Long Play Updates
Burlington Coat - BCF - close: 37.01 chg: -0.99 stop: 36.45
The action in the markets today and in shares of BCF does not bode well for the future. The RLX retail index produced a sharp 2.48% decline and is trading just above support near 420. Meanwhile shares of BCF lost 2.6% and closed under all its major moving averages. Short-term bulls may want to start inching toward the exit door right now. If BCF breaks down under the $37 level it's a good bet we'll be taken out at $36.45. Therefore more conservative traders may want to raise their stops or just exit early.
Picked on October 24 at $38.90
HR Block - HRB - close: 24.03 change: -0.21 stop: 22.99
HRB did a decent job of resisting the market's weakness today. Yet if the markets continue to slide lower we would expect HRB to follow. We are not suggesting new plays at this time.
Picked on October 23
Network Appl. - NTAP - close: 25.55 chg: -0.19 stop: 24.49
Wow! We are surprised the damage in NTAP wasn't worse. The NASDAQ lost 1.7% and the NWX networking index lost over 3%. We would still look for NTAP to pull back toward the $25.00-25.25 region and would not consider new bullish positions until we saw a bounce.
Picked on October 16 at $25.12
Outback Stkhse - OSI - close: 36.25 chg: -0.50 stop: 34.99
OSI tried to rally this morning but the weakness across the market was too much for it. We would not suggest new plays at this time. Wait and watch for a bounce from the $36.00 level as a potential bullish entry point.
on October 23 at $37.21
Short Play Updates
Educ. Mgmt. Corp. - EDMC - close: 29.74 chg: +0.01 stop: 31.05
Hmm... we admit that the action in shares of EDMC is unusual. Given the big drop in the market we would have expected the stock to follow suit and hit new lows. We see this as a major caution flag for the bears. If EDMC doesn't produce some downward momentum shortly we're going to bail out early!
Picked on October 26 at $29.73
Elkcorp - ELK - close: 30.41 chg: -0.84 stop: 32.75
We have been triggered! ELK started the day off weak and continued to slip lower as the major averages sank deeper into the session. Our trigger was $30.49. More conservative traders may want to wait for a drop under the $30.00 level before initiating positions. Our target for ELK is the $27.00 level.
Picked on October 27 at $30.49
Netflix - NFLX - close: 25.90 change: +0.92 stop: 25.01
That loud eruption of hisses and boos was the bear camp after another analyst upgraded shares of NFLX to a "buy" this morning. The upgrade fueled the 3.6% bounce from the $25 level and kept the stock firmly inside its rising channel. This remains a very speculative play and the lack of follow through lower on Wednesday's decline is not a good sign. We're going to watch NFLX for another day, maybe two. Today's trading action produced an "inside day" so we'll see what direction NFLX heads next. Our trigger to short this already highly shorted stock is at $23.74.
Picked on October xx at $xx.xx <-- see TRIGGER
Sanderson Farms - SAFM - close: 32.96 chg: -1.01 stop: 36.11*new*
SAFM lost another three percent today and is nearing our target in the $32.00-31.00 range. We are not suggesting new plays. We are lowering our stop loss to $36.11.
Picked on October 23 at $35.17
Closed Long Plays
Closed Short Plays