Long Play Updates
Columbia Sportswear - COLM - cls: 69.68 chg: +0.22 stop: 65.95
COLM tried to breakout over round-number resistance at $70.00 on Friday. The best it could do was an intraday spike to $70.06. The stock has a bullish trend of higher lows and most of the technical indicators are bullish. Readers can choose to buy another dip near $68.00 or wait for a new relative high over $70.06 as their entry point. 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
Verasun Energy - VSE - cls: 15.31 chg: +0.06 stop: 12.89
After Thursday's pop higher and failed rally pattern VSE looked poised to fall lower. Yet the stock displayed relative strength on Friday. Traders bought the dip at $15.20 multiple times. We remain bullish on VSE but we're not suggesting new positions at this time. Shares have overhead resistance near $16 and its 50-dma. More conservative traders may want to tighten their stops toward $14.00 or breakeven. Our target is the $17.75-18.00 range, just under the simple 200-dma. We'll be watching the 50-dma and 100-dma as potential resistance. FYI: The P&F chart is still bearish.
Picked on June 29 at $14.21
Short Play Updates
Broadcom - BRCM - cls: 30.63 change: +0.54 stop: 31.05
Bullish breakout alert! A new relative high for the semiconductor sector helped lift BRCM to a 1.79% gain. This follows Thursday's rebound back above what should have been round-number resistance at the $30.00 mark. Friday's rally also produced a bullish breakout over its trendline of lower highs. We would strongly suggest that readers consider an early exit right here to cut their losses. Our market bias isn't very positive right here so we're going to stick with the play and see if BRCM rolls over. We are not suggesting new positions.
Picked on June 25 at $29.75
Staples Inc. - SPLS - cls: 24.75 chg: +0.13 stop: 25.15
SPLS has bounced back toward technical resistance at the 50-dma and its trendline of lower highs. This is a critical test for SPLS. A failed rally from here could be used as a new entry point for shorts. A breakout higher would be a potential bullish entry point. More conservative traders may want to tighten their stops toward $25.00. We're not suggesting new positions at this time. Our target is the $22.00 mark.
Picked on May 27 at $24.40
Closed Long Plays
Closed Short Plays