Long Play Updates
Short Play Updates
Broadcom - BRCM - close: 29.56 chg: -0.34 stop: 31.11
No change from our previous update on 04/27/05. However, we want to remind readers that the semiconductor billing data comes out tomorrow morning and this could create some volatility for the group. One way or the other we expect to see BRCM react to it. Plus, we have the NASDAQ at the 1900 level and the Industrials at the 10,000 level. Traders will be trying to buy a bounce or short a breakdown around these levels. Be prepared.
Picked on April 27 at $29.90
Boston Scientific - BSX - cls: 29.47 chg: +0.10 stop: 31.51
Hmm... we're a little bit surprised by BSX's relative strength today. The markets were weak and biotech-related stocks lost more than two percent with the BTK index breaking down below its 200-dma. We didn't see any unusual moves in BSX's rivals today. Keep an eye on the $30.00 level as resistance. No change from our previous update on 04/26/05 and 04/24/05.
Picked on April 19 at
Lowes Companies - LOW - cls: 51.74 change: -0.54 stop: 54.01
No change from our previous updates on 04/24/05 and 04/27/05. LOW is trading near the bottom of its recent range and if the markets continue lower tomorrow then LOW could fall into our target/exit range of 51.00-50.00. We are preparing to exit.
Picked on April 10 at $54.81
Catalina Mktg - POS - close: 22.85 chg: -0.31 stop: 25.25
Another day, another decline. No change from our previous update on 04/24/05 although the stock does look a bit oversold and due for a bounce. Look for the $23.50 level to act as new short-term resistance. Our target remains $21.25-21.00.
Picked on April 22 at $23.80
Sina Corp - SINA - close: 27.69 chg: +1.61 stop: 28.61
Ouch! Today's rally in SINA was certainly a surprise. We can't find any hard evidence as to what caused the spike but a couple of sources suggest that buyout rumors have sprung up again for SINA. Fortunately, the rally couldn't make it past the $28.50 level or its simple 200-dma. A drop back under $27.00 could be used as a new bearish entry point but do so carefully.
Picked on April 13 at $28.52
Westlake Chem. - WLK - close: 25.90 chg: -1.10 stop: 28.01 *new*
It looks like the lackluster GDP number helped spur another round of selling in shares of WLK. The stock lost more than four percent to close at a new relative low. Shares are very close to our target in the 25.50-25.00 range and support at 25.00 with its 200-dma's. We are lowering the stop loss to $28.01. We are preparing to exit and suggest readers do the same. More conservative traders may want to exit now.
Picked on April 08 at $29.19
Closed Long Plays
Northfield Labs - NFLD - close: 14.36 chg: -0.24 stop: 14.14
The BTK biotech index really took a turn for the worse today. The BTK lost more than two percent to breakdown below its 200-dma. The index's MACD has also reversed into a new sell signal. In a similar fashion shares of NFLD are reversing course. The stock could not hold the $14.50 level today and we're choosing to exit early.
on April 25 at $15.39
Closed Short Plays
Greenbrier Co - GBX - close: 30.01 chg: -0.90 stop: 34.25
Target achieved. Another tough day for transport stocks but GBX under performed most of them with a 2.9 percent decline. Shares broke down below its 50-dma and traded right to the $30.00 level. Our target has been the $30.00-28.00 range so we're closing the play now that the target has been reached. However, traders may want to seriously consider holding on to GBX for another day maybe two. The Dow Transportation index looks vulnerable to more declines which could lead GBX deeper into our target range.
Picked on April 11 at $33.20