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.
RS & MTW stopped, ATU triggered, AGU added
Open Position Notes:
WYNN had put together a string of declines prior to today, and although they were minor, the stock was probably due for a bounce. Today we saw some minor upside in the stock, but I was encouraged by the fact it finished well off its best levels. Volume was up, but most likely just due to more churning with the stock crossing the $100 level again during the day. So for the moment, the stock is clinging to support, but the price action isn’t suggesting a lot of strength here. I’m going to stick with my existing stop heading into tomorrow.
Closed Positions:
RS attempted to move higher out of its base, but with a couple of weak finishes the stock just wasn’t showing much conviction. Today we saw a little deeper pullback develop, taking me out of the trade for a modest 2.6% loss as it moved to a new pullback low. I’m going to keep this one on the radar in case it sets up again, but for now this is a failed pattern.
MTW broke out on Monday and pulled in slightly on Tuesday, posting an inside day on lighter volume as it appeared to be just a technical test of the breakout zone. Today however, we saw the stock fail in more spectacular fashion, moving decisively lower to negate the bullish pattern and stop me out for a 3% loss. I’m going to leave this one alone for the time being due to the fact it’s not showing any follow through to the upside.
