Long Play Updates
Cameco - CCJ - close: 46.20 chg: -1.04 stop: 43.90 *new*
CCJ hit some profit taking today. Watch the $45.00 level to act as the next level of support. We are raising our stop loss to $43.90.
Picked on June 27 at $44.14
Deckers Outdoor - DECK - cls: 25.77 chg: -0.13 stop: 24.95*new*
We are turning defensive here too. We are raising the stop loss to $24.95.
Picked on June 22 at $25.88
Diodes Inc. - DIOD - close: 34.50 change: -0.47 stop: 31.49*new*
As we expected DIOD pulled back toward the $34.00 level. Both DIOD and the SOX semiconductor index looks overbought and extended and due for a consolidation. We still suggest that traders consider taking some profits off the table here. Odds are good that DIOD will pull back toward the $33.00 level and/or its simple 10-dma on any market decline. Our target remains the $36.50 mark. We are raising our stop loss to $31.49.
Picked on July 05 at $32.48
Home Depot - HD - close: 41.04 chg: +0.06 stop: 38.75
No change from our previous update. We are suggesting that readers go long HD on a dip into the $40.85-40.50 range. You, the reader, may want to consider waiting until after HD begins to bounce before initiating new long positions.
Picked on July xx at $xx.xx <-- see TRIGGER
Nextel Comm. - NXTL - close: 33.09 change: +0.13 stop: 31.49
Shares of NXTL managed to hit a new multi-year high today. Technically the stock looks bullish given its breakout from the five-week trading range. Our concern is the major indices, which all look ripe for some profit taking. We suggest caution here and would hesitate to initiate new bullish positions.
Picked on July 13 at $33.10
Short Play Updates
Sina.com - SINA - close: 27.25 change: +0.06 stop: 29.01
SINA tried to rally twice today but both times failed near $27.56. We remain bearish and continue to target a decline toward the $25.75-25.50 range.
Picked on June 30 at $27.90
Closed Long Plays
Black Hills - BKH - close: 39.63 change: +0.12 stop: 36.85
Target achieved. BKH continues to display lots of strength. The stock gapped open at $40.00 and ran to $40.29 before succumbing to some profit taking. This morning's opening trade would have taken us out of the play at $40.00. We will keep an eye on BKH for another opportunity should shares pull back toward support near $38.00.
Picked on July 11 at $38.20
Berry Petrol. - BRY - close: 54.05 change: -2.72 stop: 53.49
The oil bulls are running for the exits trying to lock in short-term profits. News that China's oil consumption dropped unexpectedly and news that hurricane Emily would probably avoid most of the U.S.' oil infrastructure in the Gulf sent the price of crude sliding lower today. That lead a decline in the oil stocks and BRY was hit hard with a 4.79 percent decline. Shares came very close to hitting our stop loss today. We are exiting now to avoid further losses.
Picked on July 03 at $55.23
Dynamic Materials - BOOM - close: 39.74 chg: -1.00 stop: 37.95
We are going to exercise some caution here as well. Yes, BOOM is a high-risk, aggressive play and it might be tempting to just roll the dice but we'd rather exit here with the drop under the $40.00 mark and avoid further losses.
Picked on July 11 at $ 42.01
Forest Oil - FST - close: 42.82 change: -1.84 stop: 41.25
FST is more of a natural gas play than an oil play but the natural gas sector was caught up today in the oil sell-off. The XNG natural gas index lost 2.28 percent. FST was hit worse with a four percent drop on above average volume. We're choosing to exit now to avoid further losses.
Picked on July 05 at $44.15
GulfMark Offshore - GMRK - close: 28.05 chg: -0.40 stop: 26.49
We are exiting GMRK for the same reasons we're leaving BRY and FST. The oil sector looks ripe for profit taking with the sudden shift in the price of crude. We will keep an eye on GMRK for future opportunities. More courageous traders may want to keep their longs alive in GMRK but we would probably raise our stops.
Picked on July 07 at $28.65
Hologic - HOLX - close: 39.82 change: -0.36 stop: 38.69.
Call us chicken if you want but we don't like the way things are shaping up here in HOLX. The stock did bounce from the $40.00 region but the gap higher this morning quickly failed. The lack of strength on a day that the DJIA, NASDAQ and S&P 500 hit new relative highs is a warning sign. We're closing the play here to avoid further losses.
Picked on July 10 at $42.46
Closed Short Plays