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.

FDX stopped, WX & CBT added

Open Position Notes:

WFMI gave up a little ground today as it finished about 1% lower, but it remains above last week’s lows.  I have already tightened my stop on this one once, and am sticking with my current parameters while waiting to see if it can go ahead and completely fill the gap from August.  It has struggled to bounce, so let’s see if it can exhibit just a little more weakness.

ILMN tested the downside today but ultimately finished just 2 cents from Friday’s closing level.  The turn lower last week followed by today’s inside day implies more continuation could arrive soon, as well as today’s minor gain on light volume.  I continue to like this play, and have tightened my stop slightly again tonight.

Closed Positions:

FDX got to within 6 cents of Target 2 today before backing off to trigger my stop loss, taking me out of the trade for a solid 4.7% gain on the 2nd half.  This one really required some patience after a sluggish start, but it was worth it.  Getting stopped out today is a bit frustrating given that the stock is trading higher after hours after raising guidance, but it was a good trade and I’ll watch for a new technical entry before considering a new position.

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.

ILMN triggered, FDX & WFMI & ILMN stops tightened

Open Position Notes:

FDX flirted again with the $88 area early on Friday, but by late morning it took a swan dive back down toward $86.  Fortunately, my stop was still safe, and by the closing bell the stock had rallied back to take out its morning high (even though the market did not).  It’s now very close to Target 2, so I’ve tightened my stop aggressively tonight for remaining shares.  This way if it goes a little further, Target 2 will get hit (it traded nearly to that level after hours on Friday in fact).  If not, I’m not going to give it much room against me from here.

WFMI started out strong on Friday along with the market, but it was pretty quick to start giving up ground once the market began to roll over.  It did stabilize later in the day and overall posted a gain, but it’s not rallying big here with the indexes sitting near highs.  I do still like the prospects for this one, but it has been sluggish to move lower, so I’m tightening my stop tonight in order to lock in a small gain should it happen to rally from here.  Ideally it stalls out and rolls back over, but thus far it has had chances to do that and simply has not.

ILMN triggered a short sale Friday as it undercut the $28.85 level, moving decisively lower once that level was taken out.  The selling pressure was intense, which is good, and it implies this stock just confirmed a lower high after the recent bounce.  Volume picked up, which is nice to see on a short sale, but not required.  I’m liking the early action for this one so far, and will be looking for follow through these next few days now that this one is again moving south.  I’ve also tightened my stop a bit just in case.

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.

No changes

Open Position Notes:

FDX made a run at the $88 area this morning, getting to within 1% of my 2nd Target before some profit-taking kicked in.  My raised stop from last night was able to hold, so I’m staying with it tonight in order to book the gain in case the pullback happens to continue.  This has been a sluggish mover and has required patience, but it has worked so let’s see how it ends.

WFMI rolled over nicely this afternoon to post a loss, and it could be that this was the jumpstart it needed to make another move lower toward the August gap.  I still like the setup here, and will stick with my previously adjusted stop 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.

ILMN added, FDX stop tightened

Open Position Notes:

FDX pushed higher once again today, adding 1.4% as the overall market finished relatively flat.  I continue to like the action in this one, particularly after having booked 1/2 profits Tuesday at Target 1, and have tightened my stop once again tonight for remaining shares since the 2nd Target is getting close.  If it reverses, I’ll book remaining profits and step aside, but perhaps it can edge higher and get to the 2nd Target before another rest kicks in.

WFMI attempted to bounce today but ultimately couldn’t get it done, finishing lower by a few cents on the day.  I’ve been very patient with this short sale, and am leaving my already-adjusted stop in the same place heading into tomorrow.  This chart still looks bearish, but the sellers need to assert themselves one more time if we’re going to see that August gap get filled.

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.

FDX Target 1 hit, WFMI & FDX stops tightened

Open Position Notes:

FDX continued higher today to push through my 1st Target where I booked 1/2 profits for a 3.3% gain.  This is a pretty slow mover and I’ve been patient with it, but now that it has gotten back on track I’m going to go ahead and raise my stop tonight for remaining shares.  I still plan to be patient with it while waiting to see if the 2nd Target can be reached, but my original stop is now a bit too distant so I’ve tightened it up tonight.  I will say it’s nice to finally get paid on this one after all the waiting around of the past 2 weeks.

WFMI couldn’t stay down today with the market rallying, and it bounced 1.7%.  This one has been showing some relative weakness to the overall market, but it has also been reluctant to really gather downside momentum toward the unfilled gap from August.  Today’s weak finish was encouraging, but I’ve tightened my stop tonight to breakeven, which still gives it plenty of room to fluctuate if needed while also removing my risk from the trade.

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.

FE removed (pattern negated)

Open Position Notes:

FDX exhibited some nice strength today, adding 2% while the overall market was only up fractionally.  This one does seem to have stabilized since the last pullback, so I’m now going to be watching for follow through.  I may look to adjust my stop in the next couple of days, particularly if some upside traction is found, but for tonight I’m leaving it alone.

WFMI turned slightly lower today again, and although the net change wasn’t significant, I did like the fact that this one remains weak relative to the overall market.  The unfilled gap from August is still my target for this one, so I’m staying patient while waiting for that move to develop.

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.

No changes

Open Position Notes:

FDX climbed a little bit last week, despite the lack of strength (or movement) in the indexes, and it appears this one has stabilized after its recent dip.  I’d really like to see strength return soon with this one, and if it does I’ll look to tighten my stop loss.  For the time being though, I’ll leave it as-is while waiting for some follow through.  Staying patient for now.

WFMI broke down on Friday as it began to fill the August gap, getting within about 2% of my Target.  However, it stabilized with the market and finished off its worst levels.  I do like the continuation of the overall downtrend here though, so I’m going to stick with my existing trade parameters for another day.

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.

No changes

Open Position Notes:

FDX rebounded today after pulling back the past few days, indicating the dip may be ending.  I’m being very patient with this one, particularly after seeing my stop loss zone validated last week. so let’s see if some follow through comes along.

WFMI bounced a bit today, unable to shake off the widespread market strength to finish right near my trigger price once again.  Overall this one has the look of a low-level consolidation, so if it can get back on the move to the downside I like its chances.  My stop remains not too far away, so I’m sticking with my current trade parameters for now.

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 stopped, BEN removed, FE added

Open Position Notes:

FDX pulled back again on Friday to validate my stop loss, but fortunately it held above it.  The stock did rebound from its worst levels though, and therefore could be poised to bounce in the coming days after this light-volume pullback since the breakout attempt.  I still like the setup and the prospects for the trade, so I’m going to stay with it for now.

WFMI bounced on Thursday but weakness returned on Friday.  This one still has plenty of room to tumble, so I’m going to see if last week’s bounce attempt has truly failed, and if so, then I’ll expect to see some downside follow through very soon with a move toward the unfilled August gap.

Closed Positions:

FCN broke out from its pennant pattern and was looking very good, but the initial pullback since then has turned into an all-out downside reversal.  The volume has increased and the selling has intensified, suggesting a change of character may be underway.  I was stopped out of this one on Friday for a 2.3% loss, so I’ll stay away from it for now as it is no longer behaving in a bullish manner.

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.