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.

NEM Target 1 hit, NEM & GDX stops tightened, STP closed

Open Position Notes:

GDX headed lower today after breaking the rising trend line yesterday, showing some nice relative weakness to the market.  This one got within 2 cents of Target 1, but stabilized just above that level.  I would expect to see that level get taken out very soon, so I’m watching for continuation now that a lower low is in place.  Good action so far, and I’ve adjusted my stop loss to reduce my risk in the position while I wait for follow through.  If this one happens to show some good weakness tomorrow, I may even close it out entirely due to the sharp nature of this move and the tendency of sharp moves to invite reversals.  Therefore, keep an eye on the Twitter stream or your email inbox for a possible alert related to this trade.

NEM continued lower in a nice fashion today as it saw heavy selling pressure.  It moved down through Target 1, where I closed 1/2 profits for a quick 3.9% gain.  Target 2 came close, but the stock held above it for now.  I’ve adjusted my stop for remaining shares tonight while I wait for Target 2 to be reached, but so far, so good for this trade.  If this one happens to show some good weakness tomorrow, I may even close it out entirely due to the sharp nature of this move and the tendency of sharp moves to invite reversals.  Therefore, keep an eye on the Twitter stream or your email inbox for a possible alert related to this trade.

Closed Positions:

STP tried to turn higher out of a very bullish base, but ultimately just couldn’t get it done.  The stock had held up very well in the face of the last market dip, but when the indexes turned back up, this one did not.  A few attempts at a rally were thwarted, and despite my patience, I finally had seen enough.  So today I sent out an intraday alert via email & Twitter that I was closing the position near breakeven ($0.01 gain) at $10.96, and shortly afterward the stock headed south.  When a setup simply isn’t playing out and has been given more than adequate time to do so, an exit near breakeven is the next-best scenario.  I took that today and will stand aside from this stock until it starts exhibiting better strength.

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.

GDX & NEM triggered

Open Position Notes:

STP stagnated again today despite the market strength, and that’s disappointing to see.  This stock had held up extremely well in the face of the last market pullback, and now that the market is running up, this stock is ignoring it.  The pattern remains bullish for now, but the longer it sits here without moving, the more it becomes a trading range rather than a flag or pennant pattern.  The $11.20 level is posing as short-term resistance, and it wouldn’t take much to get this stock moving if it can clear that level.  I’m sticking with it for now, but will look to make an adjustment soon if it proves unable to move.

GDX triggered a short sale today as it broke its rising trend line, and although it ended the day just a few cents above my trigger price, I still like today’s action.  This ETF showed good relative weakness, and the trend line rises daily, so even if price stagnates for a short time here the chart is still short-term bearish.  I’m sticking with my existing trade parameters for this one for now, and will watch for follow through in the coming days.

NEM triggered a short sale today as it undercut its rising trend line at $58.70, and I was pleased with the initial action in this one.  The stock headed steadily lower before stabilizing just slightly in the afternoon, still finishing well in the red and solidly beneath the trend line.  I’m going to hold off on making any stop adjustments just yet, but will be watching for follow through in the next couple days now that this one looks to be confirming a lower high.

Closed Positions:

No closed positions.

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.

NTES closed, GDX & NEM added

Open Position Notes:

STP started turning higher on Thursday and Friday after testing support, and this one still looks like it has plenty of room to run.  We have yet to see good upside momentum, but I’m staying patient with this one because the pattern is so encouraging.  For now, it’s in the green, so I’m going to stick with it and watch for follow through in the days ahead.  If it continues to struggle, I’ll begin making adjustments to my stop loss.

Closed Positions:

NTES hit Target 1 on Thursday last week and was very close to reaching Target 2 heading into Friday, so I aggressively raised my stop loss for remaining shares (1/2 position) in case the stock happened to weaken.  On Friday morning, my stop was triggered on the open to take me out of the 2nd half of the trade at $36.39 for a 6.4% winner.  This one required some patience, and it paid off, but now the stock is encountering some technical resistance so I’ll stand aside until a new pattern emerges.

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.

NTES Target 1 hit & stop raised

Open Position Notes:

NTES has held up well in recent days when the market pulled back, and I’ve been very patient with it as a result.  Today that patience paid off as the stock caught a big bid and sprinted higher.  It pushed through Target 1 where I closed 1/2 my position for 5.8% gain, and now stands just a short distance from Target 2.  I’ve tightened my stop aggressively tonight for remaining shares for that very reason, and will likely see an exit made tomorrow one way or the other.  It’s been a good trade which was worth waiting on, and that should serve me well the next time I get a trigger and am tempted to get bored out of the trade.

STP threatened to stop out yesterday as it finished just a few cents from that level, and thank goodness it didn’t!  Today the stock jumped higher by over 4.5% to get back in the green.  I’m still waiting for price to really leave this consolidation area behind, as this is a very bullish pattern.  It’s requiring that I be patient for now, and on the heels of today’s move in NTES, I’m willing to stay with it a little longer.  Hopefully it can get back on the move tomorrow and head into the weekend with some momentum.

Closed Positions:

No closed positions.

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.

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.

SLW closed, STP & JOE added

Open Position Notes:

NTES held in there very well this morning despite the market weakness, and turned higher mid-morning.  The stock accelerated its advance in the early afternoon, finishing back above resistance with an uptick in volume.  This one has tested short-term support and is now trying to emerge with a new leg up, so let’s see if this 2nd chance attempt at a rally will pay off.  I’ve been patient with it up until now, so with it turning higher here I’ll be looking for follow through in the coming days.

Closed Positions:

SLW wasn’t able to break yesterday’s low, and as a result, turned back up to hit my tightened stop loss.  I’m out of the trade with a 4.7% winner, which is acceptable given the lack of downside follow through in the market.  I’ll now stand aside and wait for a new pattern to set up before looking for another entry.

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.

SLW Target 1 hit, stop tightened

Open Position Notes:

NTES pulled back this morning and nearly stopped me out, bottoming for the day just a few cents above my stop loss level and turning higher from there.  The stock was able to finish nicely higher by the end of the day, which is positive.  Today’s dip also validates my stop loss, so I’m going to stick with it for now and see if this one can gather some upside momentum.  If not, I may look to make an adjustment in the days to come.

SLW continued lower today to take out Target 1, where I closed out 1/2 my position for a solid 4.7% gain.  It then moved right toward Target 2, getting within just a few cents before bouncing back slightly.  I’ve tightened my stop for remaining shares tonight so that if the bounce continues, I won’t give back much.  Otherwise, I’ll be watching for a move to Target 2 in the coming days.

Closed Positions:

No closed positions.

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.

SLW stop tightened

Open Position Notes:

NTES finished lower last week after triggering a buy with a move up through resistance.  The breakout came on lackluster volume, leaving it vulnerable to failure, and then the market weakness arrived to keep it beneath that level.  This one is just a short distance from my stop loss, so I’m going to see if it can rally tomorrow and get back up to higher levels.  If not, I’ll stay with my stop loss and stand aside if I get taken out.

SLW rolled over nicely last week after breaking below the bearish rising wedge pattern it had built on the daily chart.  This one is moving toward Target 1, so my plan is to see if it can move through that level and then tighten my stop aggressively once that happens.  I’ve moved it to breakeven for now as a way to reduce risk in the trade, so let’s see what Monday brings.

Closed Positions:

No closed positions.

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.

AGP stopped, SLW triggered

Open Position Notes:

NTES turned lower today with a sharp downside move right off the open.  The stock was able to stabilize from there, however, leaving it above my stop loss level for now.  Today’s move may have been of the shake-out variety, so with my stop not far away, I’m going to stick with my existing trade parameters to see if this one can reclaim the resistance level it cleared on Tuesday.  For the moment it appears to be a failure, and if so, that’s what my stop is there for.

SLW triggered a short sale today as it undercut the lower trend line of its wedge pattern at $19.10.  The market held up pretty well though, and that may have prevented this one from showing more weakness.  It finished flat on the day, just a short distance from my trigger, so I’m going to stick with my existing parameters for this trade until I see some more movement occur.

Closed Positions:

AGP surged higher today to reclaim former support, stopping me out for a 3.1% loss.  Today’s move up was a decisive one, and it negates the bearish pattern I had been playing, so I’m out for now and will wait for a new pattern to emerge before considering another entry.

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.

NTES triggered, SLW added, IR removed (pattern negated)

Open Position Notes:

AGP climbed higher today with the market, taking it up nearly to my stop loss level before backing away to give back a fair portion of its early gains by the closing bell.  Today’s action validates my stop level, so I’m going to stick with that for now and wait to see if this one can resume its downward trend before looking to make any adjustments.

NTES triggered a buy today as it cleared resistance at $34.20, and the stock was able to move a bit higher but not much.  While today’s move up through resistance was positive to see, I’d like to see follow through rather soon in this one.  A positive aspect of this setup is that it sure isn’t short-term extended like many other stocks are right now, so it has freedom to move higher if the buyers will stay interested.  I’m going to let it play out a bit more before I look to make any adjustments.

Closed Positions:

No closed positions.