Long Play Updates
Apria Healthcare - AHG - cls: 33.46 chg: +0.01 stop: 30.95
The major market indices really didn't move much on Monday and neither did AHG. The stock bounced around with traders buying the dip near $33 this morning but shares only closed with a fractional gain. We remain bullish. Our target is the $35.75-36.00 range. We do not want to hold over the May 1st earnings report.
Picked on March 27 at $32.37
Arrow Elctr. - ARW - cls: 40.16 chg: +0.53 stop: 37.74
We didn't have to wait long for our new play in ARW to hit our trigger. We were suggesting a trigger to buy the stock on a breakout over resistance at $40.00 at $40.15. Investors ignored the AMD earnings warning as company-specific and continued to buy tech stocks. Shares of ARW surged to a 1.3% gain on strong volume. Our target is the $43.75-45.00 range. We don't have much time and plan to exit ahead of the April 19th (unconfirmed) earnings report. FYI: More aggressive traders may want to use a wider stop loss under the 50-dma.
Picked on April 09 at $40.15
Brookfield Asset Mgmt - BAM - cls: 55.54 chg: +0.78 stop: 52.35
BAM is off to a strong start. Shares rallied another 1.4% and pushed through potential resistance near $55.00 on above average volume. We're suggesting long positions with BAM above $54.00. Readers can choose to buy the stock now of look for a dip. Our target is the $58.75-59.00 range. We do not want to hold over the early May earnings.
Picked on April 08 at $54.76
BRS, an oil services company, ignored the pull back in crude oil today and saw its stock inch higher. Shares appear to be trying to breakout past the bearish trend of lower highs. We don't see any changes from our weekend comments. We hesitate to suggest new long positions until we see BRS break the short-term trend of lower highs. 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
Canadan Nat.Res. - CNQ - cls: 56.49 chg: -0.33 stop: 53.05
CNQ is another oil-related stock and shares saw some profit taking on Monday. A 4% sell-off in crude oil didn't help matters. The trend is still bullish but CNQ does look a little overbought. We're not suggesting new positions at this time and more conservative traders may want to exit early to lock in a profit or at least tighten their stops. FYI: The P&F chart is bullish and its target has risen from $71 to $74.
Picked on March 21 at $53.05
eBay Inc. - EBAY - close: 33.74 chg: +0.03 stop: 30.49
We do not see any changes from our weekend comments on EBAY. Time is running low for our play on EBAY. The stock hit our conservative target in the $33.85-34.00 range last week. Now shares are trying to breakout past resistance in the $34.00-34.40 range. The company is due to report earnings on April 18th and we plan to exit ahead of the announcement. We are not suggesting new plays but aggressive traders might want to consider new positions if EBAY can produce a new relative high over $34.40. Our aggressive target in the $37-38 zone might be too optimistic given our time frame.
Picked on March 05 at $30.49
Helmerich Payne - HP - cls: 31.03 chg: +0.13 stop: 28.99
HP displayed relative strength on Monday in spite of the weakness in crude oil. Shares of HP managed to breakout over the top of its trading range near $31.00. Nimble traders may want to consider new positions but we would suggest a tighter stop near $30.00. Our target is the $32.50 mark. More aggressive traders may want to aim higher, especially since the P&F chart points to a $48 target.
Picked on March 19 at $28.77 *gap higher*
James River Coal - JRCC - cls: 9.07 chg: +0.92 stop: 7.89 *new*
Coal stocks turned in a solid session. Traders rushed in to get positions ahead of any M&A activity in the sector. JRCC managed to out perform most of its peers with an 11.2% gain. Volume came in about three times the daily average, which is bullish. If you missed the entry point this morning we'd probably wait for a dip before considering new positions. Our target is the $9.90-10.00 range. We do not want to hold over the early May earnings report. FYI: We are adjusting our stop loss to $7.89.
Picked on April 08 at $ 8.15
KLA-Tencor - KLAC - cls: 55.53 chg: -0.32 stop: 52.75
Semiconductor stocks struggled to maintain any gains after chip giant AMD issued a first-quarter earnings warning. Traders did buy the dip in KLAC near $55.00 this morning. The lack of a big sell-off in the group is encouraging. In reality the afternoon bounce in KLAC looks like a new entry point. Our target is the $59.50-60.00 range. Please note that we do not want to hold over the April earnings report. FYI: The P&F chart is bullish with a $69 target.
Picked on April 04 at $55.15
Titan Intl - TWI - cls: 27.61 chg: +0.68 stop: 25.45 *new*
TWI continues to show great relative strength. The stock rose another 2.5% on top of last week's gains. Shares hit an intraday high of $27.80. Our target is the $27.90-28.00 range. We're adjusting our stop loss to $25.45.
Picked on April 04 at $26.25
UNIT Crp. - UNT - cls: 52.02 chg: +0.07 stop: 49.89
Be careful with UNT. The stock posted a gain today but the action looks like a failed rally. Shares hit an intraday high of $52.72 before giving most of it back. We would watch for a dip near $50.00 as a new entry point to buy the stock. More conservative traders may want to wait for signs of a bounce first or wait for a new relative high over $53.00 before initiating positions. Our target is the $58.00-60.00 range. We do not want to hold over the late April earnings report.
Picked on April 08 at $51.95
Short Play Updates
Hovnanian - HOV - cls: 23.85 chg: -0.64 stop: 26.16
HOV under performed the market and its peers on Monday. The stock dropped 2.6% and erased Friday's bounce. Fueling the move was news that credit agency Fitch lowered its outlook on HOV from "stable" to "negative". Our target for HOV is the $20.50-20.00 range. FYI: HOV does have a very high amount of short interest at almost 35% of the 31.3 million-share float. That does raise the risk of a short squeeze should the stock suddenly move higher!
Picked on April 02 at $24.69
Closed Long Plays
EMC Corp. - EMC - cls: 14.38 chg: -0.06 stop: 13.24
Target achieved. After flirting with our target in the $14.50-15.00 range for the last few days shares of EMC finally hit it. The intraday high today was $14.50. If you failed to exit with us we suggest caution. The stock does look short-term overbought and due for a dip.
Picked on March 21 at $13.26
Closed Short Plays