Good evening StockBandits!

In Sunday’s Broadcast, I included a comment regarding the stage being set for some drifty price action this week “unless some big news surfaces.”  Well, today’s market drop was caused by exactly that, as stocks sold off with a downside gap in response to tensions between North & South Korea.  The situation there could easily escalate and include the involvement of other nations as well.  After an exchange of fire overnight, the world is on watch to see whether tensions will mount further or subside.

The market hates uncertainty, and anytime war is on the table we tend to see money flow to safe havens (such as the sidelines) and out of stocks.  On a holiday-shortened week like this one where the volume is lighter to begin with, it takes even less to produce a meaningful move in price either way (up or down).  So to see a sizeable gap down this morning get followed by some additional weakness on the heels of major geopolitical news isn’t surprising.  With little else to focus on Wednesday and during Friday’s half-day session, we can expect the market to fixate on all headlines regarding this situation.

From a technical standpoint, the indexes have failed to reclaim key levels after attempts in recent days stopped shy, and we’re now seeing them turn back down toward the pullback lows of last week.  It would be short-term bearish to see last week’s lows get taken out, and would imply this market has at least another leg lower to go.

With the market being closed Thursday and with Friday only being a half session and one of the lightest volume sessions of the year, I will not be trading on Friday (never do during Thanksgiving week).  The action is just too difficult to gauge with all the light volume, and my attention is on spending time with family.  As a result, the next Broadcast will be on Sunday night, hopefully with a return to video format!  I hope you enjoy your Thanksgiving and get away from the screens for a few days to relax and be with those you love the most.

As a reminder, my wife & I are expecting our 2nd child sometime in the next 4 weeks, and our first child arrived 4 weeks early. Ideally this baby holds off a couple more weeks, but if I happen to fall off the radar for a couple of days, you’ll know why. Currently there are no signs to suggest that will happen, but with babies you just never know!

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Wednesday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

NONE TONIGHT

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

NOV, PSS, ABX, NG, ACOM, TSLA, JOBS, IVN, TGA, JAZZ, SODA, CREE, UA, SINA, VSH, MW, DKS, SRS, POWI

Bearish Watch:

MMM, SOHU, FCX, LNCR, OFC, JAH, MCP, PSA, JKS, LAZ, HCP, HCN, AKAM, ADTN

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Mixed and drifty are the best words to describe today’s action, as momentum was fleeting and volume sagged across the board.  I mentioned last night that we could see exactly that this week, and so far we’re 1-for-1.  Such is the case during holiday-shortened weeks though, as traders have other things on their minds and other places to be – just as they should on Thanksgiving.  Nonetheless, the action was limited and the indexes for the most part continue to deal with short-term resistance areas just a short distance above.

Although it didn’t prove to be a technically significant day, some quiet consolidation is never a bad thing.  It helps to establish some bases in the charts of individual stocks, thus opening up some opportunities once we do see momentum return.  The biggest key is to endure the listless action and remain patient while waiting for more lively action to arrive.

I’m doing my best to do that right now, and again my list is somewhat narrow for Tuesday’s session.  I’m eyeing some longs and shorts, and mostly day trades with one new swing candidate.  As the volume continues to dwindle these next couple of sessions, it will be important for us to make our trades count and exhibit a willingness to limit our activity unless better momentum surfaces.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience.

Additionally, my wife & I are expecting our 2nd child sometime in the next 4 weeks, and our first child arrived 4 weeks early. So, ideally this baby holds off a few more weeks, but if I happen to fall off the radar for a couple of days, you’ll know why. Currently there are no signs to suggest that will happen, but with babies you just never know!

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Tuesday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

IVN has established support in the $23 area in recent weeks and just tested it successfully again last week.  The stock has stabilized after its recent pullback, and now is challenging the descending trend line just overhead.  I’ll be a buyer for a swing trade if this one can clear the $24.75 level, as that would free up this stock to advance again.  As with all swing trades, my stop and target levels for this stock will be on the Hit List post here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

NOAH, AMR, GSM, XEC, ATHR, OSG, OAS, KMX, VRSN, TSLA, IMAX, BEXP, WTI, IRF, IVN, WCC, TGA, DDS, AMCN, CVG, SODA, SM, DAR, CREE, VSH, JCG, COST, NG, VECO

Bearish Watch:

V, OFC, CSC, JOE, HCP, URE, TSL, FSLR, MOS, TCO

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Last week’s back-and-forth action made for a few lively sessions as the pullback from the recent highs continued before a relief bounce kicked in.  Overall though, both the NAZ and S&P 500 finished the week unchanged, finishing at the exact levels on Friday as they did the previous week.

On Friday we saw the indexes recover from slightly in the red to post modest advances, none of which were meaningful on a technical basis.  The battle here seems to be more psychological than anything, as the bears have been pummeled since August.  At the same time, it’s simply a fact that eventually the bulls will tire out and need some kind of a rest, and this could be the start of that.  The big-picture trends remain in good overall health, and this pullback could eventually lead to more upside once it runs its course.  Currently, the bounce of the past couple of sessions is being weighed, but the verdict is still out as to whether or not it will stick.

We may or may not get any clarity this week, as not only will it be a holiday-shortened trading week, but the volume will most likely be about as light as it gets.  That’s typical during the week of Thanksgiving, so that’s one less technical element we will be able to rely upon when evaluating the price action.  The market will be closed on Thursday for Thanksgiving, then will only have a half session Friday with an early close of 1pm ET.  Add to the mix the fact that many traders will be long gone by Wednesday afternoon, and the stage is set for some drifty price action unless some big news surfaces.

So, with the expected light volume and the shortened trading week ahead of us, it’s a good reminder to make every trade count.  There are several setups I’ve got my eye on for Monday, in both directions and on multiple timeframes (both day & swing).  As the week progresses, I’ll become even more selective, knowing that momentum may be harder to come by.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience.

Additionally, my wife & I are expecting our 2nd child sometime in the next 4 weeks, and our first child arrived 4 weeks early. So, ideally this baby holds off a few more weeks, but if I happen to fall off the radar for a couple of days, you’ll know why. Currently there are no signs to suggest that will happen, but with babies you just never know!

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Monday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

VSH has trended higher for several months, and more recently has put in some needed, healthy rest with the formation of this large pennant or wedge pattern.  The stock is attempting to break out, but needs some stronger volume to pull it off.  I’ll be a buyer if this one can clear $14.05 to make a multi-day high, ideally on expanding volume.  As with all swing trades, my stop and target levels for this one are on the Hit list here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

BGC, KMX, BMRN, CODE, DNR, RS, TSLA, IMAX, BEXP, IVN, AMCN, CVG, CY, BEAV, QCOR, CAVM, VSH, CROX, OSG, RAX, SWN, WFC, ATHR, ROSE, MDR, KND

Bearish Watch:

V, MON, CF, LNCR, OFC, PSA, CSC, ADM, MMYT, AGU

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

A big opening gap to the upside greeted traders this morning as overseas markets (and our futures markets) responded in a big way to news of a rescue package for Ireland.  The market was able to tack on some additional gains into mid-day before some mild profit-taking kicked in.  All in all, it was a solid day for the bulls though, particularly after having been absent for the past week during this pullback, as they produced a nice gain and were able to show some intraday progress beyond just the opening gap.

From a technical perspective – and that’s the one that matters most to me as a trader – we’re at an interesting spot in the short-term.  Rather than discuss what may transpire in the weeks to come or whether we’ve topped out, let’s look at the near term.

To be fair, the buyers have stayed away during this pullback from last week’s highs.  They’ve allowed a bit of a correction, and frankly it’s been a bit surprising to see them wait so long to step in and buy again after such persistent success throughout September, October, and early November.  Today they stepped in, but they still have some proving to do.  We have descending trend lines still in place, and a hint of doubt has emerged (as it typically does following a pullback) as to the resolve of the bulls.  That’s giving the bears a small psychological boost – the first in quite a while – and that could make for a pretty good battle on Friday.  If we see a solid close above all trend lines, I’d expect to see a move back up toward the highs.  If we see a failure, it would likely be an indication this pullback is set to continue.

Tonight my watch lists have been reduced considerably, which is fine.  That simply leaves me with a more focused list for Friday, and each of them will be for day trades.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. Additionally, my wife & I are expecting our 2nd child sometime in the next 5 weeks, and our first child arrived 4 weeks early.  So, ideally this baby holds off a few more weeks, but if I happen to disappear out of the blue for a couple of days, you’ll know why.  Currently there are no signs to suggest that will happen, but with babies you just never know!

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Friday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

NONE TONIGHT

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

ONXX, VSH, MFC, QCOR, BEAV, JAZZ, AMCN, XIDE, STT, TSLA, CODE, LULU, ACOM, BCSI, KMX, IGTE, TZOO

Bearish Watch:

OFC, PSA, MMYT, BIG, VNO, GRMN

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The market was making its best attempt at a relief rally today – which was far from impressive, I might add – but the morning bounce stalled out mid-day and we saw the sellers return in the final hour to erase the early gains.  The NAZ and RUT finished positive by a couple points, while the S&P and DJIA finished slightly in the red.

The character of the morning advance revealed something that will either inspire the bulls tonight or dampen their hopes, which was that momentum was nowhere to be found.  The buyers who did step in apparently had no company, and it was soon evident that a little selling could easily invite more selling.  This continued reluctance on the part of the dip-buyers is either a trap to suck in the bears, or it’s a warning signal that the complexion of the market could be changing after a 2 1/2 month rally.  The fact that this is the first decent pullback we’ve seen since August is reason enough to pay close attention here, although the verdict is still out on what will transpire from here.

Tonight we have inside days for each of the indexes, which is similar to Monday’s bars.  These can often be continuation bars when found in the midst of a trend, and with the short-term trend currently down, that’s worth noting.  We also have descending trend lines overhead to mark the pace of this pullback, and for the NAZ and S&P 500 those trend lines coincide with Monday’s closing levels.  If we see a turn higher on Thursday, I’d look for a rally back up to those levels.

Several setups are on my radar for tomorrow, and once again I’ll be utilizing multiple timeframes and directions for new plays.  This pullback is certainly helping to shake up the charts of many individual stocks, which is just what this market needed whether you’re a bull or a bear.  We should see more setups on the way in the days to come, and the event risk has subsided with the passing (mostly) of earnings season.  That could bring the focus once again solely to the economic data, which is something this market is certainly accustomed to.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. To those who prefer this written format, I hope you are enjoying seeing more text! At any rate, it’s refreshing to me to be able to mix it up a bit. And of course, your input is always welcomed.

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Thursday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

MFC displayed some big momentum early in the month as it left a multi-week trading range in its rearview mirror.  Since then, the stock has pulled back only slightly and consolidated, possibly in preparation for another thrust higher.  I’m watching the trend line just overhead for a break at $15.15 to trigger an entry on the long side in case this one gets moving again.  As with all swing trades, my stop and target levels for this one will be on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

BEAV, CY, SVVS, MOTR, BMRN, CODE, IMAX, MEE, ROST, RES, SODA, MFC, CREE, ROVI, PXP, TTM, VMED, CROX, AMTD

Bearish Watch:

LZ, OFC, LNCR, MMYT, PRGO

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The indexes got spanked today as the pullback accelerated, leaving the dip-buyers sidelined for the first time since August.  Each of the uptrend channels have now been broken on a closing basis, which brings some unity to the indexes after seeing the NAZ take the lead while the S&P held inside its channel yesterday.  The morning gap was followed only by selling, and even though the market finished slightly off its lows, there was some technical damage done.

Monday’s inside bars proved to be continuation bars, as they sometimes are, and that was followed by decisive moves lower today on heavy volume.  We do now have gaps from this morning which could get filled on a bounce, but the swift moves lower across the board may not inspire the buyers just yet.  The intermediate-term trend is still up, and that will require a lower high and a lower low in order to change it.  The one thing this market has going for it in the short term is the fact that many stocks have pulled back adequately and may soon be ripe for a bounce.  Only time will tell how far that bounce carries, but we’ve now seen a moderate initial pullback off the highs, and that might lead to some short-term stabilization.  The buyers will have to step in soon in order to produce that, but they’ve had good success since August and aren’t likely to get their confidence deeply shaken by this first pullback.

Heading into Wednesday, there are a number of setups on my radar, and I’ll be utilizing multiple timeframes (day & swing), as well as setting up plays for both the long and short sides.  That should lead to some action, but as usual, I’ll wait for my trigger prices to be reached before making any moves.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. To those who prefer this written format, I hope you are enjoying seeing more text! At any rate, it’s refreshing to me to be able to mix it up a bit. And of course, your input is always welcomed.

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Wednesday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

BEAV has pulled back from its highs, but in the past couple of sessions has stabilized.  A turn back up through the descending trend line will trigger a buy for me as this one regains its footing and pivots higher.  I’ll wait for the trigger, and will have a stop just beneath short-term support.  As with all swing trades, my stop and target levels for this trade will be on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

TZOO, LULU, IMAX, LPS, CY, SODA, BEAV, QCOR, ALK

Bearish Watch:

ICE, LZ, VFC, XRAY, EAT, OFC, MCP, HSIC, MELI, PWR, CTXS, PRGO, DLR, AIZ, AGN, LAZ, CAVM

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Another Monday morning gap to the upside was quickly sold today as stocks returned to Friday’s closing levels rather quickly.  From there, the market spent the bulk of the session churning between the morning high and the 10:10 ET low, unable to gather any momentum in either direction.  Late in the day we saw a bit more selling which took the NAZ and S&P negative, while erasing the majority of the gains on the DJIA and RUT.

While today’s action on the surface looked to be a failed bounce attempt, it really was a non-event in terms of importance on the daily chart.  It created an inside bar for each of the indexes, which means it respected Friday’s lows.  That’s encouraging to the bulls.

Currently the market is still in pullback mode, although we’re seeing volume drying up by the day.  That suggests reduced selling pressure, which could evolve into some buying interest if the bulls reappear sooner than later.  The overall trend remains up, so I don’t want to fight it, but as I noted last night we’re getting some mixed signals.  The NAZ is beneath its uptrend channel, but the S&P 500 is still respecting the low end of its channel, so I’d prefer to wait for more consistency on the technical side before doing anything aggressive.  We could still see some acceleration to the downside, so I don’t want to count out that scenario here either.

At the moment, there are some setups which look tradable for tomorrow’s session, so that’s where my focus will be, and we’ll get to those shortly.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. To those who prefer this written format, I hope you are enjoying seeing more text! At any rate, it’s refreshing to me to be able to mix it up a bit. And of course, your input is always welcomed.

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Tuesday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

BBT has in the past few weeks established a higher low after a big correction and a subsequent test.  It also has shown some nice momentum and a quiet rest on this shallow pullback, setting it up for a secondary advance if it can get back on the move.  I’m watching for a push up through the trend line at $25.50 to trigger a buy.  As with all swing trades, my stop and target levels for this play will be on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

MEE, SOHU, TZOO, SVVS, SPRD, IMAX, BBT, PNC, CAR, JEC, AMCN, JAZZ, TROW, RES, CVG, CY, BEAV, SODA

Bearish Watch:

FLS, LZ, VFC, AUXL, ECL, CRM, OFC, JAH, MCP, ADM, CYT, CTXS, DLR, BXP

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Thursday saw some early negativity on the heels of an earnings report from tech giant CSCO, but we saw the NAZ able to erase some of its losses by the end of the session.  That decline filled the gap from early-Nov, which is healthy to see.  Friday’s action was a bit different though, in that we saw a weak open followed by additional selling and only a minor lift from the worst levels of the day into the closing bell.

We know the dip-buyers have had tremendous success since August, and they’re not likely to walk away quickly.  At the same time, we’re finally getting some profit-taking here, which is simply a part of a healthy uptrend.

The technical concern here is the fact that the NAZ has already closed beneath its uptrend channel, and the S&P 500 is threatening to do the same.  That wouldn’t necessarily spell an end to the uptrend, but rather a change in the pace of the uptrend.  There’s a big difference, and it’s worth pointing out.  The uptrend consists of higher highs and higher lows, whereas the pace of the uptrend can change and still keep the trend intact.

I do think it’s interesting that we saw new highs made and now we’re getting a pullback, which I noted as a possibility here in recent weeks.  That kind of move tends to bring in the remaining holdouts with cash on hand, which many times is faded (sold into) by institutions.  Essentially it leads to a bit of a bull trap in that those who bought high in expectation of continuation are now left holding the bag.  Time will tell if that’s the case for them or not, but in the short term we’re seeing a test of their resolve.

Heading into tomorrow’s session, there are a few setups I’ll be monitoring closely for entries.  My timeframe for these new trades will be for day trades, but once we see the indexes moving better together and not mixed (ex: NAZ below channel, S&P still inside), I do expect to be making more swing trades.

As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. To those who prefer this written format, I hope you are enjoying seeing more text! At any rate, it’s refreshing to me to be able to mix it up a bit. And of course, your input is always welcomed.

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Monday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

NONE TONIGHT

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

SOHU, GPS, BIIB, SVVS, LULU, MCHP, TSLA, IRF, MEE, TGA, AMCN, JAZZ, ISIS, TROW, GTI, IOC

Bearish Watch:

FLS, V, LZ, VFC, AUXL, XRAY, LNCR, THOR, JAH, MRO, ADM, MELI, CYT, FSYS, SHLD, BIG, EMS

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

This morning we saw some weakness which took the indexes down nearly to test the levels highlighted here last night (for example, the NAZ stopped 5 points away from the 2540 area I mentioned), but the buyers found their footing and produced a turnaround in the afternoon to close each of the indexes positive.  The gains weren’t spectacular, but it was just another example of the dip buyers stepping in to do their thing and provide support on weakness.

From a technical standpoint, the daily charts of the indexes and many individual stocks look as if they could be completing short-term pullbacks.  That’s certainly subject to change, particularly on news.  For example, CSCO reported earnings tonight after the bell, and the stock is getting sold hard in the after hours.  The futures are down in sympathy, and that could deliver a downside gap tomorrow morning.

Thursday is a holiday (Veterans’ Day), but if we see a decent move on the open, it could still make for a good trading session.  I’ll keep a close eye on how the gap gets treated (if in fact we do get one), as it could again inspire buying.  If not, it may imply the short-term pullback or digestion phase has more to go, and I’ll not look to fight it.

There are several plays I’m eyeing for day and swing trades for Thursday’s and Friday’s sessions, but as always I’ll be waiting for prices to reach the triggers before making entries.  It’s easy to want to jump the gun, but waiting for the trigger helps to offer confirmation that the stock is on the move in the anticipated direction.

** Thursday night I will not have a newsletter, as we will be moving into a new house.  As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as we’re in the process of moving and therefore without the equipment I use for recording the nightly video. Once I have my new office set up, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. To those who prefer this written format, I hope you are enjoying seeing more text! At any rate, it’s refreshing to me to be able to mix it up a bit. And of course, your input is always welcomed.

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Thursday & Friday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

IVN has pulled back within its uptrend and looks poised to begin another leg higher.  The stock will need to clear the trend line at $26.30 in order to get back on the move, so I’ll be using that as my trigger price for entry.  As with all swing trades, my stop and target levels will be on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

MIPS, MAR, SOHU, BIDU, AMG, SVVS, ORLY, RIMM, CCE, MCHP, IMAX, LFT, FLR, VRUS, TRW, IVN, IPI, MAN, BBT, PNC, STT, MEE, WCC, CAR, DDS, HTZ, TEX, ROST, MTZ, PAG, UNTD, XIDE

Bearish Watch:

EAT, LZ, THOR, ADM, MELI, LXK, FSYS

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The indexes moved briefly into positive territory this morning, but the momentum was short-lived and profit-taking kicked in.  Stocks trended lower for the remainder of the session, although they didn’t give back significant ground.  The selling was orderly and limited, and did nothing to threaten the uptrends.

Today’s pullback may see some follow through, as we still have an unfilled gap from last week extending down to Wednesday’s closing levels.  That would be a move to the 2540 area for the NAZ, and 1197 for the S&P 500.  Gap fills are common and healthy when they occur, as it’s just a natural way for the market to fill in the blanks (no pun intended).  So, it could be that we see some profit taking down to those levels or beyond, and we’ll just have to wait and see where this takes us.  The trend is still up across the board though, and the key to maintaining the uptrend will simply be whether the buyers step in again on cue once the pullback runs its course.

Setups for tomorrow are a bit limited tonight, as I noticed quite a few names putting in bearish engulfing bars.  The NAZ did the same thing today, but after a pair of narrow range sessions, that’s not difficult to accomplish.  Regardless, I’m wanting to respect the need for a pullback here.  Although many of these dips may result in good long-sided entries once the selling abates, I’m generally staying selective heading into tomorrow’s session to exercise some patience.

As a reminder, for a few weeks I’ll be utilizing the written format of the Broadcast as we’re in the process of moving and therefore without the equipment I use for recording the nightly video. Once I have my new office set up, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience. To those who prefer this written format, I hope you are enjoying seeing more text! At any rate, it’s refreshing to me to be able to mix it up a bit. And of course, your input is always welcomed.

For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Wednesday.

Please leave your comments and/or questions below if you have any, I always enjoy the interaction.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Swing Trading Candidates:

LZ looks to be in the midst of a trend change here after a big breakdown and a potential failing bounce.  I’m looking to enter this one for a swing trade on the short side if it undercuts $107 to mark a multi-day low.  Today’s decline came on increased volume after a bounce on declining volume essentially filled a gap from a few weeks ago.  As with all swing trades, my stop and target levels will be on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

Day Trading Candidates:

These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

MIPS, IGTE, BIIB, SVVS, CODE, CBOE, MCHP, WTI, LFT, FLR, PPDI, DPZ, IRF, TRW, VRUS

Bearish Watch:

PFCB, VFC, LZ, V, AUXL, THRX, EAT, ECL, THOR, OFC, MRO, ADM, MELI, HMIN, PWR, JOE

The Hit List contains stop and target levels for my swing trades.

Trade Like A Bandit!

Jeff