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Intel Corp - short play -

Entry point alert! INTC lost 1.9 percent and broke down through support at the $22.50 level and support at the 100-dma and the $22.00 level after chip maker Infineon issued an earnings warning this morning. Today's drop in INTC complete the bearish triangle pattern and opens our play at our trigger point $22.24. No change in our stop loss at $23.01 just yet.

BP Prudhoe Bay - long play -

Entry point alert! Shares of BPT soared 2.56 percent to breakout above resistance in the $50.25-50.50 range and hit our entry point at $50.51. This completes the bullish triangle pattern and should begin the next leg higher.

Nuveen Investments - short play -

Today's 0.9 percent decline looks like confirmation of the recent bearish reversal in shares of JNC. The drop put JNC under its rising 40-dma and we noticed consistent selling at the $37.25 mark through out most of the afternoon.

CLOSED LONG PLAY

BA breaks support

Dow-component Boeing broke support at the $50.00 mark and its 200-dma.

Boeing - BA - close: 49.64 change: -0.43 stop: 49.95

There are no surprises here. Another day of weakness in the markets and a one-percent drop in the DFI defense index was enough to push BA through round-number, psychological support at the $50.00 mark and technical support at its 200-dma. We were stopped out at $49.95 for a $1.99 loss. The technical picture looks bad and its MACD indicator just produced a new sell signal. In the news we noticed that a group of African-American employees of BA just had their discrimination lawsuit upgraded to a class action status (source: Reuters). We don't believe this news was the cause of BA's weakness but it doesn't help.

Picked on January 12 at $51.94
Gain since picked: - 2.30
Earnings Date 02/02/05 (confirmed)
Average Daily Volume: 3.2 million

 

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