Good evening StockBandits!
Overnight futures saw some initial weakness Sunday evening but ultimately the Crimea vote to become part of Russia was met with some aggressive buying. [Read more…]
Upward March – Blueprint 3-17-2014
Spring Exams – Blueprint 3-14-2014
Good evening StockBandits!
The market peaked a week ago for the recovery rally off the February low. Early in the week, we saw some quiet profit-taking for a few days, but [Read more…]
Review of the Indexes 3-16-2014
The DJIA just formed a lower high, the S&P 500 just failed its breakout at 1850, and now the NAZ and RUT are each within 1 point of their respective support levels. It’s shaping up to be another important week for the market, and we’ll see whether or not the bulls use geopolitical developments as cause for securing profits.
It’s been a good year so far for Bandits as we’ve been able to close out recent profitable trades on both the long and short sides of the market. This two-way price action should continue to provide us with some great opportunities. Check out the trial of the stock pick service to get my trades (they’re worth it).
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 has returned to test its breakout level from February at 4246, closing less than 1 point from there on Friday. This pullback has been healthy and needed, but a breakdown here could easily cause the selling to accelerate.
SP500 – The S&P returned to 1850 last week and then gave it up, making for a breakout failure. The next level to watch on any additional downside from here will be 1823.
RUT – The RUT is right back to the 1182 area where it peaked in January. The return to this key level makes for an important test here as we see whether the recent slide from 1212 will hold or accelerate. Either way, after a 12% lift from the February low, this kind of pullback is healthy.
DJIA – The DJIA has lagged the others and just confirmed a lower high (16505 vs. 16588). This is an important technical development and now we’ll see if the round number at 16000 will hold.
VIX – Concern is on the rise, although it’s not anywhere near historically significant levels. The big number for over a year and a half now has been 20, which is coming into view after this index held a higher level of support recently and then turned up and away from it last week.
Trade Like a Bandit!
Jeff White
Follow @TheStockBandit
Completion – Blueprint 3-12-2014
Good evening StockBandits!
The shallow pullback of the past few sessions threatened to intensify this morning as a soft open was met with more selling in the opening hour. [Read more…]
Timid Tuesday – Blueprint 3-11-2014
Good evening StockBandits!
This morning we got what looked just like Monday’s action with an early dip and a V-shaped bounce. [Read more…]
Shallow – Blueprint 3-10-2014
Good evening StockBandits!
The indexes had a shot at rolling over today, but shook off some early selling and rallied back to finish only fractionally lower on the day. The pullbacks of the past few days have been very shallow, which [Read more…]
Old Age – Blueprint 3-9-2014
Good evening StockBandits!
The bull turned 5 last week, which is quite a feat. The run off the March 2009 low has been nothing short of amazing. [Read more…]
5 Setups to Watch This Week
Stocks made new highs last week, but remain extremely short-term stretched to the upside. A rest or pullback would be very healthy at this stage, but the bulls just haven’t relented yet.
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. Here we go:
AEO has again held rising support to keep the short-term uptrend intact. A multi-day high could pave the way for a new recovery high soon.
V is at a decision point here within this wedge. A push north of $227 would start a new leg up.
HOT could soon clear this bull flag pattern and resume its recent strength. The upper trend line stands at $81.50.
CZR is building the handle portion of a very large cup and handle pattern. A new high at $26.80 puts it back on the move.
LNKD is still correcting with lower highs and a break below rising support at $204 could invite more selling.
Through the nightly service, I share swing trade setups with members here including my planned entry, stop, and target levels. I also produce Charts on Demand for a special Thursday educational video. 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.
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