Long Play Updates
Dow Chemical - DOW - close: 52.30 change: +0.65 stop: 49.50
DOW may have gapped lower this morning but shares slowly crept higher on steady buying pressure and broke out above resistance at the $52.00 level. This afternoon's rally looks much more confident and readers can use it as a new bullish entry point. Our eight-week target is the $56 region.
Picked on February 11 at $52.01
Short Play Updates
Frontier Oil - FTO - close: 30.08 change: +0.36 stop: 28.25
We suggested in the weekend newsletter that FTO would likely see more strength on Monday. The stock gapped higher to open at $29.98, which is above our exit point thus forcing a higher exit (aw shucks). FTO traded the rest of the day in a very narrow 10-15 cent range before another spurt higher at the close. We are closing the play and suggest readers do likewise. However, if you're tempted to keep the play open since FTO is showing strength then strongly consider raising your stop loss!
Picked on January 27 at $27.05