Good evening StockBandits!

The weekend apparently wasn’t quite enough down time for the bulls as today they returned without enthusiasm.  An opening gap to the downside was greeted with enough buying to lift the indexes slightly from their lows, but that was the end of the excitement as the major averages finished mixed and little-changed on the day.

While action like today’s is uneventful and the churning movement of stocks makes it easy to overtrade, it is a healthy way to digest gains.  We saw similar action on Friday after Thursday’s big pop, and this is just a natural way of movement after a big run.  The dip-buyers are still confident enough that they’re preventing declines from becoming harsh at all, and any remaining bears have also been quick to cover shorts at the first sign of weakness in order to get back to the sidelines and wait for another opportunity.  That combination is keeping a steady bid beneath the market, which essentially has made the decision between a flat and a strong market one for momentum players.  On days when they’re not active, we’ve finished flat, and when they’re in gear we run.

At this point, I’m content to let the market rest a bit and play the shorter timeframes (day trade) on Tuesday while waiting for more lively activity or more mature bases to initiate trades from.  There are some intraday opportunities, but tonight I’m not seeing much in the way of setups that look poised for multi-day moves from their current patterns.  Another day would do wonders for many charts, particularly if it’s another day of rest, so let’s see what happens.

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 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:

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

Chart courtesy of StockFinder

Bullish Watch:

IGTE, DRIV, MAR, SOHU, SCSS, NTGR, BIDU, FORM, OAS, BIIB, WMS, RRC, MCP, ORLY, RIMM, CCE, GNK, LYB, DNR, RS, VRSN, TSLA, JKS, BORN, IMAX, JOBS, BSBR, BEXP, WTI, KIM

Bearish Watch:

V, EAT, THOR, OTEX, MRO, ADM, CYT, HMIN

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Last week proved pivotal in favor of the bulls, who really didn’t even need to add to their existing technical (and psychological) edge.  With a 2+ month uptrend already on their resume, the looming news of highly-anticipated November elections and the FOMC’s expected unveiling of the QE2 plan were potential market-movers.  Toss into the mix the fact that key resistance at the spring highs had been met but not yet cleared for both the NAZ and DJIA, and the stage was set for something meaningful to happen.

No one could blame the bulls for booking profits after such an impressive, virtually nonstop run since the start of September, but instead they proved they’re still willing to put cash to work and press their advantage by taking the indexes to new 2-year highs.  And while Thursday’s breakout was certainly a decisive one, the expected rest on Friday still saw a battle for a couple more points, perhaps just to remind everyone that the trend remains firmly up – both from a technical and a psychological standpoint.

Every dip has been bought since August, and while the momentum did slow recently, the trend was able to persist with rising channel patterns.  Last week’s push to new highs provided an acceleration out of the top end of those uptrend channels, which is a display of strength not commonly seen.

So at this point we have a market which is still a bit extended, yet no signs of weakness.  Just as despair is pervasive during downtrends and traders wonder whether stocks will again rise, euphoria and confidence come with prolonged uptrends and there’s a sense that stocks might not ever decline again.  Of course, neither mindset is accurate, but as traders we must be careful just how eager we get to go against the grain.  Personally, I want to trade with the trend for as long as it’s present, while becoming increasingly aware of the possibility of a pullback (or reversal) the more mature a trend becomes.

Currently we have no technical reason to worry that stocks will suddenly shift directions.  Although anything is possible – and we have certainly seen some sharp reversals this year – it’s quite likely that once this uptrend does happen to tire out, it won’t lead to an immediate down-elevator type of move.  The dip-buyers have been paid repeatedly, and they’re not likely to just walk away.  We’ll likely need to see some failed bounces before we can truly embrace the short side, but again right now the trend is still up.

Heading into Monday there are some plays on my radar, but I’m also mindful of the fact that many stocks are simply not sitting in technical patterns with well-defined entries.  Those will emerge, but patience is still an important part of trading effectively with the trend.  As we allow the setups to come and resist the urge to chase extended (and in some cases parabolic) moves, we’ll have some cash on hand to put toward those setups which do exhibit the risk-reward profiles which keep our downside in check while allowing for some great moves.  Last week we caught some of those, and I’m expecting to see plenty more soon.

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 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:

RRC has been recovering for a couple of months and finally looks like it could accelerate higher if it can clear resistance here.  I’ll be going long this stock if and when it clears $39.60, ideally on increased volume, to start a new leg up after a few days of quiet consolidation.  As with all swing trades, my stop and target levels for this one will be on the Hit List post here in 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:

DRIV, IGTE, RHI, NTGR, BIDU, VHC, OAS, BIIB, UHS, RRC, BCSI, ACOM, CSC, CODE, GPC, ORLY, QLGC, NTES, CCE, GNK, CPO, LLL, LYB, UNH, ARCC, CAGC

Bearish Watch:

LZ, V, HAL, THRX, XRAY, EAT, ECL, LNCR, CRAY, HSIC, ADM, MELI, VCI

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

This week I noted the possibility of the market taking its time to absorb the news before making a big move, and it was worth waiting for.  My mention last night of “perhaps the collective market needs to sleep on it before making a decision” ended up holding some merit, and apparently that’s exactly what traders needed as today the buyers woke up eager for action.  The futures trended higher during the night, producing an opening gap to the upside this morning, and from there the market never looked back.

The technical setup heading into today was very much of the make-or-break variety, as the steep uptrend channel recently narrowed and the April highs were being tested for the NAZ and DJIA.  Today we got a truly decisive move in the form of an upside breakout on heavy volume across the board.  Even the financial stocks which have failed to participate in the rally since September (BAC, C, JPM, WFC, etc.) posted big gains.  It was a landmark day in many ways, but most notably the fact that 2-year highs were seen for each of the 3 major averages.

Anytime we see persistent strength like we’ve had for the past couple of months, it makes the trading environment a bit more tricky.  That’s because stocks tend to get caught in a vacuum, and it seems everything is going up.  That naturally limits the amount of plays available (since shorting is more difficult to do in exceptionally strong conditions), but it also makes it more difficult to determine which are the leadership stocks and which are the laggards.  There have been some leaders emerge in the past several weeks which have gone parabolic, but beyond that, many other stocks have moved nearly in lock-step with the indexes.  I say all this to make the point that with today’s acceleration move to the upside, it’s likely to bring a bit more lively market than the past few weeks have offered.

The trading environment will improve even more if we can see some more back-and-forth movement, as that allows more stocks to base and create a wider variety of patterns beyond the basic flag & pennant types of patterns which are so incredibly common in these one-way market moves.  Stated otherwise, I’m excited about what the next few months hold, as I expect the trading environment for us to improve considerably.  That doesn’t necessarily mean higher prices, because we may or may not get those, but it does mean more movement and therefore more opportunities for us.

Heading into Friday, we have the Employment Situation in the premarket, as well as a Bernanke speech during the day.  We could see another opening gap tomorrow, but my overall expectation would be to see quieter action than what today’s session delivered.  I’m content to stick with my existing overnight (swing) trades, so in terms of new trades on Friday I’m eyeing some day trade candidates which I’ll cover in more detail below.

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 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:

EAT was listed here last night as a swing candidate and did not trigger today.  Normally I’d just leave it on the Hit List without another chart being posted here while I wait for the pattern to confirm (trigger an entry) or fail (subject to removal with no trigger), but in this case I’m watching a rising trend line which is changing daily.  So I’m just updating my levels tonight on the Hit List and in the chart below to reflect the new trigger price I’ll be using for a short sale at $18.70 (where the rising trend line currently stands). 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

Chart courtesy of StockFinder

Bullish Watch:

TMO, DRIV, IGTE, SCSS, RHI, NTGR, FCX, UHS, RRC, MCP, PSA, BCSI, ACOM, BMRN, PCX, SD, PENN, ORLY, QLGC, LULU, RIMM

Bearish Watch:

CPLA, PFCB, VFC, AUXL, THRX, XRAY, EAT, LNCR, THOR, CRM, OFC, JAH, OTEX

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The main event of the day ended up being a non-event as the indexes finished only slightly changed after the FOMC announcement and policy statement at 2:15pm ET.  The indexes were negative at one point and higher than where they finished, but in the end no lasting momentum was found.  Apparently traders are undecided at this point on just what to make of all the headlines.

I noted earlier this week how it was possible that the market could take a bit of time to digest all the news, and thus far it seems that’s what’s taking place.  Last night’s election results are widely known, and today’s FOMC unveiling of QE2 surprised nobody with the widely-anticipated size of the program.  Often times when the market rallies on expectations and then gets what it wanted, we see a sell-the-news response.  So far, however, we have yet to either rally or sell off a significant amount, and the wait continues.

We’re still right in the thick of earnings season, and of course on Friday morning we’ll have the Employment Situation, which the market has watched quite closely of late.  Stated otherwise, there’s more news to come, but the biggest headlines of the week are now behind us.  Perhaps the collective market needs to sleep on it before making a decision, but today’s action was surprisingly subdued for the magnitude of the news we received.

In terms of technical levels of importance, we did see the NAZ make a new 2-year high today as it cleared the April peak just slightly, but the S&P remains roughly 2% shy of its spring high here.  The DJIA and RUT each remained beneath their next levels of resistance at 11258 and 719, respectively.  More setups have emerged on the daily charts of individual stocks, and with the event risk now largely removed for the week, I’m looking at a number of setups for tomorrow’s trading.

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 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:

DRIV remains in a solid uptrend here and the most recent push to new highs came on extremely heavy volume following earnings news.  It has since pulled back on reduced volume and appears to be stabilizing here.  Today it attempted to turn up through a trend line, so I’m watching for follow through to indicate a new leg up is starting.  I’m looking to buy this one for a swing trade if the $37.15 level is crossed, and will have my stop and target levels on the Hit List here inside the Hideout.

Chart courtesy of StockFinder

FCX has spent the past few weeks in a narrowing consolidation after a very clean rally, and this one could easily get back on the move any day now.  With the trend being up, I’m watching trend line resistance at $98.50 for a breakout to get long for a swing trade.  As with all swing trades, my stop and target levels will be here inside the Hideout on the Hit List post.

Chart courtesy of StockFinder

EAT turned sharply lower two weeks ago on heavy volume.  Since then, it has bounced in a reluctant fashion with closes well off the intraday high each of the past 4 sessions.  I’m watching the rising trend line of support for a potential break, which would trigger a short sale for me at $18.60.  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:

TMO, LDK, DRIV, UAL, MAR, SOHU, MOTR, SMOD, BGC, SCSS, RCII, VSEA, SWKS, RHI, SNDK, FCX, SOL, NTGR, PWRD, SWC, FORM, GPS, OAS, AMD, KMX, AMG, TZOO, ALB, JACK, LCC, WMS, BIIB, SVVS

Bearish Watch:

ICE, FLS, PFCB, VFC, LZ, CHRW, MON, CF, XRAY, PVH, EAT, GES

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The indexes gapped higher today, showing no concern for today’s election outcomes or tomorrow’s FOMC implications.  The market dipped slightly from the opening highs, but held its ground in positive territory while essentially churning for the remainder of the day.

Today’s price action held consistent with the recent domination of the bulls, as they seem confident at this point regardless of the outcome from any news flow.  From a technical perspective, the NAZ is testing its highs of the year here, which is interesting how that timing works.  Many times the technicals tend to coincide with scheduled news, and the headlines in this case could either produce a breakout or a rejection of the highly-important 2535 level.  The RUT was able to clear some important short-term resistance today at 710 and could now be free to advance further, so long as the other indexes avoid any downside reversals from here.  Meanwhile, the S&P and DJIA remain slightly beneath their spring highs and will need just a bit more help to get over those humps.

Tonight’s election results are likely to be digested tomorrow, but the main event will be the FOMC announcement at 2:15pm ET.  Many expect the Fed to unveil more info regarding further quantitative easing (QE2).  Expectations for further stimulation from the Fed have helped prompt the current rally, as the bulls see a win/win scenario with aid from the Fed or an improved economy, whichever happens to come first.  Toss into the mix the technical traders who recognize an uptrend, and there’s logic to support buying the dips until it fails to produce profits.

Heading into tomorrow, my game plan is to keep my timeframes for new trades brief once again.  It’s going to be a day where headlines will dominate, which could mean a morning gap, some early-afternoon fireworks, both or neither.  The best way to manage risk is to maintain stops at all times, so my intention is to participate in the action via day trades rather than adding more overnight exposure.  I expect more setups to arrive soon, but for now I’d like to see the dust settle from all this scheduled news and then go from there.

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:

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

Chart courtesy of StockFinder

Bullish Watch:

ATHR, CMG, MCP, ATW, AA, OAS, KMX, SOHU, PCX, AEM, SFY, CSC, CCME, PENN, GRA, DMAN, BGC, JACK, BXP, CAR, UAL, FCX, BYD, SONC, CAVM, LCC, BIIB, AMR, SVVS

Bearish Watch:

MS, ICE, AUXL, VFC, PFCB, HAL, MMM, BUCY

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Despite the big news on tap for this week, buyers returned from a couple of days off to spark some early strength today.  A gap up open was followed by some additional strength, but soon we saw profit-taking kick in as traders recognized a good opportunity to raise some cash.  That turned the tide and erased the day’s gains, taking the indexes into the red by the afternoon.  In the end, the net changes were once again only minor and essentially flat, and traders  collectively remained unwilling to commit big with all the pending uncertainty of elections tomorrow and the FOMC Wednesday.

It’s easy to read too much into the action here, but it’s not very useful.  In recent sessions, we’ve seen minor gaps get filled in both directions, so it’s not as if there’s any real consistency emerging.  The common thread is indecision, as the lack of momentum or directional bias simply shows the market is churning in front of very highly-anticipated events in the next couple of days.  It could be that we see a decisive move as the news comes out, but it also may take the market a couple days to digest it.  If so, we’ll stay patient and wait for some reliable signals to arrive.  Either way, expectations are running high at the moment, which means there’s ample room for disappointment to creep in if something doesn’t unfold as anticipated.

My game plan heading into Tuesday is still the same, which is to keep my timeframes for new trades abbreviated.  As a result, I’m eyeing some day trades, knowing it’s the best way to manage additional risk with all the news we’re likely to see in the next couple of sessions.  More setups are building for multi-day swing trades, so I’m keeping them on the radar as well.  As they become ready for plays, I’ll certainly highlight them here.

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 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:

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

Chart courtesy of StockFinder

Bullish Watch:

AMG, WDC, AA, ATW, CMG, VCLK, FMC, URS, CY, BYI, OAS, PCX, PWE, SPRD, IOC, PENN, GRA, CRZO, SLB, BEXP, GRMN, JACK, BXP, CAR, DFS, GGP

Bearish Watch:

CREE, LL, V, MS, JOE, FLR, TSL, AUXL, JLL, PFCB, VFC, FLS, MMM, BUCY, HAL

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

True to form for the week, the major averages finished Friday as flat as a steamrolled tortilla ahead of the highly-anticipated November elections and FOMC.  The S&P 500 and RUT each finished less than 1 point from the prior week’s close, while the NAZ added a few points and the DJIA lost a few.  All in all, it was a week of rest and choppy intraday ranges, which proved to be a technical nonevent.  Although there was no excitement, that did allow the indexes to digest some of the recent strength and base a bit in front of major news in the days to come.

The good news is that the coming week is the one we’ve all been waiting for!  Not only do we have elections on Tuesday, but we also get the FOMC on Wednesday, which should help to clear some of the uncertainty which has left traders so indecisive of late.  While the uptrends are still intact, we’ve seen the pace slow in recent weeks and a contraction of the daily ranges along with it.  Follow through has been quite difficult to locate, especially intraday, as the market has made it a habit of reverting back to the flat line, regardless of strong or weak opens.

With the major news facing us in the next 3 days, I’m unwilling to add multi-day exposure to what I already have.  Once we see the market’s response to whatever occurs, it should allow for some better price action to enter the arena.  As a result, I’ll primarily be day trading on Monday, Tuesday and Wednesday.

Speaking of the market’s response to the news, I want to remind you that it isn’t the news that matters, but how the market’s reaction to the news.  As traders, we need not predict what will happen or how events may unfold, but simply to position ourselves accordingly once momentum surfaces.  Let someone else move the markets, but hop on board for a ride when they start making waves.

Anything is possible at this juncture, as is so often the case.  The trend remains up, but the pace has slowed of late, and it’s possible we see an acceleration move higher.  On the other hand, it’s also possible after having reached key resistance zones that the news prompts some long-awaited profit taking, so I’ll be on my guard for a breakdown from the steep rising channels outlined in tonight’s index charts (see below).  The point is that this week it’s imperative to keep an open mind to whatever comes along, because it’s likely we’ll see volatility pick up substantially from the recent lull.

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. My wife and I are expecting our 2nd child in December, and needed more space for the growing family. Once we’re settled and 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 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:

BVN, SWI, NTES, GSM, CCL, CIB, CAGC, ATW, AA, BKD, SCCO, BYI, OAS, KMX, SOHU, DAR, PCX, PWE, SPRD, CCME, IOC, PENN, GRA, TK, AME, SLB, BEXP, BGC, ALB

Bearish Watch:

DGX, FLR, ICE, VMW, MON, CREE

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

It was another choppy session today as we saw a modest upside gap get given back somewhat quickly.  However, the selling didn’t last long either, as support was soon found and the highs and lows for the day had been established right after noon ET.  From there, the market spent the day churning without momentum, extending the wait for our next trend day.

I’ve noted here plenty of times lately that it seems the market is essentially biding its time until Tuesday’s elections and the FOMC on Wednesday.  That’s a logical reason for big players to hold off, and it helps to explain the lack of momentum we’ve been seeing lately.  The overall uptrend channels remain intact, as you’ll see in tonight’s index charts, but we’ve seen no trend days of late and the intraday action has been indecisive at best.  That’s keeping the environment a bit tricky right now, as follow through has been much harder to find.  However, I do expect things to pick up next week, and that should open up more opportunities for multi-day trades than we’ve had this week.

Tomorrow morning we have the GDP report in the premarket, which has been a market-mover of late.  That could deliver another gap in one way or another at the opening bell, which always presents a challenge.  Then we have 2 more reports in the first half hour of trading which could also impact the price action with the Chicago PMI and Consumer Sentiment.  My plan is to monitor the price action in the early going to see if the gap is going to stick or fill, and see how the post-bell reports get treated, and then trade accordingly.  I’m eyeing day trades for Friday, which makes the news flow particularly important.

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. My wife and I are expecting our 2nd child in December, and needed more space for the growing family. Once we’re settled and 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 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

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Chart courtesy of StockFinder

Bullish Watch:

IVN, BVN, SWI, VHC, BCSI, SOL, ATW, AA, KMX, PWRD, SOHU, LAZ, AMG, CSC, SPRD, CCME, UTIW, IOC, OPEN, CRZO, DMAN, MNTA, TK, AME, SLB, PII, RIMM, MOTR

Bearish Watch:

LNCR, VMW, MON, CREE, DGX, MTL, MTB, FLR, ICE

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The market battled back once again from its worst levels of the day to largely erase the morning deficits after a gap down open.  In the end, the net changes were minor and mixed, with the NAZ moving slightly positive while the other indexes stayed slightly in the red.

Today’s action serves as yet another reminder of the presence of dip buyers and the overall indecision ahead of the FOMC and November elections.  It seems the selling can’t gather momentum with all the dip-buyers still wanting in, but momentum players are hesitant to bet big due to the news schedule and the fact that we’re essentially testing the spring highs.

With the market struggling here to gather momentum, and with the likelihood of this continuing in the short term, my preference right now is to primarily trade shorter timeframes.  I’m eyeing several day trade candidates for Thursday, knowing that will allow me to participate in some movement while still managing my risk effectively.  I have one swing trade on and another candidate which has yet to trigger (AA), but otherwise am staying selective here until better overall price action comes along – and it will.

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. My wife and I are expecting our 2nd child in December, and needed more space for the growing family. Once we’re settled and 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.

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:

FSYS, QSFT, MCO, SMT, VHC, REE, STT, BCSI, ZAGG, MCP, SOL, AA, BYI, LAZ, AMG, PWE, CCME, PENN, NUVA, GRA, OPEN, CRZO, DMAN, GD

Bearish Watch:

LNCR, DGX, MTB, MDC, TRLG

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

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The indexes were able to shake off a poor start this morning, recovering to close the opening gap.  Although the net changes were minor and mixed, today served as yet another reminder that the dip-buyers are still in our presence.  For intraday trading though, the action was limited along with the volume in many stocks.  Follow through has gotten harder to come by in recent weeks, and we’ve seen fewer trend days as a result.

With an FOMC meeting next week, followed by the November elections, and earnings season in full swing right now, momentum has become rather concentrated and we’re seeing the overall market showing some hesitation to make big moves right now.  Traders are averse to uncertainty, and at the moment there’s quite a bit of it.  The rally has been impressive from the August lows, but we’ve reached important resistance areas in each of the averages and that’s also playing a role in the lack of momentum.  Nonetheless, the trend is still up, and that deserves our respect until signs emerge that it’s changing.

In working many charts tonight, I found quite a few mediocre setups.  Those aren’t my favorite, but I’ve still included them in the Watch Lists down at the bottom of the Broadcast.  There are some setups I have on my sheets for Wednesday, and I’ll walk you through them momentarily.

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. My wife and I are expecting our 2nd child in December, and needed more space for the growing family. Once we’re settled and 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:

AA is in a solid uptrend and has put in some healthy rest in the past two weeks.  The stock has pulled back only slightly from its recent high, and has found support.  This has created a wedge pattern, which if confirmed with an upside breakout, could bring another leg up.  I’m watching the upper trend line for a break at $13.05, and will be a buyer for a swing trade if that occurs.  As with all swing trades, my stop and target levels 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:

AEO, FSYS, ISLN, SMT, IMAX, GSM, VHC, STT, MCP, ATPG, GPS, AA, BKD, CF, CHKP, BYI, KMX, PWRD, WYNN, LAZ, DAR, WNR, TRGL, GBX, PCX, PTEN, CCSC, CSC, CCME, DDS, PENN, SIGA, NUVA

Bearish Watch:

DGX, SWN, OSG, OCLR, MS, JOE, TEX, GOLD, TCK, CRI

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

Trade Like A Bandit!

Jeff