Long Play Updates
Adobe Systems - ADBE - close: 40.81 change: -0.14 stop: 38.34
After five days of gains ADBE finally experienced some profit taking but traders bought the dip above $40.00. The afternoon rebound could be used as a new bullish entry point to go long the stock. More conservative traders may want to tighten their stops toward the $39.00 level. 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.
on February 18 at $40.27
Aetna - AET - close: 46.13 change: +0.30 stop: 42.95
Bulls bought the dip in AET near $45.50 this morning and the stock closed with a 0.6% gain. We were expecting a deeper pull back toward $45.00 or $44.00. Readers have a choice to make. Do you buy this bounce or wait for another dip? Odds of a dip depend on strength in the major indices. We suspect that AET will dip again. Our target is the $49.00-50.00 range. FYI: The P&F chart points to a $65 target.
Picked on February 18 at $45.61
EchoStar - DISH - close: 42.44 chg: +0.09 stop: 40.38
The good news in DISH today is the lack of follow through on yesterday's sell-off and bearish reversal pattern. We hesitate to suggest new positions at this time. More conservative traders may want to exit now to lock in a gain. Our target is the $43.50-44.00 range.
Picked on February 04 at $40.38
eBay Inc. - EBAY - close: 33.69 change: +0.19 stop: 32.45
Danger! We may be the victim of a false start in EBAY. The stock spiked higher this morning and traded to $34.23 before paring its gains and closing with a 0.5% gain for the session. Our suggested trigger to buy the stock was $34.15. The play is now open but we are warning readers that today's session looks like a failed rally and the MACD on the daily chart is nearing a new sell signal. We suggest waiting for a new relative high (34.25) before considering new bullish positions. More conservative traders might want to tighten their stops toward the $33.00 level. Our target is the $37.50-38.00 range.
Picked on February 22 at $34.15
Intl. Speedway - ISCA - cls: 54.21 chg: -0.09 stop: 52.64
ISCA is still holding above the $54.00 level and that's encouraging. Yesterday's session looked like a potential bearish reversal. Traders bought the dip near $54.00 a couple of times today and the lack of a stronger sell-off is good news. More aggressive traders might want to buy this dip. If you're the patient type then consider waiting for a dip near the rising 10-dma. Readers could always wait and watch for a new relative high before opening new plays. 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 21 at $54.51
Ross Stores - ROST - close: 34.24 change: -0.21 stop: 31.45
A mixed earnings announcement from JCP sparked some minor profit taking in the retail sector. Another gain for crude oil also increases pressure on the group. Traders bought the dip in ROST at its rising 10-dma this morning. The bounce from the 10-dma looks like a new bullish entry point. However, we find it interesting that shares hit a virtual wall at $34.25 for the last several hours of trading today. Volume came in pretty low so it's tough to make any big conclusions behind today's trading. We would look for a rebound over $34.50 before considering new plays. 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
Steel Dynamics - STLD - close: 40.14 chg: -0.46 stop: 38.49
STLD hit another new high this morning at $41.20 before reversing course and pulling back toward the $40 level. Overall the trend remains bullish but we would wait for a bounce from here (near $40) before opening new positions. We do not see any changes from our new play description from Wednesday night. This is an aggressive, higher-risk play. STLD looks overbought, especially if you check out the weekly chart. Yet short-term we're seeing a bullish breakout from a three-week consolidation pattern. Technical indicators are turning bullish again and the sector displayed widespread strength today. Our target is the $44.00-45.00 range. FYI: The P&F chart points to a $60 target. The latest (January) data puts short interest at 6% of the 82.5 million-share float.
Picked on February 21 at $40.60
Titanium Metals - TIE - cls: 37.17 change: -0.71 stop: 32.75
TIE erased most of yesterday's gains with a sharp drop late this morning. Bulls bought the dip at $36.58 but the afternoon follow through higher was a struggle. Traders looking for another entry point might want to wait for a dip closer to the 10-dma before considering new positions. 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: 33.90 chg: +0.08 stop: 36.05
There is no change from our previous comments on AVID. We are not suggesting new positions in AVID. The stock is still trying to bounce and looks like it will challenge and breakout over the $34.00 level soon. More conservative traders may want to exit early or tighten their stops toward $35.00 or even the $34.00 level. We warned readers to expect a bounce near $32.00 but it's growing stronger and strength in the broader markets doesn't help the bears here in 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: 29.31 chg: -0.25 stop: 31.26
CPSI is still trading sideways. We don't see any changes from our previous comments on the stock. 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: 42.80 chg: +0.06 stop: 44.55
Someone is still buying the dips near $42.00 in CSH but the trend of lower highs suggests a breakdown is coming. 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: 38.18 change: +0.09 stop: 39.05
Unfortunately, there is no change from our previous update on TDY. The stock continues to trade near resistance at its 200-dma and under its multi-week trendline of resistance. More conservative traders may want to inch their stops down toward $38.50 or just exit early to limit any losses. We will consider an early exit if we see a rise or a close over $38.50. 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