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 closed, EBIX Target 1 hit & stop raised, SFLY stop raised
Open Position Notes:
EBIX had consolidated for the past few days in a bullish fashion, and today we finally saw it pick up the pace with a solid gain on strong volume. This took the stock to new highs, pushing past Target 1 where I closed half my position for a 5% profit. The stock finished slightly off its best levels, but this one still looks good. I’ve adjusted my stop again tonight for remaining shares while waiting for a push to Target 2 in the days ahead.
SFLY struggled to pick a direction for a little while this morning, but ultimately it ran nicely higher into mid-day before leveling out for the final few hours of the day. This rally-then-hold type of move is encouraging for continuation, as the 15-minute chart now has a nice bull flag pattern. The upside reversal is being embraced here, so I’ve tightened my stop again tonight in order to reduce my risk in the trade while waiting for a move to Target 1. If and when that occurs, I’ll look to set a level for Target 2 (which is currently open).
Closed Positions:
HFC nudged past yesterday’s high this morning but just couldn’t stick, and the stock quickly reversed lower to not only fill the gap but make a multi-day low. That move hit my adjusted stop to take me out of the trade for a 3.3% profit, which isn’t bad. This stock had simply become stretched after a 6-day winning streak, so some profit-taking was in order. I had hoped it wouldn’t go quite deep enough to hit my stop yet, but it did so I’m out of the trade and will wait for a new pattern to develop before considering another entry.
