Long Play Updates
A.G.Edwards - AGE - close: 59.83 change: +0.28 stop: 55.95*new*
Broker-dealer stocks continued to notch new all-time highs and AGE was no exception. Shares were challenging round-number, psychological resistance at $60.00 by the closing bell today. Our expectation is that AGE will find resistance on its initial test of $60 so traders can look for a dip back toward the 10-dma or the $58.00 region. We're inching up our stop loss to $55.95. 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: 29.83 chg: -0.31 stop: 27.75
Shares of ALJ failed to see any follow through higher on yesterday's bullish breakout over resistance at $30.00 and that's not a good sign for the bulls. The oil sector in general suffered a set back as crude oil futures trekked lower in reaction to the latest weekly inventory numbers. Traders might want to consider buying a dip (or bounce) near the $29.00 level but we'd prefer to only consider new plays on another move past $30.00. 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: 34.71 change: +0.38 stop: 30.89
CCJ continued to rally after traders bought the dip this morning near $34.00. The stock is nearing our target in the $35.00-36.00 range and if Friday is a positive day for the markets we'd expect CCJ to hit our short-term target. We are not suggesting new positions at this time.
Picked on November 19 at $32.78
Celadon Group - CLDN - cls: 19.71 chg: -0.34 stop: 18.49
We're starting to grow concerned by the relative weakness in CLDN. Shares lost 1.69% on Wednesday and the technical indicators are beginning to roll over into bearish signals. We're not willing to exit just yet since CLDN is nearing a trendline of support (higher lows) near the $19.50 region. Traders might want to buy a bounce near $19.50 or wait for a new rise past the $20 level. 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: 44.47 change: +0.60 stop: 42.45*new*
HNZ turned in a strong session with a 1.3% rally and a bullish breakout past resistance at the $44.00 level. The stock closed at new four-and-a-half year highs. We're not suggesting new plays at this time. Our target is the $46.50-47.00 range. We are raising our stop loss to $42.45.
Picked on November 08 at $43.20
Ladish Co - LDSH - close: 34.31 change: -0.08 stop: 32.99
We do not see any changes from our Tuesday night new play description. LDSH consolidated sideways, like most of the market, and we're still waiting for a breakout higher. Aggressive traders may want to consider going long on a rise past $35.10-35.15. We would rather wait for a rally past $35.50 so we're suggesting a trigger to go long the stock at $35.55. If triggered our target is the $39.90-40.00 range.
Picked on November xx at $xx.xx <-- see TRIGGER
Lee Enter. - LEE - close: 29.00 change: -0.30 stop: 27.99
Bearish analyst comments put the brakes on LEE's rally this Wednesday. However, traders bought the dip near its 200-dma and its short-term trendline of rising lows. Thus this may prove to be a better entry point to go long the stock. However, more conservative traders may prefer to wait for a new relative high (29.27) before opening new positions. Be prepared for some resistance near $30.00 but we expect LEE to press through it after a day or two. Our target is the $32.00 level.
Picked on November 21 at $29.30
Pride Intl. - PDE - close: 31.28 change: +1.18 stop: 27.89
Positive analyst comments helped PDE shrug off a decline in crude oil prices. The stock soared to a 3.9% gain on strong volume. Don't be surprised if PDE sees some resistance near $32.00 but the trend is definitely bullish and we're aiming for the $33.00-34.00 range. The P&F chart has reversed into a new buy signal that has seen its target grow from $41 to $44.
Picked on November 21 at $30.10
Thor Industries. - THO - close: 44.95 chg: +1.28 stop: 42.99*new*
Caution! We are changing our exit strategy. The earnings date is still unconfirmed but it looks like THO is due to report on Monday, November 27th. We do not want to hold over the report so we're planning to exit on Friday at the closing bell (remember the market closes at 1:00 p.m. on Friday). Due to our diminished time frame we're raising our stop loss to $42.99.
Picked on November 15 at $44.25
VeriSign - VRSN - close: 24.00 change: +0.71 stop: 21.90*new*
Interesting... traders responded positively to VRSN's admission yesterday of "irregularities" within its stock-option grant program and the news that the company would take a $250 million charge to account for it. The stock soared over 3% and closed at a new six-month high. We're raising our stop loss to $21.90. Our target is the $24.90-25.00 range.
Picked on November 13 at $22.51
Worthington Ind. - WOR - close: 18.30 chg: +0.02 stop: 17.39
The markets churned sideways on Wednesday ahead of Thanksgiving and shares of WOR were no exception. However, traders bought the dip near $18.00 this morning and that's a bullish sign for 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