Long Play Updates
CB Richard Ellis - CBG - cls: 36.90 chg: -0.10 stop: 35.39
We didn't have to wait very long for CBG to breakout over the $37.00 level. The stock quickly hit our entry point at $37.11 this morning. Actually, the stock gapped open ABOVE our entry point to $37.15 so we have to adjust our entry to this morning's open. While it's unfortunate that CBG didn't maintain its midday gains the trend remains intact.
Picked on March 07 at $37.15
Catellus Dev. REIT - CDX - close: 28.79 chg: +0.34 stop: 27.15
Our new play in CDX also quickly hit our trigger to go long at $28.76. We are suggesting bullish positions here and out target is $30.50-31.00.
Picked on March 07 at $28.76
Short Play Updates
Closed Long PLays
Agilysys - AGYS - close: 19.95 chg: +0.12 stop: 18.49
Target achieved. This morning AGYS experienced enough strength to trade over the $20.00 level but then faded into the early afternoon. Then surprisingly the stock shot up again late in the afternoon and hit a new higher high at $20.08 on rising volume. We're going to close the play out at the bottom edge of our target at $20.00 but more aggressive players might want to consider tightening their stops and letting the stock keep running.
Picked on February 16 at $18.39
Closed Short Plays
Cisco Systems - CSCO - close: 18.24 chg: +0.20 stop: 18.26
The rebound continues for CSCO and the stock has broken out above technical resistance at its 50-dma but not above price resistance at $18.50. Today's spike higher was boosted by a Barron's article suggesting that CSCO could almost be considered a "value" play in the technology sector. Our stop loss was $18.26 but CSCO opened at $18.28 immediately closing our play.
Picked on February 20 at $17.30
IAC/InterActiveCorp - IACI - close: 23.31 chg: +1.03 stop: 24.51
Reversal alert! We are cutting our losses here in IACI. The stock has not yet broken through resistance at the $24.00 level nor has the NASDAQ broken through resistance at the 2100 level. However, if the NASDAQ does decide to catch up to the Industrials and S&P 500 then IACI could become a target for tech investors looking to do some bargain shopping. We'll exit here.
Picked on February 22 at $21.95