Long Play Updates
A.G.Edwards - AGE - close: 59.55 change: +0.36 stop: 55.49
Positive analyst comments for the broker sector helped lift the XBD index to another new high. This bullish background helped AGE hit another new closing high. Shares are nearing potential resistance at the $60 level so we're not suggesting new plays. 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: 30.14 chg: +0.70 stop: 27.75
News that the Alaskan pipeline would have to cut back on its capacity helped lift crude oil futures. The rise in oil sparked a strong rebound in the oil sectors. ALJ responded with a 2.3% rally and a bullish breakout over resistance at the $30.00 level. Our trigger to go long the stock was at $30.15, which has been hit, so the play is now open. 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.
Picked on November 21 at $30.15
Cameco - CCJ - close: 34.33 change: +1.77 stop: 30.89
The metal and mining stocks turned in a strong session and shares of CCJ managed to out perform the group and the wider markets with a 5.4% gain. Shares managed to hit an intraday high of $34.50, which is quickly approaching our target in the $35.00-36.00 range. We are not suggesting new positions at this time.
Picked on November 19 at $32.78
Celadon Group - CLDN - cls: 20.05 chg: -0.25 stop: 18.49
Hmm... we were expecting a bounce from the $20 level but shares of CLDN under perform the market and the transportation index with a 1.2% decline. We didn't see any specific news that might account for today's relative weakness other than the rise in crude oil futures. Today's low was near the 10-dma so maybe the consolidation is over. We remain optimistic but traders might want to wait for further gains tomorrow before initiating new plays. 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
Heinz - HNZ - close: 43.87 change: +0.37 stop: 41.85
Traders bought the dip in HNZ and the stock rebounded back toward short-term resistance at the $44 level. 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: 43.67 change: -0.10 stop: 41.99
We are concerned over the relative weakness in THO over the last couple of days but it looks like support near $43.20 and its 50-dma is holding. If we see a bounce tomorrow then traders might want to consider new positions. If we don't see a rebound tomorrow we'll consider an early exit to cut our losses. Our target is the $47.85-48.00 level near the October peak.
Picked on November 15 at $44.25
VeriSign - VRSN - close: 23.29 change: +0.19 stop: 21.45*new*
During Tuesday's session shares of VRSN managed a minor bounce that still out performed the gains for the software index. However, after the closing bell VRSN was trading lower (somewhere in the $22-23 range) as investors reacted to news that the company would take a $250 million charge to account for some "irregularities" with its stock-option grants. We would hesitate to open new long positions at this time but a strong bounce from the $22.00-22.50 region might offer a new entry point to buy the stock. We are raising our stop loss to $21.45.
Picked on November 13 at $22.51
Worthington Ind. - WOR - close: 18.28 chg: +0.22 stop: 17.39
The steel sector was trending higher again on Tuesday. Shares of WOR managed a 1.2% gain. The bounce near $18 looks like a new entry point to go long the stock. 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