Long Play Updates
Archstone-Smith - ASN - close: 36.93 chg: +0.61 stop: 35.35 *new*
Bank of America upgraded ASN to a "buy" this morning and that lead shares to gap higher at the open. ASN then traded sideways the remainder of the session. We would expect ASN to dip lower and fill the gap before trading higher. Readers can use the dip as a new bullish entry point. We are raising the stop loss to $35.35.
Picked on May 06 at $36.26
Brookfield Homes - BHS - close: 46.45 chg: -0.18 stop: 42.95
Thursday was a neutral session for shares of BHS. Readers may want to watch for a dip back toward the $45.00-45.50 range as a bullish entry point.
on May 05 at $45.05
Caremark - CMX - close: 43.66 chg: -0.07 stop: 40.95
CMX traded in a narrow 55-cent range all session as bulls and bears fought at minor technical support near the simple 10-dma. We suspect that CMX could pull back toward the $42.00 level, which should act as support.
on May 09 at $43.30
First Bancorp - FBP - close: 40.81 chg: -0.42 stop: 38.49
The upward momentum may be stalling in the financial sector. Watch for FBP to trade back toward the $40.00 level.
Picked on May 05 at $40.37
Greenhill & Co - GHL - close: 36.30 chg: +0.71 stop: 33.40
No change from our previous updates. Our target is the $37-38 range.
Picked on May 09 at $34.11
Humana - HUM - close: 36.54 chg: +0.07 stop: 32.95
No change from our previous updates.
Picked on May 09 at $36.33
Yahoo! Inc. - YHOO - close: 36.75 change: +0.80 stop: 33.95
YHOO turned in a strong session on Thursday out performing its peers in the Internet sector and the NASDAQ in general. The move over $36.00 can be used as a new bullish entry point.
on May 18 at $36.05
Short Play Updates
A.S.V.Inc. - ASVI - close: 34.44 change: -0.43 stop: 35.31
We are still waiting for ASVI to trade under short-term support at the $34.00 level and hit our trigger at $33.99.
Picked on May xx at $xx.xx <-- see TRIGGER
Ball Corp - BLL - close: 37.20 chg: -0.67 stop: 40.05
Readers may want to use the failed rally at $38.00 and its 10-dma as a new bearish entry point. Our biggest concern is that bearish plays may not do well now that the major stock averages have broken out. Our target is the $35-34 range.
Picked on May 05 at $38.98
Biomet - BMET - close: 38.25 chg: -0.51 stop: 39.01
Whoa! That was very close. BMET gapped higher to open at $39.00 and then proceeded to decline from there. Our stop loss is at $39.01 so it doesn't get any closer than that. Today's move is a failed rally at the $39 level and looks like a candlestick pattern called "dark cloud cover", which is a potential bearish reversal. Yet we would not suggest new bearish positions until BMET traded back under the $37.50 level.
Picked on May 10 at $37.45
Mylan Labs - MYL - close: 15.98 change: +0.38 stop: 16.51
We cannot find any specific catalyst or news to explain MYL's strength today. We suspect it's just an oversold bounce back toward what should be resistance near $16.00 and its simple 10-dma. Readers can use a decline back under $19.80 as a new bearish entry point.
Picked on May 16 at $15.85
UST Inc - UST - close: 44.15 change: +0.61 stop: 46.01
No change from our previous update on 05/15/05. UST's MACD has produced a new buy signal but the stock is so oversold that a bounce would eventually produce such a signal. Watch for a failed rally under $45.00 as a new bearish entry point.
Picked on May 10 at $44.12
Closed Long Plays
Motorola - MOT - close: 17.31 change: +0.41 stop: 15.75
Target achieved. The rally continues for shares of MOT. The stock gapped higher on Thursday to open at $17.25 and surge to $17.62 by early morning. Shares did pare their gains by the afternoon but volume was very big as nearly three times the average on Thursday's gains. Our target was the $17.45-18.00 range so we're closing the play.
Picked on May 15 at $16.21
Closed Short Plays
Liz Claiborne - LIZ - close: 38.12 change: +0.09 stop: 38.25
As expected LIZ did hit our stop loss today closing the play at $38.25. Considering the odd late morning spike higher we wonder if someone got an early version of the post-market news that LIZ was authorizing a $250 million stock buy back program.
Picked on May 15 at $37.14