Good evening StockBandits!

Overbought conditions following the rally which began last week opened the door for some profit-taking, and that’s what we saw today.  The downside was rather limited though, and the volume was extremely light, and those are both very healthy to see.

It’s unclear whether summertime was responsible for the light volume, or merely the uncertainty of how far this pullback may carry, but there sure wasn’t much going on out there.  Earnings season is still very much in full swing, and that’s also playing a role in how active traders are willing to be at the moment.  It seems there is no shortage of reasons for traders to take it easy, so while we wait for more technical clues to emerge, that’s a good reminder for us to tread lightly.

There are many setups in the works which just need a little more time, as well as some good patterns I’m looking at for trades on Thursday.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: CRM, FFIV, ISLN, BUCY, CCL, RCL, HOT, CSTR, SYK, NFLX, LNCR, MOS

Swing Trading Candidates:

MOS bottomed out at the first of the month, and since then has been under steady accumulation.  A push through resistance will trigger a buy for me, as this one has potential to accelerate higher out of this pattern.  As with all swing trades, my stop and target levels will be on the Hit List post soon to follow.

Chart courtesy of StockFinder

Bullish Watch:

EMR, HOT, CSTR, IOC, ITT, SOLF, CRM, FFIV, VMED, ISLN, MOS, BUCY, CCL, RCL

Bearish Watch:

PRU, CLB, SYK, CERN, NFLX, WDC, LNCR, COV, HSY

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The market took a much-needed rest today as the indexes finished little changed and with mixed results.  Momentum was absent, and that’s not such a bad thing for the overall health of the current rally.  A morning gap up offered an opportunity for profit-taking, and as the indexes turned red from the gap fill, the damage was extremely limited.  Stocks stabilized for the remainder of the day, making for a range-bound afternoon.

More rest would be a very encouraging sign, although that may not happen.  Last week was the first occasion in a while where the dip was bought, avoiding an all-out reversal, and that points to some confidence among the bulls.  We’ve seen short-term higher highs and higher lows established, and it could be that the buyers keep their foot on the pedal a little longer.  This market hasn’t exactly made it easy to get on board the moves once they begin.  Nonetheless, it is a very tricky spot to be initiating new buys for anything but the shortest of timeframes, as a pullback could still come at any time.

We’re right in the thick of earnings season, and combined with the current state of this overbought market, it’s certainly a time to stay on our toes.  I’m eyeing several trades for tomorrow, but looking to stick with my existing swing trades rather than looking to add any more overnight exposure just yet.  I suspect that will change soon.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: RIG, DF, SMN, WDC, RIMM, PRU

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

CEDC, RIG, BVF, STEC, DF, ATW, SMN

Bearish Watch:

RIMM, MMR, PRU, CLB, SLW, SYK, MHS, FAST, GDX, NEM, CERN, NFLX, WDC

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

Following the creation of higher highs on Friday, the buyers picked up where they left off prior to the weekend, and stocks moved solidly higher again today as a result.  Volume wasn’t impressive, and actually sagged slightly, but prices advanced as the major indexes headed toward their June highs.

All of this is no doubt bullish for the market.  We’ve not only seen a dip get bought, we’ve seen upside follow through to confirm that.  The issue at this point, however, is that the current advance has left many stocks rather stretched in the near term.  They may be able to run higher before resting, but a pause would be extremely healthy to see at this point.  In addition, it’s difficult to find prudent exits for new entries at current levels, as consolidations are well below for many stocks.

Nonetheless, there are some setups out there that I’m focused on as we head into Tuesday.  They’re for day trades, as earnings season is limiting the names I’m willing to hold overnight at this point.  That will change soon as more reports come forth, so for now I’ll stick with my existing overnights and look to make some quick hits tomorrow.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: PXD, DLB, GS, CLB, MHS, NFLX

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PXD, BIDU, CEDC, SOL, RINO, WLP, CLGX, WHR, NBL, LCAPA, STEC, MCO, DLB, CCJ, OII, GS

Bearish Watch:

MON, POT, PRU, CLB, SLW, SYK, MHS, GDX, GG, NEM, GLD, CERN, NFLX

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The rally we saw on Thursday and Friday last week consummated the higher-low theory I’ve recently outlined here, and that’s a good thing…not because I want to be right or because I want higher prices, but because trend shifts always bring some great opportunities in the market.

A lot remains to be seen this time around, but there are reasons for the bulls to be encouraged.  We’ve seen higher lows and higher highs established in recent weeks, and that puts some heat on the bears.  Small caps have cleared their descending channel, and many stocks are shaping up for higher prices.  Follow through must be seen, and that doesn’t have to be immediate, but it should happen in the next couple of weeks.  Momentum can build quickly from here if this rally is embraced, and the movement beyond key levels last week certainly turned many traders more bullish.  A push through the June highs, and this market could be off to the races.

In looking through the charts this weekend, there are no doubt a ton of stocks which are acting well at the moment.  The challenge with adding long exposure here is twofold.  First, chasing stocks well beyond clean technical buy points is a recipe for pain, and I’d rather be paid.  Second, we’re right in the thick of earnings season, making it very difficult to hold overnights safely.  In the video tonight, I’ll outline several plays which I’d normally take for swings, but with earnings in just a few days, I’m opting for shorter timeframes.  There are some swings I’m eyeing as well, and I would suspect we see plenty more in the days to come.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: HAL, STEC, OII, BVF, BIDU, MCO, BG, BEN, GDX, NEM

Swing Trading Candidates:

GDX created a bit of a double top during June after failing to stay clear of the May high, and since then it has turned lower.  This Gold Miners ETF now looks to be in a downtrend, so this bounce offers a potential play on the short side if it begins to fail.  A move down through the trend line at $48.80 will trigger a short sale for me.  My stop and target levels will be on the Hit List.

Chart courtesy of StockFinder

NEM created a broadening top just a few weeks ago with incremental higher highs being followed by dips to lower lows.  This stock recently sold off hard and has bounced back on weak volume, creating a rising trend line in the process.  A move down through the trend line at $58.70 will trigger a short sale for me as this one heads lower in search of support.  My stop and target levels for this swing trade will be on the Hit List.

Chart courtesy of StockFinder

Bullish Watch:

STP, BVF, SHLD, PXD, AEL, BIDU, YGE, RIMM, VAR, CEDC, RINO, VRX, TSLA, HAL, AKAM, CPNO, XLNX, CTSH, STEC, SOLF, ALTR, AGU, MCO, BG, HOT, CCJ, BEN, OII, HXL, WFT

Bearish Watch:

RIG, AGP, WMS, FAST, GDX, GG, ABX, NEM, GLD

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

In the market, no two days are alike.  And that was particularly true of yesterday and today, as we saw similar starts, but very different finishes.  Wednesday’s opening gap to the upside was quickly sold, and that sparked a sharp downside reversal which left the indexes well in the red.  Today however, we saw a positive start which pulled more cash off the sidelines and into the market as traders accumulated stocks to finish just a short distance from the best levels of the day.

The market has been fickle of late, no doubt keeping traders on their toes after some pretty smooth moves in recent weeks.  The past week has been very different though, as follow through has been incredibly tough to come by.  And as we head into a summertime Friday tomorrow, that may ring true yet again.

Right now we’re at an interesting spot.  There’s potential that the dip which began last week and ended with Tuesday’s low turns into a higher low on the daily charts (as compared to the July 1st low).  That would be technically significant, no doubt about it.  What needs to happen is a push through last week’s highs, and as of yet, we haven’t seen that.

If the indexes can push through, close above, and hold those levels, then we could see a summer rally kick in.  That could be an impressive one too, with the combination of short-covering (as bears worry that the lows have been put in) and accumulation (as bulls rush in from the sidelines after a rough year) driving stocks higher.  That’s just one scenario of many which could play out, and I’m eager to see what happens.

For now, I’m off to celebrate my 35th and get away from the screens for a while.  Make it a great evening, and go get ’em on Friday!

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: DLB, BEN, OII, CMI, HOT, MYGN, YGE, RIMM, BVF, CCJ

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

DRQ, YGE, RIMM, CEDC, SOL, WLP, BVF, ARNA, TSLA, AAP, STP, AKAM, CPNO, ADTN, EXPR, PCLN, QLIK, XLNX, RBCN, ALTR, AGU, SLXP, SDRL, HOT, CCJ, BEN

Bearish Watch:

RIG, MYGN, ANV

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

A positive response to earnings reports since yesterday’s close sent stocks gapping higher this morning.  Along with it came the appearance that perhaps we’d see more upside follow through on the heels of bullish intraday reversals in each of the past two sessions.  However, stocks got sold quickly right off the bat to erase the morning gains.  They stabilized for a while, but FOMC Chief Bernanke’s remarks of an “unusually uncertain” economic outlook sparked a second wave of selling.  By the end of the day, the indexes were well below Tuesday’s closing levels.

Days like this can be frustrating as good news gets sold.  I was stopped into 2 swing trades this morning on the long side, only to finish the day having been stopped out of one of them while the other finished just a few cents above my stop.  Getting whipsawed on trades is never fun, and yet it’s all part of trading.  At times, good setups will trigger and promptly fail, testing our will and patience as traders.  It’s how we respond to those events that ultimately define us as traders.  Fortunately, we’ll have another shot at it tomorrow, and I’m looking forward to it.

As we look toward tomorrow, we have the indexes starting to consolidate here with yesterday’s lows as potential short-term support and last week’s highs as short-term resistance.  Those are the nearest levels to keep an eye on, so let’s see if this market is able to gather some longer-lasting momentum than just a few minutes or hours.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: MCO, LXK, PCLN, BG, NYX, FISV, ESRX

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

NTES, PWER, CTCM, QLIK, NETL, CSIQ, AGU, JNPR, TK, SLXP, MCO, BG

Bearish Watch:

RIG, WLP, ANV, VCI, NYX, PCLN, FISV, LXK, WFMI, MFE, MHS, FAST, ROST, ESRX

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The net changes for the indexes didn’t tell the whole story today, as is sometimes the case in the market.  Not only did the market battle back from a poor start, but we saw buyers step in to offer support.  Recent turns lower have not fared that well, and they’ve been able to fully run their course before dip-buyers emerged.  Today was different in that regard, which is quite positive.

There’s also now the possibility that the bears find themselves trapped.  The pivots in recent weeks have proven reliable, and with the bears having performed so well, their confidence has run high.  Friday’s harsh turn lower and yesterday’s light-volume bounce left bears unconcerned, but today’s action tells a different story.  For the second day in a row, the dip was bought, and that’s not something we can ignore – especially with a bullish engulfing bar on the daily charts.

A number of stocks are turning higher here, and may soon be able to build on the recent bounce we saw from the July lows.  That remains to be seen, but for now the downside isn’t getting much traction, and the charts are our guide.  As a result, I’m eyeing several long-sided plays as we head into Wednesday.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: CTCM, QLIK, XLNX, ALTR, PWER, YGE, TS, MT, STP, JOE

Swing Trading Candidates:

STP formed a higher low just a couple of weeks ago, and since then has turned up to create a higher high as well.  For the past 7-8 sessions, price has consolidated to create a large bull pennant pattern.  A breakout would occur at $10.90, so I’m looking to buy this one for a swing trade if that level is cleared.  I’ll set my stop and target levels on the Hit List post, which is soon to follow.

Chart courtesy of StockFinder

JOE turned higher after creating a higher low on the daily chart, and this one looks poised for higher prices.  For the past week, this one has pulled back to create a falling wedge pattern, so I’m looking for an upside resolution to this pattern.  A move up through the trend line at $25.75 will trigger a buy for me as a swing trade.  My stop and target levels will be on the Hit List post.

Chart courtesy of StockFinder

Bullish Watch:

NTES, PWER, PPO, FDX, AMZN, YGE, SOL, CLB, NBL, AAP, TS, OIH, STP, ADTN, CTCM, EXPR, ARMH, QLIK, XLNX, MT, STEC, ALTR, CSIQ, AGU, JOE

Bearish Watch:

VXX

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

A positive start this morning was followed by more selling as the indexes once again moved into negative territory.  It was looking like more of the same from Friday, but buyers stepped in to offer some support after Friday’s lows were broken, and from there the situation improved.  The indexes finished higher across the board, and although today’s gains paled in comparison to what was lost Friday, the bulls deserve some credit for stopping the bleeding.

Recent selloffs have resulted in 1-way moves where buyers stood aside for days on end, but that’s not what we saw today.  The bounce we saw today may get erased in the days to come, but this preliminary price action for the current decline (from last week’s highs) is different from that we’ve seen in recent pullbacks.

Needless to say, it’s a good time to exercise some caution until some better technical signals come along, so I’m looking at some short-term trades heading into Tuesday.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: VMW, STP, CTCM, OIH, NYX

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PPO, YGE, SOL, ABV, VMW, TSLA, CLB, OIH, STP, WY, ADTN, CTCM, AZO, EXPR, TUP

Bearish Watch:

FRO, RS, CF, NYX, MA

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

With a pair of decisive moves in both directions having taken place in recent weeks, we saw what may be the start of yet another decisive move take place on Friday.  The action on Wednesday and Thursday was rather quiet, allowing the market to put in some needed rest after a big move up from the July 1st low.  So when the buyers failed to show up on Friday after some early slippage, the selling accelerated and the indexes gave up 3%.

This market has been very streaky of late, and that could continue.  Combine that with the fact that Friday’s selling never did stop, and there’s ample reason for caution as we head into Monday.  The wild card is the impact of options expiration from Friday, so that may impact tomorrow’s trading as well.  Nonetheless, lower highs are currently in place for the indexes, and that means we should be in no big hurry to step out in front of this decline until signs emerge that it’s ending.

Speaking of this decline, the bulls are actually facing yet another good opportunity with this pullback.  That may sound ironic, but the truth is that the magnitude of the bounce from the July low opens the door for this dip to result in a higher low.  When and where that happens, as well as IF it happens, are yet to be seen.  It’s just one scenario to consider as a possibility, because this correction will not last forever.  I’m not the least bit anxious to buy, but if we do see signs of stability begin to emerge before the July lows are tested, one can be sure the bargain-hunters will spot a low-risk setup for putting cash to work, which could in turn motivate shorts to cover, and next thing we know a low will have been put in.  Again, this is no prediction, just a possibility to keep in the back of our minds as yet another pullback gets underway.

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: APA, NYX, ABV, WY, SHLD, RIG, CF, LVS

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

PPO, IOC, VRX, SOL, ABV, STP, WY, TSL

Bearish Watch:

SHLD, ESI, DRQ, RIG, CLF, F, LULU, RGLD, ALK, LVS, RS, WMS, SLW, TS, RTP, CREE, GIL, RCL, CTRP, APA, AKAM, CF, NYX, CSTR

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff

Good evening StockBandits!

The NAZ and DJIA upheld their streaks today as they went for 7 straight in the green.  Today’s gains were more of a technicality than anything, as the single-digit advances hardly spoke momentum.  Nonetheless, the market did a nice job of holding onto recent gains, and it seems for now that the bulls are in no hurry to give back ground.

The past few months have been very reversal-prone, and that’s not likely to suddenly change.  With 7-day streaks on the line, it’s somewhat of a mirror image of what we were seeing just a couple of weeks ago on the downside.  Relentless moves have characterized this market, keeping all of us on our toes if we don’t want to either get whacked or left behind once it turns.

Tonight there are only a few stocks I’m eyeing for trades tomorrow, although there are quite a few which have patterns in development.  I’ll walk through them in tonight’s video, and hopefully you can not only add a few names to your watchlists, but also learn from the dialogue as I explain what I’m waiting for and wanting to see before taking action in these stocks.  The market always requires us to find new ideas, so stay attentive to the charts and you’ll be able to see what’s cooking out there.  As a result, you can then formulate the if/then scenarios for trades where your risk is defined and your job is simply to execute.  That’s where I want to get those of you who are here to learn, while the rest of you can sit back and let me do the work!

One other note is that there will be no Thursday evening Bandit Broadcast this week, as I will be traveling.  With option expiration day on Friday, that may be a good thing, as things tend to get tricky around those days.  So, the next Broadcast will be on Sunday as usual.  Trade smart these next couple days, stay picky, and enjoy your weekend!

I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: PWER, SOL, STP, TSL, HAL, NE, RS, CREE, RCL, VCI, ARBA, PCP, WMS, DECK

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

ARBA, PWER, PCP, ROVI, ITT, SOL, RINO, CLGX, APKT, TSLA, LCAPA, AAP, STP, TSL, HAL

Bearish Watch:

RGLD, PRU, CRK, WMS, SLW, RTP, DECK, GIL, RCL, VCI

The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.

Trade Like A Bandit!

Jeff