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.
No positions
JEF, ROVI, SRS, PWRD stopped
Open Position Notes:
No open positions.
Closed Positions:
JEF turned higher today from the start, triggering my tightened stop loss early in the day to take me out for a 2.2% gain. This one trended higher to finish at its best levels, so I’m out of this trade and will wait for a new setup to emerge before looking to re-enter.
ROVI jumped up this morning to reach my tightened stop, taking me out for a modest 1.7% gain. This one has earnings due out next week, so I’ll avoid it ahead of that news, as it doesn’t seem intent on filling the August gap yet. For a trade which really didn’t work out, to make a little is nice.
SRS gapped again today through my tightened stop loss, so I exited at the open to book the 3.6% gain. This is a little disappointing as yesterday I had 2x that size of a winner and my 1st Target got to within just 3 cents, but for a 2 day trade this is a good win. I’m also glad to be out of this as it trended steadily lower throughout the day, which means it would have completely given back my profits and hit my initial stop. Instead, I’m out with a nice gain and will wait for a new pattern to develop.
PWRD I had to chase on the open yesterday to catch the trade, and it tried to make a move lower, but the market rebound was just too sharp for this one to overcome. My tightened stop was just better than breakeven, so I’m out of this one with a tiny gain of a few cents. This could easily develop into a higher low for the stock, which is grounds for caution on the short side, so I’ll observe this one but currently do not see a technical reason to re-enter it at this point.
