Long Play Updates
A.G.Edwards - AGE - close: 59.19 change: +0.94 stop: 55.49
Today's session turned out to be another merger Monday and the broker-dealer stocks enjoyed another gain and another new high. AGE is more of an investment-services company but shares rallied anyway with a 1.6% gain and its own new high. The move may have been fueled by the news out on Friday after the bell (dividend and stock buy back program). We remain optimistic but right now we're expecting some short-term resistance at the $60.00 level. After trading near $60 a pull back toward $58 would not be shocking. Our target is the $62.50 level. The P&F chart has a quadruple-top breakout buy signal with a $70 target.
Picked on November 15 at $58.15
ALON USA Ener. - ALJ - close: 29.44 chg: -0.20 stop: 27.75
Crude oil futures continued to edge lower and the oil sectors turned in a mixed performance. However, as we mentioned in the play description, shares of ALJ have been ignoring weakness in oil. The stock continues to consolidate just under resistance at the $30.00 level and we're waiting for a breakout. Our suggested trigger to go long the stock is at $30.15. If triggered our target is the $33.50-34.00 range. Be aware that the 100-dma near $32 might offer some resistance. FYI: The P&F chart is still bearish after the August-September sell-off.
PPicked on November xx at $xx.xx <-- see TRIGGER
Cameco - CCJ - close: 32.56 change: -0.22 stop: 30.89
CCJ is not off to a stellar start. Friday's session produced a bullish reversal pattern and we wanted to see some follow through today. Shares gapped open higher at the open only to slip back into the red. Our initial reaction would be to exit now to limit any losses. However, looking more closely at the intraday chart we suspect that CCJ may still be poised to rebound. We'll give CCJ one-more day to show some strength or we'll cut it loose. Our short-term target is the $35.00-36.00 range.
Picked on November 19 at $32.78
Celadon Group - CLDN - cls: 20.30 chg: -0.05 stop: 18.49 *new*
Transport stocks were unable to escape the market malaise on Monday. Shares of CLDN closed with a 0.2% loss. However, the session looks more bullish than it might seem given today's intraday bounce from the $20.00 mark. We would use today's session as a new entry point to go long the stock. However, you may want to tighten your stop loss! We're going to adjust our stop loss to $18.49. Our target is the $22.00 level. Plan for some resistance at $21.00 at least on the initial test.
Picked on November 12 at $19.44
Monday marks the third day in a row that HNZ has churned sideways in the $43-44 range. This sideways consolidation is beginning to show up in the technical oscillators and they're beginning to grow more bearish. We have less than two weeks left so we're not suggesting new plays at this time. Our target is the $46.50-47.00 range. FYI: More conservative traders may want to tighten stops toward the $42.50 region. Currently the P&F chart points to a $56 target.
Picked on November 08 at $43.20
Thor Industries. - THO - close: 43.77 change: -0.76 stop: 41.99
Warning! THO's session produced a bearish engulfing candlestick pattern, which is typically seen as a one-day bearish reversal. We didn't see any specific news to account for the weakness and volume came in very low today so it's hard to make too many judgments on today's pattern but readers should turn defensive. More conservative traders may actually want to exit early right here and cut their losses since the major averages also seem tired and due for a pull back. Our target is the $47.85-48.00 level. near the October peak.
Picked on November 15 at $44.25
VeriSign - VRSN - close: 23.10 change: -0.24 stop: 20.99
We don't see any changes from our previous updates on VRSN. Our last few updates have been warning readers to expect some consolidation lower. We'd look for signs of a bounce near the 10-dma around $22.50-22.60 although a bounce from here (near $23) would be encouraging. Our target is the $24.90-25.00 range. FYI: More conservative traders might want to adjust their stop loss closer to the $22 level, which should now act as support (22.00-22.50).
Picked on November 13 at $22.51
Worthington Ind. - WOR - close: 18.06 chg: +0.10 stop: 17.39
News that Russian steel-maker Evraz was buying Oregon Steel (OS) helped light a fire under the steel stocks today. The sector strength helped account for WOR's gap open higher (18.21) and intraday rally to $18.44. Unfortunately, WOR gave back almost all of its gains. We remain bullish but traders may want to wait for a bounce from here since today's trading might be considered a failed rally. Alternatively look for a dip (and bounce) near its rising 10-dma around $17.75. Traders should also be aware that the 200-dma near $19.00 might offer some resistance. Our target is the $19.85-20.00 range. FYI: The P&F chart points to a $31 target.
Picked on November 19 at $17.96
Short Play Updates
Closed Long Plays
Closed Short Plays