Long Play Updates
Bristow Group - BRS - close: 36.70 chg: +0.57 stop: 34.59
Strength in the oil and energy stocks helped BRS post a 1.5% gain and a bullish breakout over technical resistance at its 50-dma. The MACD on the daily chart has produced 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
Canadan Nat.Res. - CNQ - cls: 53.45 chg: +0.99 stop: 48.95
The widespread market rally helped push CNQ through resistance at the $53.00 level. We were suggesting a trigger to buy the stock at $53.05 so the play is now open. Our target is the $58.00-60.00 range. The rally past $53.00 has produced a brand new Point & Figure chart buy signal with a $62 target. We do expect some resistance near $56.50.
Picked on March 21 at
eBay Inc. - EBAY - close: 32.16 chg: +0.66 stop: 29.85
Traders bought the dip in EBAY at its simple 10-dma again. The afternoon rebound looks like another 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.
on March 05 at $30.49
Helmerich Payne - HP - cls: 30.08 chg: +0.92 stop: 27.95*new*
HP out performed its peers in the oil services sector as the stock shot higher to breakout over resistance near $30.00 and close with a 3.1% gain. Volume behind today's move was above average, which is bullish. We would not chase it here. If you are looking for an entry point wait for a dip. Our target is the $32.50 mark. Please note that we're adjusting the stop loss to $27.95.
Picked on March 19 at $28.77 *gap higher*
Imergenet Inc - IIG - cls: 21.95 chg: +2.03 stop: 19.65 *new*
A positive result from a legal issue in Indiana helped shares of IIG post a sharp 10% gain. Volume behind the move today was above average, which is bullish. Shares rallied past the 50-dma and came to rest on its 100-dma. We're raising our stop loss to $19.65. More conservative traders may want to consider taking a little money off the table. Our target is 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: 2.68 chg: +0.08 stop: 2.44 *new*
RTK tested both sides of its $2.50-2.60 trading range today and managed to breakout higher by the closing bell. The stock posted a 3% gain although we note that volume was pretty low, which is dangerous. Please note that we're adjusting the stop loss to $2.44. More conservative traders may want to put their stop at $2.49. Today's move looks like a new entry point to buy RTK but some traders may want to wait for a rise past $2.70 first. Our target will be the $3.40-3.50 range.
Picked on March 18 at $ 2.64
TEPPCO Part. - TPP - close: 43.75 chg: -0.16 stop: 41.95
There is still no change from our previous comments on TPP. Momentum is quickly fading and shares look poised to retest the $43.50 and may be the $43.00 level soon. Wait for a bounce before considering new positions. Our target is the $44.90-45.00 range.
Picked on March 06 at $42.88
Short Play Updates
Closed Long Plays
Boardwalk Pipeline - BWP - cls: 36.63 chg: +0.13 stop: 35.85
BWP failed to truly participate in the market's and the oil sector's rally today. There is still a chance that BWP will bounce near the $36 level or its 50-dma but we don't want to risk it, especially after Monday's big bearish reversal. We're suggesting an early exit. There are too many other candidates that investors can put their money to work.
Picked on March 08 at $37.10
Closed Short Plays
Flextronics - FLEX - cls: 11.33 chg: +0.31 stop: 11.51
We are aborting the short play on FLEX. Today's rally saw a huge participation in the tech sector and the SOX semiconductor index could easily rally toward 495-500 before hitting resistance. We'll exit early and cut our losses now.
Picked on March 18 at $11.01
Tellabs - TLAB - close: 10.33 chg: +0.31 stop: 10.26
We would have been stopped out of TLAB at $10.26. Shares rallied sharply on another round of rumors that TLAB was a takeover target. The next level of overhead resistance looks like the 100-dma near $10.45 and then the 200-dma near $10.87.
Picked on March 18 at $ 9.96