Good morning StockBandits!

I was reviewing my swing trades and wanted to give you guys a quick update as to their progress. There have been a number of them, and so far, so good. Over the past 11 days, several have reached their targets, others are showing open gains but haven’t met their thresholds yet for lightening up, and only a single position has been stopped out. Here they are:

Open Trades:
ADSK (listed 1/14, triggered 1/16)…. Shaping up and making some progress here, I liked the fact that on the pullback Tuesday it held above the uptrend line (my stop). Looking for continuation.

ADS long (listed 1/14, triggered 1/16)… Not moving much, earnings are 1/31 so I’ll be out before then.

PSX long (listed 1/14, triggered 1/15)… Great move, achieved both targets for 4.7% and 8.5% profits.

CLR long (listed 1/15, triggered 1/17)… Modest initial move but currently pulling back and narrowly holding above my stop.

SSYS long (listed 1/15, triggered 1/17)… Excellent pop, achieved both targets for 4.6% and 8.1% profits.

WCG short (listed 1/15, triggered 1/16)… Head fake breakdown, stopped out next day for 5.1% loss.

PWRD long (listed 1/16, triggered 1/18)… Price has stagnated, slightly underwater but still above stop.

WLT long (listed 1/16, triggered 1/22)… Nice initial move so far, time to run before earnings (2/20).

PXD long (listed 1/16, triggered 1/17)… Gapped above trigger, price has moved laterally since, earnings 2/13.

APC long (listed 1/21, triggered 1/22)… Nice initial move so far, heading higher. Earnings on 2/4, so still some time.

SOHU long (listed 1/22, triggered 1/23)… Leaving the base to the upside here, still looks good. Earnings on 2/4.

POT long (listed 1/22, triggered 1/23)… Nice initial move higher through the trend line with room to continue.

GGC long (listed 1/22, triggered 1/23)… Excellent turn up through trend line, approaching target 1.

RKUS long (listed 1/23, triggered 1/24)… Just now triggering, acting well so far.

QIHU long (listed 1/23, triggered 1/24)… Nice initial move through trend line resistance, room to continue higher.

Not yet triggered:
MGM long (listed 1/22)… Still a valid pattern, earnings on 2/22.

GME short (listed 1/23)… Still a valid pattern, earnings 3/18 so plenty of time.

Removed or patterns negated:
DLTR (listed 1/14), never triggered and price has left the trigger zone.

FSLR (listed 1/15), never triggered an entry and price has stagnated, seems to be basing but needs more work.

JOY (listed 1/21), never triggered an entry and fell out of its base Wednesday.

I’ll catch you later with this week’s Charts on Demand video.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Just wanted to give a position update tonight (since there is no Broadcast) on the heels of a big day in the market. The Fed initiated QE3, which means more of the monetary stimulus that stocks love. The promise to keep rates low means money has one place to go for those seeking a return, and that’s into stocks. The market vaulted higher on the news, and we saw solid breakouts across the board with new 52-week highs established in the DJIA, S&P 500, NAZ, NAZ 100, and RUT.

I’ll cover my notes on existing positions down below, but in terms of new setups tonight there isn’t anything to add to the list. I’m still stalking CREE for an entry, waiting to see if it can clear the trend line at $28.30, but other than that there isn’t much to choose from out there. Many individual names are now stretched and need some time to digest the move.

Momentum is running hot, but it’s never wise to ignore the notion that the easy money for this particular move may have already been made. Stated otherwise, the farther a move carries, the more profits there are to protect should some selling kick in. Keep that in mind and stay selective after a big spike like this.

A few other bullish names to add to the watch list include:  LULU, NOG, DFS, RVBD, CRI, and Z.

Trades Overview:

This list is a look at our current & potential 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.

HAR Target 1 hit & stop tightened, TPX triggered

Open Position Notes:

HAR has been churning for several days to digest the recent rally, but as I noted last night the strong finishes indicated the bulls were still around.  Today we saw strength return, taking this stock past Target 1 where I was able to close out part of my position for a nice 5.2% profit.  Ringing the register on gains to make them real (not paper) is nice, as is the chance to reduce risk in the remainder of the position.  I did the latter as well, tightening my stop this evening for the shares which remain while I await a push higher into Target 2.  Good price action so far, now a bit more of an extension in price would really pay off.

TPX triggered a buy today as it exited the channel highlighted here last night, and it did so in style.  Today’s lift was strong as price stretched its legs a bit, which is always nice to see on the initial day of a trade.  I’ll be looking for some follow through now that it’s on the move, so if this one can reach toward Target 1 then I’ll look to make an adjustment to my stop.  Nice start to the trade though, let’s see if it can continue.

Closed Positions:

No closed positions.

Go get ’em Friday and I’ll see you back here over the weekend.

 

Trade Like A Bandit!

Jeff

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.

NUE & BIDU closed

Open Position Notes:

No open positions – 100% cash waiting on new entries.

Closed Positions:

NUE got well beneath Target 2 this morning in the pre-market, so hopefully some of you were able to take advantage of that.  I closed the last of my shares at $36.85 this morning (as per my email) for a nice 5.1% gain on those shares.  My overall exit on this trade yielded a profit of $1.70, or a 4.4% gain.  It was a nice trade, but now the stock is due for a rest after 6 consecutive declines.  I’m out with a gain and will await a new setup before considering another entry.  The overall trend is still down.

BIDU gapped lower this morning and eventually made a new correction low, although it remains shy of my original Targets.  As per my email notice today, I booked profit at $124.85 for a $7.75 profit or a 5.8% gain.  This was a very nice trade with no pain.  Although the stock remains technically broken, it is due for a rest after 6 consecutive declines and so is the overall market.  Given this is a high-beta name, it has the potential to gap and/or run higher on a bounce attempt, so I booked the profits in this one after a nice move and will now wait for a new setup to emerge.

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.

BIDU stop tightened

Open Position Notes:

NUE got to within 1% of Target 2 today but stabilized and recovered some of the day’s losses in the afternoon.  This stock remains technically broken, and may simply need a rest.  My stop was tightened last night, so I’m going to stick with this 2nd half of the trade for now and see if it can follow through to Target 2 in the days ahead.

BIDU seemed hesitant to break down this morning initially as the overall market was weak and it actually went positive for a short time.  However, it did tumble into mid-morning, getting to within about 1% of Target 1 before bouncing into the close.  The stock still posted a loss for the session, but the intraday recovery suggests it’s attempting to rest here after several declines.  I’ve tightened my stop to breakeven but am giving it some room to fluctuate while waiting for a move down to my Targets as it is still technically bearish.

Closed Positions:

No closed positions.

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.

BLK closed, NUE Target 1 hit & stop tightened

Open Position Notes:

NUE sold off further today to move through Target 1, allowing me to close out 1/2 my position for a 3.6% gain.  The stock attempted to bounce from there, but created a lower high in the afternoon and retreated to finish not far from that area.  On the daily chart, this one is still not looking extended, so I’m staying with it for a continued push toward Target 2.  I’ve tightened my stop tonight for remaining shares just to be prudent with my risk.

BIDU posted its third consecutive decline today as it made a new correction low.  I’m encouraged by this price action and now the stock has some room to go before next support is reached.  Short-term, it’s still not yet extended, so I’ll be watching for some follow through in the coming days toward my Targets.  If this one is able to make some further progress, I’ll look to make an adjustment to my stop.  For now, I need to allow it some freedom to bounce in case we see an attempt at some dip-buying.

Closed Positions:

BLK continued lower this morning, gapping down to within 4 cents of my Target at $181.  The stock began to recover from there, so without risking a nice open profit for just a few more cents I covered my short position.  I generated an alert intraday and posted it via Twitter and had it sent out via email, so hopefully you received it.  I’m now out of this trade with a 4.5% gain, which was a big move in the stock of $8.62 from my entry without any trouble along the way.  The $181 area is former support, so it’s a logical spot for this one to rebound.  I’ll leave it alone for now but if it sets up for another play I’ll re-list 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.

BLK stop tightened

Open Position Notes:

BLK has worked steadily lower since triggering a short entry for me last week, and I like how this one has acted.  On Friday, it seemed to have exhausted itself a bit as it was down early in the session but finished up a penny.  That isn’t much, but it did so in the face of a very weak market, and volume was its highest in a couple of weeks.  The stock bounced just slightly above my Targets, so it may be time to ring the register here as that $181 zone is support. I may look to make an intraday exit (not waiting for my stop or targets to be hit) so keep an eye on your email inbox and/or Twitter just in case you want to know how I’m managing this one.  I’ve tightened up my stop a bit tonight but am still leaving it room to fluctuate.

NUE sold off hard Friday with a 2% decline on its best volume in nearly 2 weeks.  This marked not only a new correction low for the stock since topping in February, but it’s also beginning to fill the gap from last November. The stock isn’t far from Target 1, so I’d expect to be able to book partial profits pretty soon.  If so, I’ll look to make a stop adjustment at that time.

BIDU turned nicely lower on Friday as it gave up 2.3% on increased volume.  It’s now approaching the April low, and has a good shot at picking up some steam if we see a new correction low created.  I’m sticking with it for now with my stop as-is heading into Monday’s session.

Closed Positions:

No closed positions.

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.

X stopped, BIDU triggered, TUMI removed (pattern negated without triggering)

Open Position Notes:

BLK continued lower today on heavy volume, shedding 3% on the session and undercutting the prior low on its way to support from earlier this year.  This stock is approaching my Target and could get there as quickly as tomorrow.  With pre-market news, however, I’m not yet making an adjustment to my stop.  If I’m still in heading into Monday’s session, I’ll look to make an adjustment then.

NUE moved a bit lower today with a modest decline, but it did break yesterday’s low.  Next levels to watch will be the April low, followed by the $38 level from mid-December.  Overall the trend remains down, so I’m staying with this short.

BIDU triggered a short sale today as it broke the rising trend line at $132.60.  From there, the stock wasn’t able to do much, as it actually finished back above the trend line by the end of the day.  This is still a bearish setup, so I’m going to stick with it and leave my stop as-is heading into Friday’s session.

Closed Positions:

X sold off further today, further emphasizing the failed breakout attempt from earlier in the week as it crossed the trend line at $29.  Today’s move triggered my stop to take me out for a 3.4% loss, leaving the stock back inside its range.  At some point it may set up again, but for now it isn’t acting like it’s ready to lift so I’m going to leave it alone.

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.

NUE triggered, TUMI & BIDU added

Open Position Notes:

X pulled back quickly from the open today, but was able to stabilize from there above my stop loss.  The stock lifted slightly from its worst level of the day, and now finds itself back inside the wedge on the daily chart.  Volume was light today, which is the positive I’m taking from this.  I’ll leave my stop as-is for tomorrow’s session and will look to see if this one can reclaim the $29 level on the next bounce.

BLK turned nicely lower today on increased volume, and although the stock didn’t make a ton of headway to the downside, the daily chart is looking like a lower high is starting to confirm.  I’d like to see the recent low undercut and then consider an adjustment, but for now I’m sticking with my existing trade parameters.

NUE triggered a short sale today as it broke the rising trend line at $38.85.  The stock did finish just slightly above that level, but has a series of lower highs on the daily chart and therefore I’m sticking with the trade while waiting for some follow through.  No stop adjustment for now.

Closed Positions:

No closed positions.

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.

X & BLK triggered

Open Position Notes:

X triggered a buy today as it crossed up through my buy point at $29.  The stock hesitated a bit and never got far from that area, ultimately finishing just a few cents shy of it.  When I’m looking for breaks of horizontal levels (support/resistance), I like to see those levels cleared on day 1.  In this case, however, it’s a descending trend line (which is at a lower level each day) and the stock was able to close above it.  Volume also picked up with today’s advance in price, so I’m going to stick with my existing trade parameters heading into tomorrow’s session while waiting for some follow through.

BLK triggered a short sale today as it undercut the $190.50 level.  A quick bounce was unable to find follow through, and the stock sold off late in the day to finish right near that level.  Volume picked up with today’s decline in price, so we’ll see if that translates into some further weakness ahead.  I’d like to see a test of last week’s lows in short order to really confirm that this is the lower high it appears to be.

Closed Positions:

No closed positions.

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.

No changes

Open Position Notes:

No open positions – 100% cash waiting for new entries.

Closed Positions:

No closed positions.