Good evening StockBandits!
**SFUN PRICE CORRECTED**
Bears in need of a dip have gotten it. Simultaneously, underinvested bulls have been wanting a pullback, and they’ve gotten it. [Read more…]
Wide Open – Blueprint 9-25-2013
Costly Shortcuts
Over the weekend, I heard from a trader who was midway through a cross-country move of 2400 miles. Some 2000 miles into the trip, a wheel flew off his trailer while driving 75mph on a rural highway. With the trailer skidding and the possibility of losing control of the vehicle (and his life), he was able to pull over and stop without harm.
After being towed to the nearest mechanic, he was told the rear axle was made entirely of poorly-welded pipe(!), that it was a miracle he made it 100 miles, much less 2000.
This trader told me the following:
In my excitement to move, after purchasing this trailer 2 weeks ago I didn’t go through the proper checklist, I didn’t have a buyers inspection performed as I would if I’d bought a used vehicle etc. And holy moly did it bite me. Much the same way I’ve remember back in the day having bought into a stock or two as I’m just finding it for the first time right as it’s breaking through some big resistance, without doing the proper “buyers inspection” checking when earnings are and news and everything else, and it can end up biting pretty hard too.
What a great point!
As you trade today, be sure you have a checklist you’re utilizing for entries and exits, and once you do, follow it. It’s likely to prevent you some serious pain!
Take a trial to my Stock Pick Service to get my trades.
Trade Like a Bandit!
Jeff White
Two Hands – Blueprint 9-24-2013
Good evening StockBandits!
Stocks were soft for the opening hour today as each of the main indexes dipped into the red again, but a mid-morning reversal reminded us all that the bulls haven’t gone home yet. [Read more…]
Undone – Blueprint 9-23-2013
Good evening StockBandits!
It was a reversal-prone session today as stocks opened higher, quickly filled the gap to move well into negative territory, lifted slightly from mid-day into mid-afternoon, then spent the final 2 hours chopping around aimlessly into the closing bell. [Read more…]
The Unforeseeable
It was unprecedented. Never before had it happened to me or anyone I’ve ever seen.
A mid-toothbrushing sneeze! Never even heard of one. Didn’t even know it was possible.
But there I was…mouth full of foam, a clean mirror before me, and the sudden realization that both of those things were about to change.
Did I panic? Did I pout? Did I argue with my sinuses and declare “you can’t do that, I wasn’t ready!” or anything along those lines? No, because none of those routes could prevent what was already in the process of happening. I just went with it and did the best I could to minimize the damage.
Trading can be much the same way.
An unexpected downgrade, a sudden gap, a news-pending halt, a buyout bid, FDA approvals…the list is long. You cannot possibly foresee all of the scenarios that might play out, but you can be as prepared as possible and commit to making level-headed decisions.
When it looks like it’s going to be bad, go the route of damage control and make the most of it. Surprises are a part of life and surprises will happen in trading. All you can do is to be in the habit of moving forward the best way you possibly can.
Take a trial to my Stock Pick Service to get my trades.
Trade Like a Bandit!
Jeff White
Test Time – Blueprint 9-22-2013
Good evening StockBandits!
The market rallied further last week, shunning the seasonality reputation September is known for. It’s been a strong month so far, one of the better of 2013, and the bulls have maintained control. The main event was the FOMC on Wednesday afternoon, and the absence of tapering left stocks screaming higher – for a little while. [Read more…]
Review of the Indexes 9-22-2013
September has historically been a weak month for the market, but that’s not how this one is shaping up. So far, it’s one of the strongest months of 2013 and last week we saw aggressive buying both ahead of and after the FOMC announcement. Tapering will surface again, but for now, traders are riding the momentum.
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 begins.
NAZ – The NAZ again reached levels not seen since 2000 last week before backing off Friday with quad-witching volume. This index has kept pullbacks limited in recent weeks but could stand to rest after this 225-point run over just 3 weeks. There’s plenty of room down to 3694 before a breakout failure. Interesting that the measured move projection to 3814 I discussed a week ago was nearly completed last week.
SP500 – The S&P screamed through 1709 on the FOMC news last Wednesday afternoon but spent the rest of the week grinding right back to finish Friday right at 1709. This is the big test of the breakout and bulls won’t want to give up this level. That said, prices are still pretty extended here and some additional basing would be welcomed and healthy at this stage.
RUT – The RUT painted 2 red bars Thursday and Friday but sure didn’t give up much ground from the 1080 high from Wednesday. Any pullback could easily result in a test of prior resistance levels with the first being 1063 and the next 1056 on the way down. This index is coming off a 7.7% rally in just 3 weeks, so a little give-back would not be surprising.
DJIA – The DJIA failed its breakout to a new high last week as it pushed just 51 points past the August high before reversing over 250 points into Friday’s closing bell. It’s now back inside the 200-point trading range we’ve seen it spend considerable time in this summer.
Take a trial of the Stock Pick Service to get my trades.
Trade Like a Bandit!
Jeff White
Taper Schmaper – Blueprint 9-18-2013
Good evening StockBandits!
For months, traders have anticipated the September FOMC meeting to be the one where tapering begins, but the main event of the week came to pass today without any change on that front. Traders immediately celebrated the ongoing QE and prices certainly changed, with stocks spiking sharply higher on the news at 2pm ET to take every index to new highs. [Read more…]
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