TheStockBandit.com

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.

HAL removed, CVX & USO stopped

Open Position Notes:

FCN pulled back slightly today, but overall it held up pretty well.  Volume upticked slightly, but remained below average.  The past couple of days appear to be a minor pullback within the overall uptrend, so I’m trying to stay patient while waiting to see if this one will turn back up.

FDX took a dip today as it filled Monday’s gap.  Fortunately, volume was very light, and the stock was able to rebound a fair amount from the session lows to roughly cut the day’s losses in half.  This appears to be a healthy pullback within the uptrend, so I’m sticking with it for now with no adjustments tonight.

WFMI has been trying to fill the gap from August since breaking support on Tuesday, but today the stock bounced on increased volume to reclaim the former support zone at $26.70.  This is a bit of a concern, but my stop isn’t far away so if the bounce continues I’ll respect that and allow my stop to take me out.  I’d prefer to see the recent weakness return, so we’ll see what happens tomorrow.

Closed Positions:

CVX turned lower today, falling back into the channel it has been trying to break out of with an uptick in volume.  This took the stock down through my stop loss, which had been kept pretty tight.  This is a failed breakout attempt, so I’m out of the trade with a 2.3% loss.  I did like the risk/reward for this trade, although the sluggish action since it triggered an entry did test my patience.  I’m going to keep an eye on it in case it is able to firm up again, but for now I’m out with a small loss.

USO triggered a buy yesterday by hitting my trigger price right on the nose at $41.00.  The inability to push through the whole number was a little concerning to me, but I was willing to stick with it and see if it would go ahead and move solidly higher out of the descending channel it has been bound by for the past few weeks.  Today it turned decisively lower to fall back well into the channel, taking me out for a 3% loss as it hit my stop.  This is a manageable loss, but it is still a little disappointing considering the entry was triggered to the penny.  Clearly I wasn’t the only one watching the $41 level, but in this case waiting a few more cents (like $41.05) may have proven worthwhile.  The channel itself is still intact, so I’ll watch this one in case it turns back up for another possible breakout.  For now, I’m out.

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.

USO triggered

Open Position Notes:

CVX tested the downside today but finished the day slightly positive following an afternoon rebound which erased its losses.  This one continues to look like it could break out and get running on the daily chart, although we have yet to see it.  I’m staying with it for now with no changes tonight.

FCN sold off this morning but was able to stabilize for the remainder of the day, never breaking the morning low set in the first hour.  Today’s dip came on light volume, so I’m sticking with my existing trade parameters for now while waiting to see follow through.

FDX turned lower today as it retraced some of its recent gains, although it did hold above the Monday morning gap.  Today’s downside also came on light volume, so I’ve made no changes for this one as I’d like to see how it responds in the next couple of days.

WFMI continued lower today after yesterday’s trigger, although it did not break Tuesday’s low.  This one still has some room to tumble before the August gap gets filled, so I’m staying patient with it for now.

USO turned higher today by briefly breaking out of its descending channel, triggering an entry for me as it hit the trigger twice right on the number.  I would have expected it to push on through the whole number at $41, but it didn’t, and instead backed off slightly from that level.  This is a slow-moving ETF, and it appears we’re still waiting for a breakout that will stick, so perhaps that can occur in the next couple of days.  I do still like this setup and will leave my stop as-is heading into tomorrow.

Closed Positions:

No closed positions.

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.

WFMI triggered, HAL & BEN & USO added

Open Position Notes:

CVX posted a slight gain on the day despite spending the session in a choppy trading range  This one has yet to really break out and run higher, but it can be a slow mover so I’m doing my best to be patient for now.

FCN started the day in negative territory, but quickly gained some traction and worked higher for the rest of the day with some intraday higher lows being formed on each pullback.  The upside was limited, but I like the relative strength and it still has plenty of room to run.

FDX spent the day in a rather choppy range, although it did post a gain on increased volume.  This one is acting well, so I’m going to stick with my existing trade parameters for at least another day before looking to make any adjustments.  I like the quiet advance today, and will watch for follow through.

WFMI triggered a short sale this morning as it sold off steadily for the first 1 1/2 hours of the day.  From there it stabilized and rebounded a fair amount, but it still finished not only negative on the day but also beneath former support.  I continue to like the prospects for this one, so I’m sticking with my existing trade parameters.

Closed Positions:

No closed positions.

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.

FCN & FDX triggered, X removed, WFMI added

Open Position Notes:

CVX turned higher today to get back above the trading range, although volume was still lackluster.  This stock remains sluggish, but the pattern is still constructive, so I’m trying to be patient with it while waiting to see if it can get back on the move by leaving this high trading range on a solid breakout.

FCN moved up and out of its bull pennant pattern today with an uptick in volume.  Today’s high approached the recent high from last week, but it wasn’t cleared.  Nonetheless, today’s advance is positive, so I’ll be watching for some follow through in the next couple of days.

FDX gapped through my intended trigger price today, but as per my swing trading strategy, I still took the trade but by a reduced amount.  Today’s move constitutes another breakout for this stock, and it’s acting quite well here with the jump in volume.  I’ll be watching for follow through and a continued move toward the targets in the days ahead.

Closed Positions:

No closed positions.

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.

RTI  & JNPR stopped, HON removed (pattern failure), FCN & FDX & X added

Open Position Notes:

CVX bounced slightly on Friday but overall continues to hover not far from the breakout zone, implying it just might not be ready to run yet.  I’m leaving my stop loss as-is, and will be patient to see if this one will pick a direction or continue higher in the coming days.

Closed Positions:

RTI gave me a nice run and was acting like it really wanted to break down hard, particularly after last Thursday’s selling pressure.  I tightened my stop accordingly after the 1st Target had been reached, and was subsequently taken out on Friday with the market rebound.  I’m out of this trade with a very nice 6.2% gain in just a few days.

JNPR had shown plenty of relative weakness to the market in recent weeks, and attempted to really start to crumble on Thursday.  The rebound later in the session was an indication that it might be hesitating a bit, and I tightened my stop heading into Friday.  I was taken out very quickly after the open on Friday as the stock bounced sharply.  This ended up being a breakeven trade, which is the 2nd-best scenario for a failed pattern, so I’m out with no harm.