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.
BWA & CNQ triggered, MGA removed (pattern failure), MTL added
Open Position Notes:
FISV gapped lower this morning and sold off well into negative territory, but hung in there nicely and recovered almost entirely by the end of the day, finishing down just 2 cents. This is very positive price action, and I’ll be watching for some upside continuation in the days to come. I like how the stock respected yesterday’s lows and the intraday recovery, indicating there are some dip-buyers present.
IPXL recovered quickly from a weak start to the day, turning higher by mid-morning and staying positive for the remainder of the day. It also closed on its highs of the session, suggesting it’s ready to challenge last week’s highs. Volume improved today from yesterday’s levels, but could still stand to increase on further strength in the stock. Good price action so far, I’m going to leave my current stop as-is heading into tomorrow’s session.
BWA triggered a short sale today as it undercut support at $67.50. However, the stock was able to reclaim that level by the close with the market lift which occurred this afternoon. I’m going to stick with this trade for now and see how it acts in the days to come. I still think it has the appearance of a stock that’s itching for lower prices, but support will need to be broken again for that to occur – let’s see what happens.
CNQ triggered a short entry right at the open today as it gapped through my intended trigger price by 3 cents (hence the $41.97 listing on the position grid below). The stock exhibited some nice weakness today, giving it a somewhat decisive break below rising support for the time being. And despite the market rebound this afternoon, this stock didn’t recover much, which I was encouraged by. I’ll be watching for follow through in the coming days.
Closed Positions:
No closed positions.
