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.
GGC & CAGtriggered, TMK stop raised, MSG added
Open Position Notes:
TMK edged higher today after some morning indecision, but what I liked most was that volume improved. This one has been acting overall pretty well since triggering, but the lack of volume has been a concern to me, so today’s improvement in that realm was a welcomed sight. I’ve tightened my stop on this one slightly while waiting for more follow through with a push toward my target.
PCL started the day on a weak note, but quickly recovered and spent the remainder of the session in positive territory, finishing right near its highs of the day. Today’s move to a new 52-week high was encouraging, so now I’m waiting for a move toward my targets in the coming days. I’d like to see price continue higher soon to get well clear of the handle area of the cup & handle pattern, but overall I like the action here so far.
GGC triggered a buy today as it hit $19.15, and this one really acted well today. Volume surged higher with today’s important breakout, and price now looks poised for follow through. Target 1 was nearly hit today, but price stopped just shy of that level. Virtually any follow through in the coming days should allow this stock to push through there, so I’ll be watching for that possibility tomorrow.
CNW triggered a buy today as it cleared the upper channel line at $36, but volume was somewhat light and didn’t allow for much initial follow through. The stock slipped back into the channel, but still outperformed on the session. I’m going to stick with my existing trade parameters for now while waiting for some additional strength to arrive.
CAG triggered a short sale today by undercutting the lower rising trend line of the bearish wedge on the daily chart at $25. This one didn’t show a lot of downside follow through, but it did remain negative on the day. I still like the looks of this chart for lower prices, so with a pretty tight stop already in place, I’m going to leave it as-is heading into Wednesday.
Closed Positions:
CBL continued higher today on the heels of yesterday’s rally, taking this one right up to my target. The stock was hesitating just a few cents shy of the $15.40 level (where I had planned to book profits), so I rang the register at $15.30 for a 7% winner in 2 days. The stock ran into resistance in the area of the previous high (as anticipated), and now may need to base for a little while. I’ll keep it on the radar in case it sets up for another entry.
