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.
SRS & PWRD triggered, all stops tightened
Open Position Notes:
JEF turned lower again today after a minor bounce Tuesday, which is encouraging. This stock has broken down from its bear flag pattern, and has more room to go before next support is reached. However, it hasn’t really let go yet, so I’m trying to stay patient while waiting for my targets to be reached. I’ve tightened my stop again tonight since it’s off to a good start and I don’t want to let a winner turn into a loser. Being short in what is becoming an oversold market is another factor here. I am trying to give it some room to fluctuate though, at least until the 1st Target is hit.
ROVI moved solidly lower today and now is approaching the gap from August that I’d like to see get filled. With earnings due out next week, I’m keeping a tight leash on this one, so I’ve tightened my stop tonight again while waiting to see if this one can crumble a bit more.
SRS triggered a buy this morning right on the open as it actually gapped slightly through my intended trigger price, but by less than 1% so no position size adjustment was made. What followed was an abrupt downside reversal which stopped just 2 cents shy of my stop loss before turning higher for the remainder of the day and moving well into profitable territory. Today’s bounce was impressive, which is what I had hoped to see, and this leveraged inverse ETF got to within just 3 cents of the 1st Target late in today’s session. Could be that it gaps through that tomorrow if we see early weakness, we’ll see. I’ve tightened my stop tonight to lock in a solid gain in case this one reverses, but otherwise will be watching for follow through in the days ahead now that this one seems to have undergone a positive change of character with today’s surge higher.
PWRD triggered a short sale this morning on the open as it gapped through my intended trigger price. The gap was less than 1%, which did not warrant a position size adjustment, but I am tightening my stop tonight on the trade since it has started to make its move lower and I would expect to see some follow through after today’s move down. Today’s weakness is encouraging (being short the stock), so I’ll try to stick with this one for now and see if it can keep moving toward my targets.
Closed Positions:
No closed positions.
Jeff, nice call today on SRS. So far that is working out great! I was unable to borrow the shares for the other swing trades, I hope you had better luck.
Glad you caught some G! Shares can be hit or miss at first attempt, but a call to your broker can often get you the locate, so I’d encourage you to do that whenever there’s one you like but shares aren’t readily available.
Go get ’em Thursday!
Jeff
nice calls today….I did nicely on VNO and got out a the right time (though the end of day was missed). I missed SRS since I was watching for that pull back, and screwed up my alert (and wasn’t watching closely since I was in the finnies short). All in all a profitable day. Interesting about the trend lines on the mkts that are now being talked about everywhere. I was first watching these about 2 months ago, and am quite “impressed” with how the market action just dithered in my uptrend channel until it started breaking a few days ago. I can see a possible rally back up to the bottom of the trend line over the next day or two, and catch a lot of people by surprise (I see a lot of chatter around that the correction has now occurred!). Should be interesting few days.
Thanks Jon, glad your day was a profitable one as well. Yes it’s interesting how the buzz can suddenly pick up once the direction of things begins to shift. Some will defend the existing trend to the end, others are eager to call for a lasting turnaround. I personally prefer to just come up with some if/then scenarios and trade whatever happens to play out!
But as you said, the next few days could prove to be a good battle, particularly if/when a bounce comes along. Wonder if the shorts will be quick to cover or if the added confidence of the past few days will try to stick… Whatever we get, the setups will come along whenever they are ready.
Thanks for sharing your thoughts as always, hope your Thursday is a great one!
Jeff