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.
ILMN stopped, VNO added
Open Position Notes:
CBT flirted for the fourth straight session with a breakout, and once again couldn’t make it happen as it slipped right back under key resistance by the end of the session. This is still a setup which holds some promise, but the lack of follow through remains a concern. I tightened my stop last week, and will stick with that adjusted stop heading into Monday. It’s not far away either.
MDVN turned nicely higher on Thursday after triggering a buy, and was showing some follow through early on Friday as it made new highs, but some profit-taking kicked in and erased the early gains, putting it in negative territory by the end of the session. Overall though, this one is still looking good and I’ll stick with my adjusted stop loss for now which stands at breakeven.
Closed Positions:
ILMN worked well for me but did trigger my adjusted stop for remaining shares on Friday as it turned higher early in the day. This one could now create a higher low on the daily chart, so I’m out of the position with a net 5% gain, and will stand aside waiting for a new pattern to emerge before looking for another entry.
Nice call on VNO, Jeff. What are you looking at for a stop now that this confirmed over 70? Thank you…Jim
Hey Jim!
I’m sticking with $68 for now, wanting to give this one some room to fluctuate initially at least. Will be interested to see how it finishes the day, if it can build on this strength, and get a look at total volume by day’s end. I’ll post notes in tonight’s Hit List post, but I do like the breakout today so far.
I agree, Jeff. I took some profit on the shares I had prior to the confirmation. I like your targets though on the pattern….Jim
sweet call on VNO,Jeff
Thanks Arash, we’ll see if it can finish strong, but I do like the start!
hahaha…I would say it finished strong for today.
Jeff,
I have a quick time/sales question, related to pre and after hours markets. Often see a block go through way out of the market compared to other pre or post market trades. Is this just due to market makers finding trades and keying late or what?
Trade Detail
After Hours
Example:
Time (ET) After Hours
Price After Hours
Share Volume
17:40 $ 70.82 325
17:40 $ 70.82 175
16:57 $ 70.90 528
16:25 $ 70.90 3,860
16:12 $ 70.166 400
16:07 $ 69.65 1,000
16:03 $ 70.2282 3,000
Hey Jim,
That can be caused by one of a couple of things. The most common is what is called a ‘late print’, which is essentially an order which was filled at an earlier time but which was not broadcasted as a transaction. You’ll sometimes even see these late prints during market hours if you watch close enough.
But if that isn’t the root of it, then it is most likely just the wide bid/ask spread that brought it. It could be that buyers are lifting the offer for a few prints, then someone hits the bid down below, and the next print is back at the offer.
When it comes to premarket or after-hours trading, the fact of the matter is that it is not nearly as competitive of a market, so the liquidity is typically awful and I do everything I can to avoid it! Only when I have an opportunity to book what appear to be exceptional profits will I trade the extended hours, but I never enter positions during those times.
Hope this helps!
Crystal clear…thank you!
Jeff…
Have you ever thought about having a live chat room option for members to share plays, questions, etc? I know other groups do it, just not sure if you ever considered it. In the past, I have been part of this type of group and there is a lot to learn from yourself and other members. Plus, intraday patterns, trade oppurtunities could be discussed in real time. Just an idea…Jim
Hey Jim,
Actually yes, in 5 years running the site there have been a number of times when the idea was suggested. The fact of it is that I want my focus to be on the market during the day, and not on a chat room. We had a forum here as recently as 2008 which was pretty active, but it really cost me big opportunities with trading, so we took it down. I found that even though I can type really fast, taking my eyes off the market numerous times during the day was costly and I missed many good trades.
Also, while I do plenty of day trades, the overall site isn’t geared towards pure day traders, which is what a chat room truly caters to. So, we’re going with this comment system to see how it goes. This way the ability to share some ideas and ask questions is present (and encouraged), but it doesn’t offer much in the way of rapid-fire updates like a chat room would be, and it isn’t an all-day requirement in terms of attention.
Good points, thanks for the reply!