Long Play Updates
Bright Horizons - BFAM - cls: 38.23 chg: -1.27 stop: 37.45
The upgrade-induced strength from Thursday didn't last long. Shares of BFAM flopped back toward earth with a 3.2% decline on Friday. The stock closed back under its 50 and 200-dma and gave back most of its gains. The move definitely looks like a short-term bearish reversal especially after coming so close to resistance near $40. We are not suggesting new positions at this time and more conservative traders may want to exit early. There is a chance that BFAM will bounce from the $38.00 level or the bottom of the gap near $37.50. Our short-term target has been the $39.85-40.00 range.
Picked on March 21 at $38.62 *gap higher*
Bristow Group - BRS - close: 37.12 chg: +0.13 stop: 34.99
Oil was already marching higher due to market concerns about adequate supplies of gasoline this summer. Friday's news that Iran had captured some British troops only renewed investors geo-political fears. Shares of BRS under performed the oil sector in general on Friday but the stock did post its third gain in a row. We're not suggesting new positions at current levels. If you're looking for a new entry point then watch for a dip near $36.50 maybe $36.00. 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: 53.80 chg: +0.88 stop: 48.95
CNQ managed to turn things around on Friday, which is good news for the bulls. We were concerned following Thursday's bearish failed rally at the $54.00 level. This bounce looks like a new entry point to buy the stock. 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 $56.00-56.50.
Picked on March 21 at $53.05
eBay Inc. - EBAY - close: 31.83 chg: -0.53 stop: 29.85
Warning! EBAY under performed the markets on Friday and Friday's session produced a bearish engulfing candlestick pattern. Normally these patterns are one-day reversals. We would expect a dip towards the $31.00 level and at a minimum toward the 10-dma near $31.50. The technical indicators are mixed but the look like they want to go lower. More conservative traders may want to tighten their stops. We're not suggesting new positions at this time. 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: We do not want to hold over the late April earnings.
Picked on March 05 at $30.49
EMC Corp. - EMC - cls: 13.70 chg: +0.17 stop: 12.74
EMC received an upgrade on Friday morning and the news helped launch the stock to new two-week highs. Shares gapped open higher at $13.70 and traded to $13.90 before reversing. EMC did post a 1.2% gain for the session but the trading actually looks short-term bearish with a failed rally near potential resistance at $14 and its 50-dma. Watch for a dip back toward the $13.50-13.25 zone as a new entry point to buy the stock. 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: 30.65 chg: +0.15 stop: 27.95
Strength in crude oil and the Iran news helped save HP from any end of week profit taking. The stock is looking short-term overbought but it could get more overbought if money managers decide to buy more to dress up their portfolios for the end of the quarter. More conservative traders may want to take some money off the table or lower their target into the $31.75-32.00 range. We're keeping our target at $32.50 for now. We are not suggesting new positions at this time.
Picked on March 19 at $28.77 *gap higher*
Rentech - RTK - close: 2.91 chg: +0.12 stop: 2.49 *new*
RTK rose another 4.3% on Friday. Volume came in a little light but we're not going to complain. Shares are quickly approaching potential resistance at the $3.00 mark. Conservative traders may want to take a little money off the table. We're inching up our stop loss to $2.49. We're not suggesting new positions at this time. Our target is the $3.40-3.50 range. FYI: Don't forget that RTK is building coal-to-liquid fuel plants and with crude oil rising investors may turn more attention toward alternative energy stocks.
Picked on March 18 at $ 2.64
Titanium Metals - TIE -cls: 36.55 chg: +0.28 stop: 34.49
Thus far shares of TIE are holding above broken resistance at the $36.00 level. Technicals are bullish and the P&F chart points to a $54 target. The stock is up significantly year to date and we would not be surprised to see shares continue to rise due to end-of-quarter window dressing. Should TIE dip we'd look for a bounce near $35.00 as a new entry point. 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: 43.97 chg: +0.15 stop: 41.95
TPP also benefited from strength in oil and oil stocks on Friday. Shares closed up 0.35% and almost broke out over the $44.00 level. We are not suggesting new positions at current levels. Our target is the $44.90-45.00 range. The Point & Figure chart is very bullish with a $67 target.
Picked on March 06 at $42.88
Short Play Updates
Closed Long Plays
Closed Short Plays