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.
POT closed ahead of earnings
Open Position Notes:
GRMN bounced today on increased volume, taking it right up to the area of the unfilled gap from a couple of weeks ago. This is not encouraging price action after seeing the stock attempt to break down on Monday and fail to gather steam to the downside. It could be that today’s jump was a short-squeeze type of move, but the strong volume suggests otherwise. I’m leaving my stop as-is for tomorrow’s session, and will abide by it should the stock trade up to that level.
Closed Positions:
POT gapped higher this morning just a day ahead of tomorrow’s earnings report, so I took the overnight gift and booked the profit. I was going to exit this position today anyway, one way or another, and fortunately it was on strength rather than weakness. My exit netted me a 2.3% gain, which wasn’t a big winner but it beat stopping out and as of yesterday it was very close to doing so. I’ll now leave this one alone and wait for a new pattern to emerge.
