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.
IOC stopped
Open Position Notes:
JAH turned lower today along with the overall market, getting to within just a few cents of my stop loss before stabilizing. From there, it was able to rebound some, giving it a little better cushion heading into tomororrow. Nonetheless, this one has yet to confirm the pattern with a close beyond the trigger price, so it still has a lot to prove. My stop will stay in place heading into tomorrow, as today’s low validates it. Hopefully we’ll see some better volume kick in as well.
Closed Positions:
IOC had news this morning of an oil discovery which sent the stock running higher in the pre-market and ultimately gapping higher once the stock opened for trading. I was stopped out right after the opening bell ($75.35), even though the stock dropped a couple of points for a brief time right after that. It recovered quickly though and spent the rest of the day deep in positive territory. Sudden unexpected news of this nature can be frustrating when it interferes with the technicals, but that’s part of trading and it will happen from time to time. We also know that over time we’ll catch some favorable news as well, which helps it all even out. Nonetheless, I’m out of this trade with a 1.8% loss and will avoid it for now due to the pattern failure.
My fill on IOC was 76.28 on the stop order. I hope that everyone else fared better.
It was all over the map at the open, saw it trade above $76 and below $73 and everywhere in between. I was unhappy with my fill 2 minutes later, but by end of day was happy to be long gone from it after seeing it push through $81. News hits are frustrating, no doubt about it, but part of the game when holding overnight.
Jeff, I was wondering why it took 2 minutes. Did you have the order set so that it wouldn’t be active until several minutes after the open, or were they just that slow in filling it ? Hope you have a good day. Gary
Hey Gary,
My fill didn’t take 2 minutes, what I meant was that within 2 minutes of getting my fill I was unhappy with it (since price retreated quickly back under $73). Hope this clarifies & sorry for any confusion!