Long Play Updates
Akamai Tech. - AKAM - close: 43.30 chg: -0.09 stop: 39.85 *new*
AKAM managed to tag new five-year highs midday (around $44.38) before paring its gains and closing in the red. Volume was pretty strong and this might be an indication of a short-term top. At this time we would expect a dip back toward $42.00, which as broken resistance should offer new support. Please note we're going to try and reduce our risk by adjusting the stop loss to $39.85. Our target is the $47.50-50.00 range. Please note that AKAM is due to hold an analyst meeting this week on Wednesday, September 13th from 8:00 a.m. to 2:00 p.m. ET. Reaction to the meeting could produce volatility so protect yourself.
Picked on September 11 at $42.05
Brookfield Asset Mgt. - BAM - cls: 44.86 chg: +0.83 stop: 42.95
The market's strength helped fuel the rebound in BAM. The two-day bounce has really improved the short-term momentum indicators. We remain optimistic but don't be surprised if BAM tries to "fill the gap" from this morning, which would entail a pull back toward $44.15-44.00. Our target is the $49.00-50.00 range.
Picked on August 22 at $44.82
eBay Inc. - EBAY - close: 28.45 chg: +0.37 stop: 26.95
We are going to make an adjustment to our target for EBAY again. Currently we're worried that the descending 100-dma (near $28.90) might offer too much overhead resistance and traders will use it as an excuse to sell and lock in profits. Speaking of locking in profits more conservative traders might want to take some money off the table right now with EBAY up over 8% from our picked price. However, as we study the charts for EBAY it looks like the stock is coiling for a bullish breakout higher over the $29.00 level. Our new plan is to sell part of your EBAY position at $28.75 and then sell the rest at $29.90, which is under what should be resistance at the $30.00 mark. Conservative traders could adjust this strategy and sell part of their position now and then the rest at $29.90.
Picked on August 24 at $26.25
Elk Corp. - ELK - close: 28.49 change: +0.74 stop: 26.90
ELK produced a strong session with a 2.66% gain and a rally back toward its early September highs. The move is a big improvement but we're not suggesting new positions at this time. Our target is the $29.75-30.00 range.
Picked on August 22 at $27.10
Knight Cap. Grp - NITE - cls: 17.78 chg: +0.69 stop: 16.39 *new*
A better than expected earnings report from Goldman Sachs (GS) helped fuel the rally in investment-related stocks like NITE. Shares of NITE added just over 4% with another breakout back above the 10-dma and the $17.50 level. The move looks like a new entry point to go long. Yesterday we adjusted our stop loss to $16.39 and today's stats reflect that change. Our target is the $19.85-20.00 range.
Picked on August 22 at $17.36
United Tech. - UTX - close: 63.22 chg: +0.31 stop: 61.99
Traders bought the dip in UTX this morning at $62.30 near its 100-dma. The bounce looks like a new entry point to open bullish positions in the stock. Our target is the $66 level. More aggressive traders may want to aim higher. Be aware that some of UTX's management will be speaking at a conference on September 15th.
Picked on September 10 at $63.34
Short Play Updates
Black Box - BBOX - close: 38.63 change: +1.60 stop: 39.05 *new*
Danger! A huge rally in the networking sector fueled some short covering in BBOX. The NWX networking index rose more than 3.7% to hit a new six-week high. The move in the NWX appears to reverse the recent MACD sell signal but we note that the NWX's strength stalled at its descending 100-dma. Meanwhile shares of BBOX added 4.3% and managed to breakout above its six-week trendline of resistance. Due to this breakout above trendline resistance in BBOX more conservative traders may want to exit early right now. We're going to try and reduce our risk by lowering the stop loss to $39.05. We're not suggesting new positions at this time.
Picked on August 27 at $38.25
Hormel Foods - HRL - close: 36.35 chg: +0.19 stop: 37.05
We have to urge caution on HRL today. The stock did not move much but shares still bounced from recent support near $36.00 and its rising 100-dma. The next move could be and looks like it will be a bounce back toward resistance near $37.00. We are not suggesting new plays and more conservative traders may want to adjust their stops toward breakeven (36.65).
Picked on August 31 at $36.65
Portfol.Recov.Assoc. - PRAA - cls: 40.67 chg: +1.37 stop: 41.05
Be careful! The rally in stocks on Tuesday sparked some short covering in PRAA and shares broke out higher above $40 again and its four-week trendline of resistance. The rally stalled under resistance near $41.00 but if there is any market follow through higher tomorrow then we would expect to be stopped out at $41.05. More conservative traders may want to exit early immediately.
Picked on August 24 at $39.49
Patterson-UTI - PTEN - cls: 24.23 change: -0.12 stop: 27.01
Oil stocks continued to slide on Tuesday following another decline for crude oil futures. Yet a lot of stocks in the sector, including PTEN, rebounded off their intraday lows. The sector might be short-term oversold and due for a bounce - crude oil definitely is. Our target is the $22.75-22.50 range. Remember, our biggest risk is probably any escalation between the West and Iran but currently that conflict is in a lull.
Picked on September 10 at $25.28
Closed Long Plays
Closed Short Plays