Long Play Updates
Kerzner Intl - KZL - close: 61.26 chg: +0.41 stop: 58.99*new*
Good news! KZL finally announced its earnings date to be August 9th. We had planned on exiting today just to be on the safe side to avoid holding over its yet-to-be-announced earnings report. This press release from the company gives us a few more days to hold the play and see how far the stock can climb before its report. We will plan on exiting this Friday or next Monday. We are also going to raise the stop loss to $58.99.
Picked on July 22 at $61.01
Short Play Updates
Adobe Systems - ADBE - close: 28.62 change: -0.84 stop: 30.41
Reaction to ADBE's earnings guidance last night was not positive. The stock gapped lower and hit $27.76 before bouncing. The strong day for software stocks probably softened the downside reaction. It is worth noting that the oversold bounce today failed under its 21-dma and the $29.00 mark. Currently we are still on the sidelines. Our instructions last night were to SIT OUT if ADBE gapped down under $28.50, which it did at $28.37. Instead we are going to monitor the stock for a day maybe two and then re-evaluate our strategy. More aggressive traders may want to consider bearish positions here.
Picked on July xx at $xx.xx <-- see TRIGGER
A.S.V.Inc - ASVI - close: 48.95 chg: +0.09 stop: 49.01
We are amazed that this play has not been stopped out. With the market in rally mode today ASVI had every opportunity to trade higher. Instead ASVI traded in a very narrow range and failed to trade above the $49.00 level. We are not suggesting new positions and still expect to be stopped out soon but just in case ASVI turns south then traders might want to consider bearish positions if the stock trades under $47.00.
Picked on July 28 at $45.87
ATI Tech. - ATYT - close: 13.05 change: +0.29 stop: 13.41
Positive comments from MXIM (and an 8.3% gain) pushed the SOX semiconductor index to a new one-year high over recent resistance at the 480 level. This sector's ability to defy gravity has been amazing. Bears are definitely fighting the current here and until today ATYT looked vulnerable to more declines. Unfortunately, ATYT was upgraded to an "out perform" this morning and that gave the stock a lift over technical resistance at its 40-dma. Fortunately, the rally today stalled at its simple 50-dma and this may prove to be a new bearish entry point but we would not suggest new positions until ATYT traded back under $12.80 or $12.75 again.
Picked on July 17 at $12.83
Biogen Idec - BIIB - close: 40.84 chg: +0.42 stop: 40.01
We find today's action in BIIB interesting. We would have expected a bigger follow through on yesterday's breakout through the top of its trading range. Plus, the company released news today that it was collaborating with PDLI (a rival) on three new drugs, which seems like positive news. It is worth noting that the BTK biotech index, which closed in the green, still under performed the rest of the market. We are still sitting on the sidelines here and will continue to monitor BIIB for another day or two. Currently our suggested entry point to short the stock is at $37.99.
Picked on July xx at $xx.xx <-- see TRIGGER
Anheuser Busch - BUD - cls: 44.21 chg: +0.19 stop: 46.25
No change from our previous update. Our ten-to-twelve week target is the $40.25-40.00 range.
Picked on July 28 at $44.77
Intl Game Tech. - IGT - cls: 27.54 chg: +0.29 stop: 29.01
No change from our weekend update. IGT continues to look weak. We would still consider new short positions here. Our target is the $24.50-24.00 range.
Picked on July 21 at $27.21
Juniper Networks - JNPR - cls: 24.25 chg: +0.09 stop: 25.61
With the NASDAQ Composite breaking out over major resistance at the 2200 level we are encouraged to see JNPR under performing with a minor 9-cent gain today. We remain bearish but would only consider new short positions on a drop below the $23.90 mark. Our target is the $21.50-21.00 range.
Picked on July 21 at $23.90
Royal Caribbean - RCL - cls: 45.05 chg: -0.03 stop: 48.01
RCL continues to under perform the market. Lack of participation in today's market rally is good news. No change from our previous weekend update. Our target is the $41.25-41.00 range.
Picked on July 27 at $45.50
Triad Hosp. - TRI - close: 50.15 chg: +0.03 stop: 52.01
We remain at yellow alert here with TRI. The stock did dip this morning but shares managed to claw their way back above the $50.00 mark again, which actually isn't that surprising considering the positive market. We would not suggest new bearish positions until TRI traded under $49.50.
Picked on July 25 at $49.20
Closed Long Plays
Closed Short Plays
Sina.com - SINA - close: 27.92 change: +0.02 stop: 28.51
Per our game plan we are exiting SINA today to avoid holding over the company's earnings report due out tomorrow. Wall Street is looking for earnings of 20-cents a share.
Picked on June 30 at $27.90