The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered. Click post title to view print-friendly link.
CVX triggered, TNB & RTI stops tightened
Open Position Notes:
TNB continues to power higher and I really like how this one has behaved since its initial hesitation. Today’s participation in the market upside took the stock to new recovery highs, and it is moving ever closer to my 2nd Target. I am in only a 1/2 position at this point (having booked gains on half at the 1st Target), so I’ve left it some room to fluctuate but did tighten my stop tonight due to the close proximity to the 2nd Target. A rest may be coming soon, so I’m not interested in giving much back should this one happen to turn around. Looking good though and perhaps it can punch through the 2nd Target before a rest begins.
RTI turned lower today, exhibiting more relative weakness to the overall market. This is an encouraging signal and I continue to believe this one is in the process of carving out a lower high on the daily chart. I’ve tightened my stop tonight slightly, but otherwise am trying to give it a little room to breathe while waiting to see if it can head toward the targets in the days ahead.
JNPR bounced back up slightly today after yesterday’s breakdown, but it finished very close to the trend line it just broke yesterday. Volume was also very light today on the bounce, which is another indication that the sellers are still in control. I’m staying with my existing parameters here.
CVX triggered a buy this morning as it gapped through its trading range to break out of its large bull flag pattern, but light volume prevented the breakout from gathering any steam. The stock drifted back down to the breakout level, closing 1 penny above it tonight. This is still a setup I like not only the prospects for but also the limited risk, so I’ll stick with my existing trade parameters for now.
Closed Positions:
No closed positions.