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.
X stopped, BIDU triggered, TUMI removed (pattern negated without triggering)
Open Position Notes:
BLK continued lower today on heavy volume, shedding 3% on the session and undercutting the prior low on its way to support from earlier this year. This stock is approaching my Target and could get there as quickly as tomorrow. With pre-market news, however, I’m not yet making an adjustment to my stop. If I’m still in heading into Monday’s session, I’ll look to make an adjustment then.
NUE moved a bit lower today with a modest decline, but it did break yesterday’s low. Next levels to watch will be the April low, followed by the $38 level from mid-December. Overall the trend remains down, so I’m staying with this short.
BIDU triggered a short sale today as it broke the rising trend line at $132.60. From there, the stock wasn’t able to do much, as it actually finished back above the trend line by the end of the day. This is still a bearish setup, so I’m going to stick with it and leave my stop as-is heading into Friday’s session.
Closed Positions:
X sold off further today, further emphasizing the failed breakout attempt from earlier in the week as it crossed the trend line at $29. Today’s move triggered my stop to take me out for a 3.4% loss, leaving the stock back inside its range. At some point it may set up again, but for now it isn’t acting like it’s ready to lift so I’m going to leave it alone.
