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.
BLK closed, NUE Target 1 hit & stop tightened
Open Position Notes:
NUE sold off further today to move through Target 1, allowing me to close out 1/2 my position for a 3.6% gain. The stock attempted to bounce from there, but created a lower high in the afternoon and retreated to finish not far from that area. On the daily chart, this one is still not looking extended, so I’m staying with it for a continued push toward Target 2. I’ve tightened my stop tonight for remaining shares just to be prudent with my risk.
BIDU posted its third consecutive decline today as it made a new correction low. I’m encouraged by this price action and now the stock has some room to go before next support is reached. Short-term, it’s still not yet extended, so I’ll be watching for some follow through in the coming days toward my Targets. If this one is able to make some further progress, I’ll look to make an adjustment to my stop. For now, I need to allow it some freedom to bounce in case we see an attempt at some dip-buying.
Closed Positions:
BLK continued lower this morning, gapping down to within 4 cents of my Target at $181. The stock began to recover from there, so without risking a nice open profit for just a few more cents I covered my short position. I generated an alert intraday and posted it via Twitter and had it sent out via email, so hopefully you received it. I’m now out of this trade with a 4.5% gain, which was a big move in the stock of $8.62 from my entry without any trouble along the way. The $181 area is former support, so it’s a logical spot for this one to rebound. I’ll leave it alone for now but if it sets up for another play I’ll re-list it.
