Long Play Updates
ANSYS Inc. - ANSS - close: 43.23 change: +1.58 stop: 40.89
It's alive! ANSS turned in a big gain on Friday with a 3.79% rally. This puts the stock right back where we started with shares testing resistance near the $44.00 level. The big picture for ANSS is bullish and its P&F chart points to a $60 target. 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.
Picked on December xx at $xx.xx <-- see TRIGGER
Anglogold - AU - close: 46.70 change: -0.45 stop: 41.95
Gold and gold stocks have been hot commodities this past week. The metal hit new 24-year highs above $500 an ounce. Meanwhile shares of AU broke out over resistance near $44 to hit new one-year highs. The stock experienced some profit taking on Friday but was rebounding higher on rising volume again by late afternoon. We would hate to chase it here but there's no guarantee we'll see another dip any time soon. Our target is the $49.50-50.00 range.
Picked on December 06 at $44.81
Burlington Coat - BCF - close: 41.31 chg: -0.15 stop: 38.90
Unfortunately the upward momentum in BCF is slowing. Hopefully the onset of winter might spark some new interest in the stock with expectations that the weather will improve the company's sales. The trend is still up so we're going to keep the play active but we hesitate to suggest new positions here. Our year-end target is the $43.50 level.
Picked on October 24 at $38.90
CE Frankline Ltd - CFK - cls: 13.69 chg: -0.70 stop: 11.98
Red alert! Energy stocks, specifically oil stocks, hit some profit taking on Friday after a very strong week. CFK definitely hit some profit taking with a 4.8% decline. Coincidentally shares hit a high of $14.65 on Friday morning putting the stock within 10-cents of our $14.75-15.00 target. We're issuing a red alert because Friday's session produced a bearish engulfing candlestick pattern, which is normally translated as a one-day bearish reversal. Conservative traders should strongly consider exiting here for a gain. We're our stop loss at breakeven we're going to speculate that any pull back will be short lived. We are not suggesting new positions.
Picked on November 16 at $11.98
CenturyTel Inc. - CTL - close: 33.05 change: +0.69 stop: 32.39
CTL has suddenly reawakened as well. The stock looked on the verge of collapsing with Thursday's decline. Shares rebounded all the way back toward resistance at the exponential 200-dma near $33.35. Volume came in almost double the average. We're going to keep the stock as a bullish candidate. 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: 35.44 chg: -0.37 stop: 33.75
More conservative traders may want to think about abandoning DHI as a bullish candidate. The upward momentum in both DHI and the DJUSHB home construction index has stalled and they both show a MACD sell signal. We are going to keep DHI on the play list since the stock appears to be consolidation in a bull-flag like pattern and Friday's low produced a bounce off the $35.00 level . We are not suggesting new plays. We'd wait for a move over $36.50 before considering new longs. Our target for DHI is the $39.75-40.00 range.
Picked on November 21 at $35.85
Forest Oil - FST - close: 48.20 change: -0.58 stop: 44.49 *new*
FST, like most of the oil stocks, was hit with some profit taking on Friday after a strong week. If you're looking for a new bullish entry point we'd probably watch for a dip back toward the $47.50 region. We're going to raise our stop loss to $44.49. 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: 21.16 chg: +0.04 stop: 19.99
GLW continues to consolidate sideways near the $21.00 level. We are not suggesting new positions. We are going to raise our stop loss to $20.35. Our target is the $21.90-22.00 range.
Picked on November 13 at $20.11
Grant Prideco - GRP - close: 45.60 chg: -0.10 stop: 39.49
Wow! We're impressed. Most of the oil stocks were hit with profit taking on Friday but GRP managed to stave off the profit taking to just 10 cents. The stock remains overbought and we're not suggesting new positions. More conservative traders may want to seriously consider exiting right here for a gain. Our target is the $46.00-47.00 range.
Picked on December 02 at $41.80
K-Swiss - KSWS - close: 33.23 chg: +0.46 stop: 31.45 *new*
Good news. KSWS has finally broken out above its October highs after weeks of consolidation. We are going to tighten our stops to $31.45. Our target is the $34.85-35.00 range.
Picked on November 29 at $32.09
Levitt - LEV - close: 22.98 chg: +0.24 stop: 20.95
LEV is still showing relative strength and added another one-percent on Friday putting the stock right under resistance at the $23.00 level. The trend of higher lows is bullish and a breakout from here would probably lead to a quick rally toward $24. Technically the bulls biggest concern is probably the 100-dma at 23.58. More conservative traders may want to tighten their stops. 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: 28.06 chg: +0.28 stop: 25.90
WOOF is still hanging in there and Friday's gain appears to have broken the stock's two-week trend of lower highs. Short-term technical oscillators have turned bullish again. We would not suggest new positions here but more aggressive players might consider it. Our target is the $29.90-30.00 range.
Picked on November 09 at $26.74
Short Play Updates
NeuroMetrix - NURO - close: 30.36 chg: -0.29 stop: 34.01
NURO has failed to produce any follow through on Wednesday's oversold bounce. Yet neither is it continuing to sink. The last couple of sessions NURO has been consolidating north of the $30.00 mark. The stock will test its simple 10-dma soon and it could spark the next leg down. Otherwise we may have to look for NURO to test previous support, now new resistance at the 50-dma near $33.25. 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
Closed Short Plays