Long Play Updates
Amer. Campus Com. - ACC - cls: 26.57 chg: -0.28 stop: 25.99 *new*
This is not a good sign. ACC's bounce from the $26.00 level is already failing. The MACD's sell signal has become more pronounced and other technical indicators are looking bearish. We are not suggesting new plays and more conservative traders may want to seriously consider exiting early right here. We're raising our stop loss to $25.99. Should ACC surprise us and move higher we'll keep our target at $29.75.
Picked on March 15 at $27.11
IAC/InterActive - IACI - close: 30.31 chg: +0.10 stop: 29.95
After three weeks into IACI we are right back were we started at $30.31. That's not a good sign and more conservative traders should strongly consider exiting early right here, especially considering the bearish technical indicators. We are keeping the play open only because the stock has managed to bounce from the $30.00 mark two days in a row. We're not suggesting new longs at this time. If IACI manages to turn higher our target is the $32.90 mark.
Picked on March 03 at $30.31
Smurfit-Stone - SSCC - close: 13.38 chg: +0.22 stop: 12.99
We are encouraged by the action in SSCC. The stock has bounced twice this past week in the $13.05-13.10 range. Plus, volume on Friday's rebound made improvement. The volume was still below average but it was better than what we've seen lately for SSCC. More aggressive traders might want to consider new positions here. We would wait for a new move over $13.50 or $13.60 before initiating new longs. We are still targeting the $14.95 mark versus the P&F chart, which points to a $23.50 target.
Picked on March 19 at $13.58
Short Play Updates
Baidu.com - BIDU - close: 50.20 change: -0.40 stop: 52.11
Friday may have been a turning point for BIDU. The stock tried to breakout again over the $52.00 level and failed for the third try in a row. It's might also be noteworthy that the simple 50-dma is quickly descending and should act as overhead technical resistance, currently at 52.25. It also seems that BIDU produced a bearish engulfing candlestick pattern on Friday, which is normally interpreted as a bearish reversal. We would still not consider new positions just yet. Wait for a move under $49.00 or if you're more conservative, then under $48.00 before considering new shorts. Remember, that BIDU has relatively high short interest and the big risk here is a short squeeze! Our target is the $41.00-40.00 range.
Picked on March 09 at $ 48.32
Crown Castle Intl. - CCI - cls: 29.50 chg: +0.70 stop: 30.31
We mentioned that traders should be ready for an oversold bounce and CCI delivered on Friday with a rebound from the simple 100-dma. Volume came in above average on the bounce but the rally stalled under the $30.00 level and its simple 10-dma. This may prove to be a new bearish entry point for shorts. We're going to keep our stop loss at $30.31 for now but more conservative traders may want to place their stop closer to the $30.00 mark. Our target is the $26.25-26.00 range.
Picked on March 15 at $29.36
N.Y.Times - NYT - close: 25.39 change: -0.11 stop: 26.51*new*
NYT displayed more relative weakness on Friday. The stock spiked higher on Friday morning but just enough to fill the gap from Wednesday. The rally quickly faded and NYT closed with a 0.4% loss. It didn't help the bulls that rival newspaper company Knight Ridder (KRI) reported worse than expected revenue numbers on Thursday night. We remain bearish. Our target is the $24.00 level. We do not want to hold over the April 13th earnings report. Please note that we're adjusting our stop loss to 26.51.
Picked on March 22 at $25.55
Tribune Co. - TRB - close: 27.88 change: -0.19 stop: 30.26*new*
TRB extended its losses to six days in a row. Volume on the sell-off continues to come in above its daily average, which is bearish. News that fellow newspaper company Knight Ridder (KRI) reported weaker than expected revenue numbers undermined confidence in the sector. We think that it's time traders prepared for an oversold bounce, potentially up to the 10-dma (29.38) or maybe even the $30.00 level. We're going to adjust our stop loss to $30.26. We are not suggesting new shorts at this time. Our target is the $26.50-26.00 range. We do not want to hold over the April earnings report.
Picked on March 19 at $29.36
Closed Long Plays
Closed Short Plays