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.
SPG & CREE triggered, MCO stop tightened, MHK removed (pattern negated & no trigger)
Open Position Notes:
MCO ran higher today as it moved up and out of its recent consolidation zone for a solid gain. This one has only 1 target, and the stock got within 2 cents of that level before backing off slightly this afternoon. As a result, I’ve tightened my stop aggressively tonight in order to lock in a good winner should this one happen to turn lower from here. If it is able to push a little higher tomorrow, my target will be reached and I’ll make an exit there.
SPG triggered a buy today as it broke out from its descending channel at $96, and I liked how the stock advanced nicely on increased and strong volume. This is a great start, so I’m pleased with the initial action. I’ll be watching for follow through in the days ahead, and will look for further progress or a shift of behavior before making any adjustments to my stop.
CREE triggered a short sale today as it undercut $50.60, and initially it fell quickly. The stock did recover from its worst levels, but still finished negative on a very positive day for the broader market. I’m encouraged by that relative weakness, and will stick with my existing trade parameters for tomorrow while waiting for follow through to arrive.
Closed Positions:
No closed positions.
