Long Play Updates
LM Ericsson - ERICY - close: 35.05 chg: +0.59 stop: 32.99
ERICY displayed a lot of strength today with a steady gain off the open and then shares began to tick higher on rising volume toward the close. This might be a new entry point but readers should be prepared for dips toward the $34 region. Our target is the $39.50-40.00 range.
Picked on August 03 at $35.19
Sara Lee - SLE - close: 20.40 chg: -0.09 stop: 19.74
Hmmm... the action in SLE today is interesting. Shares failed to rally with the rest of the market and at the end of the day, after a narrow trading range, SLE began to fade lower. This sort of relative weakness may portend a deeper consolidation ahead of it. We remain on the sidelines with a suggested entry point to go long at $20.75.
Picked on August xx at $xx.xx <-- see TRIGGER
Short Play Updates
Adobe Systems - ADBE - close: 26.57 change: -0.17 stop: 30.01
Still no change from our weekend update although we're thinking about adjusting our suggested entry point from $28.00-28.50 to $27.50-28.00. No changes yet.
Picked on July xx at $xx.xx <-- see TRIGGER
Assured Guaranty - AGO - close: 22.46 chg: -0.57 stop: 24.05
Believe it or not we're still not opened in this play. AGO displayed a lot of relative weakness with a 2.4% decline while the rest of the market was bouncing. The stock closed under technical support at the 50-dma and now the stock looks like it has confirmed the bearish reversal from Friday. We remain on the sidelines with a suggested entry point to short the stock at $22.39. Incidentally the low today was $22.40.
Picked on August xx at $xx.xx <-- see TRIGGER
A.S.V.Inc - ASVI - close: 46.71 chg: +0.96 stop: 49.01
ASVI managed another bounce today. At this point we'd probably expect there to be some follow through higher tomorrow. Watch for a failed rally under $48.00 this time. More conservative traders may want to consider tightening their stop losses.
Picked on July 28 at $45.87
ATI Tech. - ATYT - close: 12.13 change: -0.23 stop: 13.26
Good news! ATYT under performed the NASDAQ and its peers in the semiconductor sector today. The stock lost 1.86% on volume that was higher than the last few days. Technicals look solidly bearish. Our target is $11.50-11.20.
Picked on July 17 at $12.83
Anheuser Busch - BUD - cls: 44.32 chg: +0.02 stop: 46.25
No change from our weekend update. We are targeting the $40.25-40.00 range before its October earnings.
Picked on July 28 at $44.77
D.R.Horton - DHI - close: 36.92 change: +0.16 stop: 40.51
Homebuilding stocks saw a rebound today but the bounce in DHI was not very convincing. We remain bearish and continue to target the $35-34 range but traders should be prepared for an oversold bounce back into the $39.00 region. A failed rally under $40 could be used as a new entry point.
Picked on August 07 at $38.45
Intl Game Tech. - IGT - cls: 27.50 chg: +0.64 stop: 29.01
IGT displayed some unexpected strength today with a 2.38% rebound off its recent lows. The outlook remains bearish but IGT may have to retest the $28 level again as overhead resistance. Our target is the $24.50-24.00 range.
Picked on July 21 at $27.21
Juniper Networks - JNPR - cls: 23.30 chg: +0.19 stop: 25.11
CSCO's earnings have finally come to pass. The networking titan did report better than expected numbers but investors responded by selling the news. CSCO and most of the networking stocks were trading lower in after hours markets. We continue to target the 21.50-21.00 range but don't be surprised if JNPR bounces and retests the $24 level as overhead resistance.
Picked on July 21 at $23.90
LifePoint Hosp. - LPNT - cls: 46.95 chg: +0.47 stop: 47.26
We remain on the sidelines here. Our suggested entry point to short LPNT is at $44.95. We may choose to close the play unopened if LPNT continues to rebound and breaks the five-week trend of lower highs (watch the $47.00-47.50 range).
Picked on August xx at $ xx.xx <-- see TRIGGER
Royal Caribbean - RCL - cls: 46.18 chg: +0.55 stop: 48.01
We are not suggesting new plays at this time. RCL is bouncing and may need to retest overhead resistance at its 50-dma (near 47.00) before turning lower again. Readers can wait and watch for a failed rally under $47 as a new entry point but confirm that RCL has indeed reversed.
July 27 at $45.50
We like that TRI continues to show relative weakness and on rising volume. Our target is the $45.50-45.00 range above its simple 200-dma.
Picked on July 25 at $49.20
Xilinx - XLNX - close: 27.49 chg: -0.00 stop: 29.01
XLNX under performed its peers today. The SOX semiconductor index managed a strong 1.2% bounce today but shares of XLNX could not hold on to its early morning gains and closed unchanged. Our target is the $26.10-26.00 range.
Picked on August 04 at $27.91
Yellow Roadway - YELL - close: 52.35 chg: +0.58 stop: 55.01
YELL managed a minor bounce given the market's rebound today but we remain bearish on the stock. More aggressive traders can watch for a failed rally under its simple 200-dma near $53.80 as a new entry point. More conservative traders might feel more comfortable waiting for YELL to trade back below the $52.00 mark before initiating positions. The bearish H&S pattern points toward the $48.00 level so we are targeting $48.50-48.00.
Picked on August 08 at $51.77
Closed Long Plays
Closed Short Plays
Biogen Idec - BIIB - close: 41.24 chg: +2.82 stop: 40.01
We have been stopped out at $40.01 today. News from biotech firm Elan (ELN) helped send the sector higher and more importantly it pushed BIIB to a 7.3% spike higher. BIIB is a partner with ELN in its Tysabri multiple-sclerosis drug. News today that ELN's latest testing passed a significant safety milestone sent shares of ELN rising 14% on expectations that Tysabri could hit the markets sooner than expected.
on August 08 at $37.99