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.
JAH & IOC triggered
Open Position Notes:
JAH triggered a buy today as it cleared the $32 level, turning higher after its recent pullback within the overall uptrend. Today’s action was mildly positive in that the stock did participate with the overall market strength, but slightly muted in how far this initial bounce day was able to carry. I do still like this play as a turnaround candidate, as support has held and the stock is now moving higher again. Today’s volume was rather light though, which means I’ll be watching this one a little closer on Wednesday in case an adjustment is necessary. For tonight, I’m making no changes.
IOC triggered a short sale today as it gapped lower and slightly through my intended trigger price, opening at $74.01. I still took the trade (in accordance with the swing trading strategy), and it is off to a fair start. The stock nearly hit Target 1, getting to within just 13 cents of it before bouncing, but ultimately it does appear to be rolling over from the consolidation, so follow through will be the key. I have tightened my stop tonight in order to reduce some risk in the event of a reversal, placing it not far above today’s high as we head into tomorrow.
Closed Positions:
No closed positions.
Hi,
I see a rising wedge forming on the S&P, Nas and Dow from the March lows. Nothing to get excited about but something to take note off as it indicates buyers slowly losing the battle.
Tom
Hey Tom,
Good eye on that and thanks for pointing it out. It is definitely something which currently is being ignored, but at some point could easily begin to play a role. No doubt the bulls have slowed their pace, and I guess who could blame them after such a tremendous run (which has been relatively correction-free). Let’s keep it on watch and if those rising trend lines of support get broken, it’ll be our cue to get very cautious.
Go get ’em tomorrow!
Hi Jeff,
Just want to say keep up the top-notch work here. Your service has always been very professional … and quite profitable!
Today’s action in IOC was a nice bonus given today’s market strength. I really like that we have both a good long candidate and short candidate to watch play out as the next few days unfold.
Hey Chris!
Great to see you in here, and thanks for your comments. I really appreciate your kind words and will do my best to live up to them!
Hopefully these two plays can each go their own way, I at least like the directions they are starting. And I expect as the uptrend seems to be slowing that we’ll get more of this mixed positioning. I’m going to take it one day at a time and take what the market offers me.
Thanks again and have a great Wednesday. Oh and now that you’ve knocked out your first comment, hope to see you mixing it up in here more often!