TheStockBandit.com

Good evening StockBandits!

A slightly positive open was initially sold this morning, only to see a quick reversal take place which brought the NAZ, S&P 500 and DJIA past last week’s highs.  From there, the market churned, unable to add to the morning strength.  That ultimately gave way to some profit-taking late in the day, taking everything but the DJIA negative on the day.

While some profit-taking after the runs we’ve seen from last Monday’s lows is no surprise (and healthy to see), some of today’s afternoon weakness was also likely attributed to those simply wishing to raise cash ahead of tomorrow’s FOMC announcement.  That’s when we’ll either see the recent rumors confirmed or negated by what’s said and by what is or isn’t introduced.  Of course, that has potential to be a big market-mover, both for tomorrow afternoon and in the days ahead as traders digest the news and corresponding price action.

For tonight, the indexes are each still in their respective trading ranges, so that’s keeping the charts of many individual stocks just as sloppy as they’ve been since July.  While it would be nice to get some basing action and some tighter patterns to trade from (as well as more rain in Texas), the fact is that we may not get it for a while.  With that said, our job is to identify the best plays out there and focus on them, which for now are day trades.  We’ve caught some excellent moves of late, so that’s not such a bad thing though.

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: EXK, UAN, LIFE, RGLD, GLD, WLL, DV, CNQ

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “128” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The 5-day winning streak ended for the market today, despite a pretty good afternoon lift from the morning lows.  A downside gap on worries tied to a Greece default set a negative early tone, and stocks struggled to find their footing until late morning when they finally caught a bid.  From there, they worked their way back up to erase a big chunk of the early deficit, although they still ended slightly in the red.

We also saw volume diminish today with the declines in price, which technically is healthy.  That’s largely attributed to a combination between heavy volume at the end of last week tied to quadruple witching, as well as traders laying somewhat low in the early going this week ahead of the Fed announcement on Wednesday.

The NAZ was able to climb back above the 2600 level by the close, although the S&P 500 gave up 1208 and the RUT and DJIA remained within their respective trading ranges as well.  That’s providing a bit of a mixed bag at the moment with select big-cap NAZ names ripping higher while many of the blue chips are still showing indecision.  That’s keeping me a day trader at the moment, as are the individual charts which are lacking the tight bases I prefer, so that will be my focus for Tuesday’s session.

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: PANL, TZOO, JAZZ, WLL

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “127” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Last week the market saw an early Monday dip on the heels of two preceding selloffs, only to reverse higher on the day and continue north for the remainder of the week.  The 5-day advance took the NAZ and S&P 500 both back up through their respective mid-August bounce highs at 2555 and 1208, respectively.

Although that’s significant, at the same time we saw the RUT and DJIA run right to their mid-August bounce highs and fail to reclaim them on Friday.  We may yet see those indexes participate as well, but as it stands tonight, only the NAZ has made a new recovery high.  Attention was on tech last week to produce that kind of a move, but perhaps some rotation this week will prompt similar achievements for the other indexes.

At this point, we are short-term stretched after index runs from last Monday’s lows to Friday’s highs from 6-9%, so a rest wouldn’t be a bad thing to get.  The bulls have momentum right now though, and therefore some continuation isn’t out of the question either.

This week we have the FOMC meeting on Tuesday and Wednesday, which is of course going to keep traders on high alert for market-moving news.  That could add to the already skittish nature of this market which has been in place since July, so the charts could easily remain sloppy in the days ahead.  As such, the setups on my radar are best-suited for day trades on Monday, particularly in such a reversal-prone, gappy environment like this.

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: SFLY, RGLD, EXK, GLNG, IMAX, FCX, ILMN, ULTA, MOS, WYNN, OPEN, ANR, YOKU

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “126” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The rally continued today despite a sloppy morning as the NAZ filled an opening upside gap to go negative ahead of the lunch hour before a lasting turn back up took hold.  From there, it climbed steadily higher to post a new recovery high on a closing basis.  Meanwhile, the S&P 500 reclaimed 1208 on a closing basis, opening the door for the RUT and DJIA to potentially follow suit in the days ahead if the buyers stay in gear.

One of the things which has made this market so tricky is that for several weeks now since the early-August lows were established, upside runs have only lasted a few days and they’ve been sharp.  Pullbacks from them have produced steep declines, allowing for no lasting upside follow through.  So tonight after a big 4-day run higher, the big question traders are asking is whether this time will be different and we’ll actually see continuation, or if instead it will result in another harsh round of selling.

While that question remains outstanding for now, our job is to focus on opportunities for short-term plays.  The most important indexes in my opinion are the NAZ and S&P 500, and they both cleared key levels today.  However, the RUT and DJIA will need to lend a supporting hand by showing some participation as well, and as of yet we still don’t have that.

There are a few names I’m focused on for tomorrow’s session, along with a couple of setups which are building that I’ll share with you shortly.   Keep in mind it’s a quadruple witching options expiration day, which always brings to the table some unknown motivations when it comes to the movement of options and futures.  Keep that in mind and respect the price action ahead of the weekend.

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: GLNG, JAZZ, PAY, ULTA, IMAX, SOHU

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “125” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Stocks opened with some strength this morning, but it was quickly erased as the gap got sold during the first hour of trading to take each of the indexes negative.  The buyers stepped in on that weakness though, and produced a solid run into the afternoon.  At the end of the day, there was a hiccup with another round of selling into the closing bell, but all in all it was a solid day for the indexes.

The NAZ was able to break back above the 2555 level today after contending with it mid-session, and even with the pullback this afternoon off the all-important 2600 area, it finished above the mid-August bounce high.  We also saw the DJIA tack on nearly 400 points from its morning low to the afternoon high before a quick 140-point dip to end the day.

We’re still seeing substantial moves on a day to day basis, but it’s still coming with overnight gaps, intraday reversals, and an overall lack of basing action (rest).  That last element is the biggest key right now that’s preventing me from taking more swing trades, as it simply is keeping the daily charts of individual names (as well as the indexes & ETF’s) quite sloppy and without the tight consolidations I prefer for swing trades.  Nonetheless, some good runs are presenting themselves on a day trading basis, so as I’ve been preserving capital it has still afforded some nice opportunities to profit and produce some regular cash flow.

My sense is that the volatility we’ve been seeing won’t disappear quickly, but I do believe this wide trading range has been the biggest disruption in the lack of swing candidates in recent weeks.  Hopefully if we can exit this range in one direction or another, more quality multi-day setups will present themselves.  In the meantime, starting each day without directional bias and taking the handful of trades which trigger is still producing.

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: GS, MS, BAC, WFC, JPM, MDR, RGLD, PAY, DV

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “124” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Stocks finished higher again today with choppy intraday uptrends, despite a pair of pullbacks.  The RUT and NAZ led the way with 1.7% and 1.4% gains, respectively, to produce some upside follow-through after a quick rout late last week.

Today’s move left the indexes climbing farther from Monday’s low, while still a fair distance from last Thursday’s high.  Nonetheless, another pullback has been bought, so the big questions now are “will it hold” and “how far will this bounce carry?”

While those are certainly valid questions, the fact of the matter is that the indexes remain range-bound for now, which means we can expect continued indecision as long as that’s the case.  The lack of rest following meaningful advances or declines in price has prevented quality bases from forming in the charts, so instead we’re really forced at this point to either stay sidelined in an effort to protect capital (which I’ve been doing on an overnight basis), or we go with trend line breaks for quick-move trades.

My trading of late has been focused on catching some intraday moves through those trend lines, but at some point we’ll see more swings and have potential facing us across multiple timeframes.  I, for one, am looking forward to that.  In the meantime, I’ll take the cash-flow day trades since that’s what’s available.

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: PH, CTXS, FIO, GGC, DV

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “123” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Weekend concerns on the heels of a poor finish last week produced an influx of sell orders, which in turn produced a downside gap today on the open.  Early weakness was erased, however, as the dip from the low end of the trading range was bought.  The averages went slightly positive after about 40 minutes of trading, but that rally was erased into mid-afternoon with a choppy downtrend to new session lows.  Once again though, support zones were defended and stocks ripped higher into the closing bell, finishing positive on the day.

To see a downside gap get bought as major support gets reached like we did today isn’t terribly surprising, because after all, we’re still in a trading range.  Until it’s broken, we have to expect not only shifts of direction, but also expect the boundaries to get defended.  After a pair of harsh declines from last Thursday’s high and then a downside gap, a late-day short squeeze is still somewhat suspect and difficult to trust at this point.  The near straight-up move we saw this afternoon smacks of short-covering, rather than the steady accumulation of longer-lasting bounces.

Nonetheless, the lows held again today, and we find ourselves in a similar position to last night, which is that we’re still caught in a wide, sloppy range.  Therefore, we must continue to stay on our toes, expect the unexpected, and otherwise protect capital while maintaining abbreviated trading timeframes for new trades.  Eventually we’ll see things smooth out, but for now it’s still a market filled with indecision as the summer selloff gets digested.

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: PANL, HANS, JVA, NOG, DLTR, VRA, VHC, TZOO

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “122” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

After rallying to fill gaps from the previous week, the major averages ended last week with harsh declines off Thursday’s highs to finish lower on the week.  Obama’s speech Thursday night did little to ease concerns, and with continued debt worries over Greece, traders had no interest in buying stocks.  A downside gap on Friday of about 100 points on the DJIA evolved into a 300-point decline by the closing bell, adding to the weak historical seasonality of September.

The trading ranges which formed in early-August remain intact, although a brief push beyond the upper boundaries was recently seen before failing.  Each of the indexes now sit in the middle of their respective ranges, giving them some room to rally or slip further before a meaningful technical event would occur.

Upside progress continues to be limited for this market, despite some quick rallies in recent weeks.  Those have merely been met with more selling, leaving this market right in the same place it was three weeks ago.  In addition to the frequent reversals, we’re seeing regular overnight gaps.  This volatility in turn makes for some very messy trading at the moment, as the daily charts aren’t allowed to put in rest and build reliable patterns.

Patience is a necessity right now while we let this play out.  The correction may not be done yet, so it’s important to keep an open mind as to what happens next.  Should support get defended again, we could rip higher and clear the highs of two weeks ago on the way to a better attempt at recovery.  However, should we happen to see support get broken, the selling pressure could mount once again as traders rush to raise cash and head for the sidelines.

What’s important to me right now is protecting capital by avoiding the visible risk in the charts.  By holding cash overnight, I’m not exposed to the gaps we’re seeing almost daily.  And with bases nonexistent right now, taking day trades with tight risk is the best way to avoid giving stocks too much room to fluctuate.  Those who are throwing caution to the wind are finding this a frustrating environment with limited follow through, and they’re seeing gains quickly evaporate while also having to book some sizeable losses.  I don’t want to join them, so I’m taking what the market offers while waiting for better conditions – and they will arrive for those of us who are patient.

Finally, it’s nice that 9/11 fell on a Sunday this year so we all have some time to reflect and remember the events of that day, think about those who fight for our country, and face the new week with renewed gratitude for the freedoms we have.  There are lots of inspiring stories of heroes, both known and unknown, that serve as a reminder to us all to be alert and be willing to help anyone in need.

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: OPEN, TZOO, PFCB, WBC

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “121” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The major averages recovered from a shaky start this morning and headed higher on the heels of Wednesday’s big rally.  However, once the S&P 500 tagged 1204, profit-taking kicked in and never stopped.  From there, a steady pullback took stocks lower into the closing bell, erasing about a third of yesterday’s gains.

To see the market pull in a bit after making a 545-point advance just since Tuesday’s low is not a big surprise, particularly after the S&P filled last Friday’s gap.  However, part of the shift to the sidelines was likely tied to Obama’s scheduled speech tonight and the uncertainty surrounding it.  Traders avoid uncertainty as a way to dodge risk, and with the President taking center stage tonight, it could produce a gap tomorrow in either direction.

In terms of individual setups tonight, there are still some trying to build in the charts but there’s far from an abundance of them.  Given that this market remains range-bound, and therefore reversal-prone, my interest lies with day trade candidates rather than taking overnight exposure or adding over-the-weekend exposure in tomorrow’s session.

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: MELI, GLNG, PAAS, TZOO, FSLR

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “120” not found /]

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.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Last night I pointed to unfilled gaps from Friday morning as the next potential stops for a rebound, provided of course we got some follow through strength to Tuesday’s afternoon rally.  Today we got that follow through, taking us right to last Thursday’s closing levels to fill the gaps on the NAZ and RUT (the DJIA and S&P 500 stopped just shy of them).

To see gaps get filled within trading ranges is not surprising, even when volatility is high in a wide range like this one.  Whenever that’s the case, prices show relatively limited follow through before reversing.  This morning we saw yet another gap created with a big open to the upside, so unless we see the indexes head north to take out last week’s recovery highs, this morning’s gap may get filled eventually as well.

It’s clear to see the sloppy price action in the charts over the past few weeks, as this market has done anything but put in some rest.  The brief pauses it has shown were each followed by changes of direction, and that has really prevented more setups from emerging for individual stocks.  Tonight, however, more are building in the charts so I’ll walk you through not only the setups I’ll be focused on for Thursday, but also several which need to mature further and what I’ll be watching for in them over the coming days.

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: GNK, JDSU, IMAX, PCX, MELI

 

Swing Trading Candidates:

NONE TONIGHT – 100% cash.

[table “119” not found /]

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.

Trade Like A Bandit!

Jeff