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 added, FDX stop tightened
Open Position Notes:
FDX pushed higher once again today, adding 1.4% as the overall market finished relatively flat. I continue to like the action in this one, particularly after having booked 1/2 profits Tuesday at Target 1, and have tightened my stop once again tonight for remaining shares since the 2nd Target is getting close. If it reverses, I’ll book remaining profits and step aside, but perhaps it can edge higher and get to the 2nd Target before another rest kicks in.
WFMI attempted to bounce today but ultimately couldn’t get it done, finishing lower by a few cents on the day. I’ve been very patient with this short sale, and am leaving my already-adjusted stop in the same place heading into tomorrow. This chart still looks bearish, but the sellers need to assert themselves one more time if we’re going to see that August gap get filled.
Closed Positions:
No closed positions.
Hi Jeff,
Appreciate if you comment.
In today’s video you have mentioned that AIG is possible short day trade. You also said you are not going swing for AIG because it is news. Obviosuly it is a big company and may be in news. What is the technical point if it is news ?
Thanks,
-A
Hi Abdul,
I’m glad you asked this. The reason why a stock that’s seeing frequent headlines and news is one that I’m reluctant to swing trade (hold overnight) is that I feel like the potential exists there for a substantial gap to occur. Yes, the news could bring about a favorable move if it is the right kind of news, but that also means I’m unable to manage risk as effectively when the potential for more news is so great outside of market hours. So for me, it boils down to risk management.
I hope this helps to clarify, if not just let me know and I’ll take another shot at explaining. Have a great Thursday!