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 had advanced for 6 straight sessions going into Friday, and so a rest was to be expected. With the overall market not doing much, this one put in a little rest with a minor pullback. I’m leaving my existing trade parameters in place for now, allowing it some room to wiggle while waiting to see if the recent breakout can find some follow through.
HOG turned lower again on Friday after Thursday’s minor bounce attempt, and that’s encouraging to see. Volume also picked up with the decline in price, showing more participation on the downside than on the upside. I’m pleased with how this one is acting so far, and am waiting for continuation toward Target 1 before looking to make a stop adjustment or designate Target 2.
JLL edged slightly higher on Friday, but continues to respect the upper end of its trading range after a light-volume bounce to resistance. A turn lower from this area would be ideal, so I’m watching for that scenario to play out over the coming days. If not, my stop is in place and I will respect a breakout.
CNW backed off slightly more on Friday, but it was an inside day on the chart. Typically these tend to be continuation bars, which in this case would point to additional weakness on the day due to Thursday’s decline. For now, the lower high is still in place, so I’m staying short with my existing trade parameters as we head into Monday.
ALB continues to linger right near my entry as it hovers beneath the top end of its trading range. I’m waiting for continuation to arrive with a multi-day low, so a move back down through the $42.15 area may be what it takes to invite more selling pressure. Trading range reversals like this can sometimes require a little time before they get moving, so I’m staying patient while waiting for my move.
Closed Positions:
No closed positions.
