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.
HAL removed, CVX & USO stopped
Open Position Notes:
FCN pulled back slightly today, but overall it held up pretty well. Volume upticked slightly, but remained below average. The past couple of days appear to be a minor pullback within the overall uptrend, so I’m trying to stay patient while waiting to see if this one will turn back up.
FDX took a dip today as it filled Monday’s gap. Fortunately, volume was very light, and the stock was able to rebound a fair amount from the session lows to roughly cut the day’s losses in half. This appears to be a healthy pullback within the uptrend, so I’m sticking with it for now with no adjustments tonight.
WFMI has been trying to fill the gap from August since breaking support on Tuesday, but today the stock bounced on increased volume to reclaim the former support zone at $26.70. This is a bit of a concern, but my stop isn’t far away so if the bounce continues I’ll respect that and allow my stop to take me out. I’d prefer to see the recent weakness return, so we’ll see what happens tomorrow.
Closed Positions:
CVX turned lower today, falling back into the channel it has been trying to break out of with an uptick in volume. This took the stock down through my stop loss, which had been kept pretty tight. This is a failed breakout attempt, so I’m out of the trade with a 2.3% loss. I did like the risk/reward for this trade, although the sluggish action since it triggered an entry did test my patience. I’m going to keep an eye on it in case it is able to firm up again, but for now I’m out with a small loss.
USO triggered a buy yesterday by hitting my trigger price right on the nose at $41.00. The inability to push through the whole number was a little concerning to me, but I was willing to stick with it and see if it would go ahead and move solidly higher out of the descending channel it has been bound by for the past few weeks. Today it turned decisively lower to fall back well into the channel, taking me out for a 3% loss as it hit my stop. This is a manageable loss, but it is still a little disappointing considering the entry was triggered to the penny. Clearly I wasn’t the only one watching the $41 level, but in this case waiting a few more cents (like $41.05) may have proven worthwhile. The channel itself is still intact, so I’ll watch this one in case it turns back up for another possible breakout. For now, I’m out.
