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.
APOL & AGP stops raised, GRA added
Open Position Notes:
SLB slipped a bit today but saw an afternoon recovery, lifting it from its worst levels of the day. In addition, overall volume in the stock was the lightest we’ve seen since the holidays, which points to very little selling taking place here as the stock continues to test the $78 area. Overall, the recent uptrend is still intact, although the breakout from earlier this month has yet to produce the next move. I’ve already adjusted my stop and am just waiting for this one to either get back on the move toward my targets or to retreat enough to stop me out.
APOL pulled back today just a bit to test the area of last week’s trend line break, and the stock was able to hold that zone on a closing basis. Volume remains very light these past three sessions compared to Thursday’s advance, which I’m encouraged by. Overall, this one is showing some hesitation to move higher after being given an opportunity to rally since it broke the trend line, so I’ve adjusted my stop tonight in order to shore up my risk in the trade. I’ve still allowed some freedom of movement for the stock, but the inability to lift here is a bit of a concern so I’m now using $52 as my stop.
AGP turned a little higher today, but finished off its best levels and volume was down slightly. That’s not showing a lot of conviction here on the part of buyers given the technical trend line break to the upper end of this channel. Earnings are due out this Friday morning, so I’ll look to exit this one prior to Thursday’s closing bell one way or the other. I’ve tightened my stop just a bit more tonight to keep reducing risk since the clock is ticking on this play, but technically it remains a favorable setup so I’m trying to stick with it and give it a chance to pop. If I do get a decent pop, I may look to send out an intraday alert via email (and Twitter), so keep an eye out for that if you’re watching my exit here. For now, it’s still hovering around the $69 area where the trend line was originally pierced, so it has yet to really commit.
Closed Positions:
No closed positions.
