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.
VSH & IVN stopped, MOS triggered, SM added
Open Position Notes:
MOS triggered a short sale entry today as it broke the rising trend line at $69 which had been serving as support. The stock moved nicely lower from there, and soon was $2.20 below the trend line. The market then stabilized, and this stock recovered a bit alongside it, but I was encouraged by today’s expanding volume with the selling pressure and the fact that it still finished more than 2% lower on the day. That shows relative weakness, so I’ll be on the lookout for follow through in the days to come. Due to today’s nice start to the trade, I’ve also tightened my stop for this trade in order to reduce my risk heading into Tuesday’s session.
Closed Positions:
VSH triggered my raised stop loss right on the open, taking me out of remaining shares for a 2.5% gain. This gave me a net gain on the trade of 3.4%, which isn’t bad for a quick play. This one may be able to climb further, but at this point it’s getting a bit more volatile so I’ll wait for another setup to emerge before looking at another entry.
IVN gapped lower and traded down from there, hitting my stop loss to take me out for a 3.4% loss. I had been looking for a possible move back up once the trend line was broken, but today’s turn lower gives the stock the appearance of a failing bounce, so I’m going to stand aside for now as the stock isn’t acting strong at this juncture.
