Long Play Updates
Bristow Group - BRS - close: 35.87 chg: +0.00 stop: 34.59
Oil and oil service stocks failed to rally with the rest of the market on Thursday. BRS spent the session trading sideways and on very low volume. Readers may want to watch for a dip near the 100-dma (around 35.43) or a new move over the 50-dma (around 36.18) as a new entry point. 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
Boardwalk Pipeline - BWP - cls: 38.26 chg: +0.78 stop: 35.35
BWP displayed relative strength with a 2% gain and a new closing high. If you don't feel like chasing the stock then look for another dip into the $37.50-37.00 range. 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
Canadan Nat.Res. - CNQ - cls: 51.10 chg: -0.53 stop: 48.95
CNQ failed to rally with the broader market, which is bearish. Aggressive traders might want consider buying another bounce near the 200-dma (around 50.40). We're going to stick to our plan. 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
eBay Inc. - EBAY - close: 31.74 chg: +0.60 stop: 29.49
EBAY gapped open higher today and closed with a 1.9% gain on above average volume. The move was fueled by either positive analysts comments, which we can't confirm, or news that EBAY's Skype unit had partnered up with DRIV to expand its online store. Technically the move today is a breakout over the 50-dma. However, we would not be surprised to see EBAY dip toward 31.15-31.10 to fill the gap, which traders could use as a new entry point. 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
Helmerich Payne - HP - cls: 28.36 chg: +0.08 stop: 27.49
HP displayed some relative strength by out performing its peers but the stock failed to breakout. The intraday high was $28.60. Our suggested trigger to go long the stock is at $28.76. The Point & Figure chart looks very bullish with a bounce from support and a forecasted target of $39. We are aiming for the $32.50 mark. We do expect some resistance near $30.00.
Picked on March xx at $xx.xx <-- see TRIGGER
Imergenet Inc - IIG - cls: 20.22 chg: +0.64 stop: 18.95
Our new play in IIG is now open. The stock broke out to a new four-week high with today's peak at $20.45. Unfortunately, the stock didn't hold it but still closed up 3.2%. Our suggested entry point to go long the stock was at $20.35. The close over $20.00 is bullish. Traders can choose to buy shares now or look for a new relative high over $20.45. Readers should be aware that IIG does have additional overhead resistance at its 50-dma and 100-dma near $21.65. However, we're aiming for the $23.25-23.50 range. The P&F chart for the stock looks pretty bullish with a $25.50 target.
Picked on March 15 at $20.35
Level 3 Comm. - LVLT - cls: 6.21 chg: -0.01 stop: 6.46
LVLT is not showing a lot of strength and we're thinking about dropping it as a bullish candidate. If the stock doesn't bounce tomorrow we'll remove it from the newsletter. 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
Short QQQ Proshares - PSQ - close: 64.24 chg: +0.12 stop: 63.49
The NASDAQ 100 index (NDX) closed up less than two points and shares of the PSQ still managed to post a gain. That doesn't say much for investor confidence in the NDX. However, the PSQ remains in a dangerous position with yesterday's bearish reversal (bullish reversal in the NDX). 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
TEPPCO Part. - TPP - close: 43.97 chg: +0.27 stop: 41.95
TPP, an oil services stock, continues to show relative strength. The stock broke out higher this afternoon and closed at a new 52-week high. 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
Short Play Updates
Avid Tech. - AVID - close: 32.98 chg: +0.19 stop: 34.25
AVID remains in its $32-34 trading range. 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
Closed Long Plays
Closed Short Plays
Consol Energy - CNX - close: 36.31 chg: +1.12 stop: 36.86
We have been stopped out at $36.86. The stock was upgraded to a buy this morning and that news fueled some short covering, which pushed shares past resistance at its 200-dma.
Picked on March 05 at $33.95