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.
WYNN triggered, PVH stopped, ATU added
Open Position Notes:
RS gave back a little ground today, but for now remains above my stop loss and within the pattern. Monday’s breakout attempt and return to the base lacked volume, and today we saw activity taper off yet again. Tonight I could re-draw my trend lines for the pennant, which remains a bullish pattern, but a multi-day high and some volume expansion will be needed to get this one back on the move.
MTW pulled back today to test the breakout area on reduced volume, and I like the fact it was able to finish again above that level. Today’s dip looks like a test to me, so I’m going to wait and see what Wednesday’s session brings before considering any changes or adjustments here.
WYNN triggered a short sale today as it undercut support at the $100 level, and I was encouraged that the stock was able to finish the day beneath that level. This stock has shown persistent relative weakness to the overall market, and volume picked up slightly today to indicate the presence of more sellers. Let’s see if some follow through comes along in the next couple of days.
Closed Positions:
PVH triggered a buy on Friday but since then has shown nothing but weakness on expanding volume (which I noted here last night I didn’t like). Today my stop was hit to take me out for a modest 2.5% loss. This one just isn’t acting right after an attempt to move higher, so I’m going to leave it alone for now.
