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.
LTD stopped, CLI triggered, MON & MICC added
Open Position Notes:
TNB continued higher in early trading on Friday as it pushed to new recovery highs after last week’s breakout. However, profit-taking brought it down from its best levels and it spent the remainder of the session near Thursday’s closing prices. It finished the day down slightly, but volume contracted as well, which is acceptable. Light-volume, shallow pullbacks are far easier to endure, and I still like this setup so I’ll stick with my previously-adjusted stop heading into Monday.
CLI triggered a short sale as it undercut the low end of its trading range. It didn’t move much lower before it bounced, but the upside was very muted from there. By the end of the session, it was only a short distance from the trigger price. It’s still too early to know for sure, but the lack of a big rebound on the failed break of support implies that it could come knocking again with another attempt at a support break. I continue to like this setup and will stick with my existing trade parameters for now.
Closed Positions:
LTD triggered my stop on Friday as it moved back up to make a new high on the week. The breakdown from the wedge simply couldn’t find follow through, and the market rally helped it stabilize after the technical trend line break. So I’m out of this one with a 3.8% loss. Not fun, but I did like the risk/reward on the trade and it simply didn’t crack.
