Long Play Updates
Archstone-Smith - ASN - close: 36.65 chg: -0.21 stop: 35.35
As expected ASN pulled back and came very close to filling the gap from last week. Given the late day bounce we'd be tempted to consider new bullish positions here but traders should consider the overbought status in the major indices. If the DJIA and the NASDAQ pull back, and they will sooner rather than later, then ASN is likely to pull back with them.
Picked on May 06 at $36.26
Brookfield Homes - BHS - close: 47.55 chg: -0.20 stop: 42.95
It was another battle between the bulls and bears today as BHS traded in a narrow range under resistance near $48.00. We're not suggesting new bullish positions. If the markets pull back we expect BHS to pull back with them. We'll watch for a bounce from the $46 region. Our target is the $49.50-50.00 range.
Picked on May 05 at $45.05
Caremark - CMX - close: 44.06 chg: +0.59 stop: 40.95
CMX is showing some relative strength today but we're still expecting the stock to pull back when the markets correct from being overbought. No change from our previous update on 05/22/05.
Picked on May 09 at $43.30
First Bancorp - FBP - close: 40.90 chg: +0.44 stop: 38.49
Hmmm... that's not very encouraging. FPB declares a cash dividend and a stock split this afternoon and the stock doesn't respond very much. The press release did come out late in the day so maybe FBP will see a stronger reaction tomorrow. FBP's Board of Directors announced a 14-cent cash dividend payable on June 28th, 2005 to shareholders on record as of June 15th. In addition the Board also declared a 2-for-1 stock split to be distributed on June 30th for shareholders on record as of June 15th. Maybe once this news is digested by investors we'll see FBP breakout over the $42.00 level. Our target is still the $45.00 region.
Picked on May 05 at $40.37
Greenhill & Co - GHL - close: 35.89 chg: -0.17 stop: 34.49
While we are encouraged by the intraday rebound from traders buying the dip toward the $35.00 level we are starting to grow concerned by the bearish tilt in GHL's momentum oscillators. More conservative traders may want to consider taking some profits here, especially with the major stock indices this short-term overbought. Our target remains the $37-38 range.
Picked on May 09 at $34.11
Humana - HUM - close: 36.26 chg: -0.07 stop: 32.95
No change from our previous update on 05/22/05. We're still expecting HUM to pull back when the market indices pull back from overbought status.
Picked on May 09 at $36.33
Sirius Satellite Radio - SIRI - cls: 5.66 chg: -0.01 stop: 5.19
No change from our previous updates. We still expect shares to dip toward the $5.50-5.40 range even though traders bought the dip to $5.60 this morning. In the news SIRI announces that it will hold its annual shareholder meeting on Wednesday, May 25th.
Picked on May 22 at $ 5.65
Yahoo! Inc. - YHOO - close: 36.63 change: -0.17 stop: 33.95
Another upgrade for Google (GOOG) helped fuel an early rally in the Internet sector but both GOOG and the Internet group experienced some profit taking before the day was out. Shares of YHOO traded in a relatively narrow range despite positive analyst comments and new coverage with a "buy" rating. The NASDAQ Composite is now up eight days in a row. This is an unsustainable pace and traders should expect a multi-day consolidation before the NASDAQ can continue higher. We'll watch for YHOO to trade toward the $35.00 level.
Picked on May 18 at $36.05
Short Play Updates
A.S.V.Inc. - ASVI - close: 35.04 change: -0.09 stop: 35.31
Since we remain unopened and on the sidelines in ASVI we're not quite ready to give up just yet. Our strategy is to short the stock if shares hit our entry point of $33.99, under short-term support at the $34.00 level.
on May xx at $xx.xx <-- see TRIGGER
Ball Corp - BLL - close: 37.95 chg: +0.10 stop: 39.05
No change from our previous update on 05/23/05.
Picked on May 05 at $38.98
Closed Long Plays
Closed Short Plays
Biomet - BMET - close: 38.81 chg: -0.13 stop: 39.01
We've been expecting it for a couple of days now. BMET finally traded intraday over the $39.00 level and hit our stop loss at $39.01 closing our play.
on May 10 at $37.45
Mylan Labs - MYL - close: 16.41 change: +0.28 stop: 16.51
After trading under resistance at $16.50 for most of the session MYL finally broke through this afternoon and hit our stop loss at $16.51. The stock is now up five days in a row and starting to look short-term overbought.
Picked on May 16 at $15.85