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.
AGP closed, SLB & APOL stops raised
Open Position Notes:
SLB pulled back again today but was able to stabilize above last week’s low, ultimately lifting slightly from that area to finish the day down just $0.44. This one has really taken its time and seems bent on testing the $78 area daily rather than freeing itself from this zone to build on the recent breakout attempt. I’ve tightened my stop again tonight just slightly, inching it higher since this stock is dragging its feet. The overall look remains bullish, but in the short term this one is lacking momentum and technically is free to move higher yet isn’t doing so.
APOL showed more indecision for the early portion of today’s session, only to gradually erode in the afternoon with a quiet intraday downtrend. Today’s retreat was minor, but in the bigger picture of this setup having been given several days now to get going since it cleared the trend line, it’s a concern that this one can’t seem to get going despite a market which has moved slightly higher. Volume is lacking, and it seems there’s just no conviction on the buy side as of yet. I’ve tightened my stop again tonight in order to further reduce my risk in this trade since it’s giving me no reason to continue allowing it ample room to move. Should I get stopped out, the hit will be minimal, but otherwise it still has a shot to work so I’ll just let the price action run its course.
Closed Positions:
AGP gapped higher this morning to produce a decent lift, just a day before I had originally intended to close out this trade (due to Friday’s scheduled pre-market earnings report). As noted here last night on the Hit List, I mentioned I may send out an intraday alert to close out the position if conditions warranted, so with the clock ticking on this trade and a chance to exit at a favorable price, I took the gain and booked a 2% profit. This one never accelerated higher as I had thought it could, so the next-best scenario was a modest gain and I took the opportunity to book it today. I’ll now leave this one alone in order to avoid the earnings announcement since I have no technical edge guessing on a fundamental event.
