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.
JLL, CNW, ALB triggered
Open Position Notes:
DPS inched higher today to produce not only a little follow through but also some improvement in volume, just as I had hoped. The gain on the day wasn’t impressive by any stretch, but it is challenging yesterday’s highs and could see some upside acceleration if it’s able to get a little further from the trend line it just broke. Sticking with my existing parameters for now.
HOG had a nice breakdown yesterday and was able to break those lows today, only to rebound a bit by the closing bell. This one still looks weak to me and in danger of lower prices, so I’m not making any adjustments heading into Friday.
JLL triggered a short sale today as it moved down through $73 to turn away from the upper channel line. I like the fact that resistance is being respected, so now the key will be if this one can pull back deeper into the channel and pay me. Today’s finish in the red is encouraging, but I would like to see more in the coming days.
CNW triggered a short entry as it undercut its rising trend line at $33, and volume picked up slightly on the move lower. Today’s slide shows some nice relative weakness to the market, so let’s see if some follow through comes along. I like the start so far, and will look for a deeper pullback before looking to make any adjustments to my stop.
ALB triggered a short entry today as it broke the $42.60 level to mark a multi-day low. This stock has shown a recent history of quite a few high-volume distribution days, and while today’s volume wasn’t high, it was elevated and that is in keeping with the recent character of the stock. Price looks to be rolling over here after nearing the upper end of the range, so follow through will be the key going forward. Good start so far.
Closed Positions:
No closed positions.
