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.
RRC closed (Targets Exceeded)
Open Position Notes:
EAT sold off right after the open this morning, and while the stock did stabilize for the final few hours of the day, it finished just a few cents off its lows of the day. I continue to be encouraged by the price action in this trade, and I like the progress it’s starting to make. I’m expecting to see some follow through toward Target 1, which would coincide with a test of the October low. Perhaps that will take place in the coming days. Today’s move helps to further solidify the appearance of a lower high on the daily chart, which is nice to see as this stock resumes its correction.
Closed Positions:
RRC moved higher through resistance on Monday, and I noted last night how I liked the action for a number of reasons. I didn’t see today’s move coming, however, as the stock gapped higher this morning to open beyond Target 2. I booked the winner for a fast $3.65 – a 9.2% gain. The stock did move a bit higher off the open but then backed off into the afternoon, so I’m pleased with the exit. The idea is to keep capital rotating from one play to the next, and once the move is caught to ring the register and move on. This one allowed me to do that quickly, which is always fun!
