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.
CRM stopped, EBIX stop tightened
Open Position Notes:
EBIX gapped higher this morning, but marked its high of the session on the opening bar and just quietly worked its way lower for the remainder of the day. Although the price action was not unlike the overall market with some open-to-close selling, the fact that it couldn’t manage a gain is still a concern, especially out of such a bullish pattern. Therefore, I’ve raised my stop tonight a bit in order to reduce my risk since this one is showing some hesitancy to move up and away from this base.
MGM gapped up this morning and continued higher for a couple of hours, but gave back some ground in the afternoon to partially fill the morning gap finish higher by about 1% on the day. Volume came in below average, which may have contributed to the lack of follow through. Nonetheless, this one is trying to get going, so I’m going to stick with it and allow it a bit of time to see if it can head toward the targets.
Closed Positions:
CRM wasn’t able to produce any downside follow through since triggering a short entry, so today when the market lifted with greater enthusiasm, the stock went with it. That took it to my stop loss where I closed it out for a 4% loss. The trend hasn’t changed in this one as of yet, but it’s acting like it may be finished going down for now, so I’ll leave it alone.
