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.
HFC triggered, MGM stop raised
Open Position Notes:
EBIX gapped slightly higher today but never attempted to fill the gap, ultimately moving higher into mid-day before several hours of range-bound rest. The stock saw one more push to new highs into the final half hour, leaving it just a short distance from its December high. I particularly liked the fact that today’s move came on strong volume, so it was a decisive move up and out of the base after yesterday’s test of the lower end. I’m going to leave my stop as-is for tomorrow’s session, looking for some follow through toward Target 1.
MGM pulled back this morning, stopping just a short distance above last night’s adjusted stop, and once again the buyers stepped in and produced a lift to take it positive by the closing bell. The price action in this stock remains very strong, and I’m looking for a push toward Target 2 shortly. I’m adjusting my stop tonight once again just to lock in a solid gain should the stock happen to turn around. And with tomorrow being a Friday ahead of a long weekend, I may send out an intraday alert to close the position if it moves toward Target 2 and stalls out, so watch your email & twitter just in case.
HFC triggered a buy today as it crossed the trend line at $26.60 on its way to a new recovery high. Volume increased over recent days, which is positive, but it wasn’t quite as strong as I’d prefer it to be. Nonetheless, the stock finished above the trigger and looks to be starting a new leg higher, so I’m going to stay with my existing trade parameters heading into tomorrow’s session. I’d like to now see some follow through accompanied by strong volume to give this advance a more convincing appearance.
Closed Positions:
No closed positions.
