Long Play Updates
ANSYS Inc. - ANSS - close: 42.05 change: -0.56 stop: 40.89
ANSS is still seeing more profit taking after yesterday's failed rally. We remain on the sidelines out of harm's way. If ANSS bounces from here it wills start to look like a short-term inverted or bullish head-and-shoulders pattern with the neckline at $44.00 resistance. 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
Anglogold - AU - close: 45.98 change: +1.17 stop: 41.95
Gold stocks continue to climb as they chase a rising commodity. Gold futures hit a new 20-year high today. Shares of AU added 2.6% on strong volume, which suggests more strength to come. Our target is the $49.50-50.00 range.
Picked on December 06 at $44.81
Burlington Coat - BCF - close: 41.23 chg: -0.34 stop: 38.90
BCF pulled back to its simple 10-dma today. 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: 13.75 chg: +0.54 stop: 11.44
CFK is still showing lots of relative strength. The stock added 4% on above average volume today. We are not suggesting new positions at this time. CFK is currently up more than 14% from our picked price. More conservative traders may want to exit right here! 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: 26.65 change: -0.31 stop: 25.95
This doesn't look good. Both the SOX and CREE lost more than one percent today. CREE's MACD has produced a new sell signal. We are not suggesting new plays. More conservative traders may want to exit right now or raise their stop loss toward $26.45. We're going to leave our stop at $25.95 since broken resistance at $26 should act as support.
Picked on November 20 at $26.89
CenturyTel Inc. - CTL - close: 33.13 change: +0.26 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: 35.06 chg: -1.34 stop: 33.75
The homebuilding sector was hit with some profit taking today. The DJUSHB index lost almost 3.3% after a new report from UCLA predicted that home construction would begin to decline in 2006. DHI lost 3.6% but the selling stalled near the $35.00 level. We are not suggesting new positions here. More conservative traders may want to raise their stops toward the 200-dma near $34.20 or exit altogether since DHI's MACD is nearing a new sell signal. The DJUSHB index has just seen its MACD produce a new sell signal today. Thus far DHI has been consolidating in what looks like a bull flag pattern. A move over $36.50 could be used as a new bullish entry point. Our target for DHI is the $39.75-40.00 range.
Picked on November 21 at $35.85
Forest Oil - FST - close: 47.15 change: +0.10 stop: 42.75
Early strength in the oil stocks faded but FST managed to close with a small gain after churning sideways in a tight range for most of the session. 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: 20.95 chg: -0.31 stop: 19.99
The bullish breakout over resistance at the $21.00 mark didn't last long. This sort of relative weakness is not a good sign. 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: 43.73 chg: +0.59 stop: 39.49
GRP continues to rally and is starting to look a little short-term overbought. If you're looking for a new position here then wait for a dip. The $41.50 level could be short-term support. Our target is the $46-47 range. We do not want to hold over GRP's earnings report in January.
Picked on December 02 at $41.80
K-Swiss - KSWS - close: 32.16 chg: +0.14 stop: 30.89
There is nothing new to report on for KSWS. The stock is still trading above support with its rising trendline of higher lows. 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: 22.70 chg: -0.21 stop: 20.95
LEV experienced some mild profit taking today. Today's loss erased yesterday's gain to the penny. A dip and bounce from the simple 10-dma could be used as a new bullish entry point. 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: 27.72 chg: -0.01 stop: 25.90
We see no changes from our previous updates on WOOF. The stock dipped to $27.25 and rebounded back to almost unchanged. 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
NeuroMetrix - NURO - close: 30.40 chg: +0.81 stop: 34.01
NURO produced a bit of an oversold bounce today. Watch for a failed rally at the 10-dma (near 31.68) or the $32.00 level as an aggressive entry point to launch new shorts. For the average trader we'd wait for another decline under $30.00 or the $29.50 level before trying to launch short positions. The P&F chart looks very bearish and points to a $20.00 target. Our target is a decline into the $22.75-22.00 range above its simple 200-dma. We do not want to hold over the late January earnings report.
Picked on December 06 at $29.59
Closed Long Plays
eBay Inc. - EBAY - close: 44.33 change: -0.36 stop: 43.99
Intraday weakness pushed EBAY under short-term support at the $44.00 level and hit our stop loss at $43.99. The stock did make a rebound late in the session but until the stock can breakout over the $46 mark we would probably avoid bullish positions. If EBAY continues to decline the $42 level is the next level of support.
Picked on November 21 at $45.10
JAMDAT Mobile - JMDT - close: 22.34 chg: -1.07 stop: 22.49
We labeled JMDT an aggressive play and the recent whipsaw action is a good reason why. The stock broke out over short-term resistance on Tuesday and hit our trigger to go long at $24.01 but JMDT failed to hold its gains. The stock then broke down under support at the $22.50 level and its 200-dma today. Our stop loss was at $22.49.
Picked on December 06 at $24.01
Closed Short Plays