Long Play Updates
Atlas America - ATLS - close: 49.01 chg: -0.98 stop: 47.99
Be careful here. After consolidating above support at the $50.00 level for most of the session shares of ATLS finally succumbed to the profit taking in the energy sector on Wednesday. Shares dipped to $48.75 before rebounding. We are not suggesting new plays at this time and we're quickly running out of time since ATLS' earnings report is coming up.
Picked on April 19 at $51.25
Baidu.com - BIDU - close: 58.14 chg: -0.98 stop: 57.95
It's time to start heading toward the exits. BIDU's relative weakness today is bad news and shares look ready to breakdown under the $58.00 level and stop us out at $57.95. Aggressive traders might actually want to consider switching directions and shorting BIDU if shares trade under $57.00.
Picked on April 20 at $62.55
Liberty Global - LBTYA - close: 20.60 chg: +0.21 stop: 19.95
We do not see much change from our previous updates on LBTYA. The stock is still stuck under resistance at its 100-dma. We're not suggesting new positions at this time and more conservative traders may just want to exit right here or place their stop loss under the 50-dma near 20.15.
Picked on April 02 at $20.47
Phillips Van-Heusen - PVH - cls: 38.13 chg: -0.03 stop: 36.39
We expected PVH to be a relatively slow moving stock so we're not too worried about the meandering price changes. However, today's session does look like a short-term failed rally. Don't be surprised to see a dip toward the $37.00 region. Our target will be the $42.00-42.50 range. We do expect some resistance near $40.00 to slow down PVH's ascent. Our time frame is about eight weeks. Keep your ears open for any news when PVH presents at the May 3rd Lehman Brothers retail seminar.
Picked on April 19 at $38.59
PW Eagle - PWEI - close: 31.06 chg: -0.36 stop: 28.45
Short-term the momentum in PWEI appears to have slowed. The next move could be lower. We're not suggesting new positions given the short time frame due to earnings next week. Our target is the $33.50-34.00 range.
Picked on April 16 at $28.92
Sanderson Farms - SAFM - close: 26.75 chg: +2.72 stop: 21.99
The three main stocks in the chicken industry, TSN, PPC and SAFM, all turned in strong gains today. The group has been wallowing for months as investors exited for fear of the avian flu hitting the U.S. Now the industry appears to have found a bottom and we're seeing some buying and short covering. Shares of TSN added 5.1% today while PPC surged 14.7%. Shares of SAFM added 11.3% on big volume today and broke out over potential resistance at the $25.00 level and its 100-dma. The short-squeeze in SAFM may not be over. The latest data puts short interest at 28.5% of SAFM's 18.5 million-share float. Our target for SAFM is the $28.00-30.00 range but more conservative traders might want to consider locking in some profits now.
Picked on April 23 at $24.77
Short Play Updates
Advance Auto Parts - AAP - cls: 38.64 chg: -0.39 stop: 40.05
The markets were generally higher today so AAP's failure to participate in the rally is bearish. Shares lost about 1% on above average volume. This is positive after yesterday's big bounce. We do not want to hold over the mid-May earnings report. Our target for AAP is the $36.00-35.50 range.
Picked on April 11 at $39.41
Aeropostale - ARO - close: 29.74 chg: +0.31 stop: 29.05
ARO looks poised to make another run toward the top of its trading range. We see no change from our previous updates on ARO. We're still waiting for a breakdown below support near $28.00. We're using a trigger at $27.69 to open the play. If triggered our target is the $24.00 level. Alternatively, if ARO breaks out over $31.50 (near the top of its trading range) we might consider new bullish positions.
Picked on April xx at $xx.xx <-- see TRIGGER
Entercom - ETM - close: 26.25 chg: -0.22 stop: 27.55
ETM continues to show relative weakness and lost 0.8% on above average volume today. The stock looks poised to move lower tomorrow. We do not want to hold over the May 8th earnings report. Broken support at $27.50 should now act as significant resistance. Our target is the $25.50-25.25 range.
Picked on April 18 at $26.80 *gap down*
SCS Transportation - SCST - cls: 26.64 chg: -0.01 stop: 30.01
SCST did not make much headway today but shares still look ready to bounce higher. We would wait to see where the oversold bounce fails before considering new bearish positions. A failed rally under $28.00 or its 50-dma can be used as a new bearish entry point. Our target will be the $25.00-24.00 range. We'll start the play with a wide stop loss at $30.01 but more conservative traders may want to put their stop closer to $29.
Picked on April 23 at $27.45
Tiffany & Co. - TIF - close: 35.15 chg: +0.04 stop: 36.25
TIF experienced a lot of volume again today but shares failed to make much headway either direction. We do not see much change from our new play description. The technical picture for TIF looks bearish with sell signals in the stochastics, RSI and the P&F chart, which points to a $30 target. We are going to suggest shorting TIF right here under $36.00. More conservative traders may want to strongly consider waiting for a breakdown below the $35.00 level. Our target is going to be the $32.25-31.75 range.
Picked on April 25 at $35.11
Closed Long Plays
Autoliv - ALV - close: 55.02 chg: +0.29 stop: 53.99
ALV is still consolidating near support at its rising 50-dma and looks poised to move higher. Unfortunately, the company is expected to report earnings tomorrow and it was our plan to exit today near the closing bell to avoid holding over the report.
Picked on April 19 at $56.40
Digital Realty - DLR - close: 28.10 chg: -0.60 stop: 27.95
Yesterday we tightened our stop loss on DLR to reduce our risk. Today shares fell below short-term support at the $28.00 level in the last hour of trading. We have been stopped out at $27.95. While DLR does still have technical support at its rising 50-dma the technical picture is turning bearish. The MACD has produced a new sell signal.
Picked on March 29 at $28.04
Closed Short Plays