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.
NUE & BIDU closed
Open Position Notes:
No open positions – 100% cash waiting on new entries.
Closed Positions:
NUE got well beneath Target 2 this morning in the pre-market, so hopefully some of you were able to take advantage of that. I closed the last of my shares at $36.85 this morning (as per my email) for a nice 5.1% gain on those shares. My overall exit on this trade yielded a profit of $1.70, or a 4.4% gain. It was a nice trade, but now the stock is due for a rest after 6 consecutive declines. I’m out with a gain and will await a new setup before considering another entry. The overall trend is still down.
BIDU gapped lower this morning and eventually made a new correction low, although it remains shy of my original Targets. As per my email notice today, I booked profit at $124.85 for a $7.75 profit or a 5.8% gain. This was a very nice trade with no pain. Although the stock remains technically broken, it is due for a rest after 6 consecutive declines and so is the overall market. Given this is a high-beta name, it has the potential to gap and/or run higher on a bounce attempt, so I booked the profits in this one after a nice move and will now wait for a new setup to emerge.
