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.
PAY stopped, QCOM removed (pattern negated)
Open Position Notes:
FOSL never strayed far from Wednesday’s closing price today as it sat within a narrow trading range with quiet volume. This one is still lingering just a short distance from the breakout zone, so I’m staying with it for now while waiting to see if it will make another attempt at an advance.
Closed Positions:
PAY tried to break out yesterday but didn’t have the necessary volume to assist in the advance, finishing near its lows of the day. That didn’t look particularly bearish, but it proved to be, as today the stock broke down hard on a big spike in volume, triggering my stop loss to take me out of the trade for a 3.2% loss. Today’s move implies the stock now needs to base further and rebuild a new pattern, so I’ll avoid it until that occurs.
