Good evening StockBandits!
The market saw a steady afternoon lift today after a choppy but positive morning, pushing the S&P, RUT, and DJIA each to new multi-week highs. The NAZ, meanwhile, respected the 3060 zone but has a great shot at clearing the hurdle in the coming days.
Many seem overly bearish on the market after seeing a mild change of character over the past month, but the fact is that we’ve hardly corrected in price. The bulk of the dip has been spent moving sideways, and it remains possible that this 2-month range ends up serving as a base for higher prices. After all, we’re just a short distance from highs, relatively speaking, and for now this dip has found support.
Also of note I think is the island low from earlier this week. After gapping lower Monday and respecting that range Tuesday, we gapped higher Wednesday to reclaim the previous range (NAZ 3000 – 3060). Anyone who shorted the breakdown in an overly aggressive bet is now trapped – hence the phrase “bear trap.” That may add fuel to the fire in the short term if we see the NAZ clear the 3060 level.
Overall, many charts are still resting but remain within longer term uptrends. This is a time where waiting for better setups is the wise move, and perhaps we’ll need to see a few more earnings reports get behind us (even though many of the big names have already reported). I’m back to cash tonight and staying patient with adding new swings, as we’re caught in a range and follow through has therefore been difficult to come by. Until that changes, I’m interested primarily in single-day cash-flow types of trades.
QUESTION: Please respond beneath this post, there is a comment link. I’d like to know how many of you use the chapter links within the nightly videos (to skip to different sections)? I’m considering another type of video file which is playable on other devices than just PC, but with the newer video format the chapters would not be possible. If this is not a loss then please let me know!
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
Video Stocks Discussed: SHLD, UBNT, X, CHK
Swing Trading Candidates:
NONE TONIGHT
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The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
Please post videos that can be played in iPads and iPhones! That would be so much appreciated!
Yes, iphone compatibility would be great. Thanks
Given your videos are concise I’d opt for a more diverse compatibility format. I can see myself jogging listening to your posts.
Would this apply to the archive also…that would be very helpful.
I do not use the chapters so if you took them off tomorrow I wouldn’t even notice. The possibility to view on other devices is a plus!
I use the chapters…useful when I don’t have much time and need to get to the specific area I am interested in.
I use the chapters almost every time….I usually skip the index section and go right to the trades. I would miss that feature.
I watch in its entirety so the multiple formats sounds great!
Hi Jeff,
I don’t use the chapters because I think the indexes are too important to skip. It would be like going camping and not checking the weather report before packing.
Good job on Monster yesterday! I did not do the full ride, but even part was nice.
Best regards,
John
i rarely use the chapters, so more devices would be good
I think it is a great idea. I never skip chapters.
Thanks everyone for the comments on this, I’ll keep you updated on it in the days ahead. Clearly there are many who do not care, but from those of you who do this is helpful so I appreciate it.
Keep the ideas, questions, and comments flowing! I love having you guys chime in on things, whether it’s a format issue like this or just asking questions or sharing your trade ideas. This is the place to do it, so I hope you won’t be a stranger!
The majority has spoken. Should be good to go with iPad and other devices as of the 5/1/2012 Broadcast. Let me know if you encounter issues please.
For those who do like the chapters, just grab the marker in the player and drag it forward to skip the index portion if you want to get straight to the trades.
Thank you for your input, next time you comment please feel free to share some trade setups you’re eyeing!