Long Play Updates
Burlington Coat - BCF - close: 38.35 chg: -0.36 stop: 36.45
Well we mentioned a pull back to $38 and that's what we got today. Now the question is will the $38 level hold up as support or will BCF dip to its simple 50-dma at 37.60. More conservative traders might want to think about tightening their stops to just under the 50-dma. We are not suggesting new bullish positions with BCF under the $39.00 mark. Our target is the $43.50-44.00 range.
Picked on October 24 at $38.90
Csk Auto - CAO - close: 15.32 change: -0.03 stop: 14.75
CAO tried to bounce this morning but the bounce failed at $15.55. We suspect that shares will continue lower and test the 50-dma near $15.15 or fall lower and hit the $15.00 level. We would not suggest new bullish positions until we see a significant bounce. Our target is the $17.50 mark.
Picked on November 02 at $15.58
Intel Corp. - INTC - close: 24.80 chg: +0.25 stop: 22.75
INTC continues to rally and shares are nearing overhead resistance at the $25.00 level and the simple 200-dma near $24.90. We do expect the stock to pull back once it touches resistance. Traders looking for a new entry point can watch for a pull back toward the $24.00 region. Our year-end target is the $26.00-26.50 range.
Picked on November 06
at $ 23.99
IPC Holdings - IPCR - close: 28.74 chg: -0.35 stop: 26.99
IPCR's rally is fading and we could see the stock retest the $28.00 level near its simple 10-dma before it continues higher. A bounce from the 10-dma could be used as a new short-term entry point. 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: 30.73 chg: -0.07 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: 41.67 chg: +0.27 stop: 38.99
PDCO bounced higher today but we're not sure the consolidation is over just yet. A move over $42.00 would be bullish but we wouldn't be surprise by another dip to the $41 level, which should be short-term support. Either move could be used as a new entry point just remember that our time is growing short. 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: 12.60 change: -0.27 stop: 15.01
Today's decline was good news. The lack of follow through on Tuesday's rally suggest that ANTP will continue lower. More conservative traders may want to think about tightening their stop. 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: 8.69 chg: +0.15 stop: 8.36
We see no changes from our previous updates on MENT. 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: 20.06 chg: +0.18 stop: 20.55
PKG is experiencing a tug-of-war across the $20.00 mark. We would not suggest new positions until PKG traded back under $20 and now we'd probably look for a new low under $19.75. Our target is the $18.50 mark.
Picked on November 06 at $19.89
Sanderson Farms - SAFM - close: 33.57 chg: +0.08 stop: 35.55
SAFM's rally failed this afternoon at $34.25. The move back under the $34 level could be used as a new bearish entry point but we're not suggesting new plays at this time. Our target is the $32.00-31.00 range.
Picked on October 23 at $35.17
Sysco - SYY - close: 30.48 chg: -0.19 stop: 32.01
SYY is acting out its part of the script pretty much on cue. We expected a bounce from $30 and for the $31 level to act as overhead resistance. The failed rally under $31 was a new entry point and hopefully today's decline under the $30.50 mark confirms the move. Our target is the $28.50-28.00 range.
on November 01 at $30.60
Closed Long Plays
Crown Castle - CCI - close: 28.25 change: +0.73 stop: 24.99
Target achieved. CCI continued to rally this morning and the stock hit a high of $29.20 before pulling back. Volume was extremely heavy at almost six times the daily average. Our target was the $29.00 mark.
Picked on November 01 at $25.81
Closed Short Plays