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 added
Open Position Notes:
RAX gapped higher Thursday morning and quickly retreated to fill the gap, even turning negative on the day for a brief time. However, the stock trended higher for the remainder of the day, challenging the morning high in the final 20 minutes of the day to post a solid gain. This stock continues to act well, so I’m still on watch for follow through. I’ll stick with my already-adjusted stop heading into Monday’s session.
FLIR turned lower early on Thursday, but recovered and posted a slight gain by the close. I particularly liked how Wednesday’s gap was essentially tested and held, so I’ll be watching for continuation in this one going forward. I’ve already raised my stop once, and will leave it as-is while waiting to see further progress.
Closed Positions:
No closed positions.
It was nice to see some day trade action out of DKS.
The politicians are keeping momentum out of the market with their game of chicken on the national debt ceiling. They are pushing the Washington diet – lose wieght by sewing your neither region shut.
Institutional investors are holding back until this stupid game of Russian roulette ends. With no volume,no real velocity. I don’t expect much traction on swing trades, plus there is a potential for some really large pullbacks as rating agencies jump in sounding the red alert.
I’m putting more into gold with protective puts for what could be a “perfect storm”.
Hey John! Yes DKS offered some good movement early today, but cooled off a bit. Still trying to break out on the daily chart, which means it remains on the watch list for me. I was also glad to see overall volume today in the market much higher, so hopefully after tomorrow’s FOMC we can expect some greater participation (volume) on a more consistent basis.
As for the overall trend, I can’t and won’t argue with multi-year highs in each of the indexes. For now, like it or not, this market is climbing the wall of worry and while I agree with your observation of a general lack of velocity, the fact is that the buyers have both hands on the wheel and I’m not looking to bet against the prevailing trend. Fundamentally, you bring forth some good points, but as traders we have to respect the price action and not get too anticipatory with what might happen. My hunch is that the market will eventually offer some warning signals before making any notable turns, so until then the long side is the one I’m focusing on.