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Intel - INTC - short play

Oddly enough the 2.6 percent rally in the SOX semiconductor index did not have a very big impact on shares of Intel. The stock added just 16 cents and appears to have produced another failed rally near the $22.50 region. Readers can wait for a drop under the $22.00 level as a new bearish entry point.

BP Prudhoe Bay - BPT - long play

Traders bought the dip to $51.90 this morning and BPT looks poised to rally further tomorrow. Our short-term target is the $55.00 region but readers can prepare to exit if BPT trades over the $54 level.

Closed Plays

Closed Long

Raytheon Co - RTN - close: 37.00 change: +0.50 stop: 36.25

It looks like we had our stop loss too tight on the bullish RTN play. We can't explain the sharp intraday volatility but RTN gapped higher this morning and quickly traded over $37.00. Shares suddenly turned south and pierced the bottom of its trading range near $36.30 and hit our stop loss at $36.25. Then minutes later RTN quickly rallied and closed near its high for the day but still inside its four-week trading range. The MACD indicator remains positive but readers may want to wait for RTN to push through the $38 level before considering new bullish plays. Don't forget that RTN is expected to turn in earnings on February 3rd.

Picked on January 12 at $37.25
Change since picked: - 0.25
Earnings Date 02/03/05 (confirmed)
Average Daily Volume: 1.7 million


Closed Short

Applied Materials - AMAT - close: 16.12 chg: +0.47 stop: 16.11

We have been stopped out of our short play in AMAT at $16.11. A strong 2.6 percent rally in the SOX semiconductor index following Tuesday's oversold bounce was enough to fuel a breakout in shares of AMAT. The stock added three-percent to break back above broken support at $16.00, which should have been new resistance.

Picked on January 24 at $15.17
Change since picked: + 0.95
Earnings Date 02/16/05 (unconfirmed)
Average Daily Volume: 35 million


Emmis Corp - EMMS - close: 18.02 change: +0.23 stop: 17.85

EMMS does not appear to be working out for us. Shares have been caught by the recent bounce in the markets and the technical picture is improving with the MACD nearing a new buy signal. We were never triggered so the play remains unopened but we're dropping it with today's close over the $18.00 level. Traders interested in following EMMS' longer-term relative weakness can watch for a failed rally near the $19.00 level, where it should meet the trendline of lower highs.

Picked on January xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 01/06/05 (confirmed)
Average Daily Volume: 478 thousand

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