Long Play Updates
Adobe Systems - ADBE - close: 40.74 change: +0.47 stop: 38.34
The breakout in ADBE continues. Traders bought the initial dip this morning near $39.50 and shares posted a 1.1% gain by the closing bell. We do not see any changes from our weekend comments. Our short-term target is the $43.00-44.00 range. More aggressive traders may want to aim higher since the P&F chart points to a $51 target.
Picked on February 18 at $40.27
Aetna - AET - close: 46.32 change: +0.71 stop: 42.95
The rally in AET continued on Tuesday. Shares posted a 1.55% gain on strong volume. We do not see any changes from our weekend comments. We are suggesting long positions in AET with the stock above $44.00. Readers can choose to go long the stock now or wait for a possible pull back toward the $44.50-44.00 region. Our target is the $49.00-50.00 range. FYI: The P&F chart points to a $65 target.
Picked on February 18 at
EchoStar - DISH - close: 43.17 chg: +0.64 stop: 40.38
DISH turned in another strong session rising 1.5%. The stock is nearing our target in the $43.50-44.00 range. More conservative traders may want to exit early right now.
Picked on February 04 at $40.38
eBay Inc. - EBAY - close: 33.44 change: -0.18 stop: 32.45
EBAY could not decide what direction it wanted to go today and in the end shares faked out both the bulls and the bears. The initial trading this morning was bearish with a breakdown under its simple 10-dma but EBAY bounced from the $33.00 level and rallied over resistance at $34.00. Yet this bullish breakout didn't hold and the stock closed down 0.5%. The high for the day was $34.06 so we are still sitting on the sidelines. Our suggested trigger to go long the stock is at $34.15. If triggered our target is the $37.50-38.00 range.
Picked on February xx at $xx.xx <-- see TRIGGER
Intl. Speedway - ISCA - cls: 54.28 chg: +0.31 stop: 52.64
ISCA continues to rally. More aggressive traders may want to buy today's breakout over the $54.00 level. We are still waiting for a move past $54.50. Our suggested trigger to go long the stock is at $54.51, which is above the November 2006 highs. If triggered our target is the $58.50-60.00 range. The P&F chart looks pretty bullish with a breakout over resistance and a buy signal that points to a $75 target.
Picked on February xx at $xx.xx <-- see TRIGGER
Ross Stores - ROST - close: 34.51 change: -0.30 stop: 31.45
Positive comments from retail behemoth Wal-Mart (WMT) helped push the RLX retail index to a new all-time high. Unfortunately, ROST did not participate in any sector strength. ROST traded lower after an analyst downgraded shares this morning. After last week's gains a little profit taking was to be expected. We would wait for more a dip before considering new bullish positions. Our target is the $36.50-37.00 range. FYI: The P&F chart points to a $54 target.
Picked on February 14 at $33.75
Titanium Metals - TIE - cls: 37.14 change: +1.79 stop: 32.75
TIE showed a lot of relative strength today. Shares broke out over the $36.00 level and posted a 5% gain on strong volume. The volume really makes bullish breakout look strong. We don't see any changes from our weekend comments. Our target is the $39.50-40.00 range. The P&F chart shows a triple-top breakout buy signal with a $54 target.
Picked on February 14 at $35.24
Short Play Updates
Avid Tech. - AVID - close: 33.57 chg: -0.14 stop: 36.05
The oversold bounce in AVID stalled on Tuesday and shares slipped 0.4%. That doesn't mean the bounce is over yet and we'd be hesitant to open new positions at this moment. We do not see any changes from our weekend comments on AVID. The P&F chart points to a $29.00 target. Our target is the $30.50-30.00 range. FYI: Readers should note that the most recent (January) data puts short interest at 12.2% of AVID's 40.9 million-share float, which is relatively high and raises the risk of a short squeeze.
Picked on February 05 at $34.65
Comptr.Prog.&Sys - CPSI - cls: 29.58 chg: +0.51 stop: 31.26
CPSI is still trying to bounce and today's strength provided a lot of help to the technical indicators, which are starting to turn bullish. More conservative traders may want to exit early since CPSI has not seen any follow through lower - or consider tightening your stop loss toward $30.00. We suspect that CPSI will make another rally attempt toward $30 or $31. We would wait and watch for another failed rally at either level before considering new short positions. Our concern is that with the major market indices trading higher any sort of rebound in CPSI could spark a short squeeze as fearful bears rush to cover. Our target is the $25.50-25.00 range. The P&F chart points to an $18 target. The most recent (January) data puts short interest at 10.3% of the company's 9.3 million-share float. That is a high amount of short interest and with such a small float it really increases the risk of a short squeeze so trade cautiously!!
Picked on February 06 at $29.52
Cash Amer. - CSH - close: 43.08 chg: +0.28 stop: 44.55
Shares of CSH bounced from the $42.00 level again. This is the second bounce at this level in the last two weeks. More conservative traders may want to tighten their stops toward last week's high at $44.22. We would wait for a new failed rally under $44.00 or a new decline under $41.90 before considering new positions. Our target is the $39.00-38.50 range, which is where we expect CSH to meet up with its 200-ema again. The P&F chart points to a $33.00 target.
Picked on February 11 at $42.51
Teledyne Tech - TDY - close: 37.80 change: +0.51 stop: 39.05*new*
TDY is trying to bounce again. Volume behind today's rebound was above the daily average and that is a warning sign for the bears. Shares are still under the 200-dma and its trendline of resistance but we hesitate to suggest new shorts given the widespread market strength. More conservative traders may want to consider an early exit now since TDY has gone nowhere in the last three weeks. We will consider an early exit if we see a rise or a close over $38.50. Please note we're dropping the stop loss to $39.05. Currently our target is the $34.25-34.00 range. The P&F chart has a triple-bottom breakdown sell signal with a $33 target. FYI: The latest (January) data has short interest at 3.7% of the company's 31.3 million-share float.
Picked on January 28 at $37.80
Closed Long Plays
Closed Short Plays