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Long Play Updates

Advanta - ADVNB - close: 36.22 chg: -0.36 stop: 34.99

ADVNB started the session weak but tried to rally after 2:00 PM today. Unfortunately, the rally did not get very far and shares reversed course at the 10-dma, the first level of technical resistance. That does not bode very well for the bulls. More conservative traders may want to wait for a move over the 10-dma (36.70) or the 50-dma (37.11) before opening positions. Our target is the $39.85-40.00 range. Traders should note that short interest looks relatively high at 8.2% of ADVNB's 22 million-share float. That creates an opportunity for a short squeeze.

Picked on May 21 at $36.58
Change since picked: - 0.36
Earnings Date 04/26/06 (confirmed)
Average Daily Volume: 89 thousand

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Health Net. - HNT - close: 42.30 chg: +0.67 stop: 39.95*new*

HNT continues to show relative strength. The stock added 1.6% and broke through minor resistance at the $42.00 level. We are raising the stop loss to $39.95. Our target remains the $44.50-45.00 range for now but we'll adjust it lower as potential overhead resistance at the 50-dma (44.80) continues to descend.

Picked on May 16 at $41.12
Change since picked: + 1.18
Earnings Date 08/07/06 (unconfirmed)
Average Daily Volume: 1.1 million

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Iconix Brand - ICON - close: 16.35 chg: -1.03 stop: 15.99

Wow! We are not off to a glamorous start here with ICON. Retail related stocks spiked lower at the opening bell today and slowly tried to creep higher at least if you look at the RLX retail index. ICON just spiked lower and slowly sank after a brief midday burp. We are not suggesting new plays and if you did enter a long position this morning it might be prudent to exit immediately. We expect shares to fall toward the $16.00 level and if the major market indices are weak again on Tuesday then odds are strong we'll be stopped out of ICON at 15.99.

Picked on May 21 at $17.38
Change since picked: - 1.03
Earnings Date 07/27/06 (unconfirmed)
Average Daily Volume: 498 thousand

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SLM Corp. - SLM - close: 54.17 chg: -0.23 stop: 52.85

Hmm... today was a strange session for SLM. If you look at the intraday chart on SLM shares never traded above $54.66. Yet most of the quote providers are listing the stock's opening trade at $55.21. We'll go with $55.21 but we feel it's bogus. That is above our trigger to go long the stock at $54.75 and the drop lower puts us at a disadvantage. We are not suggesting new positions until SLM once again trades over $54.75. More conservative traders may want to wait for a move over $55.00 first. Our target is the 57.40-57.50 range.

Picked on May 22 at $55.21*gap higher*
Change since picked: - 1.04
Earnings Date 07/20/06 (unconfirmed)
Average Daily Volume: 2.0 million

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Universal Health - UHS - close: 52.85 chg: +0.48 stop: 51.45

Healthcare stocks were one of the few sectors of the market that closed mostly higher today. Shares of UHS bounced from the $52.00 region to set a new eight-month closing high. This might be a new bullish entry point. Our target is the $56.00-57.00 range. The P&F chart points to a $64 target.

Picked on May 10 at $52.15
Change since picked: + 0.70
Earnings Date 04/27/06 (confirmed)
Average Daily Volume: 571 thousand
 

Short Play Updates

Coach Inc. - COH - close: 29.42 chg -0.61 stop: 31.55*new*

Retail-related stocks continued lower this morning. Shares of COH gapped down and eventually closed with a 2% loss. We are going to lower our stop loss to $31.55. Our target is the $28.25-27.50 range. More aggressive traders may want to aim lower since the P&F chart points to a $22 target (it was $24).

Picked on May 11 at $31.45
Change since picked: - 2.03
Earnings Date 04/25/06 (confirmed)
Average Daily Volume: 2.3 million

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K-Swiss - KSWS - close: 27.21 chg: -0.09 stop: 28.51 *new*

We are not seeing any momentum lower with KSWS. We're going to keep the stock on the play list for now but we're not suggesting new positions. Please note we're adjusting our stop loss to $28.51. Our target is the $25.15-25.00 range. More aggressive traders may want to aim lower. The P&F chart has seen its bearish target drop from $21 to $19. Short interest is at 5.8% of its 27-million share float.

Picked on May 12 at $27.45
Change since picked: - 0.21
Earnings Date 04/27/06 (confirmed)
Average Daily Volume: 300 thousand

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Ryan's Restaurant - RYAN - cls: 12.52 chg: -0.09 stop: 13.01

Be careful here. Our short play in RYAN is now open. Our trigger to short the stock was at $12.29, under last week's low and the 200-dma. Shares dipped to $12.28 this morning before bouncing higher again. The lack of follow through on the sell-off this morning is a concern. We are not suggesting new positions at this time. Wait for a new low under $12.25. Our target is the $11.35-11.25 range. Traders should note that the most recent data puts short interest at 5% of RYAN's 42 million-share float.

Picked on May 22 at $12.29
Change since picked: + 0.23
Earnings Date 04/26/06 (confirmed)
Average Daily Volume: 268 thousand

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Yahoo! - YHOO - close: 30.46 chg: +0.93 stop: 31.31

Watch out! YHOO is back above round-number support/resistance at the $30.00 level. Shares actually gapped higher to open at $30.42. Fueling the rally was a positive story on the company in Barron's and more positive comments from an analyst firm. We are not suggesting new shorts at this time. Traders should double check their stop loss placement make sure you're comfortable with the risk level. The stock appears to have short-term resistance near $31.25.

Picked on May 14 at $30.81
Change since picked: - 0.35
Earnings Date 07/26/06 (unconfirmed)
Average Daily Volume: 20.2 million
 

Closed Long Plays

None
 

Closed Short Plays

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