Long Play Updates
Stone Energy - SGY - close: 47.30 chg: -0.47 stop: 45.95
Crude oil marked another gain today with a move over $73 a barrel but this strength did not help the oil stocks. The oil sector failed to escape the market-wide sell-off today. SGY has produced a small, bearish-looking failed rally today so we'd be careful here. Our short-term target will be resistance in the $51.25-51.50 range. More aggressive traders may want to aim higher.
Picked on May 07 at $47.41
Universal Health - UHS - close: 52.12 chg: -0.04 stop: 49.95
Considering the carnage in the markets today we'd consider a 4-cent loss a victory for UHS. However, we're not suggesting new positions and shares could easily dip to the 10-dma or the $51.00 level. Our target is the $56.00-57.00 range.
Picked on May 10 at $52.15
Short Play Updates
Broadcom - BRCM - close: 36.63 chg: -2.47 stop: 39.15 *new*
We thought BRCM looked weak but we didn't expect a 6.3% decline today. Volume on the sell-off was pretty strong at about double the daily average, which is bearish. Our target is the $36.00-35.50 range to account for the simple 200-dma (35.83) and we would not hesitate to exit near $36.00. One note of caution, we expect the 200-dma to act as technical support for BRCM. We also expect the 200-dma to act as support for the SOX semiconductor index. Today's 2.2% decline in the SOX left the index pretty close to its rising 200-dma. We're not suggesting new positions and we're lowering our stop loss to $39.15.
Picked on May 10 at $39.10
Blyth Inc. - BTH - close: 20.41 chg: -0.24 stop: 20.55
There is still no change with BTH. The stock is hovering under resistance near $21.00. We're still suggesting a trigger to short the stock at $19.79 under the March low. If triggered we will target a decline into the $18.25-18.00 range since the $18.00 level has been support in the past.
Picked on April xx at $xx.xx <-- see TRIGGER
Coach Inc. - COH - close: 31.27 chg -0.38 stop: 33.51
COH sank to another new six-month low today and shares traded at our trigger to short the stock at $31.45. The play is now open and our target is the $28.25-27.50 range. More aggressive traders may want to aim lower.
Picked on May 11 at $31.45
Hi-Tech Pharma - HITK - close: 21.44 chg: -1.47 stop: 25.01
Thursday was another rough day for HITK. The stock broke down under potential support at $22.00 and closed with a 6.4% decline. We do not see any changes from our new play description. Our target is the $20.25-20.00 range.
Picked on May 10 at $22.91
Red Robin - RRGB - close: 43.75 chg: -1.16 stop: 46.01 *new*
Good news. It looks like RRGB has finally made a decisive break downward. The stock has closed under the $45.00 level and its 50 and 100-dma's. Our target is the $40.25-40.00 range. More aggressive traders may want to aim lower. We'll plan to exit ahead of the mid-May earnings report. Please note we're lowering the stop loss to $46.01.
Picked on April 26 at $43.99
Tiffany & Co. - TIF - close: 33.63 chg: -0.27 stop: 35.51 *new*
Another day, another decline for TIF. We do not see any changes from our previous updates except that we're adjusting the stop loss to $35.51. Our target is the $32.25-31.75 range.
Picked on April 25 at $35.11
Closed Long Plays
Phillips Van-Heusen - PVH - cls: 37.18 chg: -0.82 stop: 37.49
PVH's secondary offering induced decline from yesterday just kept right on going today. The stock was weak from the start and we were stopped out at $37.49.
Picked on April 19 at $38.59
Closed Short Plays
Healthcare Rlty - HR - cls: 32.49 chg: -1.08 stop: 36.26
Target achieved. We can't find the news but something sparked a gap down in shares of HR today. The stock opened at $33.67 and fell sharply this morning to eventually close with a 3.2% loss near the lows of the session. Volume came in above average, which is bearish. Our target was the $32.50-32.00 range so we're closing the play but the move today looks pretty bad and more aggressive traders may want to aim lower.
Picked on May 04 at $35.32