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.

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.

IMAX removed (pattern negated), DRI added

Open Position Notes:

CREE turned away from the resistance zone it had approached last week, which is helpful since this one was so close to stopping out.  To see that area validated shows good technical respect by the stock, particularly since that’s where my adverse exit (stop loss) currently stands.  Today’s relative weakness is encouraging, but I’d like to see if this one can gather some downside momentum.  If not, it may simply be carving out a trading range, in which case I’d look to make an exit in a few days time.  For now, I’m staying 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.

IMAX added

Open Position Notes:

CREE bounced again Friday with the market pop and nearly took me out.  It came within just $0.10 of my stop loss before backing down slightly, and still stands just a short distance from my stop.  It could be that this one goes ahead and checks me out, but for now I’m still in and will see what happens with it.  This stock has exhibited plenty of relative weakness until the past two sessions, and it remains beneath former support (which is now serving as resistance).  So I still see a case for a short sale, but I won’t fight it if the stock reclaims former support.

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.

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.

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.

No changes

Open Position Notes:

SPG pulled back again today, and although it did happen on light volume, it gave up the breakout zone by falling back beneath it.  This is a breakout failure for now, which isn’t encouraging, although because of the light volume today I am willing to give this one another day or two to see if it can stabilize.  If not, I’ll then look to tighten my stop and reduce my risk on the trade.  It could be that today’s drop back down beneath $96 is a shakeout move, so I’m willing to wait and see.

CREE gave up more ground today, which is again nice to see.  This one has been unable to reclaim former support (turned resistance), and is drifting lower at this point.  I’d like to see one of these downside spikes really gain some momentum in the stock, but for now I’m being patient as it moves slowly in my direction.

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.

MCO closed

Open Position Notes:

SPG attempted to move higher today, but in the end just couldn’t make it happen.  Today’s dip in the stock was still able to hold the breakout zone of $96 from the flag pattern I’m trading this one from, so that’s encouraging.  I would like to see that area hold on a closing basis, if tested, so the next couple of days could prove important.  For Wednesday, I’ll leave my current stop as-is.

CREE headed lower again today, which is encouraging for this short sale.  It has been showing relative weakness of late, and to see it declining here after failing to reclaim former broken support adds to the bearish appearance of this chart.  I’m sticking with my existing trade parameters for now while waiting for more follow through to occur before making any adjustments.

Closed Positions:

MCO was acting quite well Monday, but with the stock having gotten quite close to my Target, last night I felt it necessary to tighten my stop aggressively in order to preserve profits.  Today that tightened stop was hit, taking me out for a modest but quick 3% gain.  I’ll keep an eye on this one in case it sets up again.

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 & CREE triggered, MCO stop tightened, MHK removed (pattern negated & no trigger)

Open Position Notes:

MCO ran higher today as it moved up and out of its recent consolidation zone for a solid gain.  This one has only 1 target, and the stock got within 2 cents of that level before backing off slightly this afternoon.  As a result, I’ve tightened my stop aggressively tonight in order to lock in a good winner should this one happen to turn lower from here.  If it is able to push a little higher tomorrow, my target will be reached and I’ll make an exit there.

SPG triggered a buy today as it broke out from its descending channel at $96, and I liked how the stock advanced nicely on increased and strong volume.  This is a great start, so I’m pleased with the initial action.  I’ll be watching for follow through in the days ahead, and will look for further progress or a shift of behavior before making any adjustments to my stop.

CREE triggered a short sale today as it undercut $50.60, and initially it fell quickly.  The stock did recover from its worst levels, but still finished negative on a very positive day for the broader market.  I’m encouraged by that relative weakness, and will stick with my existing trade parameters for tomorrow while waiting for follow through to arrive.

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.

MCO triggered, SPG & CREE & MHK added

Open Position Notes:

MCO triggered a buy on Friday as it gapped slightly through my intended entry.  Despite the initial strength, no follow through was found as the volume for Friday’s session was quite light.  Nonetheless, the stock finished not far from the breakout zone, so I’ll stay with my existing trade parameters heading into Monday as a little more time may be needed to see if this one’s ready to go.

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.

MCO added

Open Position Notes:

No open positions, 100% cash.

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.

CYH stopped

Open Position Notes:

No open positions, 100% cash.

Closed Positions:

CYH turned higher today to clear short-term resistance and trigger my stop, taking me out of the trade for a 3.4% loss.  Getting stopped out of trades isn’t ever fun, but given that this was a pattern failure, I’d rather it happen quickly than delay the process.  This stock no longer looks short-term bearish, so I’ll stay away until a new pattern surfaces.