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 stopped, MTL removed (pattern failure), IPXL Target 1 hit, FISV & IPXL stops raised
Open Position Notes:
FISV struggled to participate in today’s market strength, spending most of the morning slightly underwater before recovering slightly this afternoon. The stock still finished about flat on the day, and given the lack of follow through here, I’ve raised my stop tonight as a protective measure.
IPXL continued its strength today, popping big this morning to rip right through Target 1. I booked 1/2 profits there for a nice quick 6.7% gain, and tonight I’ve raised my stop for remaining shares. I’m still giving it some room to fluctuate and it may need to rest a bit here, but I like the price action in this one and will be watching for further upside in the days to come.
CNQ gapped up this morning and then sold off to turn negative, but it didn’t stay in the red for long. The stock turned higher mid-day, and rallied strong into the closing bell. It finished just a short distance from my stop, so I’ll abide by that level tomorrow and exit this trade if the stock pushes through my stop. The lack of downside follow through is a little irritating, but I’m going to stick with it for now and perhaps it will weaken again over the next few sessions.
Closed Positions:
BWA triggered a short entry yesterday as it undercut support, but the stock recovered by the closing bell. I noted last night that I’d have preferred to see it finish below that level, and that proved to be a warning signal that this one isn’t ready to crack. Today it rallied sharply to stop me out for a 3.7% loss. I’m going to leave this one alone for now since it clearly needs more time with the mixed technical signals it’s giving.
