Hit List 2-7-2012

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.

PXP Targets 1 & 2 hit (profits booked)

Open Position Notes:

SLB pulled back this morning but held above yesterday’s low, then stabilized.  From there it worked its way back up to post a minor loss of just $0.14.  That’s good price action and I like how the $78 level was defended today on the test, validating Friday’s breakout in doing so.  I’m sticking with my existing trade parameters for now while waiting for follow through, and I’m still encouraged by how this one is acting.

Closed Positions:

PXP stumbled early in today’s session, then found its footing – in a big way.  A mid-morning reversal took the stock back into positive territory, and that was followed by a huge intraday uptrend.  It hit Target 1 early in the afternoon where I closed half my position for a quick 4.5% profit, then it continued higher into the afternoon to hit Target 2 where I closed the remainder of the trade for a 7.6% profit.  The net on this trade was a 6.1% gain in just 3 days with no pain to sit through, which was quite nice.  The stock now is facing the high from last July and may be due for a pause after this measured move out of the triangle pattern.  Great trade, I’m out with a solid profit and will now wait for a new setup before considering another entry.