Oil and economics provide choppy trade
The major equity averages finished green in what would best be described as a choppy trade with advancers edging out decliners at both major exchanges by a 3:2 margin.
New Long Plays
New Short Plays
General Maritime - GMR - close: 40.83 change: -0.52 stop: 42.01
Picked on June xx at $xx.xx <-- see TRIGGER
Long Play Updates
Archstone-Smith - ASN - close: 38.23 chg: -0.10 stop: 36.26
No change from yesterday's update. ASN is almost there. The stock is nearing our target in the $38.50-39.00 range. More conservative types may want to exit early in case ASN fails under resistance again.
Picked on May 06 at $36.26
Canon - CAJ - close: 54.81 change: +0.66 stop: 52.85
A strong day for the Japanese markets helped give CAJ a lift. We continue to suggest readers wait for a new push pas the $55.00 level before considering bullish positions. No change from our weekend update.
Picked on May 29 at $55.24
Caremark - CMX - close: 43.18 chg: -0.15 stop: 41.95
We remain very cautious on CMX right now. We're not suggesting new bullish positions.
Picked on May 09 at $43.30
Greenbrier Co - GBX - close: 29.86 change: +0.72 stop: 25.49
GBX continues to show strength and today's 2.4 percent gain put the stock above resistance at the top of its recent trading range (29.50). Today's move also pushed GBX above its simple 50-dma. Our target is the $32.50-33.00 range.
Picked on June 01 at $28.67
General Electric - GE - close: 36.32 chg: -0.09 stop: 34.95
GE is slowly getting closer to our suggested entry point but thus far we remain on the sidelines. Our plan is to go long the stock on a dip into the $36.00-35.50 range.
Picked on May xx at $xx.xx <-- see TRIGGER
Georgia Gulf - GGC - close: 35.40 change: +0.30 stop: 30.95
No change from our previous update. Keep an eye on the 50-dma as potential resistance. Our target is the $38.50-39.50 range.
Picked on June 05 at $34.33
ExxonMobil - XOM - close: 59.25 change: +0.70 stop: 55.90
There were no surprises with the OPEC meeting today and the weekly oil inventory numbers for the U.S. helped push crude oil higher. We see no change in our strategy with XOM.
on June 09 at $58.44
M/I Homes Inc - MHO - close: 52.02 chg: +1.04 stop: 49.65
Our new bullish play in MHO is off to a decent start. The stock added just over two percent, which kept pace with the gains in the DJUSHB index. We see no change from our previous update on 06/14/05.
June 14 at $50.98
Microsoft - MSFT - close: 25.26 chg: -0.10 stop: 24.60
MSFT dipped to $25.11 before traders bought the dip and pushed the stock back towards the 50-dma. More conservative traders may want to wait for MSFT to trade above its 10-dma near $25.45 before considering new bullish positions.
June 14 at $25.24
Marvel Enterprises - MVL - close: 20.95 change: -0.05 stop: 20.45
No change from yesterday's update.
Picked on June 01 at $21.86
Nova Chemicals - NCX - close: 34.01 change: +1.29 stop: 29.99
Good news! NCX has broken through resistance at the $33.00 level on above average volume. The move also pushed NCX above technical resistance at its 50-dma. Our adjusted target is $37.50 near its exponential 200-dma.
Picked on June 01 at $33.03
Sirius Satellite Radio - SIRI - cls: 5.91 chg: +0.01 stop: 5.45
No change from yesterday's update.
Picked on May 22 at $ 5.65
Sohu.com - SOHU - close: 21.34 change: +0.11 stop: 19.99
SOHU continues to bounce from its rising simple 10-dma.
Picked on June 13 at $21.25
Short Play Updates
Closed Long Plays
Humana - HUM - close: 38.90 chg: -0.58 stop: 35.95
Target achieved. HUM spiked up to $39.87 this morning before the stock hit any profit taking. This was enough to hit our target range of $39.75-40.00. We are closing the play.
Picked on May 09 at $36.33
Yahoo! Inc. - YHOO - close: 36.32 change: -0.48 stop: 35.99
News that YHOO had purchased a VoIP provider for an undisclosed sum today was not received with much enthusiasm. Instead the stock continued to sink and broke support at the $36.00 level - at least on an intraday basis. We have been stopped out at $35.99.
Picked on May 18 at $36.05
Closed Short Plays
Today's Newsletter Notes: Market Wrap by Jeff Bailey and all other plays and content by the Option Investor staff.
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