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.
STP & JOE triggered, JOE stopped
Open Position Notes:
NTES held up rather well today despite the weakness in the market (and in tech stocks). I’m staying patient with this one for now while waiting to see if strength returns. For the time being, the stock is hovering just above the breakout zone, and that’s technically positive.
STP triggered a buy this morning by gapping slightly through my intended trigger price, and started to see some additional strength in the opening minutes. Unfortunately, the stock reversed lower and finished just a few cents above my stop loss level and well under water. This kind of a breakout failure is never encouraging, and I wouldn’t be surprised to see this one get checked out tomorrow as a result. Nonetheless, I liked the setup and the risk/reward for the trade, and ultimately it’s my job as a trader to put money at risk when there are good reasons to do so. Sometimes that results in a slap on the hand, and sometimes it pads my wallet. Trade on.
Closed Positions:
JOE was out of the gate this morning with some strength, triggering an entry for me on the open. That marked the high point of the day however, as the stock reversed lower to create a new short-term pullback low. I was subsequently stopped out for quick and frustrating 4.9% loss, and will now stand aside until better strength emerges in this one.
