Long Play Updates
Burlington N. Santa F. - BNI - cls: 59.05 chg: +0.70 stop: 54.90
BNI is almost there. The stock hit an intraday high of $59.44. Our target is the $59.75-60.00 range. Volume came in well above average today suggesting more strength ahead. We're suggesting that readers prepare to exit. Longer-term traders may want to consider holding the stock longer and exiting ahead of its earnings report in late October.
Picked on September 20 at $56.75
Quicksilver - KWK - close: 47.53 change: +2.20 stop: 41.99 *new*
Natural gas prices and concerns over potential shortages helped push shares of KWK higher. The stock soared to a 4.85% gain on above average volume to breakout over resistance near $46.50 and close at new all-time highs. We are raising our stop loss to $41.99. Our target is the $49.00-50.00 range.
Picked on September 20 at $43.68
Mckesson - MCK - close: 47.43 chg: +0.25 stop: 44.85
Sadly shares of MCK failed to produce a very big follow through on yesterday's bullish breakout. We remain bullish on the stock and it may just be the stock needs more time to work through potential resistance near $47.50. Our target is the $49.75-50.00 range.
Picked on September 18 at $46.47
Motorola - MOT - close: 22.21 change: +0.06 stop: 21.78
We are still in defensive mode here. MOT tested support near $22.00 and its 40-dma today. Shares did bounce from support but began to fade before the closing bell. This is not what we want to see on a day the tech sectors are showing leadership. Readers looking for new entries may want to wait for a new relative high over its 10-dma near $22.61 or at least over today's high near $22.50.
Picked on September 25 at $22.79
Short Play Updates
Anheuser Busch - BUD - cls: 43.46 chg: +0.27 stop: 45.65
BUD tried to bounce today but the rallied struggled through most of the session and the stock began to fade into the close. We remain bearish although we're not suggesting new positions at this time. Our target is the $40.50-40.00 range before its October earnings. More conservative traders may want to exit near $42.50.
Picked on July 28 at $44.77
Cogent Inc. - COGT - close: 24.28 chg: +0.08 stop: 26.51
Strength in technology stocks helped produce the bounce in shares of COGT. We're encouraged the COGT failed to truly participate in today's market rebound. Yet we remain on the cautious side if you're looking for new positions. Step back and wait to see where COGT reverses course. We see the $26.00 level as significant resistance. Our target is the $22.50-22.00 range.
Picked on September 22 at $25.21
Cost Plus - CPWM - close: 18.24 change: -0.19 stop: 20.31
Good news! CPWM continues to show relative weakness and refused to join in the retail sector's rally on Thursday. While we are encouraged by today's decline we would not be surprised by an oversold bounce from the $18.00 level. Our target is the $16.50-16.00 range.
Picked on September 20 at $19.78
Enzo Biochem - ENZ - close: 15.53 chg: +0.73 stop: 15.51
Wow! The market rally today really affected shares of ENZ on Thursday. The stock added 4.9% and is challenging resistance near the $15.50 region. Then again ENZ was testing support at its neckline yesterday and we did mention that one of the biggest threats to bears was a potential short-squeeze. We remain bearish but we also remain on the sidelines. Our suggested entry point to short the stock is at $14.49. Please see our original play description on September 28th for more details.
Picked on September xx at $xx.xx <-- see TRIGGER
99c Only Stores - NDN - close: 9.07 chg: +0.05 stop: 10.01
Shares of NDN managed a minor bounce today in spite of a big rally in the retail sector. We even heard some positive comments for one of NDN's rivals on CNBC suggested that the one dollar-type stores will benefit as consumers tighten their wallets. We see today's action as relative weakness and remain bearish. Our target is the $8.60-8.50 range.
Picked on September 27 at $ 9.40
Nautilus Inc. - NLS - close: 22.15 chg: -0.05 stop: 24.11
The good news here is that shares of NLS did not participate in the market rally on Thursday. The trend remains bearish but NLS does look short-term oversold. We are not suggesting new plays at this time. More conservative traders may want to tighten their stops or take some money off the table right here. Our target is the $20.50-20.00 range.
Picked on September 14 at $23.80
Closed Long Plays
Closed Short Plays
Arctic Cat - ACAT - close: 20.54 chg: +0.25 stop: 21.11
We are choosing to play it cautious here and exit early. Today's gain may have been fueled by moves in the broader market averages but we don't like it. Volume has been stronger than average as the bulls and bears fight it out between $19.75 and $20.50. We'll exit now and keep an eye on ACAT for a new relative low under $19.75 again. We still believe that ACAT may have fundamental problems going forward. Higher energy costs will impact consumer spending and consumers are likely to cut out the high-priced toys that ACAT produces.
Picked on September 23 at $19.79