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Long Play Updates

Bristow Group - BRS - close: 35.87 chg: +0.30 stop: 34.59

Wednesday's bounce in BRS looks like another entry point to buy the stock. Traders bought the dip at its 100-dma again midday. Our target is the February highs in the $38.40-38.50 range. This is an oil services company so keep an eye on the OSX index and the price of crude. FYI: The P&F chart is bullish and points to a $47 target.

Picked on March 11 at $35.88
Change since picked: - 0.01
Earnings Date 05/07/07 (unconfirmed)
Average Daily Volume: 243 thousand

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Boardwalk Pipeline - BWP - cls: 37.48 chg: -0.38 stop: 35.35

It turned out to be a quiet day for BWP. After the initial weakness this morning the stock traded sideways and did not participate in the market volatility. We still expect a dip toward what should be support near $37.00. Our target is the $39.85-40.00 range. Our stop will be $35.35. FYI: Average daily volume is a little low so stay more cautious than normal.

Picked on March 08 at $37.10
Change since picked: + 0.38
Earnings Date 05/14/07 (unconfirmed)
Average Daily Volume: 182 thousand

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Canadan Nat.Res. - CNQ - cls: 51.63 chg: +0.55 stop: 48.95

CNQ managed a nice bounce from technical support at its simple 200-dma. More aggressive traders may want to consider new long positions on the big afternoon bounce. We're going to stick to our plan and wait for a breakout over $53.00. Our trigger to go long is at $53.05. If triggered our target is the $58.00-60.00 range. We do expect some resistance near $56.50. FYI: A rally past $53.00 would created a new P&F buy signal. This is another oil-related play so keep an eye on the price of crude. Our time frame is eight to ten weeks.

Picked on March xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 03/07/07 (confirmed)
Average Daily Volume: 2.0 million

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eBay Inc. - EBAY - close: 31.14 chg: +0.73 stop: 29.49

Entry point alert! EBAY dipped to $30.25 midday and the afternoon rally ended with a 2.4% gain by the closing bell and a breakout over technical resistance at the 10-dma. Today's sessions also produced a bullish engulfing candlestick. We are suggesting new long positions even if you missed the buying opportunity midday. More conservative traders may want to use a tighter stop loss. We have two targets. Our first, more conservative target, will be the $33.85-34.00 range. Our second, more aggressive target, will be the $37.00-38.00 zone. FYI: Believe it or not but in spite of the big decline two weeks ago the P&F chart is still bullish.

Picked on March 05 at $30.49
Change since picked: + 0.65
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume: 18 million

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Level 3 Comm. - LVLT - cls: 6.22 chg: +0.06 stop: 6.46

This might be another entry point opportunity in LVLT. The stock bounced near its early March lows. More aggressive traders may want to consider positions here. We're going to wait for a breakout over resistance near $6.80. We're suggesting a trigger to buy the stock at $6.81. If triggered our target is the $7.35-7.40 range as LVLT has long-term resistance near $7.40.

Picked on February xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 05/10/07 (unconfirmed)
Average Daily Volume: 37.8 million

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Short QQQ Proshares - PSQ - close: 64.12 chg: -0.86 stop: 63.49

The PSQ may be in big trouble. Remember, this is an inverse ETF and the value of PSQ goes up when the NDX index goes down. Today's session produced what appears to be a big, market-wide bullish reversal. That's bad news for the PSQ. We're not suggesting new positions at this time and more conservative traders, if you did enter this morning, may want to exit immediately to cut your losses.

Picked on March 13 at $64.98
Change since picked: - 0.86
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume: 138 thousand

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TEPPCO Part. - TPP - close: 43.70 chg: +0.00 stop: 41.95

We do not see any changes from our previous comments. TPP closed unchanged on the session. If you don't want to chase the stock, then wait and watch for a pull back toward the $43.00 region, which should now act as support. Our target is the $44.90-45.00 range.

Picked on March 06 at $42.88
Change since picked: + 0.82
Earnings Date 02/07/07 (confirmed)
Average Daily Volume: 142 thousand
 

Short Play Updates

Avid Tech. - AVID - close: 32.79 chg: -0.10 stop: 34.25

AVID continued to sink on Wednesday but we're not suggesting new positions. More conservative traders may want to exit early or tighten their stops toward resistance near $34.00. 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
Change since picked: - 1.82
Earnings Date 02/01/07 (confirmed)
Average Daily Volume: 677 thousand

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Consol Energy - CNX - close: 35.19 chg: +0.28 stop: 36.86

After three days of losses, CNX produced a decent rebound. Overall the pattern remains bearish but short-term we're concerned. More conservative traders may want to tighten their stops or exit early to cut their losses. Our target is the $30.50-30.00 range.

Picked on March 05 at $33.95
Change since picked: + 1.24
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume: 2.4 million
 

Closed Long Plays

None
 

Closed Short Plays

Agilent Tech. - A - close: 32.00 chg: +0.33 stop: 32.55

We are suggesting an early exit in A. Today's bullish reversal in the major indices looks relatively convincing. Plus, the intraday charts for A look like the stock is poised to breakout higher. There has been no further follow through on the bearish H&S pattern.

Picked on March 04 at $30.72
Change since picked: + 1.28
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume: 2.6 million

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Comptr.Prog.&Sys - CPSI - cls: 26.35 chg: +0.29 stop: 29.52

We are suggesting an early exit in CPSI. Shares are still down more than 10% from our picked price and we'd hate to see that evaporate. The stock could easily rebound back toward $28.50 and not violate its bearish trend. If you want to stick it out then consider tightening your stops.

Picked on February 06 at $29.52
Change since picked: - 3.17
Earnings Date 01/27/07 (unconfirmed)
Average Daily Volume: 97 thousand

 

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