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.
CNW & PCL stopped, MSG triggered
Open Position Notes:
TMK pulled back this morning, stabilizing just above my stop loss level before a gradual recovery took place later in the day. This validates my current stop, but I’d like to see the stock show some upside follow through at this point in the trade. The indexes were positive today, so this one lagged. Let’s see if it can get back up and challenge the highs in the coming days.
PCL painted an inside day on the chart as it respected Wednesday’s trading range on light volume. This stock is still just consolidating right near the breakout zone, so I’m still awaiting follow through.
CAG finished the day little-changed, still hovering beneath Monday’s highs. This one still appears poised for some downside, so I’m staying with it and being patient for now.
MSG triggered a buy this morning right at the open with a move through $22.15, although the majority of the day was spent just beneath that level. It finished the session just a few cents shy of resistance, but still appears poised for a push higher from this consolidation. I’ll be watching for follow through on Friday.
Closed Positions:
CNW sold off this morning to reach new pullback lows, taking me out of the trade for a 3.8% loss. The stock did recover from there to finish positive on the session, which is frustrating to see. Getting head-faked out of trades is never fun, but it happens with my style of maintaining tighter stops. I’m out for now, and will keep this one on watch in case it can start to shape up for a run at resistance.
GGC broke out in style on Tuesday, but showed no follow through whatsoever on Wednesday or today. The stock actually moved back down by nearly 4% today, stopping me out of the trade at my entry point for a breakeven trade. With a nice winner after day 1, I wasn’t willing to let this one turn into a losing trade, but I didn’t expect it to give back all its gains right away either. So I’m now out of this stock with no harm done, and will avoid it for the time being until it can exhibit some better strength and follow through.
