Long Play Updates
Archstone-Smith - ASN - close: 35.98 chg: +0.19 stop: 34.85
Shares of ASN continue to inch higher and the stock looks poised to produce a bullish breakout over resistance. Our trigger to go long is at $36.26.
Picked on May xx at $xx.xx <--
Brookfield Homes - BHS - close: 46.20 chg: +1.46 stop: 42.45
Ding! We have been triggered in BHS. Shares of BHS gapped higher to open at $45.00 and the stock very quickly traded at our entry point of $45.05. Shares traded to a high of $47.60 before pulling back toward the $46 level this afternoon. Volume was very heavy at over three times the average day volume and this suggests more strength ahead. It's not uncommon for a stock to pull back and retest broken resistance as new support. Therefore if you missed today's entry point one could wait for a pull back toward the $45.00-45.50 range and buy a bounce. Our target is the $50.00 level.
Picked on May 05
Short Play Updates
Biomet - BMET - close: 38.58 chg: -0.63 stop: 39.51
Good news! There was no follow through on BMET's rally yesterday and the stock remains in its descending channel. Our entry point to short the stock is at $37.45.
Picked on May xx at $xx.xx <-- see TRIGGER
Boston Scientific - BSX - cls: 29.50 chg: +0.14 stop: 31.51
BSX continues to consolidate sideways under its trend of lower highs. No changes from our previous update on 05/01/05.
Picked on April 19 at $29.05
Novellus - NVLS - close: 23.90 change: -0.29 stop: 25.01
It was a very sideways session for the SOX semiconductor index but that didn't stop NVLS from trading lower near the opening bell on Thursday. No changes from our previous updates on 05/04/05 and 05/01/05.
Picked on April 29 at $23.40
Catalina Mktg - POS - close: 24.17 chg: -0.62 stop: 25.25
POS is beginning to show weakness again after failing to breakout over the $25.00 level. A drop back under today's low near $24.90 could be used as a new bearish entry point.
Picked on April 22 at $23.80
Closed Long Plays
Closed Short Plays