Long Play Updates
Archer Daniels Midland - ADM - cls: 39.01 chg: -0.02 stop: 38.55*new*
ADM gapped down on Friday morning but quickly recovered and spent the rest of the session trading sideways, much like Thursday. We're almost out of time. ADM is due to report earnings on Tuesday, May 1st. We plan to exit on Monday at the closing bell to avoid holding over the announcement. Please note that we are adjusting the stop loss to $38.55. FYI: ADM is up seven out of the last eight weeks so odds of some post-earnings profit taking are probably pretty good.
Picked on April 22 at $38.55
Basic Energy - BAS - cls: 26.82 chg: +0.69 stop: 24.45 *new*
Crude oil was higher again and that lent support toward oil services. Shares of BAS out performed its peers with a 2.6% rally on Friday. This is a new five-month high and BAS is now challenging the November 2006 peak. We are adjusting the stop loss to $24.45. Our target is the $29.00-30.00 range. We do not want to hold over the early May earnings report. FYI: More conservative traders may want to take some money off the table.
Picked on April 12 at $25.39
Bristow Group - BRS - close: 37.98 chg: -0.14 stop: 36.45
Shares of BRS under performed the oil services sector and crude oil on Friday. Yet the trend remains upward - at least for now. We're not suggesting new positions at this time. Any significant rebound from here should put BRS into our $38.40-38.50 target range. FYI: The P&F chart is bullish and points to a $47 target. We do not want to hold over the early May earnings report.
Picked on March 11 at $35.88
Cabot Oil - COG - close: 36.88 change: +0.09 stop: 35.99*new*
Traders bought the dip in COG again on Friday. The stock seems poised to move higher. Additional strength in crude oil next week won't hurt. We remain bullish with shares above $36.00. Unfortunately, we're out of time. COG is due to report earnings on Monday night after the close. We plan to exit on Monday at the close to avoid earnings. We're adjusting the stop loss to $35.99.
Picked on April 23 at $36.15
James River Coal - JRCC - cls: 9.36 chg: -0.16 stop: 8.95 *new*
The intermediate trend in JRCC is still bullish but momentum is waning. We are going to try and protect ourselves with a higher stop loss at $8.95. More conservative traders may want to just exit now for a gain, especially since some of the short-term technical oscillators are turning bearish. Maybe some M&A news on Monday will re-ignite the merger fire for coal stocks. Please note that we're also adjusting our target to $9.75-10.00. We are not suggesting new positions at this time.
Picked on April 08 at $ 8.15
NVIDIA Corp. - NVDA - cls: 33.07 chg: -0.45 stop: 30.58 *new*
After a strong week NVDA suffered some profit taking on Friday. Bulls bought the dip near $32.50 and its 100-dma. We remain bullish on NVDA but we're running out of time so we're not suggesting new positions. More conservative traders may want to exit now to lock in a gain. We are raising our stop loss to $30.58. We want to exit ahead of the May 10th earnings report. Our target is the $34.50-35.00 range.
Picked on April 15 at $30.58
Starbucks Corp. - SBUX - cls: 31.50 chg: -0.32 stop: 30.85 *new*
Warning! SBUX lost 1% on Friday and the three-day candlestick pattern looks like a bearish reversal. A bounce above $31.00 could still be used as a new entry point but we would really hesitate to open new bullish positions here. We are adjusting the stop loss to $30.85. Our target is the $35.00-36.00 range but we need to exit ahead of the May 3rd earnings report.
Picked on April 22 at $31.66
Short Play Updates
Closed Long Plays
Apria Healthcare - AHG - cls: 32.78 chg: -0.46 stop: 32.95
We have been stopped out of AHG at $32.95. We've been concerned about the slow down in upward momentum for days and recently raised the stop loss toward short-term support near $33.00. AHG and its bullish trend still have technical support at the 50-dma and probably the $32.00 level but we didn't want to risk a bigger breakdown or a loss.
Picked on March 27 at $32.37
Closed Short Plays