Swing Trading Newsletter

Stock Newsletter - Swing Trading Newsletter

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Sample Newsletter

Sunday, May 4, 2008

Good evening StockBandits!

The major averages spent the first part of last week on hold, reluctant to make any substantial moves ahead of Wednesday afternoon's FOMC announcement on interest rates.  After sleeping on the news, a solid rally ensued on Thursday, followed by a favorable gap up on Friday from the jobs report.  That provided traders with a tempting opportunity to book some fast gains, and the session highs were made early before some profit-taking kicked in.

The bulls were able to post their third consecutive gain on a weekly basis, adding to their short-term edge following the recent breakout from the multi-month trading ranges which had kept this market confined since January.  In spite of some short-term pullbacks which will inevitably come along, higher lows and higher highs are in place on the daily charts, pointing to an uptrend which appears poised to continue, barring any severe change of direction.

We continue to be in a very news-driven environment, and that's likely to be the case for some time.  Earnings season is still underway, regular economic reports are each being examined closely for clues, and the Presidential election is going to become increasingly important as it draws nearer.  Needless to say, it's a good time to keep one eye on the event calendar and the other one on the charts.  Speaking of charts, let's get to them now.

First up tonight is the NAZ, which saw all of the early gains on Friday erased after setting its session high in the opening minutes of trading.  However, the net change was minimal and volume was down slightly from Thursday's rally, which are both encouraging given the intraday turnaround.  This index continues to hover well above its recent breakout zone, so as long as that's the case the bulls still deserve respect.

TCNet chart courtesy of Worden Brothers, Inc.

The S&P 500 also saw some selling occur from the morning highs on Friday, but it was able to hold onto a gain by the closing bell, keeping the profit-taking to a minimum.  Volume declined on Friday, and given the lack of strength exhibited after the opening bell, the bulls should be encouraged by that action.  This index has done a nice job of consolidating gains along the way up from the March low, and it has more room to run from here if the buyers can stay in gear.

TCNet chart courtesy of Worden Brothers, Inc.

The DJIA saw some profit-taking as well on Friday, but managed to hold onto a chunk of its gains to post another advance.  Higher lows have been confirmed, the recent breakout has been built upon, and this index still has some room to move higher before the next resistance area is reached.

TCNet chart courtesy of Worden Brothers, Inc.

SWING TRADING CANDIDATES

(Please note:  All swing trading stops & targets are provided on the Trading List page here inside the Member Area.) 

VISN has been acting very well in recent months since making its debut in December, and of particular note is the strong volume which has accompanied advancing days of late.  Tonight this stock is sitting in a bullish continuation pattern of an ascending triangle, and it may be ready to run again from this high base.  On Friday this stock attempted to break out but didn't quite pull it off, so I'll be looking for a slight move above Friday's high as a buy point, which will be at $16.35.

TCNet chart courtesy of Worden Brothers, Inc.

DAY TRADING CANDIDATES

(Please note:  All day trade exits are provided in The Bandit Hideout as soon as entries occur.  This helps us to gauge momentum and intraday support levels to use for stops and targets.) 

SLB saw a nice jump a couple of weeks ago on strong volume after a steady climb higher, and since then this stock has pulled back gradually on rather light volume for the most part.  This pullback price action has built a well-defined descending channel pattern, and a push over and above the upper trend line at $101.00 will trigger a buy for me.  This will be a day trade for me on Monday if it triggers, as I'll only be looking to grab the next advance.

TCNet chart courtesy of Worden Brothers, Inc.

ADSK gapped lower in February, making one final push down after an extended downtrend.  Since then this stock spent several weeks basing in a horizontal fashion, and more recently it rallied back up to fill the gap.  For the past week, it has consolidated in a small range, establishing a bull flag pattern on this daily chart.  This stock still has some resistance levels not far overhead, so I will not look to hold this one overnight.  Instead, I'll just be looking to take it for a day trade if it can push higher out of this consolidation area with $39.80 as my trigger price.

TCNet chart courtesy of Worden Brothers, Inc.

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