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.
MON stopped, MOLX added, CXO & CSX stops raised
Open Position Notes:
SWK gapped lower this morning, but the lows were set soon after and the stock was able to stage a modest recovery from its morning lows. It still finished the day negative, and remains inside its consolidation, beneath resistance. I have a stop in place on this one which I’m sticking with, but at the moment this stock appears to just be basing further before its next move.
CXO advanced further today with a strong morning, but a bit of profit-taking kicked in after 10am ET and it finished off its highs. I like the fact that it was positive again, and still expect to see a push toward Target 2 in the days ahead. I’ve raised my stop again tonight in order to lock in more gains should it happen to reverse lower, but I’m giving it some room to breathe since it may need to take a bit of a rest. Good action though.
CSX recovered from a weak start this morning to push to new highs, although it drifted lower in the afternoon to finish the day right near yesterday’s closing level. This appears to merely be a little fatigue after a solid multi-day run, so I’m expecting a little rest here before another move higher. If it happens to power through to Target 2, that’s certainly alright with me. In the meantime, I’ve raised my stop again for remaining shares in order to lock in further gains should it happen to falter a bit.
Closed Positions:
MON tried to break out yesterday, but fell back into its base, suggesting it wasn’t ready to run yet. Today we saw this stock reverse lower to completely negate the bullish pattern it had built, triggering my stop to take me out of the trade for a 3% loss. I’m going to avoid this stock for now as today’s volume spike with the pattern failure suggests it may need to pull back further in the short term before it’s ready to go again. I’ll watch for a new pattern to emerge.
