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.
MGM closed, EBIX & HFC stops tightened
Open Position Notes:
EBIX pushed to a new high Friday but volume was lacking and from there we saw some mild profit-taking kick in. The stock held above the consolidation area (breakout zone), which I was encouraged by, and was able to lift slightly from its worst levels into the bell. This one is requiring some patience after showing some hesitation to leave this pattern behind, but I’m staying with it for now. I have tightened my stop again this weekend though in order to reduce risk in the trade should it happen to reverse.
HFC showed some nice continuation on Friday as it moved to a new recovery high. Despite some mid-day profit-taking, the stock lifted again in the afternoon to go out not far from its high of the session. Volume expanded a bit more, which was also encouraging. I’m looking for this one to make a push toward Target 1 soon, and have tightened my stop this weekend due to the positive price action thus far in the trade. I’m still leaving it plenty of wiggle room until it can make some additional progress.
Closed Positions:
MGM pulled back Friday at the open to hit my raised stop, taking me out of the trade for a nice 6.2% profit. The stock later ran to Target 2, without me. I’m pleased with the move this one made in just a few days’ time, and now it’s facing some resistance and likely needs a short-term rest. I’ll leave it on the radar in case it sets up again, but it was a smooth trade and I got paid.
