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.
HOG & CNW Targets Reached
Open Position Notes:
DPS turned lower today on increased volume to slip back into the red, and this action isn’t very good. The stock did stop short of stopping me out, but that’s a real possibility heading into tomorrow. My risk here is limited, and the past couple of advances in the stock were sizeable, so I still felt the trade was worth taking. If I’m stopped out tomorrow, I’ll move aside and wait for better strength to emerge in this one before looking to reenter. For now, it’s hanging on by its fingernail, so perhaps it can rebound some tomorrow.
Closed Positions:
HOG continued lower today with increased downside volume, moving through Target 1 right off the open where I booked 1/2 my profits for a quick 4.2% gain. The weakness persisted though, taking it down through Target 2, allowing me to close out the 2nd half of my position for a 7.8% gain. So, I’m now out of this trade with a solid 6% winner in just a few days, and will now stand aside and wait for a new pattern to emerge, as this one’s starting to get a bit stretched to the downside.
CNW broke down hard today, accelerating the modest decline which began last week with the break of the rising trend line. Today’s move took this one down through Target 1, where I closed 1/2 my position for a 4.5% gain. It then took out Target 2, where I booked the remainder of my position for 8.1%. On a net basis, this one gave more than 6.3%, and I’m now out with a solid gain after just a few days of movement. There’s still some room for lower prices, but I felt it was best to utilize today’s weakness and book the quick winner.
