Long Play Updates
Archstone - ASN - close: 49.78 chg: +0.36 stop: 47.75 *new*
Traders bought the dip at $49.00 in ASN today but the rally struggled to push past the $50 level given the afternoon sell-off in the markets. We remain cautious and would hesitate to open new positions with the major averages in the red. We are raising the stop loss to $47.75.
June 05 at $50.21
Potlatch - PCH - close: 37.52 chg: -0.40 stop: 36.99
PCH is slipping lower toward support at the $37.00 level. Considering the weakness in the major averages right now it may be wiser to just exit early right here and cut your losses. We are not suggesting new bullish positions at this time.
June 04 at $39.39
Short Play Updates
Autodesk - ADSK - close: 35.18 change: -0.10 stop: 36.65
ADSK produced a failed rally at the $36.00 level today. While this action is bearish we'd wait for another decline under $35.00 before considering new shorts. Our exit strategy is to sell part of your position in the $32.60-32.50 range and the rest in the $30.75-30.50 range. The P&F chart currently points to a $26.00 target.
Picked on June 06 at $34.89
Fording Coal - FDG - close: 32.73 change: -0.72 stop: 36.01
Coal-related stocks continued to get battered today. FDG lost another 2.1% and its MACD indicator has produced a new sell signal. We do not see any changes from our new play description from Monday night. We are going to suggest two targets. Consider selling half or more of your position in the $31.85-31.75 range, since FDG has support near $31.75. Then sell the remainder of your position in the $30.25-30.00 range.
Picked on June 05 at $34.08
K-Swiss - KSWS - close: 26.67 chg: +0.14 stop: 27.05 *new*
KSWS tested resistance near $27.00 today before fading lower into the closing bell. We are adjusting our stop loss to $27.05. We're not suggesting new plays since KSWS looks oversold and its MACD is nearing a new buy signal. Our target is the $26.00 mark.
Picked on May 12 at $27.45
Blue Nile - NILE - close: 30.59 chg: +0.24 stop: 32.01
NILE broke out higher from yesterday's inside day but the rally today reversed course at $31.21. We'll keep NILE on the play list for now since the major averages look so weak. We are suggesting a trigger at $29.45 to short the stock. More conservative traders may want to avoid this play altogether or wait for a move under $29.20 or $29.00 before initiating positions. Our target is the $25.50-25.00 range. Remember, this is a high-risk play given NILE's high level of short interest and the increased risk of a short squeeze.
Picked on June xx at $xx.xx <-- see TRIGGER
Starbucks - SBUX - close: 35.71 chg: +0.44 stop: 36.15*new*
SBUX produced a bit of a bounce today but the rally stalled at the $36.00 level. We would wait for a new decline under $35.00 before considering new plays. Our target is the $33.15 mark. Please note that our stop loss is now $36.15.
Picked on May 23 at $35.59
Closed Long Plays
Anadarko Petrol. - APC - close: 47.32 chg: -2.18 stop: 47.95
The oil stocks are just taking a beating right now. Last week the sector look poised to move higher and Monday produced a bearish reversal that picked up speed today. Shares of APC broke down under short-term support and long-term support at its 200-dma(s) today. We would have been stopped out at $47.95.
Picked on June 04 at $50.43
Brookfield Asset Mgt - BAM - cls: 41.46 chg: -0.51 stop: 40.83
BAM tried to rally this morning but shares reversed course under $43.00. The stock looks poised to move lower. We are suggesting readers to exit early right here.
Picked on May 25 at $40.83
Ensco Intl. - ESV - close: 46.50 chg: -2.60 stop: 47.35
The selling in oil stocks is getting pretty heavy. ESV is another casualty with a 5.29% decline today. Shares broke down below support near $47.50 and its 200-dma. We would have been stopped out at $47.35.
Picked on June 04 at $51.71
Murphy Oil - MUR - close: 51.65 chg: -1.67 stop: 49.99
The selling in oil stocks is getting pretty bad so we're suggesting that readers exit early in MUR even though the stock appears to have support near $50.00 and its 200-dma. We'd rather exit now and wait for a bounce than see MUR plunge through our stop loss at $49.99.
Picked on May 31 at $52.55
RPC Inc. - RES - close: 23.58 change: -0.94 stop: 22.45
We are going to cut our losses right here with RES. The stock lost 3.8% after what looks like another failed rally at its 21-dma. We'd rather exit now and watch for a bounce from its 200-dma as a potential bullish entry point.
Picked on June 04 at $25.04
Closed Short Plays