Long Play Updates
Amphenol - APH - cls: 35.82 change: -0.42 stop: 34.69
APH lost another 42 cents on Tuesday. The close under $36.00 is starting to make us nervous although APH should have support near its trendline of higher lows and its rising 50-dma. We'd wait for a bounce back over $36.00 or $36.50 before considering new bullish positions. Our target is the $39.75-40.00 range.
Picked on June 10 at $35.74
Aracruz Celulose - ARA - cls: 65.82 chg: -0.23 stop: 59.90
ARA tried to rally past $67.00 this morning but failed. Shares are short-term overbought and due for a correction so more conservative traders may want to think about taking some profits here. We're not suggesting new positions at this time. Our target is the $68.00-70.00 range.
Picked on June 03 at $62.00
Cal-Maine Foods - CALM - cls: 15.72 chg: +0.09 stop: 13.49
CALM spent almost the entire day between $15.40 and $15.60 until a late afternoon rally pushed it higher. We're not suggesting new positions at current levels. Our target is the $17.40-17.50 range. FYI: More conservative traders may want to exit near $16.50.
Picked on June 17 at $14.80
CB Richard Ellis - CBG - cls: 38.65 chg: -0.64 stop: 37.49
This is the second day in a row that CBG tried to rally past $40.00 and failed. We are suggesting a trigger at $40.15, which is above potential round-number resistance at $40.00. If triggered at $40.15 our target is the $44.00-45.00 range. The P&F chart points to a $52 target.
Picked on June xx at $xx.xx <-- see TRIGGER
China Netcom - CN - cls: 55.12 chg: -0.16 stop: 51.90
The rally in the Chinese markets slowed down today. Meanwhile shares of CN continue to churn sideways near the $55.00 level. We would still consider new long positions here but patient traders may want to wait for a possible pull back near $54.00. The P&F chart points to a $73 target. We're aiming for the $59.50-60.00 range. More aggressive traders could aim for the highs near $62.50.
Picked on June 17 at $55.600
Columbia Sportswear - COLM - cls: 68.91 chg: +0.28 stop: 65.95
COLM spiked lower this morning but bulls quickly bought the dip near its 10-dma. The rebound looks like another entry point to go long the stock. Our target is the $73.50-75.00 range. The P&F chart is very bullish with an $89 target.
Picked on June 17 at $68.544
EMC Corp. - EMC - close: 17.99 change: +0.20 stop: 16.46 *new*
EMC continued to rally marking its fifth gain in a row. The stock is nearing potential resistance at the top of its 3 1/2 month rising channel. More conservative traders may want to exit now to lock in a gain. We remain bullish and the above average volume during this five-day winning streak is very positive. However, we're not suggesting new positions at this time. Our target is the $18.50-20.00 range. Please note that we're adjusting the stop loss to breakeven at $16.46. If you choose not to lock in a profit now consider raising your stop to protect a 5% gain.
Picked on May 27 at $16.46
Group 1 Auto - GPI - cls: 41.66 chg: -0.04 stop: 39.95
This morning's bounce from the $41.00 level looks like another bullish entry point in GPI. This is somewhat aggressive since GPI has clear resistance in the $43.00-43.50 zone. However, if the markets continue to rally then we believe GPI will breakout. More conservative traders may want to wait for a new relative high over $43.00 or $43.50 first. Our target is the $47.00-48.00 range just under the descending 200-dma. FYI: The P&F chart is still bearish.
Picked on June 17 at $41.96
Raytheon - RTN - close: 56.10 chg: +0.36 stop: 55.19
RTN is still consolidating sideways. We remain defensive given the recent sell signal in the MACD on its daily chart. We're not suggesting new positions at this time. More aggressive traders may want to leave their stop under $55.00, which is additional support. Our target is the $59.75-60.00 range.
Picked on June 03 at $56.17
St. Mary Land - SM - cls: 39.87 chg: +0.20 stop: 36.95
SM continues to rally and traded above round-number, psychological resistance at the $40.00 level on an intraday basis. We're not suggesting new positions at this time but a dip near broken resistance and what should be new support around $39.00 could be an entry point. Our target is the $43.50-44.00 range. The P&F chart is bullish with a $48 target.
Picked on June 04 at $38.51
Encore Wire Corp. - WIRE - cls: 30.14 chg: +0.34 stop: 28.49
Today's rally in WIRE looks pretty encouraging. The close over $30.00 is a positive sign. More aggressive traders may want to go long right here. More conservative traders may want to tighten their stop loss closer to the $29.00 level. We'd wait for a move past $30.45 before considering new positions. The Point & Figure chart suggests a $46 price target. We are targeting the $32.50-33.00 range.
Picked on May 27 at $29.26
Short Play Updates
AMB Properties - AMB - cls: 55.22 change: +0.31 stop: 58.26
AMB produced an oversold bounce after testing (and breaking) the late May low. We would expect the bounce to continue tomorrow. Watch for the 10-dma above $56 to act as overhead resistance. More conservative traders might want to think about lowering their stop loss toward Friday's high near $57.00. Our target for AMB is the $52.00-50.00 range.
Picked on June 11 at $ 56.21
Broadcom - BRCM - cls: 30.26 change: -0.37 stop: 31.65
BRCM continued lower following yesterday's failed rally. The stock is testing support near $30.00 again. We're going to stick to our plan and wait for a breakdown under support at $30.00. Our suggested trigger is at $29.75. If triggered our target is the $27.00-26.00 range. We do not want to hold over the mid July earnings report. FYI: One of the larger risks with shorting BRCM will be any sort of headline-making news events in the legal battle between BRCM and QCOM.
Picked on June xx at $xx.xx <-- see TRIGGER
Continental Airlines - CAL - cls: 33.80 chg: +0.90 stop: 36.26
Some positive analyst comments for US Airways and a dip in oil prices fueled a bounce in airline stocks. CAL spiked to $34.66 this morning but the rally failed at its simple 10-dma. Our target is the $30.50-30.00 range. We do not want to hold over the mid July earnings report.
Picked on June 12 at $34.10
CIT Group - CIT - cls: 57.65 chg: +0.04 stop: 60.05
It was a quiet day for CIT. We don't see any changes from our previous comments. Our target is the $55.25-55.00 range. We are suggesting a stop loss at $60.05 but more conservative traders might want to use $59.65.
Picked on June 12 at $58.17
Healthcare REIT - HCN - cls: 41.04 chg: +0.25 stop: 43.01
We need to be careful in HCN. The stock spiked to $39.78 this morning but rallied back for a 0.6% gain. The move today looks like a short-term bullish reversal. We would expect the bounce to continue. The question is whether or not HCN will fail at resistance near its 10-dma (around $41.50) or near the $42.00 level. More conservative traders may want to tighten their stops toward $42.00. Our target is the $38.50-38.00 range.
Picked on June 11 at $ 41.73
Monster Worldwide - MNST - cls: 43.22 chg: -0.28 stop: 46.26
MNST continues to sink following yesterday's breakdown. More conservative traders might be tempted to lower their stops toward the $45 level. Our target is the $40.50-40.00 range.
Picked on June 12 at $44.41
Staples Inc. - SPLS - cls: 25.08 chg: +0.09 stop: 25.55
SPLS bounced from its lows near $24.75 this morning. That's significant because the $24.75 level was resistance for most of last week. Today's move is bullish and SPLS could be preparing for a rally attempt past the 50-dma and the $25.50 level. We're not prepared to exit yet because SPLS is still under its trendline of lower highs.
Picked on May 27 at $24.40
U S T Inc. - UST - close: 51.86 chg: -0.24 stop: 55.01
UST is still showing weakness and today's close under $52.00 is bearish. We're not suggesting new positions. UST has already hit our target in the $52.60-52.50 range. Now we're aiming for the $50.50-50.00 zone.
Picked on May 23 at $54.96
Closed Long Playss
Closed Short Plays