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.
BIDU Target 1 hit & stop tightened, SNDK stopped
Open Position Notes:
MOS showed plenty of indecision on Friday, repeatedly crossing the flat line. Ultimately, though, it finished down slightly. Ordinarily I’d be a bit concerned that on such a weak session for the broad market this one didn’t participate much, but in this case it actually needed some rest. The previous two sessions were marked by plenty of weakness with the secondary breakdown, so I’m still pleased with how this one is acting. I’ve already tightened my stop, and will leave it in place for now while waiting for another move lower.
BIDU broke down hard Friday, finally playing catch-up to the other Chinese internet stocks. It easily took out the prior low from 5/4, as well as Target 1, where I closed 1/2 my position for a nice 5.3% profit. I also liked the fact that it ended the day at its lows, suggesting the sellers ran out of time before inventory. I’ve tightened my stop for remaining shares, but otherwise like the chances for a move to Target 2 in the coming days based upon the weakness in both this stock and the sector.
Closed Positions:
SNDK just couldn’t make it happen last week after breaking the descending trend line and then making multi-day highs. Instead, it traded heavy, hitting my stop loss on Friday to stopp me out for a 3.1% loss. This was a technical failure, so I’m out and will wait for a new pattern to emerge on this chart before considering another entry.
