Long Play Updates
Bright Horizons - BFAM - cls: 37.95 chg: -0.40 stop: 37.45
Tuesday's market weakness weighed on BFAM and shares continued lower posting a 1% loss. The stock has still not completely filled the gap from last week so we're expecting another dip toward $37.50. Readers can watch for a bounce near $37.50 as a new entry point. Our target at the $39.85-40.00 range.
Picked on March 21 at $38.62 *gap higher*
Bristow Group - BRS - close: 36.52 chg: -0.44 stop: 34.99
Strength in crude oil today was not enough to save BRS from the widespread market weakness. Shares slipped 1.1% and closed near its 50-dma and the $36.50 level. We've been suggesting that readers look for a dip near $36.50 or $36.00 as a new entry point to buy the stock although given the market weakness we'd probably wait for signs of a bounce first. 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. FYI: The P&F chart is bullish and points to a $47 target.
Picked on March 11 at $35.88
Countrywide Fincl. - CFC - cls: 34.71 chg: -1.53 stop: 33.95
Ouch! It was a rough day for CFC. The stock lost over 4.2% and on above average volume. CFC was the S&P 500's biggest percentage loser today as investors panicked over the news from homebuilder Lennar (LEN). The homebuilder issued a warning and said that the spring selling season has yet to materialize. Combine that with a falling consumer confidence number and investors hit the sell button. We are concerned with the close under $35.00, which should have been short-term support. More conservative traders should strongly consider an exit early immediately to cut their losses. We're not suggesting new positions at this time.
Picked on March 25 at $36.83
Canadan Nat.Res. - CNQ - cls: 54.33 chg: -0.03 stop: 48.95
We see little change in CNQ. The stock held up relatively well on Tuesday thanks to strength in crude oil. Traders bought the dip at $53.84 this morning. 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: 33.33 chg: +0.11 stop: 29.85
EBAY managed to out perform the market today with a 0.3% gain. Volume was a bit low so it's tough to put any real confidence behind today's move, which by itself was anemic. We remain optimistic but we are not suggesting new positions at this time. More conservative traders may want to tighten their stops. We have two targets. Our first, more conservative target, will be the $33.85-34.00 range, since EBAY has resistance near the $34.00 level. 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: 13.61 chg: -0.05 stop: 12.74
We don't see any big changes in EMC. The stock slipped five cents but traders bought the dip near $13.50. More conservative traders may want to adjust their stop toward $13.00. 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: 30.81 chg: -0.03 stop: 27.95
HP resisted any significant profit taking but shares continue to look short-term overbought. 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*
KLA-Tencor - KLAC - cls: 53.86 chg: -0.53 stop: 52.75
Weakness in the major indices combined with weakness in Intel (INTC) under cut any strength in the semiconductors. Shares of KLAC tried to rally this morning but failed under the $55.00 level. We're still waiting for a breakout over resistance near $55.00. Our suggested trigger to buy the stock is at $55.15. If triggered our target is the $59.50-60.00 range. Before opening positions consider our time frame. We do not want to hold over the mid-April earnings report. That gives us about three weeks, which may be a little optimistic. FYI: The P&F chart is bullish with a $69 target. Nimble traders may also want to consider an alternative entry on a dip or bounce near $53.00.
Picked on March xx at $xx.xx <-- see TRIGGER
Northwest Pipe Co. - NWPX - cls: 37.25 chg: -1.24 stop: 34.95 *new*
Warning! The trading in NWPX today looks like a bearish reversal. The stock traded higher this morning but reversed after hitting $39.14. NWPX gave back most of yesterday's gains and the daily chart has produced a "dark cloud cover" candlestick pattern. We are not suggesting new positions and we're raising our stop loss to $34.95. More conservative traders may want to exit early or tighten their stops even further. Our target is the $39.85-40.00 range. More aggressive traders may want to aim higher. The P&F chart points to a $53 target.
Picked on March 25 at $36.85
Titanium Metals - TIE -cls: 36.30 chg: -0.60 stop: 34.49
Today's pull back in TIE near $36.00 looks like another entry point. However, given the market weakness it might pay off to wait and see where stocks go next before initiating any new long positions. 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: 44.01 chg: +0.01 stop: 41.95
Tuesday proved to be a quiet day for TPP. The stock traded in a 16-cent range. Technically the close over $44.00 is bullish but we hesitate to suggest new positions here. More conservative traders may want to tighten their stops. 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
Rentech - RTK - close: 3.12 chg: -0.11 stop: 2.49
Target achieved. As expected RTK continued to rally midday and traded to an intraday high of $3.30. We recently adjusted our target to the $3.28-3.30 range. If you didn't exit with us be warned. Today's action looks like a short-term reversal and RTK could easily dip back toward $3.00 or the $2.70-2.65 zone.
Picked on March 18 at $ 2.64
Closed Short Plays