Long Play Updates
Knightsbridge Tankers - VLCCF - cls: 42.10 chg: +0.35 stop: 37.90
No change from our previous update on 04/19/05.
Picked on April 19 at $40.31
Short Play Updates
BEA Systems - BEAS - close: 7.21 chg: +0.06 stop: 7.81 *new*
Good news! Shares of BEAS failed to truly participate in the market rally on Thursday. Yet bears are still in danger if the markets continue to rebound tomorrow. Conservative players may want to exit early for a small profit. Our target is the $7.00 level. We are lowering our stop loss to $7.81.
Picked on April 15 at $ 7.68
Boston Scientific - BSX - cls: 29.29 chg: +0.54 stop: 31.51
BSX under performed the markets today as well in spite of its 1.8 percent bounce. Readers can use a failed rally under $30.00 as a new bearish entry point but we would hesitate on initiating new bearish positions if the broader indices continue to bounce.
Picked on April 19 at $29.05
Flextronics - FLEX - close: 11.28 chg: +0.54 stop: 11.76
The market rally was too much for shorts in FLEX and the stock finally saw some buying interest. Shares broke back above the $11.00 mark, which had been short-term resistance. We are not suggesting new bearish plays at this time. More conservative types may want to exit early to salvage a small profit. We are keeping the play open to see if FLEX will fail near the $11.50 level.
Picked on March 16 at $11.95
Greenbrier Co - GBX - close: 32.34 chg: +0.56 stop: 34.25*new*
Alert! Traders need to be careful here. The Dow Transportation index soared with a 3.46 percent gain on Thursday. The TRAN index also broke through technical resistance at its 200-dma. This could be bad news for bears in transport stocks. Shares of GBX popped higher at the open but failed under the $34.00 level. The pull back from its early highs is encouraging but bears remain in danger. We are not suggesting new bearish positions. More conservative traders may want to exit early right here to avoid any further erosion in the play. We are lowering the stop loss a bit to $34.25.
Picked on April 11 at $33.20
Lowes Companies - LOW - cls: 52.28 change: +0.78 stop: 54.01
LOW may have added 1.5 percent on Thursday but this under performed the broader indices. The stock remains stuck in its down trend but if the markets rally again tomorrow we would expect a bigger oversold bounce in LOW. Watch for resistance at the simple 10-dma near $53.25. We would not suggest new bearish positions at this time.
Picked on April 10 at $54.81
Catalina Mktg - POS - close: 24.08 chg: -1.44 stop: 25.25
No change from our previous update on 04/20/05. Our trigger to go short is $23.80.
on April xx at $xx.xx <-- see TRIGGER
Sina Corp - SINA - close: 27.41 chg: +0.31 stop: 30.51
More good news! SINA under performed the market today and has not reacted much to the positive Yahoo and Ebay earnings news. Nor do we see any after hours reaction to the positive Google news tonight. Continue to look for resistance at the 200-dma. No other changes from our previous update on 04/19/05 and 04/17/05. Our target is the $25.00 level.
Picked on April 13 at $28.52
Westlake Chem. - WLK - close: 27.41 chg: +0.32 stop: 30.01
No change from our previous update on 04/20/05. We are not suggesting new bearish plays. Our target is the $25.50-25.00 range.
Picked on April 08 at $29.19
West Marine - WMAR - close: 20.14 chg: +0.11 stop: 21.01
Good news. WMAR did not participate (much) in today's market rally. The stock under performed the major indices and continues to look weak. However, we are not suggesting new bearish plays at this time. More conservative traders may want to tighten their stops toward the $20.50 level.
Picked on March 17 at $21.20
XM Satellite Radio - XMSR - cls: 27.51 chg: +0.69 stop: 30.01*new*
This is not much of a surprise here. XMSR was pretty oversold and due for a bounce. Look for more resistance at $28.00 and at the 10-dma near $28.60. More conservative traders may want to strongly consider exiting here for a profit. We are lowering our stop loss to $30.01. No change from previous update on 04/17/05. Our target is the $26.00-25.00 range.
Picked on April 10 at $30.67
Closed Long Plays
Closed Short Plays
Anheuser Busch - BUD - close: 48.04 chg: +2.94 stop: 47.01
BUD bears were blindsided by Buffett today. Anheuser Busch learned that the Oracle of Omaha had become a "significant" shareholder in the company's stock. BUD was only too happy to issue a press release regarding the news to soothe their ailing stock price. Investors reaction seems to be overdone and probably exacerbated by the broad market bounce today. We have been stopped out at $47.01 for a small "profit".
Picked on February 7 at $48.32