Long Play Updates
Aetna - AET - close: 44.22 change: -0.06 stop: 42.95
AET's failure to bounce on Wednesday is bad news. The stock rallied to an intraday high of $44.74 and then reversed course. Shares look poised to move lower. More conservative traders may want to exit now or tighten their stops. We are not suggesting new positions at this time. We are expecting technical support at its rising 50-dma near $43.00. 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
Intl. Speedway - ISCA - cls: 53.20 chg: +0.01 stop: 52.64
ISCA also failed to bounce on Wednesday. The intraday high at $53.81 looks like a failed rally under $54.00 and its 10-dma. More conservative traders should strongly consider an early exit right now to limit any losses. We are not suggesting new positions at this time. Our target is the $58.50-60.00 range.
Picked on February 21 at $54.51
Ross Stores - ROST - close: 32.77 change: -0.15 stop: 31.45
ROST dropped toward support near $32.00 and its rising 50-dma this morning and that's where bulls bought the dip. Unfortunately, the rebound stalled near the $33.00 level and shares were rolling over again by the closing bell. The stock looks poised to retest the $32 region tomorrow. More conservative traders may want to seriously consider an early exit right here to limit any losses. We are not suggesting new plays at this time. Our target for ROST is the $36.50-37.00 range.
Picked on February 14 at $33.75
Short Play Updates
Avid Tech. - AVID - close: 33.40 chg: +0.98 stop: 35.05 *new*
We are considering an early exit in AVID. The stock displayed a lot of relative strength on Wednesday with a 3% rebound on above average volume. There is still resistance near $34.00 so we're not willing to call it quits just yet. However, more conservative traders may want to exit early or tighten their stops toward the $34.00 level (maybe near $34.10). We will adjust our stop loss to $35.05. We're not suggesting new positions at this time. 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: 28.78 chg: +0.69 stop: 30.55*new*
Traders bought the dip in CPSI yet again. More importantly today's rebound saw above average volume, which is not good news for the bears. The stock remains stuck in a $27.70-30.00 trading range. We are lowering our stop loss to $30.55. More conservative traders may want to tighten their stops toward $30.00. 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: 40.64 chg: +0.46 stop: 43.55 *new*
Our target is the $39.25-39.00 range and shares of CSH hit an intraday low of $39.26 this morning. The rebound is not a surprise since shares have been short-term oversold. We are not suggesting new positions. More conservative traders may want to consider an exit in the $39.50-39.00 range. We're adjusting the stop loss to $43.55.
Picked on February 11 at $42.51
Closed Long Plays
Closed Short Plays