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.
POT triggered, MGA stopped
Open Position Notes:
YNDX gapped up this morning then rallied toward Target 1 into mid-day, stopping just a few cents shy of that mark before drifting back a bit in the afternoon. Overall the stock gained some nice ground on the day, but I’d like to see how it acts given another chance to push through the $28 area. No changes to my stop yet.
GRMN rallied a bit today after yesterday’s trend line break to the downside. Although the stock recovered some, I liked the fact that upside volume was light and last week’s resistance held. That indicates the stock may have trouble rallying from here, although we’ll see. I’m sticking with the trade for now.
POT triggered a buy today as it crossed up through the descending trend line noted in last night’s Broadcast, gapping just a few cents through that level. From there, the stock rallied steadily into early afternoon before backing off. It held the majority of its morning gains, however, which is a nice start to this trade. I’m leaving my stop as-is for tomorrow’s session, but I expect to tighten it with greater aggression as the earnings date approaches.
Closed Positions:
MGA triggered a short entry yesterday as it gapped significantly through my intended price, warranting a 1/4 position size. I tightened my stop last night as well, and this trade stopped out today for a 3.8% loss. Given the very small size of the trade, it felt like a 1% loss. Nonetheless, I’m out of the trade as it did not unfold as expected.
