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.
SM & ANR closed
Open Position Notes:
MDR opened higher this morning and reached a new recovery high since last month’s pullback, but failed to maintain its strength and instead reversed to finish lower on the day. The turnaround took it to a new multi-day low, which is short-term bearish despite the light volume which accompanied today’s reversal. I noted here last night the reluctance this one has been showing and subsequently raised my stop. Tonight this one is sitting just a short distance from that stop, so I could get checked out as soon as tomorrow. If so, I’ll take the small loss and move on. Otherwise, this one will need to get back on the northbound train if it wants to continue its uptrend, as right now it’s in danger of producing a lower high.
Closed Positions:
SM pushed to a new high yesterday, hitting Target 1 in the process. Last night I raised my stop for remaining shares in case it happened to turn around, and today the stock reversed to trigger that stop. Ultimately, it moved back beneath the breakout zone, which suggests a breakout failure. I’m out of this trade with an average gain of $2 per share, or a 2.6% gain.
ANR also has shown some hesitation to move higher since triggering a buy, and I noted that here last night and raised my stop because of it. Today the stock turned lower to trigger my stop, taking me out for a 2.4% loss. This is a failed pattern and I’ll leave it alone for now.
