New Long Plays
New Short Plays
Long Play Updates
Anglo-American - AAUK - close: 18.72 chg: -0.24 stop: 17.65
Metal and mining-related stocks reversed course today. The FOMC policy statement helped lift the U.S. dollar and that sparked profit taking in gold and the rest of the metal-related stocks. Actually AAUK weathered the market weakness and the sector-profit taking pretty well but the stock does look poised to move lower tomorrow. Watch for a dip back toward $18.50-18.40. A bounce from $18.40 or its simple 50-dma (18.38) could be used as a new bullish entry point. Our target is the $19.85-20.00 range.
Picked on March 26 at $18.73
Denbury Res. - DNR - close: 31.81 change: +0.89 stop: 27.95
Oil stocks turned in a positive session as crude oil futures rose over $66 a barrel for the first time since early February. Shares of DNR displayed relative strength with a 2.8% rally and a failure to give back most of its gains like many equities in the oil sector late this afternoon. The stock is looking a little short-term overbought so we'd wait for a pull back if you're looking for a new entry point. The P&F chart points to a $46 target. We are only targeting a move into the $33.50-34.00 range.
Picked on March 26 at $30.47
Glamis Gold - GLG - close: 29.77 chg: -0.74 stop: 26.74
GLG was hit with the same profit taking that hit shares of AAUK. Strength in the dollar sparked some profit taking in metals, especially gold. GLG looks ready to dip toward the $29 level. A bounce from $29.00, a level of support bolstered by the 50-dma (28.85), could be used as a new bullish entry point. Our target is the $32.00-32.50 range.
Picked on March 26 at $29.36
Oil States Intl. - OIS - close: 35.56 chg: +0.51 stop: 32.24
OIS rallied higher like many stocks in the oil sector. Strength in crude oil futures certainly helped. OIS managed to close over technical resistance at its 100-dma but remains under resistance at the $36.00 mark (and the 50-dma). We are suggesting that traders use a trigger at $36.05 to open long positions. More conservative traders may want to wait for a move over the 50-dma before going long. If triggered then we will target a rally into the $41-42 range. Please note that we do not want to hold over the late April earnings report.
Picked on March xx at $xx.xx
Smurfit-Stone - SSCC - close: 13.16 chg: -0.29 stop: 12.99
It was a bearish day from the beginning for SSCC. The stock spiked higher this morning but reversed course at $13.60. Shares fell back toward support near $13.10-13.05 (near its 50-dma). Unfortunately, it looks like the stock is poised to breakdown below the $13.00 level. We could easily be stopped out tomorrow. At this point we're not suggesting new positions.
Picked on March 19 at $13.58
Trident Micro. - TRID - 30.23 chg: -0.38 stop: 27.49
An earnings warning from Lexar (LEXR) undermined the semiconductor index and the SOX lost more than 2%. Shares of TRID actually hit a new high today before giving into the market and sector sell-off. Watch for a dip back toward $29.50, maybe $29.00, and use a bounce as a new entry point for longs. Our target will be the $33.00-33.50 range. We do not want to hold over the mid April earnings report.
Picked on March 26 at $30.50
Short Play Updates
Crown Castle Intl. - CCI - cls: 28.58 chg: -0.69 stop: 30.31
CCI was weak from the start this morning. The stock gapped lower and then closed under technical support at its 100-dma. This is good news but volume came in below average suggesting a lack of conviction. Our target is the $26.25-26.00 range.
Picked on March 15 at $29.36
N.Y.Times - NYT - close: 25.31 change: -0.04 stop: 26.51
NYT isn't doing much. The stock is churning sideways in a tight range over the last couple of sessions. So far shares remain inside their bearish channel with overhead resistance at the 10-dma. More conservative traders might want to tighten their stops. Our target is the $24.00 level. We do not want to hold over the April 13th earnings report.
Picked on March 22 at $25.55
Tribune Co. - TRB - close: 27.51 change: -0.33 stop: 30.26
We are encouraged by TRB's continued weakness but shares remain short-term oversold and due for a bounce. We are not suggesting new shorts at this time. Our target is the $26.50-26.00 range. We do not want to hold over the April earnings report.
Picked on March 19 at $29.36
Closed Long Plays
IAC/InterActive - IACI - close: 29.97 chg: -0.26 stop: 29.95
IACI tried to rally today but the momentum failed at $30.55. The afternoon market sell-off was too much and IACI broke down under support at $30.00. We would have been stopped out at $29.95.
Picked on March 03 at $30.31
Closed Short Plays