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.
DRIV & FCX triggered, AA & DRIV & FCX stops raised, EAT trigger adjusted, FCX Target 1 hit
Open Position Notes:
AA gapped higher this morning and ran throughout the session, finishing right at its highs of the day. Today’s push propelled this stock to new recovery highs, which is quite encouraging after seeing a couple days worth of consolidation following the trend line break. Today’s move also was accompanied by strong volume, which is technically positive as well. I’ve adjusted my stop tonight after this nice initial move, and am now watching for a push to Target 1 (where I’ll book 1/2 profits once reached). This stock is now reaching a consolidation zone from April, but still looks poised for higher prices.
DRIV triggered a buy this morning on the open, gapping through my intended entry price. A gap of more than 1% beyond my trigger price would warrant a smaller position, but in this case it was a gap smaller than that so no size reduction was made. Today’s turn up through the trend line is very positive, although I’d have liked to see stronger volume. I’ve adjusted my stop tonight in order to reduce my risk in the trade, and will now be watching for follow through in the short term. Nice start so far, but I’d like to see stronger volume or additional upside, or both.
FCX also triggered a buy this morning as it broke out from its triangle pattern, gapping through my intended entry of $98.50. As per my Swing Trading Strategy page and the gap guidelines posted there, this morning’s gap warranted a smaller position size (1/2). I was quite pleased with the price action though, as the stock ran higher throughout the day, hitting levels not seen since summer 2008 on very heavy volume. Target 1 was hit, allowing me to close 1/2 my position for a 2.5% gain. Tonight I’ve raised my stop for remaining shares, reducing my risk further while I wait for a push to Target 2.
Closed Positions:
No closed positions.
