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.
ARBA Target 1 hit & stop tightened, FMC triggered, XEC removed (no trigger + pattern failure), KKR added
Open Position Notes:
ARBA continued higher on Friday, running through Target 1 where I closed 1/2 my position for a quick 5.6% gain. The stock worked slightly higher from there, but profit-taking erased some of the day’s gains into the afternoon. To see early strength fade on a Friday afternoon ahead of a long weekend isn’t out of the norm, and considering the light volume we saw all last week I’m willing to work with it. I’ve raised my stop tonight for remaining shares while waiting for a push toward Target 2.
FMC triggered a buy on Friday as it cleared the descending trend line and turned up from support, but here again with light pre-holiday volume the stock just couldn’t hold onto its early momentum. Ultimately, it finished right near the breakout zone, so I’m going to stick with my existing trade parameters as we head into next week and wait to see how it acts before jumping to conclusions. I’d have liked to see a stronger finish, but that’s just what tends to happen on a pre-holiday Friday.
Closed Positions:
No closed positions.
