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.
GRA closed, WFM stop tightened, TEN added
Open Position Notes:
WFM advanced Friday to push through to new highs, breaking out from the high-level channel it had established over the past 3 weeks. However, like the market, it struggled to build on the early strength and ultimately pulled back to test the latest breakout zone. I’ve tightened my stop tonight for this trade, as it’s been acting sluggish despite having multiple technical reasons to move higher over the past few weeks. Should it falter from here, I’ll still expect to book a small gain. Otherwise, I’ve allowed it a little room in case it happens to build on Friday’s breakout attempt with some additional strength. I don’t want to see Friday’s breakout fail, hence the reason I set my stop at Friday’s low of $82.00.
Closed Positions:
GRA spent only a short amount of time in positive territory Friday before turning lower to break the 6-day uptrend line I mentioned here Thursday night. I was using that level as my stop given that this stock had nothing but blue sky overhead but hesitated to run higher. The pullback hit my stop to take me out of the position at $56.70, giving me a modest 1% gain on the trade before the stock headed even lower. For a play which never materialized as expected, I’m alright with that. The overall trend remains up, but it’s lacking momentum since breaking out more than 2 weeks ago, so I’m going to book the small gain and let it correct.
