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.
LEAP stopped, INFA triggered, FMCN Target 1 hit & stop raised
Open Position Notes:
FMCN started out pretty well yesterday, but the volume failed to impress. Nonetheless, it shot higher again today, pushing through Target 1 where I booked 1/2 profits for a quick 7.4%, and finishing only a short distance from its highs. This one has now approached former resistance from December, so I’m going to tighten my stop aggressively in order to lock in a nice winner should it happen to reverse from here. If it can push on through, we’ll see what it’s capable of in the days ahead.
INFA triggered a buy this morning as it cleared its trend line at $26.70, but it hesitated to keep running and ended the day just a few cents from that level. Volume was also light on today’s breakout, which is a concern. Because of this, I’m going to tighten my stop to just beneath today’s low, as a hesitant breakout is grounds for added caution. Otherwise, I still like the overall setup and will be watching tomorrow’s action in this one to see if it can gather some strength.
Closed Positions:
LEAP truly leaped higher yesterday after triggering a buy, running more than 7% higher once it cleared the trend line. It pushed through Target 1 where I took 1/2 profits, and attempted to make a run at Target 2, only to fall slightly short. Last night I tightened my stop aggressively due to the close proximity to Target 2, and today I was stopped out of the trade at my raised stop. This leaves me with a 4.5% net gain, which is nice for a 2-day trade, so I’ll take the money and run. The stock showed no follow through today and actually ended up giving back about 1/2 of yesterday’s move. I’ll keep it on the radar in case it sets up for another play, in which case I’ll re-list it, but for now I’m out with a quick profit.
