Long Play Updates
Burlington Coat - BCF - close: 38.71 chg: -0.29 stop: 36.45
Homebuilder Toll Brothers (TOL) issued a warning for its 2006 sales and investors began to worry anew about the strength of the consumer. Naturally the retail sector ticked lower and BCF traded lower with it. Technical oscillators on BCF look vulnerable and we might expect a pull back toward the $38 level. Our target is the $43.50-44.00 range.
Picked on October 24 at $38.90
Csk Auto - CAO - close: 15.35 change: -0.60 stop: 14.75
We cannot find the catalyst behind CAO's sell-off today. The stock immediately opened weak and erased yesterday's gain before lunchtime. The stock "should" find technical support near 15.15-15.20 where its 10-dma and 50-dma converge. We would not suggest new longs here. Watch for the bounce from support or the $15.00 level first. Our target is the $17.50 mark.
Picked on November 02 at $15.58
Crown Castle - CCI - close: 27.52 change: +1.14 stop: 24.99*new*
CCI turned in a very strong day adding more than 4.3% on volume almost double its average. This is very bullish and the stock is within $1.50 of our target at the $29 level. We are raising our stop loss to $24.99.
Picked on November 01 at $25.81
Intel Corp. - INTC - close: 24.55 chg: +0.05 stop: 22.75
INTC managed to out perform its peers today after Banc of American initiated coverage on the stock with a "buy" rating and a $33 price target. We do expect some resistance at its 200-dma near $25. 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.
on November 06 at $ 23.99
IPC Holdings - IPCR - close: 29.09 chg: -0.43 stop: 26.99
IPCR did see some profit taking today but the stock was somewhat resistant. Shares dipped to $28.91 and traded sideways for the rest of the session before a late day bounce pushed it back over the $29 level. Our short-term target is the $29.95-30.00 range but more aggressive traders may want to aim higher.
Picked on November 02 at $28.15
Martek Biosciences - MATK - cls: 30.80 chg: -0.75 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: 41.40 chg: -0.10 stop: 38.99
PDCO continued to dip and tested support near its 10-dma and the $41 level this afternoon. Now we just need to see a bounce and traders can use it as a new entry point. If the markets continue to pull back we'll look for a dip toward the $40.75 region. We are raising the stop loss to $39.49. 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: 12.87 change: +0.51 stop: 15.01
Uh-oh! ANTP had continued to sink and traded under the $12.00 level this morning but this afternoon there was a sharp surge higher. This could be bad news. The biggest risk here is a short squeeze and traders are prone to panicking. More conservative traders may want to seriously think about exiting early if ANTP trades over the $14.00 level. We're not suggesting new positions at this time. 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: 8.54 chg: -0.18 stop: 8.36
MENT has all the characteristics of a channeling stock. MENT continues to fade lower after testing the top of its channel three days ago. 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: 19.88 chg: -0.20 stop: 20.55
Once again PKG looks like a bearish candidate with today's drop back under the $20.00 level. We would use today's decline as a new entry point. Our target is the $18.50 mark.
Picked on November 06 at $19.89
Sanderson Farms - SAFM - close: 33.49 chg: +0.46 stop: 35.55*new*
SAFM sank to a new 52-week low this morning before rebounding higher late this afternoon. We are not suggesting new plays at this time. We are going to lower our stop loss to $35.55. Our target is the $32.00-31.00 range.
Picked on October 23 at $35.17
Sysco - SYY - close: 30.67 chg: +0.36 stop: 32.01
This morning before the opening bell JPMorgan upgraded SYY to an "overweight" rating. The stock reacted by gapping higher but the rally failed under resistance at the $31.00 level. We've been telling readers to watch for a failed rally under $31 as a new entry point. This could be it. More conservative traders might want to wait for a new decline under $30.50 before initiating shorts. Our target is the $28.50-28.00 range.
Picked on November 01 at $30.60
Closed Long Plays
Closed Short Plays