (read: trading range).  It’s simply a cue for us to stay selective and on our toes, taking the best setups as they come along.  That’s always the aim, so I’m planning to do just that as we head into a brand new week.

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: SWSI, GD, UNM, CEDC, NFX, EQT, ACL, NSC, TRW, SMN, LFT, AIG, XOP, MTL

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

ACL, DLB, LFT, SNIC, VMED, CHKP, MMM, FDX, CREE, H, SLH, DTV, NSC, ANV, TRW, SMN, SWSI, GD, TRA, ATHR

Bearish Watch:

WFMI, UNT, UPL, RRC, ILMN, UNM, PEET, AIG, FWLT, XOP, MTL, SPN, CEDC, ECA, SII, NFX, EQT

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 market averages attempted to break out once again today as the S&P 500 and DJIA each crossed resistance zones, only to again get turned away for the second straight session.  The NAZ did not participate, and remains the only one of the three to not achieve a new recovery high this week.  After pulling back from the morning highs, a sleepy mid-day range kept prices confined for a few hours before final-hour weakness picked up some momentum.

Today’s reversal off the highs was a little more dramatic and pronounced than was Wednesday’s, and we saw the market go out on its lows of the sesson.  The net changes weren’t particularly ugly, but the finish on the lows implies that sellers ran out of time before they ran out of inventory.

To see late-day weakness is a different character than what we’ve primarily witnessed of late too, since on many days we have seen a lift off the mid-day lows as the afternoon progresses.  Nonetheless, it could be related to concerns over tomorrow morning’s jobs report as traders would rather raise cash and look to rebuy if necessary than face the potential of an adverse gap if the news is interpreted as poor.

One final note before getting to tonight’s video is that I did not trigger on ILMN today.  My data provider showed the low on the intraday chart as $28.93, which is above my trigger price for the short, but the low on the daily chart as $28.65, which would have caused a trigger.  All I can determine is that there was a bad print away from the market that never triggered an entry for me.  Some of you asked about this today, and I wanted to clarify why it still shows as not triggered on the Hit List grid.  I do still like the setup and it ended the day only a short distance from the trigger, but I have no position yet.

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: WLL, DTV, VMC, CRZO, WYNN, FWLT, VPRT, MTL

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

REV, ADI, WLL, DTV, TRIT, WATG, VISN

Bearish Watch:

WFMI, PVA, BEN, VMC, BX, GMCR, WYNN, RRC, CRZO, ILMN, AIG, PEET, JEC, SM, FWLT, VPRT, VPRT, JEF, HOLX, KBR, MCK, APOL, LM, DVN, CNX, NOV, XOP, MTL

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