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.
SLB & APOL stopped, GRA triggered, WFM & RCL added
Open Position Notes:
GRA triggered a buy today as it cleared resistance at the $56 area, prompting a buy for me at $56.10. The stock initially surged nicely higher on strong volume, but pulled back in the afternoon. I was encouraged to see the stock hold above its breakout zone despite the late-day dip, but this one will need to continue proving itself. It’s had some nice momentum since late-December and appears poised for another push higher after a couple of weeks of rest, but nothing is a given. I’m leaving my stop in place for now and will look to make adjustments as needed.
Closed Positions:
SLB has been quite hesitant to continue higher since initially clearing resistance two weeks ago, and I’ve methodically tightened my stop along the way as a result. Today the stock dipped again to hit that stop, taking me out for a modest 2.1% loss. Ultimately it turned back up to reclaim the $78 level, which is a bit irritating I must say. If it’s able to shape up here, I may consider another entry, but for now I’m out.
APOL surprisingly has shown no ability to move higher since initially breaking the descending trend line a week ago today. Instead of continuing higher, it simply stalled out and started drifting lower on light volume. I’ve raised my stop along the way to reduce my risk in the trade, and today was taken out of the trade as the stock marked another multi-day low, handing me a very small 1.9% loss. This was a setup which I expected to produce higher prices alongside some market strength, but it simply didn’t pan out, so I’ll leave it alone for now.
