Swing Trading and momentum investing stock pick newsletter and swing trading service.
Good evening StockBandits!
Last week we had some big earnings announcements, we had an FOMC meeting, and then on Friday we had a highly-anticipated jobs report. Funny enough, none of those things proved to be big market movers. We did see a bit of a bounce from the pullback lows on Monday, but the strength was muted and the tape reflected a distinct lack of emotion. [Read more…]
Potential catalysts failed to spark a meaningful move last week, and the bulls ignored additional opportunities to produce a breakout. All eyes are on them this week as we see which side wins the battle with the indexes sending some mixed signals.
I reserve my daily trading plan for members of the site, but I wanted to share 5 setups of interest with you as we head into a new week of trading.
Put them on your radar and keep assessing them daily. As setups are negated or fail, seek out some replacements. As setups confirm their patterns, observe their price and volume behavior closely to gauge whether or not they still have some gas in the tank.
By the way, I do not have any positions in the stocks listed and am only interested in entries beyond the highlighted levels. Should price fail to push beyond the levels listed, I’ll take no action. Price provides the proof, then I make an entry. Here we go:
HAL has a bullish base here and a break above the upper trend line puts it back in motion.
PVA has pulled back in a similar fashion to the prior dip and again faces a descending trend line. A push through and the highs are the next stop. Earnings are due out a week from Monday (5-12) according to Yahoo! Finance.
CERN continues to trend lower and this appears to be a bounce within that trend rather than a lasting change of direction. A break below rising support may invite more selling.
GTLS bounced back to test former support from below last week and has so far failed to reclaim it. A rollover move from here and additional weakness kicks in to continue the downtrend.
WDAY has bounced but still has lower highs in place. A break of rising support and downside momentum could easily reappear.
Through the nightly service, I share swing trade setups with members here including my planned entry, stop, and target levels. Check out the trial if you’d like to kick the tires.
Trade Like a Bandit!
Jeff White
Take a trial to our Stock Pick Service to get our trades.
Good evening StockBandits!
Welcome to this week’s Charts on Demand video where I share my thoughts on your charts! Through this weekly feature, my aim is to provide you with some deeper education to improve your chart-reading skills as you stay objective and identify areas of support, resistance, momentum or apathy on the charts. [Read more…]
Good evening StockBandits!
The morning econ news wasn’t very well-received, and the market traded slightly lower in the early going [Read more…]
It’s an age-old question among traders & investors, and one I was recently asked by Joel…
What (if any) fundamentals do you consider in your analysis? Do you even look to see if the company is making money, or do none of the financial basics enter your analysis?
My analysis is based on the charts. Whether or not the company is making money, that does not enter into my strategy. Stocks rise and fall based on demand for shares and not necessarily profitability of the company itself. In addition, the fundamentals of a company don’t frequently change, and my timeframe for many trades is days and weeks, not months. During my timeframe, the fundamentals will rarely change to a great extent.
There are companies which have much to prove whose stocks are rising, and there are solid companies that make lots of money whose stocks are falling. Sometimes there’s overlap there, but there’s often a disconnect between the two and many investors struggle to recognize that.
Consider also the way news flow often corresponds with the price action. Take, for example, the move in GOGO today. Rival AT&T announced plans to offer in-flight wireless, and GOGO tanked.
Was that meaningful news? Absolutely. Will competition hurt revenues, earnings, and the bottom line for GOGO? You bet!
But look at the chart below. Lower highs and lower lows have been the norm since the early-March recovery high, so it’s been trending lower for a number of weeks. The news flow corresponded with the existing trend in the stock and simply accelerated the correction like gas on a fire.
In my own trading, price action is king and trumps all else. Maybe the fundamentals are great, and maybe they are poor. But if timing is everything in the market, and I believe it is, then I have to go with the charts which change daily and not the fundamentals which are only periodically updated.
Trade Like a Bandit!
Jeff White
Take a trial to my Stock Pick Service to get my trades.
Good evening StockBandits!
Today’s action was much more tame than what we saw on Monday, with narrower ranges and fewer reversals [Read more…]
Good evening StockBandits!
Premarket strength set the tone for an upbeat start to the week, but the opening gap to the upside got quickly filled [Read more…]
Good evening StockBandits!
Bulls have had an agonizing weekend after a very poor showing last week. The bounces which had kicked in the week before did continue – at least initially. We were seeing strength even into mid-week, but the short-term overbought conditions paired with approaching key levels and it prompted some selling. In the end, all the averages ended the week lower. It wasn’t by much. However, it’s how you finish that matters and the bulls definitely tripped before crossing the finish line [Read more…]
With a shot at resistance levels across the board last week, the bulls couldn’t get it done. Cash got raised and prices rolled over, which keeps a lid on the market for now. Are we destined for new correction lows? Only time will tell, but for now the path of least resistance remains down.
As we head into a new week of trading, it’s time once again to take a look at the indexes and the key levels they’re dealing with. This will impact how individual names move, so it’s where every new trading week should begin.
NAZ – The NAZ stopped short of the prior bounce high last week, then rolled over hard. This keeps the lower-highs scenario intact and invites a gap fill to 4034, if not a test of prior support.
SP500 – The S&P knocked on the door of resistance once again last week, but failed to clear it. Price is now backing off and it looks like a gap fill to 1842 may be next.
RUT – The RUT bounced big from the April low but couldn’t clear 1160 and subsequently rolled over to end the week at 1123. The correction continues.
DJIA – The DJIA had rallied up to resistance last week after testing support a couple of weeks ago, but it couldn’t muster the strength to break out. Now cash is getting raised and price is heading lower once again within the range.
Trade Like a Bandit!
Jeff White
Take a trial to the Stock Pick Service to get my trades.
Follow @TheStockBandit on Twitter
Those of you who have kids know the feeling.
I’m an assistant coach for my son’s little league game and he’s playing 3rd base the other day in a game. A shallow pop fly is hit his direction.
The moment I realize it’s his play, I hold my breath and eagerly await the outcome. I want so badly for him to catch it. I want him to get that boost and hear the cheers for the play that he made. The few seconds felt like forever, giving me more than enough time to wonder… have we practiced those enough?
Thoomp! He caught it! My hope immediately turned into excitement and I WHOOHOO’d in celebration. Lots of fun!
Those of you who trade also know the feeling.
You’re in a position and you can’t wait for the outcome. The anticipation of potential gains or losses is killing you as the stock upticks and downticks, taking your emotions with it on every move.
Just like my son’s game and that pop fly was out of my control, so is your trade. All I can do to help my son is to prepare with him ahead of the games, just as you must prepare your trade before you put it on.
Have a plan and stick with it today!
Trade Like a Bandit!
Jeff White
Take a trial to the Stock Pick Service to get my trades.
Follow @TheStockBandit on Twitter
