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.
MPEL Target 1 Hit (1/2 profit taken), all stops tightened
Open Position Notes:
MPEL continued higher today to push past Target 1, allowing me to close 1/2 my shares to book profits for a quick 8% gain. This was the move I’ve been wanting to see before the end of the week (as noted here the past couple of nights), so it’s nice to see the stock do it on strong volume. It did back off its best levels a bit, but at this point has made a nice run and deserves a rest. I’ve raised my stop tonight for remaining shares using the gap from Tuesday as an area I’d now like to see held if a pullback happens. That way I’m allowing it some room to fluctuate, locking in solid gains if it rolls over, and participating in a continued rally.
CROX has rallied well the past couple of sessions and got off to another solid start this morning, getting within spitting distance of Target 1. However, the stock came under some profit-taking and slipped into negative territory. That created a bearish engulfing bar on the daily chart, but on lighter volume, so it gave mixed signals. Earnings are due out August 1st, so there’s still some time for this one to go. I’ve raised my stop tonight to reduce risk in the trade in case today’s reversal finds follow through, but otherwise will stick with this trade if it simply needs a rest.
PPO rallied hard this morning but gave back a big chunk of its gains with some selling which followed. It did post a gain on the session with some improved volume, but currently sits right near my entry price and thus has not made much progress. I’ve raised my stop tonight to reduce my risk in the trade, but will still allow it some room to fluctuate. A multi-day low at this point would take me out, as earnings are approaching August 1st.
CAM gained some ground today to challenge the early-July high, but wasn’t able to clear it. Volume remains lackluster, and with earnings due out next week I’ve tightened my stop tonight in order to reduce risk in the trade. This one still has a shot at pushing higher, but as earnings approaches I’ll continue to raise my stop aggressively. I may look to make an early exit if the price action warrants it, but worst case I’ll stick with my stop loss should the stock happen to turn lower.
Closed Positions:
No closed positions.
