Long Play Updates
ANSYS Inc. - ANSS - close: 41.81 change: -0.52 stop: 40.89
We do not see any change from our weekend update on ANSS and we remain on the sidelines. Our strategy is based on catching a breakout over resistance at $44.00 with a trigger to go long the stock at $44.05. 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: 46.62 change: -0.81 stop: 43.95
Uh-oh! The action in AU today looks pretty bearish. The stock gapped higher and then immediately turned south with shares closing near short-term technical support at the 10-dma. The action looks like a bearish, failed rally pattern and suggests more weakness to come. We are not suggesting new long positions. If AU trades under $45.45 then more conservative traders may want to exit early! Our target is the $49.50-50.00 range.
Picked on December 06 at $44.81
CenturyTel Inc. - CTL - close: 33.56 change: -0.20 stop: 32.39
CTL pulled back again and tested support near $33.50 and its simple 200-dma (again). A bounce from here could be used as a new bullish entry point. You, the reader, can decide to buy a bounce from $33.50 or look for a new move over $34.00 and initiate longs there. Our target is the $36.00 level. The P&F chart for CTL points to a $49 target.
Picked on December 12 at $33.55
D.R.Horton - DHI - close: 36.57 chg: -1.24 stop: 34.75
Housing stocks were hit pretty hard with profit taking today. The DJUSHB home construction index lost 2.17% and shares of DHI lost 3.2%. Watch for a bounce from the $36 level, which 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
Duke Energy - DUK - close: 27.04 change: -0.24 stop: 25.99
We mentioned over the weekend that DUK was likely to pull back and that's what the stock did on Monday. The consolidation may not be over so we're not suggesting new long positions here. Our end of January target is the $27.95-28.00 range.
Picked on December 13 at $26.89
Forest Oil - FST - close: 45.60 change: -0.72 stop: 44.89 *new*
FST could not escape the sell-off in oil stocks today. The stock lost 1.55% and shares look headed toward the $45.00 level and its 50-dma. Today's decline did produce a new sell signal on its MACD indictor (daily chart). We would not suggest new positions here. Watch for a bounce from $45.00. We are raising our stop loss to $44.89.
Picked on December 02 at $47.01
K-Swiss - KSWS - close: 32.71 chg: -1.12 stop: 32.45 *new*
KSWS is another casualty to the market-wide sell-off. The stock was weak almost the entire session and the selling paused at the bottom of its rising channel. The bad news is that today's action has painted a bearish engulfing candlestick pattern, which is normally interpreted as a bearish reversal. We are tightening our stop loss to $32.45. We are not suggesting new positions.
Picked on November 29 at $32.09
Levitt - LEV - close: 22.50 chg: -0.38 stop: 20.95
LEV continued to consolidate on Monday and looks poised to test the $22.00 level as support. We are not suggesting new positions. More conservative traders may want to raise their stops.
Picked on December 01 at $22.27
Nautilus - NLS - close: 19.27 change: -0.66 stop: 17.89
NLS was a target for profit taking as well and lost 3.3%. We expect the consolidation to continue. Watch for NLS to dip toward the $19.00-18.75 region. We are not suggesting new positions at this time.
on December 11 at $18.81
VCA Antech - WOOF - close: 27.44 chg: -0.30 stop: 26.74
We see no change from our weekend update. We are not suggesting new long positions here. We will plan to exit ahead of the late January earnings report. Our target is the $29.90-30.00 range.
Picked on November 09 at $26.74
Short Play Updates
Danaher - DHR - close: 55.72 change: -0.07 stop: 57.35
DHR did produce an oversold bounce today but it failed, multiple times, under the $56.20 level. We are suggesting shorts here with DHR under $56 but if you think the oversold bounce isn't over yet then wait for a rebound toward $56.50-56.75 and look for a failed rally there. Traders should weigh their need to be in the market (and short) against the possibility of a Santa Claus rally showing up. Our target for DHR is the $51.25-51.00 range.
Picked on December 18 at $55.79
New River Pharma. - NRPH - close: 49.42 chg: +0.21 stop: 50.01
We do not see any change from our weekend update. Currently we remain on the sidelines as a spectator. Our trigger to short the stock is at $45.45. If triggered we'll target a drop to the $40.00 level. Currently the P&F chart points to a $39 target, which more closely coincides with the H&S pattern target.
Picked on December xx at $xx.xx <-- see TRIGGER
NeuroMetrix - NURO - close: 31.80 chg: +0.12 stop: 34.01
NURO's relative strength today is not a good sign. The overall pattern remains bearish and we don't see any change from our weekend update. NURO may have to retest broken support at the 50-dma as new resistance before it turns lower. Furthermore we now have to deal with the quarter-end phenomenon of window dressing and NURO is probably a good target given its YTD performance. We are not suggesting new shorts at the moment.
Picked on December 06 at $29.59
Waters Corp. - WAT - close: 37.87 chg: -0.73 stop: 40.01
Our new short in WAT is off to a decent start with today's 1.89% decline and close under the $38 level. We see no change from our weekend update. The P&F chart for WAT points to a $25.00 target. We think the stock could sink to the $35.00 level by its earnings report in January. We'll use a $35.25-35.00 target range.
Picked on December 18 at $38.60
Closed Long Plays
Burlington Coat - BCF - close: 39.88 chg: -0.62 stop: 39.90
The market weakness was too much for BCF and the stock broke down under round-number support at the $40.00 mark. The stock hit our stop loss at $39.90.
Picked on October 24 at $38.90
Corning Inc. - GLW - close: 20.05 chg: -0.94 stop: 20.45
Wow! GLW displayed plenty of relative weakness today. The stock was immediately weak after the opening bell and dropped to $20.30 very quickly. After a brief pause the selling continued and shares dipped to $19.90 by the closing bell. We have been stopped out at $20.45.
Picked on November 13 at $20.11
Closed Short Plays