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.
SPG stopped
Open Position Notes:
CREE bounced today, but held beneath recent resistance and volume was light. While I don’t like the fact that it bucked the market trend for the day, I do still view this as a bearish chart which may just need a bit more time. The stock had declined in the previous 4 sessions, and 5 of the past 6 sessions, and may simply have needed a relief bounce. The next couple of days could prove pivotal for this one, so I’ll be watching closely for signs of weakness to return. For Friday, I’ll stick with my existing trade parameters.
Closed Positions:
SPG broke out on Monday from a nice, clean bull flag pattern. Tuesday it reached new highs, only to reverse and finish negative. However, volume was light, just as it was Wednesday when it pulled back further. This offered mixed signals with price contracting on diminishing volume, so with support approaching, I opted to stick with the trade to see if it could recover. Today the stock continued lower, hitting my stop to take me out for a 2.8% loss. Failures like this can be irritating, there’s no doubt about it, but they are part of trading and it could have been much worse in this case. So, I’m out with a modest loss and will stand aside from this one as it’s no longer a bullish chart in the short term.
