Long Play Updates
Dell Inc. - DELL - cls: 25.75 change: +0.60 stop: 24.69 *new*
DELL turned in a strong session with a 2.3% rally. The stock looks ready to challenge short-term resistance near $26.00 soon. We are adjusting the stop loss to $24.69. Our target is the $27.25-27.50 range. We do not want to hold over the late May earnings report.
Picked on April 29 at $25.23
ENSCO - ESV - close: 58.15 change: +0.29 stop: 53.44
Oil stocks continued to creep higher in spite of another dip in crude futures. ESV displayed relative strength with a close over short-term resistance at $58.00. Yet shares are not yet past the old highs from April 2006. The P&F chart points to a $76 target. We have two targets. Our conservative target is $59.85-60.00. Our aggressive target is the $62.50-65.00 range.
Picked on April 29 at $56.84
NVIDIA Corp. - NVDA - cls: 33.47 chg: +0.62 stop: 31.85
NVDA was upgraded to a "buy" this morning, which would account for the gap higher at the open. Shares closed up 1.88% but remain inside their five-day trading range. We're not suggesting new positions. We reiterate our previous comments that more conservative traders may want to exit now to lock in a gain. Our target is the $34.50-35.00 range.
Picked on April 15 at $30.58
World Acceptance Corp. - WRLD - cls: 43.42 chg: -0.30 stop: 40.99
WRLD under performed the market and its peers in the financial sector today. This relative weakness renews our concern about the stock's short-term direction. Volume continues to come in very low. We're not suggesting new positions with WLRD under $44.00. More conservative traders may want to raise their stop toward $42.00 or $42.50. Our target is the $49.50-50.00 range. The P&F chart points to a $56 target.
Picked on April 29 at $44.58
Short Play Updates
Closed Long Plays
Bristow Group - BRS - close: 38.54 chg: +0.66 stop: 36.75
Target achieved. BRS managed to breakout from its recent trading range and hit our target in the $38.40-38.50 range. Today's intraday high was very close to the February 2007 highs, which could be resistance.
Picked on March 11 at $35.88
Closed Short Plays
Lan Airlines - LFL - close: 76.72 chg: +2.02 stop: 76.05
We have been stopped out of LFL at $76.05. Unfortunately four or five days ago it looked like the technical indicators were predicting a bearish breakdown. LFL faked out the bears with an intraday dip under the 50-dma on Tuesday this week. Today's breakout over resistance at $76.00 is significant. More nimble traders may want to switch directions and go long the stock. The move today has produced a new P&F chart buy signal.
Picked on May 01 at $71.49