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.
CLI stopped, TNB 1st Target hit & stop raised, MICC removed (pattern negated), RTI & JNPR added
Open Position Notes:
TNB pushed higher again today to build on last week’s breakout. Today’s strength took it through my 1st Target where I closed 1/2 my position for a 4.6% gain. I’ve tightened my stop for remaining shares tonight while still allowing some room to fluctuate, so we’ll see if it can edge higher toward the 2nd Target in the days to come. So far, so good.
Closed Positions:
CLI triggered my stop loss today as the market strength allowed for a reversal in this stock despite last week’s technical break of support. This is known as a head-fake, and there are a lot of them found in range-bound conditions like we’ve seen in recent weeks. They can be frustrating, but they are simply a part of trading so we manage them as best we can. I’m out of this trade for a 3.3% loss and will keep this one on the radar in case it turns back down to test support in the next couple of weeks.
RTI one of the triggers I am in now….
Hey Jim!
I still like the setup, just am having to be patient with the downside today in the market…sellers are very reluctant thus far. While some real profit-taking would be healthy to see, all we have at the moment is a little rest taking place. Playing the waiting game!
Bad timing with Monsanto – it triggered, and 90 minutes later news come out the causes the stock to break out and stop out 🙁
I completely agree Kim, they reaffirmed guidance and that sent it flying. Prior to that it was negative on the day (although above the trigger). It’s irritating because we of course can’t see fundamental news like that coming, so we can’t avoid it.
Just gotta know that things do even out over time and the adverse headline in this one will at some point be offset by a favorable headline in another stock some other day.
Interesting action on the shorts this AM. Stops valid, but interesing charts in numerous timeframes.
Only 2 hours into the day and this has already been a very interesting one with the S&P breakout through 1100 having failed. Still positive on the day, but there’s some hesitation here on the part of buyers to push through 1100 with lasting force. May bring added importance to today’s close.
Agreed. This is why I have such a passion for technical analysis.