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Long Play Updates

Network Appl. - NTAP - close: 26.50 chg: +0.52 stop: 24.49*new*

Another strong day for tech stocks, well at least some tech stocks, helped push NTAP to another two-percent rally on volume slight above average. We remain optimistic and continue to target the $29.00-30.00 range but we are not suggesting new bullish positions at this time. Actually we're thinking about adjusting our target to the simple 200-dma near $27.60. We are going to raise our stop loss to $24.49.

Picked on October 16 at $25.12
Change since picked: + 1.38
Earnings Date 11/16/05 (unconfirmed)
Average Daily Volume: 5.9 million
 

Short Play Updates

Trinity Ind. - TRN - close: 36.01 chg: +0.02 stop: 38.01*new*

We have one week left before TRN is due to report earnings on October 31st. That is enough time for the stock to make a significant move but right now TRN's direction is unclear. Shares have been consolidating sideways the last few days. Now the daily chart does show a bearish double-top pattern and a breakdown under its bullish trend and 50-dma. Plus, the Dow Jones Transportation sector index would suggest the path of least resistance is down. However, if crude oil continues to slip lower then the transports could easily rally. We are not going to suggest new positions at this time. We're also going to lower the stop loss to $38.01. Our target is the $32.50-32.00 range.

Picked on October 11 at $36.88
Change since picked: - 0.87
Earnings Date 10/31/05 (unconfirmed)
Average Daily Volume: 385 thousand
 

Closed Long Plays

None
 

Closed Short Plays

Corning Inc. - GLW - close: 18.56 chg: +0.31 stop: 19.25

We are not happy with the relative strength we're seeing in shares of GLW. Granted the stock isn't running away from us but we do see a MACD buy signal on the daily chart. The company is due to report earnings on Wednesday, October 26th and the stock might just churn sideways until that report comes out. We'll exit early to avoid any further losses.

Picked on October 09 at $18.54
Change since picked: + 0.02
Earnings Date 10/26/05 (confirmed)
Average Daily Volume: 11.9 million
 

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