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.
MASI stopped, RS & MTW triggered
Open Position Notes:
PVH tried to head higher this morning, but ultimately saw selling pressure drive the stock lower for the better part of the day. I still have my stop loss in place, and will leave it as-is for Tuesday to see if short-term support is able to hold, but I didn’t like the weak finish here today in the stock or the fact that volume picked up on the downside. Today’s bar was also a bearish engulfing bar, so it could be I get stopped out of this one on Tuesday, we’ll see.
RS triggered a buy today as it cleared the upper trend line of its pennant pattern, and for much of the day it held above that level despite the lack of upside momentum in the overall market. In the afternoon however, the stock gave back some ground alongside the market weakness. It still finished positive on the session, but it finished back below the trend line and volume failed to impress. I’m going to stick with my existing stop loss heading into Tuesday.
MTW triggered a buy today as it cleared the upper trend line at $13.05 to confirm the bull pennant pattern. This one showed nice relative strength to the market with a solid gain on the day, as well as nice expansion in volume on the daily chart. I’m going to leave my stop as-is for Tuesday while waiting to see if this one can head toward Target 1 where I’ll look to book 1/2 profits. Nice start so far, let’s see if we get follow through.
Closed Positions:
MASI triggered a buy on Friday but wasn’t able to hold above the trend line. Today the stock was weak from the beginning of the day, and it undercut support to stop me out for a modest 2.3% loss. Taking a loss is never fun, but in this case it was a calculated trade with what I felt was minimal risk, and therefore well worth taking the trade. This stock is no longer exhibiting short-term bullish action, so I’ll leave it alone for now.
