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.
SOHU closed, CMI & BAX triggered, ARUN added
Open Position Notes:
CMI triggered a buy this morning as it pushed past $82.40, but the stock was unable to reclaim that level for the rest of the day. It backed off slightly, finishing essentially flat on the session, still inside its recent consolidation zone. I’m going to stick with this one given the light volume in the stock today, and will reassess if and when it can push back through resistance. Today’s early move had the look of a head fake, but I’m going to give it more time to find out.
BAX triggered a buy today as it moved through $45.35, although the stock never gained momentum and instead finished right at that level. This is one I’m expecting to be a slower mover, so I’ll be patient with it for now while I wait to see if it can show some upside follow through. I like that it’s trying to push through resistance here, but the buyers will need to get behind it to propel it higher. Today’s light volume shows there’s plenty of room for higher participation, so let’s see if that arrives in the coming days.
Closed Positions:
SOHU powered higher this morning, ripping through Target 1 at $50.40 where I booked 1/2 my gains for a quick 4.7%. Soon after, it pushed through Target 2, where I closed the remainder of my position for a very nice 7.2% gain. The stock then backed off the morning highs, suggesting it has become a bit extended after this quick ramp higher. I’m out with a solid but fast 6% winner, and will wait for a new pattern to emerge before looking to re-enter.
