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.
ZMH triggered
Open Position Notes:
LLL declined further today to reach new correction lows, and although it bounced from its worst levels of the day, I am very encouraged by this price action. This trade has already reached Target 1 (where I closed 1/2 to book gains), and now it’s heading lower toward Target 2. I’ve adjusted my stop for remaining shares again tonight, leaving it a bit of room to fluctuate if needed, but the new lows today bode well for this short.
INTU displayed some nice relative strength today, holding above support on a morning test (which again validated my current stop), and rebounding nicely to finish green on the day. This one is holding up well, but needs to turn higher from this consolidation zone if it’s going to run. I’ll stick with my existing trade parameters for Wednesday.
ZMH triggered a short sale today as it broke the lower trend line of a bearish wedge pattern at $47.30, and despite some afternoon market strength this one stayed nicely negative. This is a fair start for this short sale, so I’m going to leave my trade parameters as-is for now while waiting to see some follow through in the coming days.
Closed Positions:
No closed positions.
