Long Play Updates
Apria Healthcare - AHG - cls: 33.66 chg: +0.09 stop: 31.45*new*
Volume is fading as AHG nears resistance in the $33.75-34.00 range. We would suggest waiting for a breakout or looking for another dip near $33.00 as a new entry point. More conservative traders may want to tighten their stops toward $32.00 or higher. We are adjusting our stop to $31.45, keeping it just under the rising 50-dma. 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: 41.00 chg: +0.45 stop: 37.74
Semiconductor stocks bounced sharply from their intraday lows. One of ARW's divisions deals in semiconductor related products so the stock got a boost. Traders bought the dip in ARW near the $40 level and shares closed at new multi-year highs. Our target is the $43.75-45.00 range. We don't have much time and plan to exit ahead of the April 24th 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: 55.58 chg: +0.35 stop: 52.35
The move in BAM today looks like a minor bullish engulfing candlestick pattern, which should be positive for the stock. Another positive was the announcement after the closing bell of another stock buy back program. BAM announced it had received approval to buy back up to 10% (33 million shares) of the company's outstanding float on the open market over the next twelve months. That doesn't mean they will buy back that much stock, just that then can. During their current stock buy back program the company only purchased 291,600 shares of stock. We remain bullish on BAM. 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
Bristow Group - BRS - close: 37.10 chg: +0.36 stop: 35.45*new*
A strong (3%) rally in crude oil helped lift the oil sector. Shares of BRS responded with a 0.9% gain and a breakout over its 50-dma and the $37.00 level. Shares are nearing resistance at the late March highs around $37.25. We remain bullish on BRS but if you don't want to buy today's rebound then look for a dip in the $36.50-36.75 region. We are adjusting our stop loss to $35.45. More conservative traders may want to put their stop closer to the $36.00 mark. 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
eBay Inc. - EBAY - close: 34.05 chg: +0.44 stop: 32.99 *new*
Once again EBAY looks poised to breakout past significant resistance in the $34.00-34.40 range. We are not suggesting new positions given our time frame. We're suggesting an exit ahead of the April 18th earnings report. We plan to exit at the closing bell on April 18th. More conservative traders should strongly consider exiting early right here. EBAY has already hit our conservative target in the $33.85-34.00 area. Please note that we're raising the stop loss to $32.99.
Picked on March 05 at $30.49
Helmerich Payne - HP - cls: 31.96 chg: +0.66 stop: 30.45*new*
Readers will want to strongly consider an early exit to lock in a profit with HP rising another 2.1% today. The surge in crude oil helped push HP to another new relative high. Our target has been the $32.50 mark but we're adjusting it to $32.35-32.50. Please note that we are raising the stop loss to $30.45, which is about 50 cents under the 10-dma.
Picked on March 19 at $28.77 *gap higher*
James River Coal - JRCC - cls: 8.65 chg: +0.10 stop: 7.89
Our speculative play in JRCC is still alive for now. The stock is trying to bounce. If shares see any future profit taking we would look for some support near $8.25 and the 10-dma (currently near 8.15). Our target is the $9.90-10.00 range. We do not want to hold over the early May earnings report.
Picked on April 08 at $ 8.15
KLA-Tencor - KLAC - cls: 55.67 chg: +0.31 stop: 52.75
Fellow semiconductor stock LRCX received two upgrades today after the company reported earnings and beat the estimates. Unfortunately, the news didn't have a big affect on shares of KLAC, which spent most of the session trading sideways. More conservative traders may want to tighten their stops. 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: 27.20 chg: +0.33 stop: 25.45
Market strength helped TWI posted a decent bounce on Thursday but shares still look a little short-term overbought. We are not suggesting new positions at current levels. Our target is the $27.90-28.00 range.
Picked on April 04 at $26.25
UNIT Crp. - UNT - cls: 55.26 chg: +1.86 stop: 49.89
All the positive news on oil and the strength in crude helped fuel a 3.4% rally in UNT. The stock broke out to new seven-month highs on strong volume today. 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
Closed Long Plays
Canadan Nat.Res. - CNQ - cls: 58.79 chg: +2.16 stop: 53.05
Target achieved. A draw down in gasoline inventories and concern over refinery outages helped push crude oil to a 3% gain, which lifted the oil stocks. Shares of CNQ shot higher and broke out past the $58 level with a 3.8% rally. Our target was the $58.00-60.00 range.
Picked on March 21 at $53.05
Closed Short Plays
Hovnanian - HOV - cls: 23.90 chg: +1.05 stop: 26.01
We are suggesting an early exit in HOV. It might just be a one-day fluke but today's session produced a bullish engulfing candlestick pattern and at the bottom of a trend like this these patterns tend to be strong bullish reversal signals. There hasn't been any confirmation of the reversal yet but we're suggesting an early exit anyway because HOV has a high amount of short interest and the stock could easily see a short squeeze. The catalysts behind HOV's rally today was word from rival homebuilder M/I Homes (MHO). MHO reported that new orders rose sharply, better than the last two quarters combined, and that their cancellation rate dropped significantly.
Picked on April 02 at $24.69