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.
MET stopped, ANR & CCL added
Open Position Notes:
MDR gained a little ground on Friday, despite spending the session confined to a narrow range. Thursday’s highs and lows were respected, marking an inside bar on the daily chart for Friday. These often prove to be continuation bars, and with this stock still acting well technically, I’m encouraged by that. I’m going to leave this one some room to fluctuate in case it needs it, so I’ve yet to make an adjustment to my stop.
SM powered past the breakout zone again at $75 on Friday, and this time it stuck. The stock showed some excellent intraday momentum as it pushed to new 52-week highs, and even though it finished off its best levels of the day it was still an impressive advance with volume confirming the move. I’m planning to wait for further progress before making any stop adjustments, so as to give this one some room to fluctuate in the meantime.
Closed Positions:
MET bounced past the prior week’s high on Thursday, but backed away, suggesting it had successfully tested resistance. However, on Friday the early market strength carried this one higher, pushing it through my stop to take me out of the trade with a minor 1.7% loss. Although it did pull back slightly later in the day from its best levels, it had still taken out resistance and therefore I had no technical reason to stay with the trade. I’m out for now and will wait for a new pattern to emerge before considering another entry.
