Long Play Updates
Bristow Group - BRS - close: 36.13 chg: -0.01 stop: 34.59
An earnings warning from HAL undermined any strength in the oil service stocks. Shares of BRS dipped to $35.89 before bouncing back. Volume continues to come in very low and that makes us apprehensive of the rally. Chart readers will note that the MACD on the daily chart is very close to a new buy signal. 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: 36.50 chg: -1.07 stop: 35.85
As if last night's news that the company was offering another 7.5 million "units" for sale was not enough; one can guess that when trading opened today and the stock only lost 3% on the news that management decided to press their luck and raise the offering to a cool 8 million units. Today's decline (-2.8%) is technically a confirmation of yesterday's bearish reversal. We are not suggesting new positions at this time and more conservative traders may want to exit now. We're going to see if there is any sort of bounce tomorrow.
Picked on March 08 at $37.10
Canadan Nat.Res. - CNQ - cls: 52.46 chg: +0.76 stop: 48.95
CNQ continues to bounce and is nearing resistance at the $53.00 level. 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 seven to eight weeks.
Picked on March xx at $xx.xx <-- see TRIGGER
eBay Inc. - EBAY - close: 31.50 chg: -0.21 stop: 29.85
This could be another entry point in EBAY. We've been warning readers to expect a pull back so EBAY could "fill the gap" from last week. Shares dipped to $31.15, which is almost an exact fill of the gap and coincidentally near the 10-dma. You can choose to buy EBAY now or look for a bounce from here. 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.
Picked on March 05 at $30.49
Helmerich Payne - HP - cls: 29.16 chg: -0.19 stop: 27.49
Today's trading in HP looks like another entry point. The stock dipped midday on the earnings warning from HAL but traders bought the dip. Our target is the $32.50 mark. We do expect some resistance near $30.00.
Picked on March 19 at $28.77 *gap higher*
Imergenet Inc - IIG - cls: 19.92 chg: +0.27 stop: 18.95
This could be another entry point in IIG. Bears were not able to push IIG under $19.50 and the stock was climbing higher late in the day. Readers can choose to open new positions above $20.10 or on a move over $20.20-20.25. 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
Rentech - RTK - close: 2.60 chg: +0.06 stop: 2.23
Thus far the $2.50 level is holding as support. Bulls bought the dip near $2.50 again but volume was very low and shares are struggling to climb past $2.65. It's your choice. A dip near $2.50 or a breakout over $2.65 are entry points. We are going to use a relatively wide stop loss because shares have been so volatile lately and this makes the play a little more high-risk. We'll set the stop at $2.23. Our target will be the $3.40-3.50 range.
Picked on March 18 at $ 2.64
TEPPCO Part. - TPP - close: 43.91 chg: +0.01 stop: 41.95
The momentum in TPP has vanished. The stock was rallying higher last week but has run into a brick wall at the $44.00 mark. A dip toward $43.50 or $43.00 could be used as a new entry point. Our target is the $44.90-45.00 range.
Picked on March 06 at $42.88
Short Play Updates
Flextronics - FLEX - cls: 11.02 chg: -0.02 stop: 11.51
FLEX continues to show relative weakness by failing to participate in the market's advance. Today's session looks like a new entry point for shorts with a failed rally under $11.20. More conservative traders may want to see a decline under $10.65 first before initiating positions. If you choose the lower entry point then tighten your stop loss. We'll set our stop at $11.51 for now. If you want to reduce your risk try a stop above $11.31 or above $11.20 but that raises the risk you may get stopped out on an intraday spike. Our target is the $10.10-10.00 range. We do not want to hold over the early May earnings report. FYI: The most recent data put short interest at a minor 1.7% of the float.
Picked on March 18 at $11.01
Tellabs - TLAB - close: 10.02 chg: -0.06 stop: 10.26
Lack of follow through higher on Monday's advance in TLAB is good news if you're a bear. We remain cautious and would wait for a real decline under $10.00 (say the $9.95 or 9.90 levels) before initiating positions. Our target is the $9.10-9.00 range. We do not want to hold over the late April earnings report. FYI: The P&F chart points to a $2.00 target. The most recent data put short interest at a minor 2.2% of the float.
Picked on March 18 at $ 9.96
Closed Long Plays
Closed Short Plays