Losing trades are the worst. Today’s market wide selloff was brutal with all major averages falling over 1%. Shortly after the open I dumped JWN at 42.15 for a loss. Thought the signals from 2/26/17 were indicating a reversal but I was wrong. Moving on.
Was watching JWN this morning and shortly after the open JWN broke above Friday’s high and my order was filled at 47.17. From here, looking to take profits around 55 and using February’s low of 42.32 as my stop area.
- 3/1/17 update – added to JWN at 45.10. Average price is now 46.68
- 3/6/17 update- added to JWN at 44.69. Average price is now 46.23
- 3/21/17 update – sold JWN for a loser at 42.15
JWN on watch tomorrow, caught my eye this weekend on the Finviz unusual volume screener. Especially like the bullish kicker candlestick signal as well as extremely high volume, and these two indicators could be a clue that the stock has formed a bottom and is ready to go higher. Bullish kicker as I’ve observed when combined with high volume has been quite powerful in indicating upward movement as seen recently in WBMD in late January, LUK in early November 2016, and MPEL in mid July 2016.
I’d be interested in establishing a long position on Monday if JWN can break above Friday’s high of 47.03, looking to buy around 47.15-47.20. From there, would be looking for JWN to continue higher and reach 55 before making a new 2017 low around the 42 area. In other words, risking 5 to make about 8.
Worth noting that JWN goes ex-div tomorrow so I’ll be keeping an eye on the price action as it relates to the impact from the dividend.