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.
F 1/2 profits taken, SM profits taken, MOS stop tightened
Open Position Notes:
MOS tested the waters on the upside this morning, but once again showed some excellent relative weakness to the overall market as it turned lower and trended down for the rest of the day. The stock finished just a short distance from its lows, and continues to act heavy. That’s nice for this short sale, and perhaps we’ll see a push to Target 1 ahead of the weekend. I’ve tightened my stop tonight to breakeven to give this one a little breathing room, but otherwise will be watching for more downside.
F continued nicely higher today, and got very close to Target 1 before backing off slightly. I sent out an intraday alert via email & Twitter to say I closed out 1/2 my position at $16.82 (hence the * in the grid above) to book a quick 3.5% gain. The cause for that was that the stock was hesitating just a few cents from Target 1, and I felt it best to take some profits off the table rather than leave my stop as is and hold on for a few more pennies. So, I’m now out of half my position, and have raised my stop tonight for remaining shares in order to lock in some solid gains if the stock happens to slip. Otherwise, I’ll see if it can keep climbing, and if it becomes short-term extended I will send out another alert to book remaining profits.
Closed Positions:
SM pushed higher again today to show some follow through in price, but the volume expansion I was looking for just wasn’t there in the morning. I sent out an intraday alert via email to say I was closing out this position for a 3.8% gain ($1.90 per share), so I’m now out of the trade. The stock did move higher and push through Target 1, so for those of you who held on, that’s nice. For me personally, the lack of volume made this advance hard to trust, so I rang the register to book the gain. I’ll keep it on the radar since the trend is still up, but I’d like to see volume and price work together to offer some unified signals.
