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.
FCN & FDX triggered, X removed, WFMI added
Open Position Notes:
CVX turned higher today to get back above the trading range, although volume was still lackluster. This stock remains sluggish, but the pattern is still constructive, so I’m trying to be patient with it while waiting to see if it can get back on the move by leaving this high trading range on a solid breakout.
FCN moved up and out of its bull pennant pattern today with an uptick in volume. Today’s high approached the recent high from last week, but it wasn’t cleared. Nonetheless, today’s advance is positive, so I’ll be watching for some follow through in the next couple of days.
FDX gapped through my intended trigger price today, but as per my swing trading strategy, I still took the trade but by a reduced amount. Today’s move constitutes another breakout for this stock, and it’s acting quite well here with the jump in volume. I’ll be watching for follow through and a continued move toward the targets in the days ahead.
Closed Positions:
No closed positions.
Hi Jeff,
What is Bandit’s view for JCP chart pattern ? Even GS dropped its rating.
Thanks,
Abdul
Hey Abdul,
JCP the way I see it is consolidating after a decline, which typically implies more downside to come. The inability to bounce with the market just since 11/4 shows its relative weakness. Today is another example as it posted a loss on a day in which the market rallied significantly. I would maybe consider it for a short sale under support in the $29.30 area, but at the moment it appears to be resting.
Hope this helps!
X should have been omitted from the grid above. Beneath the grid it says it was removed, but was accidentally left on. It will be pulled from the grid this evening. The upward acceleration on Monday leaves it too far from the current trigger.
Trade well today!