Long Play Updates
ANSYS Inc. - ANSS - close: 42.61 change: -0.42 stop: 40.89
ANSS tried to rally this morning with a gap higher but buyers didn't have enough steam to push through resistance at the $44.00 level. This is a good example of why we like to use triggers. We are suggesting a trigger at $44.05 to open the play. If triggered we'll target a move into the $49-50 range by the end of January. The Point & Figure chart currently points to a $60 target.
Picked on December xx at $xx.xx <-- see TRIGGER
Burlington Coat - BCF - close: 41.57 chg: +0.37 stop: 38.90
BCF managed to tag a new three-month high today. Volume came in above average on the gain so that's good news. We don't see any change from our weekend update on BCF. We are not suggesting new plays at this time. Our year-end target is the $43.50 level.
Picked on October 24 at $38.90
CE Frankline Ltd - CFK - cls: 13.21 chg: -0.04 stop: 11.44
CFK gapped higher at the open to set another new multi-year high but then the stock gave it all back. Odds of some profit taking tomorrow are probably pretty good. Watch for a potential bounce near $13.00 or the October high near $12.75. Our target is the $14.75-15.00 range over the next several weeks.
Picked on November 16 at $11.98
Cree Inc. - CREE - close: 26.96 change: -0.22 stop: 25.95*new*
Heads up! The action in the SOX, while positive today, is starting to look like a top. Meanwhile CREE is under performing its peers and the stock looks poised for a drop back toward support near the $26.00 level. Technicals on CREE are certainly suggesting another consolidation lower. If you do not want to risk seeing CREE fall back to the $26 level and then keep going lower then you may want to exit early. Super conservative traders can exit right here or cinch up their stops toward $26.40 near last week's low. We're raising our stop loss to $25.95.
Picked on November 20
CenturyTel Inc. - CTL - close: 32.87 change: -0.28 stop: 32.39
Unfortunately, we have nothing new to report on for CTL. We remain on the sidelines and don't see any change from our previous update on CTL. Our strategy is to go long on a breakout over resistance at the 200-dma and the $33.50 level. Our trigger to buy the stock is at $33.55. If triggered we'll target a run to $36.00 before its January earnings report. The Point & Figure chart points to a $49 target.
Picked on December xx at $xx.xx <-- see TRIGGER
D.R.Horton - DHI - close: 36.40 chg: +0.08 stop: 33.75
DHI continues to consolidate sideways. We don't see any change from our previous update except that we wouldn't suggest new positions at this time. Our target for DHI is the $39.75-40.00 range.
Picked on November 21 at $35.85
eBay Inc. - EBAY - close: 44.69 change: -0.51 stop: 43.99*new*
The action in EBAY does not look good. Today's session almost looks like a bearish engulfing candlestick pattern. More conservative traders may want to protect their capital and just exit right here - or ratchet up their stops toward $44.49. We are not suggesting new plays. EBAY does still have some support near $44 so we're moving our stop loss to $43.99.
Picked on November 21 at $45.10
Forest Oil - FST - close: 47.05 change: +0.85 stop: 42.75
FST displayed some relative strength with a 1.8% gain but unfortunately volume did not support the move. Today's volume was significantly under the daily average. We remain bullish and the move over $47 looks like an entry point but would enter positions carefully. Our target is the $52.50-53.00 range. We do not want to hold over FST's February earnings report.
Picked on December 02 at $47.01
Corning Inc. - GLW - close: 21.26 chg: -0.01 stop: 19.99
GLW struggled to build on yesterday's breakout above the $21.00 level. Actually GLW climbed higher for most of the session but got caught by the late day market-wide sell-off. We are not suggesting new positions. Our target is the $21.90-22.00 range.
Picked on November 13 at $20.11
Grant Prideco - GRP - close: 43.14 chg: +0.54 stop: 39.49 *new*
GRP continues to display relative strength with lots of volume behind the current rally that began in December. Our target is the $46-47 range. We do not want to hold over GRP's earnings report in January. We are going to raise our stop loss to $39.49.
Picked on December 02 at $41.80
JAMDAT Mobile - JMDT - close: 23.41 chg: +0.43 stop: 22.49
Be careful. JMDT popped higher this morning after announcing a multi-year license agreement with Shuffle Master over casino games. Our trigger to go long was at $24.01 and the play is now open. Unfortunately, JMDT was not immune to the late day sell-off. We suspect that JMDT will dip back toward Monday's lows near support at the 200-dma. We would not suggest new longs with JMDT under $24 but more aggressive traders might consider new entries on a strong bounce from the $22.50 region.
Picked on December 06 at $24.01
K-Swiss - KSWS - close: 32.02 chg: +0.28 stop: 30.89
KSWS is just not seeing much upward follow through but then again it is still trading above its multi-week trendline of support. Until the trend changes we'll keep the play open but keep your stops tight. More conservative traders could probably tighten their stops toward $31.25.
Picked on November 29 at $32.09
Levitt - LEV - close: 22.91 chg: +0.21 stop: 20.95
LEV continues to show strength and closed at a new two-month high today. Watch for a little bit of profit taking if LEV can hit the 100-dma near $24.00. We would not suggest new bullish positions here. A dip back toward $22.00 and/or its 10-dma could be used as a new entry point but watch the major averages and enter carefully. Our target is the $24.90-25.00 range. We do not want to hold over the February earnings report.
Picked on December 01 at $22.27
VCA Antech - WOOF - close: 27.73 chg: -0.19 stop: 25.90
There are no surprises here. We've been telling readers for days now that the momentum in WOOF has stalled and the stock looks poised for a pull back. We're surprised that the profit taking has been so mild. The $27 level and $26 level are the next two areas of support. We would not suggest new positions at this time. Our target is the $29.90-30.00 range.
Picked on November 09 at $26.74
Short Play Updates
Closed Long Plays
Closed Short Plays