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.
GDX & NEM triggered
Open Position Notes:
STP stagnated again today despite the market strength, and that’s disappointing to see. This stock had held up extremely well in the face of the last market pullback, and now that the market is running up, this stock is ignoring it. The pattern remains bullish for now, but the longer it sits here without moving, the more it becomes a trading range rather than a flag or pennant pattern. The $11.20 level is posing as short-term resistance, and it wouldn’t take much to get this stock moving if it can clear that level. I’m sticking with it for now, but will look to make an adjustment soon if it proves unable to move.
GDX triggered a short sale today as it broke its rising trend line, and although it ended the day just a few cents above my trigger price, I still like today’s action. This ETF showed good relative weakness, and the trend line rises daily, so even if price stagnates for a short time here the chart is still short-term bearish. I’m sticking with my existing trade parameters for this one for now, and will watch for follow through in the coming days.
NEM triggered a short sale today as it undercut its rising trend line at $58.70, and I was pleased with the initial action in this one. The stock headed steadily lower before stabilizing just slightly in the afternoon, still finishing well in the red and solidly beneath the trend line. I’m going to hold off on making any stop adjustments just yet, but will be watching for follow through in the next couple days now that this one looks to be confirming a lower high.
Closed Positions:
No closed positions.
