Long Play Updates
Amphenol - APH - cls: 35.89 change: +0.48 stop: 34.69
APH gave us a bit of a scare this morning with a dip under the $35.00 level but traders quickly bought the dip. The sharp rebound this afternoon looks like a new entry point to buy the stock. Our target is the $39.75-40.00 range.
Picked on June 10 at $35.74
Cal-Maine Foods - CALM - cls: 15.39 chg: -0.29 stop: 13.49
CALM continued to see some profit taking. We warned readers to expect a dip toward $15.00 and shares hit $15.09 this morning. The selling may not be over yet. We'd hesitate to open new positions. Our target is the $17.40-17.50 range.
Picked on June 17 at $14.80
CB Richard Ellis - CBG - cls: 38.76 chg: +0.69 stop: 37.49
MMore aggressive or nimble traders might be tempted to buy the big intraday bounce in CBG today. We are sticking to our plan and waiting for a breakout over resistance at $40.00. Our suggested trigger is 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: 58.46 chg: +2.86 stop: 51.90
The Chinese markets rallied again and this time CN more than followed. The stock gapped open higher at $58.38 and closed up 5.1%. We're not suggesting new positions at this time. 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: 68.16 chg: +0.14 stop: 65.95
The rebound in COLM was a little disappointing today. We still see it as a new entry point to buy the stock but investors might want to wait for a new move over $69.00 before considering new 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: 17.99 change: +0.41 stop: 16.46
Tech stocks led the rally on Thursday and EMC rose 2.3% to completely erase yesterday's losses. More conservative traders may want to lock in a profit right now. We're not suggesting new positions. Our target is the $18.50-20.00 range.
Picked on May 27 at $16.46
Group 1 Auto - GPI - cls: 41.68 chg: +0.03 stop: 39.95
GPI's performance was disappointing but traders did buy the dip near $41.00 again. 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
St. Mary Land - SM - cls: 38.69 chg: +0.11 stop: 36.95
SM under performed both the market and its peers in the energy sector. At this point we'd probably wait for a new rise past $39.00 before considering new positions. More conservative traders may want to raise their stops. 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: 30.98 chg: +0.36 stop: 28.49
WIRE is finally starting to look like it's worth our attention. There was no follow through lower on yesterday's failed rally pattern. The breakout above $30.00 looks like a new entry point to buy the stock. 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. Aggressive traders could aim higher.
Picked on May 27 at $29.26
Short Play Updates
AMB Properties - AMB - cls: 54.11 change: +0.15 stop: 57.11
REITs under performed again but AMB managed a strong bounce from its lows near $52.75. We're not suggesting new positions at this time. If AMB continues to rebound the 10-dma should be short-term overhead resistance. Our target for AMB is the $52.00-50.00 range.
Picked on June 11 at $ 56.21
Broadcom - BRCM - cls: 30.65 change: +0.70 stop: 31.65
There was no follow through lower on yesterday's bearish breakdown under $30.00. At this time we're still on the sidelines. Our suggested trigger to short the stock is at $29.75. 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: 34.51 chg: +0.07 stop: 36.26
Airline stocks were trying to stage a comeback this afternoon as crude oil ticked lower. CAL is still trading under resistance at the $35.00 level. We're not convinced the bounce is over yet and it wouldn't surprise us to see CAL rally into the $35.50-36.00 region. Wait for a failed rally before considering new positions. 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: 57.23 chg: +0.67 stop: 60.05
CIT produced an oversold bounce after hitting $56.17 this morning. The short-term trend is still bearish but the stock could bounce back toward $58.00 or its 10-dma before rolling over again. We're not suggesting new positions at this time. 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: 39.95 chg: +0.06 stop: 42.01
HCN dipped to a new relative low this morning with the spike down to $39.06. While the trend remains negative HCN could see an oversold bounce back toward $41.00. We're not suggesting new positions at this time. Our target is the $38.50-38.00 range.
Picked on June 11 at $ 41.73
Monster Worldwide - MNST - cls: 42.00 chg: +0.02 stop: 45.26
MNST under performed the markets by failing to participate in the widespread rally. We remain bearish but we're not suggesting new positions at this time. Our target is the $40.50-40.00 range.
Picked on June 12 at $44.41
Staples Inc. - SPLS - cls: 24.97 chg: -0.07 stop: 25.55
We don't see any big changes from our previous comments on SPLS. The larger pattern is bearish but short-term it looks like SPLS wants to breakout over its 50-dma and the $25.50 level. Thus we're not suggesting new positions at this time.
Picked on May 27 at $24.40
U S T Inc. - UST - close: 52.11 chg: +0.44 stop: 55.01
UST produced an oversold bounce on below average volume. The trend is still bearish although 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
Aracruz Celulose - ARA - cls: 69.21 chg: +3.00 stop: 59.90
Target achieved. ARA soared into our $68.00-70.00 target range today. The stock rose 4.5% and did so on huge volume. We admit that ARA hit our target a lot faster than we expected it to. If you failed to exit be careful. The $70.00 level could be round-number, psychological resistance.
Picked on June 03 at $62.00
Raytheon - RTN - close: 55.74 chg: +0.12 stop: 55.19
Defense-related stocks under performed the market today. Shares of RTN gapped open lower at $55.45 and then dropped to $55.08 before bouncing. Our stop loss was at $55.19. If you're bullish on the sector then we'd wait and watch for RTN to breakout from this $55-57 trading range before considering new positions.
Picked on June 03 at $56.17
Closed Short Plays