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Long Play Updates

Tesoro Corp - TSO - close: 33.74 chg: -0.64 stop: 32.00

We have good news and bad news for traders in TSO. The good news is that the oil sector got a boost this morning as crude oil climbed toward $51 a barrel, over round-number, psychological resistance at the $50 level. The bad news is that the oil sector sold off into the afternoon suggesting that it could be a top. We warned earlier that we were concerned the group was near a top so cautious investors may want to step back and see how far the OIX index and shares of TSO fall before stepping in to consider bullish positions. More bad news - TSO's early morning strength was enough to trigger us at $35.15. We would probably NOT consider new plays and may consider exiting if TSO trades under the $33 level even though our stop is at $32.00.


Picked on February 22 at $35.15
Change since picked: - 0.41
Earnings Date 02/03/05 (confirmed)
Average Daily Volume: 1.0 million

Short Play Updates

IAC/InterActiveCorp - IACI - close: 21.92 chg: -0.29 stop: 24.51

We have been triggered in IACI when shares traded at $21.95 today. However, we're a little surprised that there was no follow through on the breakdown below the $22.00 level, especially given the drop in the major averages. Be careful here. We would probably look for some confirmation that IACI will continue lower before initiating new positions since it showed unexpected strength today.


Picked on February 22 at $21.95
Change since picked: - 0.03
Earnings Date 02/16/05 (unconfirmed)
Average Daily Volume: 4.4 million

Closed Plays

None Today.

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