Good evening StockBandits!

Today we saw SPY make its 13th consecutive gain (wow!) while the major indexes each reached for higher ground once again.  The NAZ pushed to yet another new 52-week high, the S&P 500 easily pushed past the 1150 level which has held it hostage in recent days, and the DJIA edged closer to its January highs.

The main event of the day was the FOMC news, but it wasn’t really responded to like a major event.  There was an initial pop, which was subsequently given back in short order, before a late-day bounce took the indexes to their best levels of the day.  Momentum was absent yet again, but stocks were able to put together another advance.

The feeling of this tape is that the shorts are on the run – and have been.  The inability of this market to pull back shows that there are buyers (shorts in need of covering) on every minor dip.  However, strength isn’t inviting a lot of momentum, most likely because the bears are selling into new highs to get repositioned in case the next dip turns into something meaningful.  So far it hasn’t.

Bull-driven markets tend to still have spurts of profit-taking, but we’re not seeing that.  And until the bears receive all the pain they can handle, the slow drift higher doesn’t have to immediately end – despite the fact that even some minor downside is very much overdue at this point.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: CNW, SANM, QCOM, CTSH, BC, ACOR, FOSL, PAY

Swing Trading Candidates:

FOSL has pulled back in a shallow fashion over the past week with light volume, preserving the uptrend.  A move up through the trend line should put this stock back on the move, so I’ll be a buyer if this one can clear $39.05.

Chart courtesy of StockFinder

PAY is resting here on quiet volume compared to the recent heavy activity it has seen, but price is giving up no ground.  This implies another run may be coming, so I’m watching for a trend line break at $23.05 to signal a buy.

Chart courtesy of StockFinder

Bullish Watch:

FOSL, MED, WLL, PAY, DPZ, CNW, SANM, CTSH, BC, GMCR, BIG, JNPR, BCSI, ACOR, PVTB, INCY

Bearish Watch:

RAX, HXM, GRMN, QCOM

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 highs for the session were set in the opening minutes on Friday, but the indexes were still able to stand their ground.  The day was characterized by light volume and a trading range, and in the end we saw the market finish right near Thursday’s closing levels.  The NAZ and S&P 500 were down by less than 1 point each, while the DJIA added a modest 12.  All in all, it was a day of rest, which this market badly needed after the big recent run.

Just as one day does not a trend make, nor does one day qualify as adequate rest after a 5-week rally.  For the past 11 sessions, we’ve seen only 2 declines on the NAZ – both of which were by a fraction of a point.  That’s about as close to a non-stop run as you will find, and it makes it extremely difficult to get on board here.  The likelihood of profit-taking kicking in is rising by the day, but it hasn’t begun yet.

That means it’s equally tough to get short here as it is to get long after this run.  It may persist, but it’s a high-risk spot for new buys, unless they’re only for quick flips.  Ideal trades offer great reward with limited risk, but with the market so stretched to the upside, it’s difficult to imagine a lot of room beyond current levels for the rally to carry before a decent pullback or rest phase arrives.  Either one would do this tape a world of good, but for now the wait continues.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: PXP, SANM, WLL, LFT, CENX, GCI

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

MED, WLL, F, DPZ, LFT, LCAPA, PXP, SANM, LEA, SOHU, CIT, FTI, BEXP, CYT, ALTR, VIT, TIVO, GMCR, RYL

Bearish Watch:

RAX, CENX, ANW, GVA, VMC, REGN, GCI

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 minor attempt at some downside this morning never gained traction, and instead the day ended with some late strength.  That resulted in the 9th gain in the past 10 sessions for the NAZ and S&P 500, which is the data behind the feeling of this being a one-way market.

What’s so interesting to me is that we’ve seen very limited intraday momentum on the upside, despite the nonstop action on the daily charts.  That means for day trading it’s a quick-hit environment, and it means for swing trading there’s currently a distinct lack of high-quality setups given the inability of this market (and individual names alike) to put in adequate rest.  We desperately need that for good bases to form, but at the moment, the wait is still on.

As we head into the end of the trading week, it’s important to remember that it’s still early March, and trades need not be forced at this time.  Capital preservation is the best course of action right now if you’re not a day trader, so don’t feel guilty about sitting on your hands.  That’s going to change, and we’ll see much better conditions emerge for multi-day moves and swing trading once volatility is able to increase.  That may happen sooner than later – anything is possible in the market.  I’ll certainly keep digging for the best setups around, and I’ll present them here as I find them, just as I have for 5 1/2 years.  Make it a great end to the week, and I’ll see you back here on Sunday!

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: SINA, BBBB, BID, CNAM, GVA

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

SFD, VRX, CMG, MED, APL, WLP, F, UAUA, LCAPA, BBBB, BID, CNAM, BEXP, CIT, AMG, HOT, SINA

Bearish Watch:

AGU, ANW, GVA

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 bulls notched another victory today, albeit largely a psychological one, as the major averages finished green across the board.  The NAZ was the standout with a gain just shy of 1%, while the DJIA and S&P 500 finished just a few points above Tuesday’s closing levels.  The intraday action sure didn’t offer much, aside from a few news spikes in individual stocks, with the indexes spending the bulk of the day bound by trading ranges.  That made for some churning conditions, and a lack of intraday momentum, although on the daily charts the upward movement is still underway.

At the risk of sounding like a broken record, this market is badly in need of some rest.  With each day, that’s becoming more and more of a necessity, as the current advance is not happening at a sustainable pace.  That isn’t to suggest a big pullback is needed, but even several days of sideways price action would help.  The shorts are on the run as each day brings more green, but at some point that’s going to change.  Just a year ago it felt like the market may never go up again, and now it feels like it may never go down.  Both are incorrect, and that’s important to keep in mind in this kind of one-way environment.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: LCAPA, SWK, BEXP, VMC, QCOM

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

LCAPA, WLP, VRX, BID, SWK, MTB, VOLC, BEXP, CTSH

Bearish Watch:

ANW, RHB, VMC, BYI

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!

This morning we saw early weakness quickly erased as stocks were bid back up.  The indexes climbed to their best levels in several weeks (including another 52-week high for the NAZ), but gave back the bulk of their gains with some afternoon selling.

What’s so interesting is that the action this morning may have been the work of bears who have needed to cover short positions on any weakness, while the afternoon selling may have been the work of the bulls who sense an opportunity to sell into strength.  This ‘turnover’ type of action may also have contributed to today’s increased volume, as well as the insignificant net changes we saw on a closing basis.

Nonetheless, the indexes continue to show strength, and that can’t be ignored.  While we do need to respect the price action, tonight it’s tough to find low-risk buys out there.  After all, I have to wonder why a stock hasn’t participated in a rally of this degree if it truly is bullish.  As a result, the majority of the plays I’m looking at for Wednesday are on the short side.  That doesn’t make me bearish – just an opportunistic trader who sees better risk/reward profiles on that side of the tape – in the ultra near term anyway.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: VRX, ANW, BYI, QCOM, SPWRA, RAX

Swing Trading Candidates:

RAX bounced nicely from its February low, but in recent weeks it has been unable to build on that strength.  It has instead lagged the overall market, and now is resting just above short-term support.  A break of the $18.90 level could set this stock free to head back down toward its lows, so I’ll be looking to initiate a short position if that break takes place.

Chart courtesy of StockFinder

Bullish Watch:

VOLC, MTB, SWK, LEA, DPZ, VRX, SWK, MU, LZB, TSRA

Bearish Watch:

FCN, ANW, RAX, FSLR, UNT, RIG, AU, BYI, QCOM, DNB, SPWRA

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 an impressive 6-session streak on the line heading into today, the S&P 500 fell a fraction of a point shy of making it 7 today, finishing down just a couple of ticks on the session.  The DJIA also finished slightly in the red, but the NAZ was able to tack on a handful of points in what overall was just a day of rest.  It seems that after such a big run last week, the bulls were confident enough not to do any serious selling, yet patient enough not to chase stocks higher to begin the week.  As a result, we finished right about where we started.

It was interesting to see QQQQ make a new 52-week high today by 1 cent and then turn back down slightly this afternoon, as that major ETF had not yet cleared the January highs.  Apparently that nudge was just far enough to get a few shorts to cover, although no follow through was seen.  There are plenty of bears in pain after the recent run, but if the overall trading range remains intact, they’ll have some opportunities ahead of them.

Overall, many stocks are still stretched rather thin from their recent run, but until the market contracts, that’s likely to remain the case.  We’ll at some point see the indexes begin to move more in unison, but at the moment the NAZ is the only one hitting new 52-week highs.  Either it will relent and move more with the senior indexes, or they will pick up the slack.  While we wait, selectivity with new plays will be critical.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: MU, TSRA, LZB, SWK, FCN, ANW

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

SPR, APL, MED, H, RIMM, LZB, ACXM, LEA, NKE, XTXI, CDE, SWK, MU, TSRA

Bearish Watch:

FSLR, FCN, ANW, GVA, PXD

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 bears who have been waiting for this market to roll back over are still waiting tonight, as last week we saw another impressive run on the upside.  The February lows continue to get farther away, while the January highs have come right back into view.  On Friday, the NAZ made a new 52-week high, while the S&P 500 posted its 6th consecutive gain to finish just 12 points from its January high.  It has been virtually nonstop green for the past few weeks, which means emotions are running high for both the bulls and the bears.

The biggest thing I’ll be watching in the days and weeks ahead is whether the S&P 500 and DJIA can confirm the highs which the NAZ just made.  If not, the NAZ may be subject to a bull trap whereby new highs invite more buyers, only to see the NAZ turn lower to move more in sync with the senior indexes.  Right now, the NAZ is leading the way, and we don’t have anything but some light volume to point to in terms of technical flaws.  Since the January highs were established, we’ve seen a huge V-shaped move take place, but it may not be done yet.

Heading into a brand new week of trading, it’s important that we prepare for anything, because nothing is out of the question in terms of what might happen next.  It’s wise to approach the long side with added caution after such a significant run, but that doesn’t mean we can aggressively short stocks either.  The short-term trend is up, and that deserves our respect.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: VRX, LIZ, ATLS, IOC, RIMM, MED, LEA, FCN, TS, FSLR

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

VLTR, VRX, MED, WLP, IT, SMCI, UAUA, MTG, SANM, PL, ACXM, LEA, LIZ, NKE, SQNM, ATLS, HOLX

Bearish Watch:

IOC, BGC, AMAG, CFI, FSLR, RIMM, UNT, HXM, FCN, ANW, CSKI, TS

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 slow creep higher continued today as the S&P 500 went for its 5th straight gain.  Meanwhile, the NAZ and DJIA each made it 4-out-of-5 with modest gains as well.  The bulls certainly haven’t yet shifted into profit-taking mode, but the pace of this advance has certainly slowed in the past few sessions.  Whether that means we’re in for a sudden shift of momentum or simply a rest phase isn’t clear yet, but there is still plenty of resistance yet to be cleared overhead.  We’ve seen impressive gains from the February lows, which weren’t created very long ago.  At some point, this market will find it to be tough sledding on the upside, but at the moment the bulls are still in the driver’s seat.

It’s been a tough week for finding high-quality setups thus far, but there were a few tonight I like the looks of as we head into the final session of the week.  There is the economic situation in the premarket which could lead to a gap in either direction tomorrow, so we’ll need to keep watch on that.  Perhaps we’ll see some better price action and greater momentum to close out the week.  I’m eager to see more patterns of good quality, but the one-way nature of the price action of late has prevented those from being constructed on the daily charts.  I would suspect next week shows us improvement in that regard.  Make the most of your Friday!

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: MTG, PL, CENX, PKX, FSLR

Swing Trading Candidates:

FSLR has bounced recently from its lows, but the volume has declined throughout the duration of the bounce.  Price is now leaning on a rising trend line, which if broken, would indicate another short-term high has been established.  I’ll be using a break of the rising trend line at $107.25 as a trigger price for a short entry.

Chart courtesy of StockFinder

Bullish Watch:

MTG, H, UAUA, APL, DTG, SNDK, NTGR, CSTR, DBRN, PL, IPG

Bearish Watch:

CENX, PKX, FSYS, RL, AMAG, HAR, SNI, CFI, FSLR, HXM, FCN, ANW, JOE, CSKI

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!

Another attempt at a rally today fell shy of success as the indexes gave back their early gains to finish right near Tuesday’s closing levels.  The NAZ and S&P 500 each finished less than 1 point away from last night’s levels, while the DJIA gave up a measly 9 points.  It’s sure looking like the run off last week’s lows is getting tired with the weak finishes yesterday and today, but we still have yet to see any real profit-taking kick in.

The lack of back and forth action leaves us with what has been a one-way move lately, which also makes it difficult to locate new setups for anything but the shortest of timeframes.  Bullish stocks are for the most part looking stretched to the upside, making them higher-risk buys at this point.  At the same time, bearish stocks have also participated to a degree in this bounce, leaving very few clear laggards to select from.  So heading into tomorrow, I’m going to keep my trading timeframe brief, and I’m doing my best to be patient with new swing trades.  At some point we’ll have some better risk/reward candidates to select from (as well as cleaner patterns), but right now the overall price action is offering very little to work with.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: H, UAUA, PKX, FSLR, HXM

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

UAUA, APL, WLP, LCAPA, H

Bearish Watch:

PKX, FSLR, CNQ, HXM, ANW, JOE, CRK

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 a pretty nice lift from the lows of last Thursday, another positive start this morning offered a tempting opportunity for some quick profit-taking.  The NAZ had run nearly 100 points from the lows just 3 sessions ago, and the list of buyable stocks had become greatly reduced.  As a result, we saw an afternoon rollover today right after new highs were reached for the session, setting off a steady downtrend for the final 2 hours of the day.  In the end, the indexes finished well off their highs of the day, but little-changed on a net basis.

This kind of action does point to some short-term fatigue, and that’s not surprising to see.  The biggest question though is whether this area on the daily charts will lead to a lower high (as compared to the January peak), or simply another spot to pause before another climb.

The rebound from the February low has been a persistent one, with very little give-and-take along the way.  It’s been characterized by rallies and consolidation, but no pullbacks yet.  I suspect once we do get a pullback, it’s going to lead to quite a battle as the bears reassert themselves while the bulls do their best to defend their recent progress.

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

Here is tonight’s video:

The Bandit Broadcast Video – Click to Watch!

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Video Stocks Discussed: MTG, AMED, HXM, AMT, APOL

Swing Trading Candidates:

NONE TONIGHT

Bullish Watch:

MTG, CSIQ, AIV, ODSY, FOSL, CAKE, NIHD, PSUN, LLL, AMED

Bearish Watch:

HXM, PKX, FSYS, RL, CAT, AMT, FSLR, APOL, NBL

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