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.
USO triggered
Open Position Notes:
CVX tested the downside today but finished the day slightly positive following an afternoon rebound which erased its losses. This one continues to look like it could break out and get running on the daily chart, although we have yet to see it. I’m staying with it for now with no changes tonight.
FCN sold off this morning but was able to stabilize for the remainder of the day, never breaking the morning low set in the first hour. Today’s dip came on light volume, so I’m sticking with my existing trade parameters for now while waiting to see follow through.
FDX turned lower today as it retraced some of its recent gains, although it did hold above the Monday morning gap. Today’s downside also came on light volume, so I’ve made no changes for this one as I’d like to see how it responds in the next couple of days.
WFMI continued lower today after yesterday’s trigger, although it did not break Tuesday’s low. This one still has some room to tumble before the August gap gets filled, so I’m staying patient with it for now.
USO turned higher today by briefly breaking out of its descending channel, triggering an entry for me as it hit the trigger twice right on the number. I would have expected it to push on through the whole number at $41, but it didn’t, and instead backed off slightly from that level. This is a slow-moving ETF, and it appears we’re still waiting for a breakout that will stick, so perhaps that can occur in the next couple of days. I do still like this setup and will leave my stop as-is heading into tomorrow.
Closed Positions:
No closed positions.
Barcharts.com can enhance your day trading effectiveness with its extensive list of key S/R levels, fib retracement levels, important moving averages, etc. Go to http://www2.barchart.com/default.asp, then enter a symbol near the upper left corner and click on ‘Projections’ in the Technicals section mid-way down the left-hand column.
I’ve found this to be very helpful in trade planning to make sure I don’t overlook “hidden” support or resistance and to prevent taking a trade that’s only a few pennies away from a key level. Check it out!
Hi Bill,
Thanks very much for passing this along, that’s an interesting link. I don’t think I’ve ever seen in 1 image so much info displayed for a stock and what levels could be important. It is a lot to process, but very comprehensive in terms of upcoming technical levels which could play a role in the action.