Long Play Updates
Amphenol - APH - cls: 35.41 change: -0.41 stop: 34.69
APH continues to see more profit taking. The stock is nearing potential support near the 50-dma and its trendline of support dating back to March 2007. At this point, if the markets continue to sell-off, we're expecting to be stopped out. Should APH fail to bounce tomorrow more conservative traders may want to exit early. Our target is the $39.75-40.00 range.
Picked on June 10 at $35.74
Aracruz Celulose - ARA - cls: 66.21 chg: +0.39 stop: 59.90
ARA weathered the storm relatively well today. The stock closed up 0.59% and volume came in above average. We are suggesting that more conservative traders may want to exit now to lock in a gain. 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: 15.71 chg: -0.01 stop: 13.49
We are urging some caution on CALM. The stock produced a failed rally and short-term bearish reversal pattern today. We would expect a dip back toward $15.00, especially if the markets continue lower. More conservative traders may want to lock in an early gain now. We're not suggesting new positions at current levels. Our target is the $17.40-17.50 range.
Picked on June 17 at $14.80
CB Richard Ellis - CBG - cls: 38.07 chg: -0.58 stop: 37.49
There is no change from our previous updates on CBG. At this time we're still on the sidelines waiting for a breakout over resistance at $40.00. We're suggesting a trigger to buy the stock at $40.15. However we will be carefully watching the $37.00 level for support. Nimble traders may want to adjust their entry and stop loss if CBG can bounce near $37.00. 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: 55.60 chg: +0.48 stop: 51.90
CN gapped open higher today at $56.70 but that ended up being the high for the session. The stock sold off and closed near its lows for the day. Considering the market's weakness on Wednesday we're suggesting that readers wait for a potential pull back toward $54 before considering new bullish positions. 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 $55.60
Columbia Sportswear - COLM - cls: 68.02 chg: -0.89 stop: 65.95
COLM followed the market lower and closed with a 1.29% loss. Volume came in pretty light, which is probably a good sign. We would look for a bounce near $67 as a new entry point for bullish positions. 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 $68.54
EMC Corp. - EMC - close: 17.58 change: -0.41 stop: 16.46
After an impressive five-day run shares of EMC gave back 2.2% in profit taking. The next level of possible support looks like $17.00. We're not suggesting new positions at this time. Our target is the $18.50-20.00 range.
Picked on May 27 at $16.46
Group 1 Auto - GPI - cls: 41.65 chg: -0.01 stop: 39.95
GPI performed reasonably well considering the market's losses today. We would wait and watch for another bounce near $41.00 before considering new positions. 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: 55.62 chg: -0.48 stop: 55.19
RTN continues to bounce around its $55.25-57.00 trading range. 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: 38.58 chg: -1.29 stop: 36.95
Ouch! SM just erased three days worth of gains with a 3.2% sell-off. Investors over-reacted to the weekly oil inventory numbers, which showed an unexpected rise in supplies. Crude oil slipped less than 1% on the news. SM's broken resistance near $39.00 should have been short-term support but it failed. More conservative traders may want to raise their stops. We're not suggesting new positions. 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: 30.62 chg: +0.48 stop: 28.49
WIRE displayed relative strength with a new eight-month high and a 1.59% gain on Wednesday. We didn't see any specific news to account for the show of strength. More importantly we feel the need to warn readers that today's session looks like a bearish failed rally pattern even though the close over $30.00 is bullish. More conservative traders may want to tighten their stop loss closer to the $29.00 level. We are targeting the $32.50-33.00 range.
Picked on May 27 at $29.26
Short Play Updates
AMB Properties - AMB - cls: 53.96 change: -1.26 stop: 57.11*new*
REITs continued to show weakness and AMB lost 2.2% to close at a new relative low. Volume jumped to above average levels on the decline, which is bearish. We are adjusting the stop loss to $57.11. Our target for AMB is the $52.00-50.00 range.
Picked on June 11 at $ 56.21
Broadcom - BRCM - cls: 29.95 change: -0.31 stop: 31.65
BRCM's breakdown and close under the $30.00 level looks like a potential entry point for shorts. However, we are sticking to our plan and suggesting readers use a trigger at $29.75 to open positions. This way BRCM has to breakdown under the May lows. 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: 34.44 chg: +0.64 stop: 36.26
A pull back in crude oil fueled a bounce in the airline stocks. CAL rallied toward resistance near $35.00 and failed. That doesn't mean the bounce is over but weakness in CAL tomorrow might make this a failed-rally entry point for new shorts. 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: 56.56 chg: -1.09 stop: 60.05
CIT slipped to a 1.89% loss with a big spike in the last 30-minutes of trading. 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: 39.89 chg: -1.15 stop: 42.01 *new*
HCN is another REIT-related stock that turned in a big drop. Shares produced a failed rally near $41.40 and its 10-dma this morning before eventually plunging 2.8%. The close under $40.00 is bearish and could be a new entry point for shorts. We are adjusting our stop loss to $42.01. Our target is the $38.50-38.00 range.
Picked on June 11 at $ 41.73
Monster Worldwide - MNST - cls: 41.98 chg: -1.24 stop: 45.26*new*
MNST is still showing relative weakness. The stock lost 2.8% and closed near its lows for the session, which is usually a negative signal for tomorrow. We're not suggesting new positions at this time. Please note that we're adjusting our stop loss to $45.26. Our target is the $40.50-40.00 range.
Picked on June 12 at $44.41
Staples Inc. - SPLS - cls: 25.04 chg: -0.04 stop: 25.55
SPLS tried to rally today but failed multiple times near $25.30. We remain defensive given last Friday's bullish break higher. The stock remains under its trendline of resistance but we're not suggesting new positions at this time.
Picked on May 27 at $24.40
U S T Inc. - UST - close: 51.67 chg: -0.19 stop: 55.01
UST continues to drift lower. 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 Plays
Closed Short Plays