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.
AIV Stopped, SNDK, FLR & GET Stops tightened, GET & DOW Triggered
Open Position Notes:
FLR attempted to bounce over the past week after initially breaking support and hitting the 1st Target, and I’ve been patient with it. This week it is trying to turn lower, so I’ve tightened my stop for remaining shares (1/2 position) as I wait to see if this one can begin another leg lower and head toward the 2nd Target.
SNDK was reluctant to really participate on the downside today as the market went red this morning, although it did post a decline. I’ve tightened my stop for this trade tonight just slightly in an effort to reduce risk while waiting for it to go ahead and roll over (I’m short). The daily chart also now has a pretty well-defined descending trend line along the highs of the past few weeks, so I’m using that as my stop just in case it gets cleared.
DOW triggered a short sale today as it broke the rising trend line which has marked the pace of the recent bounce. Today’s turn lower implies this stock is trying to carve out a lower high on the daily chart, so I’ll be watching for continuation in the coming days. The stabilization of the market probably prevented this one from a more decisive move down today, so I’ll stick with my existing stops for now.
GET triggered a short sale today as it undercut the $18.95 level and sliced through its rising trend line. This stock also appears to be in the process of confirming another lower high on the daily chart. Given the rather steep trend line which just got broken, I’m expecting a pretty quick move in this one, so I’ve tightened my stop slightly tonight for this trade while waiting to see some follow through.
Closed Positions:
AIV worked out well for me with only some slight early hesitation after clearing the trend line when it first triggered. Since then it has climbed steadily higher, pushing through the 1st Target relatively quickly. I have tightened my stop a couple of times recently, with the most recent occasion being last night after the stock had approached but not pushed through resistance on somewhat quiet volume. Today the stock turned lower to trigger my stop, so I’m out of the trade for a solid net gain of 5.6%.
Just as a reminder, I always plan to be out of positions ahead of earnings reports since I do not want to hold stocks into such important news. Being a technical trader, I simply have no edge when it comes to the information game known as fundamentals.
So please feel free to keep an eye on the earnings calendars out there and don’t be shy about reminding me of upcoming dates for the stocks I’m swing trading. But know that if a position is on and earnings are approaching quickly, I will make an adjustment so that I’m out before the news hits.
Hope you guys are trading well this week! Let me know how it’s going when you get a chance.
Jeff