Long Play Updates
Short Play Updates
Smurfit-Stone - SSCC - close: 15.88 chg: +0.52 stop: 16.06
Danger! Danger Will Robinson! If we had a personal robot to protect our trading account it would be shouting a warning with SSCC's action today. The stock was churning sideways the first half of the session. Then without warning SSCC surged higher with a flood of volume to push past the 21-dma and the 15.70 level, which was minor resistance. This is not a good sign for the bears and the stock came within 3 cent of our stop today. We are not suggesting new positions at this time and readers need to make sure their stops are in place -OR- exit now to minimize losses.
Picked on February 7 at $15.82
Closed Long PLays
American Medical - AMMD - close: 41.01 chg: +0.66 stop: 38.50
Time is running out. AMMD is due to report earnings after the closing bell tomorrow and we don't want to hold over the event. Wall Street is looking for the company to report profits of 28 cents a share. Given the recent bounce from technical support at the 100-dma we'd be tempted to stay long but there are too many unknowns with an earnings announcement and it's not worth it. We're closing the play per our plan to exit at Wednesday's close.
Picked on February 1 at $40.55
Closed Short Plays
Infocrossing - IFOX - close: 19.30 chg: +0.04 stop: 19.51
It looks like our warnings last night has been fulfilled. IFOX hit our stop loss intraday at $19.51. Unfortunately, we cannot seem to find out what caused the move. Shares were languishing sideways most of the session until around 2:00 PM ET time and WHAM! Suddenly a very big surge of volume flooded into the stock sending it to $20.15 before it fell back again. Today's action also looks like a top but now we're gun shy about trying to short it again. Readers who agree that IFOX looks overbought can watch for a drop under the $18.00 mark as a potential bearish entry point.
Picked on February 09 at $18.39