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.
Open Position Notes:
JAH triggered a buy today as it cleared the $32 level, turning higher after its recent pullback within the overall uptrend. Today’s action was mildly positive in that the stock did participate with the overall market strength, but slightly muted in how far this initial bounce day was able to carry. I do still like this play as a turnaround candidate, as support has held and the stock is now moving higher again. Today’s volume was rather light though, which means I’ll be watching this one a little closer on Wednesday in case an adjustment is necessary. For tonight, I’m making no changes.
IOC triggered a short sale today as it gapped lower and slightly through my intended trigger price, opening at $74.01. I still took the trade (in accordance with the swing trading strategy), and it is off to a fair start. The stock nearly hit Target 1, getting to within just 13 cents of it before bouncing, but ultimately it does appear to be rolling over from the consolidation, so follow through will be the key. I have tightened my stop tonight in order to reduce some risk in the event of a reversal, placing it not far above today’s high as we head into tomorrow.
Closed Positions:
No closed positions.