Play Editor's Note: We looked at a lot of stocks today trying to find something to add to the newsletter. Unfortunately, nothing seemed that compelling, except URRE and it's an aggressive play. Right now my bias is still bearish and readers will want to think about adding to bearish positions on market bounces.
Here are a few stocks that did catch my eye. CCI has formed a bullish flag pattern. The stock rallied 2.9% toward the top of its flag. A breakout over $42.25-42.50 might be a bullish entry point. KFT is at a pivotal spot. Shares have pulled back to support near its four-month trendline of higher lows and its 100-dma. Bulls could buy the dip with a tight stop under $31.00. Bears could look for a breakdown instead. Since my market bias is bearish I'm looking for a decline. CY just broke under its exponential 200-dma and appears to have completed a bearish head-and-shoulders pattern that forecast a $21 target. Now check out the DRG drug index. The DRG is testing its 2008 lows and could be poised to make a bullish double bottom. Then go check out BMY, which is testing $20 and a possible double bottom. The $20 level happens to be long-term support for BMY (check the weekly chart).
New Long Plays
Uranium Resources - URRE - close: 3.26 chg: -0.24 stop: 2.89
Why We Like It:
Picked on June 10 at $ 3.26
New Short Plays