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Hit List 10-12-2009

October 12, 2009 By Jeff White Filed Under: Hit List

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.

AIV Stop raised, SNDK Triggered, DOW & GET added

Open Position Notes:

FLR has quietly been in bounce mode for the past several sessions, but former support has not been reclaimed and now we’re seeing volume on the bounce begin to taper off quickly. That may imply that another decline is coming, so I’m sticking with this one to see if that occurs. I also like today’s slight downtick as a potential indicator that this stock may be getting ready for another leg down. I’ve only got a 1/2 position here as the 1st Target has already been reached, so I’m trying to be patient while I wait.

AIV pushed through the 1st Target today with some nice early strength. I booked 1/2 profits there for a 6.8% gain, and continue to like how this one is acting. The 2nd Target is still a possibility, so I’ll hang on while waiting to see if it can be reached. In the meantime, I’ve tightened my stop again for remaining shares.

SNDK triggered a short sale today as it undercut the $21 level to confirm another short-term lower high. Initially this stock hesitated to roll over, but as the afternoon weakness kicked in, this one was compliant and began to turn lower. With the market dip getting bought though, SNDK stabilized and finished right near the trigger price. I do still like the prospects here for some downside in the name, so I’ll sit tight for now.

10-12-2009-positions

Closed Positions:

No positions were closed today.

Bandit Broadcast for 10-12-2009

October 12, 2009 By Jeff White Filed Under: Videos

Good evening StockBandits!

The bulls returned from the weekend after being able to dwell on last week’s rebound for a couple of days, and their confidence was intact. The morning strength held up very well, despite the lack of volume associated with a national holiday. However, as the afternoon progressed, some selling pressure kicked in and erased the early gains as traders moved to lock in profits. Once again though, the dip-buyers provided support, keeping the slide contained.

It’s options expiration week, which usually brings with it some added volume. I would also expect the post-holiday trading tomorrow and into the remainder of the week to bring some higher volume, so perhaps that’s what it will take to get this market moving. I’m still staying pretty selective and just taking what the charts are providing. Interestingly, there seem to be more bearish setups emerging than bullish, most of which are of the failing-bounce variety.

Before we get to tonight’s video, let me just quickly remind you that you may view the video in full-screen mode by clicking what looks like an X in the player control right beside the timer. Hitting ESC on your keyboard will bring it back down to size. I’m still experimenting with video size for the next several days to find the best quality, so please be patient until then!

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[/kml_flashembed]

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Video Stocks Discussed: ALGN, DECK, TLB, VMC, GYMB, DOW, GET

10122009-vid-stocks

Swing Trading Candidates:

DOW has been acting somewhat toppy in recent weeks with the failure to clear resistance formed in September. In the past 2 weeks, the stock has sold off and bounced back, creating a well-defined rising trend line. I like the risk/reward here for a possible short sale if that trend line gets broken, so I’ll be using $25.85 as a trigger price for a short entry. My stop will be just above the bounce high (see the Hit List for stop & target levels).

DOW-10-12-2009

Chart courtesy of StockFinder

GET has been trending lower for a few weeks now after a sharp turn lower from the September high. In recent days, this stock has bounced quietly on weak volume, creating a rising trend line of support which could easily get broken. A move down through the trend line at $18.95 will trigger a short sale for me, and I’ll be setting a stop not far away as I’d expect this one to work quickly or not at all. My stop and target levels are on the Hit List.

GET-10-12-2009

Chart courtesy of StockFinder

Bullish Watch:

THO, TLB, HAL, M, DECK, ADM, XRTX, ALGN, YONG

Bearish Watch:

JOE, STEC, HAWK, FLR, SNDK, FUQI, X, OVTI, DOW, VMC, GET, GYMB, CMC, LBTYA, AKS

The Positions Post (‘Hit List‘) will be coming out soon, so be sure to watch for it.

That’s all for tonight, trade well tomorrow!

Jeff

Mid-day Update 10-12-2009

October 12, 2009 By Jeff White Filed Under: Intraday Updates

Periodically, I’ll be doing a mid-day update here inside The Bandit Hideout for those of you who are watching the action intraday. I might share charts of interest or comment on the trading conditions, or take a look at the averages and what’s taking place out there.

Today we sure aren’t seeing much. The early positive tone has been maintained as we get into the afternoon, but there really is no momentum to be found in either direction. We’ve seen the market stay positive but range-bound, making for limited opportunities.

The indexes are still mixed when it comes to their key levels, as the NAZ is floating beneath the 2150 level (needs a close above it), while the S&P 500 has pushed through 1074 to get within 1 point of its intraday recovery high set a few weeks ago. And the DJIA has made a new recovery high today. Thus, the V-shaped bounce from the recent pullback continues, but not at a very hot pace today.

With it being a holiday, the volume certainly feels lighter, and that’s being reinforced by the lack of movement out there. I’ve taken only a couple of daytrades, booked 1/2 profits on my AIV swing trade at the 1st Target (6.8% profit), and initiated a short sale in SNDK for a swing trade as per last night’s Broadcast, which is still hanging around the $21 area as I type. I’m laying low for now though, as this is the kind of environment it’s easy to get chopped up in.

All in all, it’s definitely a day to be selective. Doesn’t appear that either side is interested in making much headway today, at least not yet, so I’m taking it easy with new trades unless and until some afternoon momentum arrives.

See you tonight with the Bandit Broadcast!

Jeff

Positions for 10-11-2009

October 11, 2009 By Jeff White Filed Under: Hit List

The Positions List is a look at the current swing trades. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered.

10-11-2009-trading-list

AIV Stop tightened, SNDK added