Good evening StockBandits!
Stocks stumbled out of the gate this morning with a downside gap and only a brief and modest attempt to fill the gap. Once the bounce had run its course, selling pressure returned to take the averages to new session lows. It became a trend day on the downside, taking the indexes deeper into their respective trading ranges, apparently where they feel right at home.
Having faced the opportunity to break out and run, stocks are once again yawning at the prospects of upside momentum and opting instead for the safety and comfort of the 2 1/2 month trading range. It’s as if the market is saying “why break out into unknown territory when it’s so familiar to just stay right here?”
At any rate, attention is now turning toward next support in case the slide continues. Some averages have a bit more room than others, but ultimately it’s going to be a break from the range that will ultimately spark the next meaningful move. Anything until then is white noise and subject to change on a daily basis. The price action within ranges is fickle, so expect it to continue until we either break out or down.
Now, I need to address a matter of utmost importance…
***CRITICAL NEWS***
Since June of 2004, I’ve maintained TheStockBandit, serving traders in 47 countries!
It has been a blessing to me to get to run and operate this service for you. It has been a treat to get to interact with so many people who have the same intention of becoming better traders. I’m thankful I have been able to play a role in your improvement. I’m proud to say that although many traders have come and gone, my very first subscriber has remained a member to this day.
However, the time has come for me to step away from the nightly obligation I’ve had for nearly 11 years. I’ve had an occasional 1-week vacation, but never an extended break or sabbatical, and quite honestly, I really need one!
There are a few reasons why. I need a break from the endless daily deadlines. Also, over the past couple of years, the competition in the newsletter space has been multiplied by at least 100, placing a tremendous premium on marketing efforts which were unnecessary even a few years ago. I’ve allowed that to pull my attention away from trading, which is not how it should be. This site began as a sensible way to create another revenue stream by taking my daily research and going just one more step to publish it for people like you. It did not interfere with my trading, but that has radically changed, and not for the better.
This is not an abrupt decision; I’ve thought it over thoroughly and have been prayerful about it for many months. Recently, God has made it clear to me that this is no longer the best use of my time and energy, so I am getting back to my top professional priority, which is trading.
You will be getting an email from me this evening clarifying what this means for you individually. Please watch for it, the subject will fittingly be “Hiatus.”
I’m not sure at this point if I’ll be stepping away for a few months or if it will be forever, only time will tell. But it has become clear to me that I can no longer attempt to give this site/service AND my trading 100% of my effort. No one can serve two masters, so I’m choosing the one which offers the most freedom and flexibility, the one I enjoy the most, and the one which provides me with the most income: trading.
I hope you understand. My email still works, so if you ever want to reach out, you know where to reach me!
With that, let’s get to the charts, one last time.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
