Long Play Updates
Burlington Coat - BCF - close: 39.00 chg: +0.00 stop: 36.45
BCF continues to struggle with resistance at the $39.00 level. The stock hit an early high of $39.30 this morning but failed to maintain those gains. We remain bullish and continue to target the $43.50-44.00 range.
Picked on October 24 at $38.90
Csk Auto - CAO - close: 15.95 change: +0.45 stop: 14.75 *new*
Monday proved to be a strong day for CAO. The stock added 2.9% and shares are now challenging resistance near $16.00. It's interesting to note that rival ORLY also turned in a strong session today. Our target is the $17.50 mark. We are raising our stop loss to $14.75.
Picked on November 02 at $15.58
Crown Castle - CCI - close: 26.38 change: +0.03 stop: 24.24
CCI dipped toward the $26.00 level today (low $26.10) but shares were ticking higher by the end of the session. We remain bullish and see no changes from our weekend update. Our target is the $29.00 mark.
Picked on November 01 at $25.81
Intel Corp. - INTC - close: 24.50 chg: +0.51 stop: 22.75
INTC displayed some leadership today and added 2.12%. Today's gain pushed the stock over resistance at the $24.00 mark and its simple 50-dma. We do expect some resistance at the 200-dma near the $25.00 level overhead. If you're the patient type you might want to wait for a pull back toward the $24.00 level and initiate positions there. Our year-end target is the $26.00-26.50 range.
Picked on November 06 at $ 23.99
IPC Holdings - IPCR - close: 29.52 chg: +0.41 stop: 26.99
IPCR almost hit our target today. The stock touched an intraday high of $29.78 this afternoon. Our target is the $29.95-30.00 range.
Picked on November 02 at $28.15
Martek Biosciences - MATK - cls: 31.55 chg: +0.25 stop: 29.85
There is no change from our weekend update on MATK. The stock remains under resistance at the $32.00 level. Our suggested entry point is a trigger at $32.05. Until MATK trades at or above this level we'll sit on the sidelines. If we are triggered our target is the $35.00 mark.
Picked on November xx at $xx.xx <-- see TRIGGER
Patterson Companies - PDCO - close: 41.50 chg: -0.30 stop: 38.99
As we expected shares of PDCO needed to pull back. We are watching for a dip to the simple 10-dma near $41.00. A bounce from $41 can be used as a new bullish entry point. Our target is the $44-45 range. We plan to exit before the company announces earnings in late November.
Picked on October 30 at $40.85
Short Play Updates
Phazar - ANTP - close: 12.37 change: -1.25 stop: 15.01
Good news! Friday's bounce has already failed and ANTP lost more than nine-percent today on above average volume. Today's close also puts ANTP under its simple 10-dma. Our seven-week target is the $10.20-10.00 range. Remember, this is an aggressive, high-risk short.
Picked on November 03 at $13.32
Mentor Graphics - MENT - close: 8.72 chg: -0.05 stop: 8.36
The rally is stalling in shares of MENT and aggressive traders might want to short the stock here and aim for the bottom of its trading range in the $8.00-7.85 region. Our plan is to short the stock on a breakdown below the bottom of its trading range. Our trigger is at $7.80. If MENT breaks out over its 100-dma at 9.05 we may switch sides and open longs.
Picked on October xx at $xx.xx <-- see Trigger
Packaging Corp. - PKG - close: 20.08 chg: +0.19 stop: 20.55
This is not the most favorable start to our new short play in PKG. Over the weekend we suggested that traders open positions with the stock under the $20.00 level. More aggressive players might watch for another failed rally under the $20.50 mark. Technically PKG continues to look bearish. Our target is the $18.50 mark.
Picked on November 06 at $19.89
Sanderson Farms - SAFM - close: 33.03 chg: -0.73 stop: 36.11
Worries over avian flu are heating up again. SAFM swears that there is little immediate risk to their U.S. chicken populations but investors have never been accused of being logical. The stock lost more than two percent today and looks poised to turn lower. Our target is the $32.00-31.00 range.
Picked on October 23 at $35.17
Sysco - SYY - close: 30.31 chg: +0.27 stop: 32.01
SYY produced a bit of an oversold bounce from the $30.00 level today. From the looks of its intraday chart the bounce isn't over yet. Watch for a failed rally under $31.00 as a new bearish entry point. Our target is the $28.50-28.00 range. More aggressive traders may want to aim lower. The P&F chart points to a $22 target.
Picked on November 01 at $30.60
Closed Long Plays
ATP Oil & Gas - ATPG - close: 33.16 chg: -1.07 stop: 31.99.
The action in the oil stocks is not looking very healthy. Today the OIX oil index lost 1.8% and the OSX oil services index lost 1%. Investors responded to news that gasoline prices at the pump have fallen and warm weather in the northeast by selling stocks in the sector. We are longer-term bullish on oil stocks but right now the short-term future looks bearish. We're going to exit ATPG early to avoid further losses!
Picked on November 03 at $35.16
Closed Short Plays