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.
RDC added
Open Position Notes:
CMI turned lower this morning to nearly test my stop loss as it held just above that zone before turning higher. This one went back positive in the afternoon, which is very encouraging, as it showed some solid relative strength in the face of a negative market. I’d still like to see this one get back to making new highs on the daily chart, so I’ll be watching for follow through in the coming days. It’s still in the base for now, which isn’t a big concern yet, although I’d like to see it get moving out of this congestion zone sooner than later.
BAX headed solidly higher today as it tacked on more than 2% in the face of a declining market. This not only showed good relative strength, but it also puts price farther away from the resistance zone it just cleared. I’ll be watching for a push toward Target 1 in the next couple of days, but for now will leave my stop as-is while waiting for more follow through.
Closed Positions:
No closed positions.
Hey Jeff,
I just noticed a news story on BAX. The story said “NYSE Order imbalance 63,000 shares on sell side”.
Do you know what this means and do you think it impacted anything today or will impact anything tomorrow?
thanks!
Chuck
Hey Chuck!
That’s actually a common thing to see order imbalances, usually it’s around the closing or opening bell. Some trading platforms will even display a running total for you (Lightspeed is one I know does this) to see.
Anyway, the idea is that the displayed imbalance may prompt large orders to help come in and offset that and keep things stable. I pay no attention to these imbalances, and in the case of BAX, 63000 shares really isn’t much on a day when the stock traded 6.6M shares.
So, hopefully this will help you understand it a little, but that news blip should not have an effect on how the stock trades tomorrow. I’ve seen buy imbalances on stocks which were trading well in the red on the day, and I’ve seen sell imbalances where the stock was higher all day (like BAX today).
Go get ’em tomorrow!