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 & ALB stopped
Open Position Notes:
DPS ticked slightly higher today to reach its best level in a few weeks, but volume wasn’t quite strong enough to really provide some stronger momentum. This one is in the green since clearing its trend line last week, but I’d like to see some acceleration soon to maintain conviction in the trade. If that doesn’t happen, I’ll look to tighten my stop rather aggressively or possibly just close out the position.
HOG continued lower today to further confirm the broken rising wedge from last week, and I like the price action in this one quite a bit. Target 1 was nearly reached today, so I would expect to see that level crossed tomorrow. I’ve tightened my stop tonight, but am still allowing this one some room to fluctuate. Also note I have designated Target 2 on the list above.
CNW attempted to bounce this morning but gave back those gains and finished in the red on the day. The failure to finish strong is encouraging to see, particularly after the trend line break last Thursday, so I’m still on watch for some downside continuation in this one, as there’s plenty of room to slide.
Closed Positions:
JLL gapped higher this morning to trigger my stop loss, taking me out of this trade as the stock pushed beyond its descending channel. I’m now out of this trade with a 2.7% loss, which is somewhat irritating given the fact that this one returned to negative territory this afternoon due to the weak morning volume. Nonetheless, I do respect the trade parameters I set out for trades, and ignoring stop loss levels isn’t something I want to make a habit of. I’ll keep this one on watch in case it starts heading back down within its channel.
ALB gapped up and rallied early in the session to break out of its multi-week trading range, triggering my stop loss to take me out of this trade for a 2.8% loss. The loss itself isn’t as disappointing as was the price action soon after, as this stock reversed back down to fill the morning gap and return to its trading range. This one still looks vulnerable to lower prices, particularly after today’s fake-out move, so I’m going to keep it on the radar for a possible re-entry if it settles down a bit and begins to weaken.
