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Play Editor's Note: After a day like today you can't help but find bullish candidates. However, both the NASDAQ Composite and the S&P 500 have rallied toward their recent highs or short-term resistance. Combine that with the jobs report tomorrow and we don't feel like chasing today's rally. Since we're not adding many new plays I'm listing some stocks we're watching.

TCK is a metal and mining stock that is bouncing from its 50-dma.

TRA all the fertilizer-related stocks are rising. TRA looks poised to breakout past its trendline of lower highs.

HOG. Fundamentally HOG could see some trouble during this economic slow down but the stock looks like it may have bottomed.

OSK is showing some strength and this stock may have bottomed.

SVU, a grocery chain, is breaking out from its consolidation phase.

NCTY appears to be breaking out from its consolidation.

OCR looks tempting with today's rally over the 200-dma.

SBUX should also be facing some challenges with the economic slow down but the stock appears to have bottomed.

PFE, we were VERY tempted to buy the intraday bounce in PFE today. This would be a very speculative trade. Use a stop under today's low. Target 19.50-19.75.

IOC the bounce here looks good but we didn't want to chase it.

GSX is breaking out from its consolidation pattern.


New Long Plays

Holly Corp. - HOC - close: 45.72 change: +1.26 stop: 43.99

Company Description:
Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel and jet fuel. (source: company press release or website)

Why We Like It:
I'm going out on a limb here with the oil refiners. The group broke out in a big way a few days ago. Now traders are buying the dip. We're suggesting a stop under today's low (@ 43.99). Our target is the $49.50-50.00 zone. The Point & Figure chart has turned bullish and points to a $53 target.

Picked on June 05 at $45.72
Change since picked: + 0.00
Earnings Date 08/07/08 (unconfirmed)
Average Daily Volume: 1.2 million
 

New Short Plays

None today.
 

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