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.
CREE stopped, DRI triggered
Open Position Notes:
DRI triggered a short entry today as it undercut the $43.20 level, and initially it turned lower from there with a breakdown. However, with the market stabilizing, this one did too, and from there it went positive by the closing bell. This looks like an initial failure of the breakdown, but with light upside volume accompanying today’s bounce, as well as the fact that Monday’s high was never approached, I’ll give it a bit more time before jumping to conclusions. This one has shown some relative weakness of late, so I’ll stick with my existing trade parameters heading into Wednesday.
Closed Positions:
CREE turned higher today after respecting resistance on both Friday and Monday to stop me out for a 4.3% loss. I’m not pleased with the result of the trade, obviously, but in hindsight I still feel the setup warranted the trade I took. The stock has trended lower since the July high, and had not responded to the recent market surge. I’ll keep this one on the radar in case it sets up again, as it still is lacking the technical positives it needs to put together a sustained move higher.
