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.
AA triggered
Open Position Notes:
FLR attempted to turn higher Friday but failed, ending the day nicely negative. I’ve noted here before that news tends to even out, as surprise headlines have stopped me out of positions and caused frustration. On Friday we saw a negative headline impact FLR, sending the stock immediately lower, which of course favors this short sale. This confirms the lower-high setup for which I took this play now that a new pullback low has been set. I’m still waiting for my Targets to be met, but Target 1 isn’t far away. This acceleration in the decline due to Friday’s headline is a good reminder that the news flows both ways. Anytime it proves costly, you can usually count on a favorable move in another trade at a later time. The market has a way of evening things out like that. From a technical standpoint, this setup still looks bearish, and I’m watching for downside follow through in the days ahead. Earnings are due out this Thursday afternoon (Nov. 4) according to both Yahoo! Finance and EarningsWhispers.com, so I’ll look to make an exit most likely by Wednesday afternoon if not sooner.
AA triggered a buy on Friday as it pushed through the trend line at $13.05 to begin moving higher out of the three-week base which had been building. I particularly liked the volume increase which accompanied the turn higher, as that indicates there’s some fuel behind this move. Earnings are already out from this company, so I’ll be patient with it going forward. I’m leaving my stop as-is heading into Monday, but if we see some decent follow through I’ll certainly look to tighten my stop next week. Decent start so far, let’s see what happens.
Closed Positions:
No closed positions.
