Long Play Updates
Bright Horizons - BFAM - cls: 39.50 chg: +1.97 stop: 37.45*new*
Thursday turned out to be a very strong day for BFAM. Powering the move higher was an upgrade from Banc of America to a "buy". BFAM didn't have an extraordinary amount of short interest but it looks like the bears panicked. The stock gapped open higher and then soared past a cloud of major moving averages to close up 5.2%. We have adjusted our hypothetical entry to today's open. After such a big move we wouldn't be surprised to see some profit taking tomorrow so expect a dip. This close to our $39.85-40.00 target we're not suggesting new positions. We're adjusting the stop loss to $37.45. More aggressive traders may want to raise their target.
Picked on March 21 at $38.62 *gap higher*
Bristow Group - BRS - close: 36.99 chg: +0.29 stop: 34.99*new*
BRS posted another decent gain and is now challenging short-term resistance at the $37.00 level. Volume remains light and that's our biggest concern. We are adjusting our stop loss to $34.99 but more conservative traders may want to use a tighter stop near $35.30. 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: 52.92 chg: -0.53 stop: 48.95
Uh-oh! The trading in CNQ looks dangerous. The stock hit $54.08 and then promptly reversed course. The action looks like a short-term bearish reversal and volume was above average on the session, which is not good news either. We expect a dip back toward $52.00. Wait for a bounce before considering new positions. 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 $53.05
eBay Inc. - EBAY - close: 32.36 chg: +0.26 stop: 29.85
EBAY managed to hit a new three-week high but it looked like it was a struggle for the bulls. Shares pared their gains and we wouldn't be surprised to see some profit taking tomorrow. We're not suggesting new positions at these levels. 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
EMC Corp. - EMC - cls: 13.53 chg: +0.27 stop: 12.74
EMC was the beneficiary of an analyst upgrade this morning. The news helped lift shares to a 2% gain and a bullish breakout over its 100-dma. The MACD on the daily chart has produced a new buy signal. Our target is the $14.50-15.00 range. FYI: The P&F chart is still bearish from the February-March sell-off.
Picked on March 21 at $13.26
Helmerich Payne - HP - cls: 30.50 chg: +0.42 stop: 27.95
The market is concerned about adequate gasoline supplies for the upcoming summer driving season and this helped boost crude oil to a 3.5% gain today. Oil stocks were strong and HP rose another 1.39% on strong volume. Giving shares of HP an additional boost was news that an analyst firm had started coverage on the stock with a "buy". 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*
Rentech - RTK - close: 2.79 chg: +0.11 stop: 2.44
The threat of rising crude oil prices gave a boost to shares of RTK today. The company is building a coal-to-liquid energy plant. Rising oil prices make that endeavor more and more attractive. Shares confirmed the recent breakout from its trading range and closed up 4.1%. More conservative traders may want to put their stop at $2.49. Our target is the $3.40-3.50 range.
Picked on March 18 at $ 2.64
Titanium Metals - TIE -cls: 36.27 chg: -0.03 stop: 34.49
We do not see any changes from our new play description details from Wednesday night. TIE still looks bullish with shares above $36.00. However, if a dip occurs we'd use a bounce near $35.00 as another entry point to buy the stock. Our target is the $39.85-40.00 range. The P&F chart points to a $54 target.
Picked on March 21 at $36.30
TEPPCO Part. - TPP - close: 43.82 chg: +0.07 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
Imergenet Inc - IIG - cls: 21.35 chg: -0.60 stop: 19.65
Target achieved. An early intraday spike to $23.49 was enough to hit our target in the $23.25-23.50 range. We didn't see anything specific that could account for the spike. If you failed to exit we'd be careful since shares gave back all of its gains and more to close with a 2.7% loss.
Picked on March 15 at $20.35
Closed Short Plays