Long Play Updates
Apria Healthcare - AHG - cls: 30.21 chg: -0.39 stop: 28.99
AHG spiked lower at the open. We couldn't find any specific catalyst that might have sparked such a sharp move lower. Fortunately, traders bought the dip at $29.61. The bounce back above $30.00 could be used as a new entry point for bullish positions but we're feeling a little gun shy here. Technicals have definitely taken a turn for the worse. A rebound back above the 10-dma might inspire some courage into buying the bounce. Our target is the $33.95-34.00 range. We do not want to hold over the late July earnings report.
Picked on July 08 at $31.12
Columbia Sportswear - COLM - cls: 68.36 chg: -0.78 stop: 66.99
COLM dipped back toward support at its rising 50-dma again. We only have six more trading days before COLM reports earnings and we don't want to hold over the report. We're not suggesting new positions at this time. 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
GulfMark - GMRK - cls: 54.94 change: +0.31 stop: 52.45
Traders bought the dip in GMRK again. This is the third time they have defended the stock near $53.75. Today's bounce looks like a new entry point to buy the stock. However, we don't have a lot of time. GMRK is due to report earnings late next week but the earnings date is still unconfirmed. More conservative traders may want to inch up their stops toward $53.50. Our target is the $59.50-60.00 range.
Picked on July 09 at $54.55
Intl. Flavors - IFF - cls: 52.61 change: -0.22 stop: 51.45
IFF is still consolidating. Shares have sunk back toward what should be short-term support near $52.00. We see the dip as a new entry point but more conservative traders might prefer to see more of a bounce first before launching positions. Our target is the $57.50-60.00 range. The P&F chart is bullish with an $83 target.
Picked on July 12 at $53.89
FreightCar America - RAIL - cls: 54.14 chg: +0.00 stop: 49.95
Railroad stocks continued to show strength today. The Dow Jones Railroad index broke out to new all-time highs. Unfortunately, RAIL failed to join them. Shares hit a new relative high at $55.21 but closed unchanged. RAIL does look a little short-term overbought and a correction back toward $53 or $52 would not be a surprise. We only have a few days left and plan to exit at the closing bell on July 25th to avoid holding over the earnings on July 26th. Our target is the $57.00-58.00 range.
Picked on July 15 at $52.73
Bankrate - RATE - cls: 50.69 chg: -0.07 stop: 48.99
Financials continued to struggle thanks to the sub-prime woes. RATE is still weathering the storm pretty well and holding above the $50.00 level. Depending on your level of risk we would watch for a rally through the $51.00, 51.25, 51.50 levels as potential entry points. Bear in mind that we don't have much time left. Our short-term target is the $54.90-55.00 range. More aggressive traders may want to aim higher.
Picked on July 15 at $51.96
Royal Gold - RGLD - cls: 27.25 change: +0.85 stop: 24.95 *new*
The gold sector was the market's best performing group today. The GOX index rose 3.7%. Shares of RGLD tried to keep pace and rose 3.2%. We're adjusting our stop loss to $24.95. More conservative traders could put their stop closer to the $26 level. Our target is the $27.90-28.00 range. More aggressive traders may want to aim higher. FYI: The P&F chart is still very bearish.
Picked on July 08 at $25.75
Systemax Inc. - SYX - cls: 21.11 change: +0.06 stop: 19.99
Today's intraday bounce in SYX looks like a new entry point to buy the stock. However, readers may want to stick to our plan and wait for a new rise past $22.00 before initiating positions. Overall we don't see any changes from our previous comments. Our first target is the $24.90-25.00 range. Beware potential resistance at the $24.00 level. We can't find any future earnings reporting date for SYX but the company has a history of reporting in August.
Picked on July 12 at $22.01
Short Play Updates
Empresa Natl. Elec. - EOC - cls: 45.95 chg: +0.49 stop: 48.05
There is no change from our previous comments on EOC. We've been warning readers to expect support near $45.00 and shares bounced there again. The $47.00-47.50 zone and its 50-dma should be overhead resistance. Our target is the $43.00-42.50 range. We do not want to hold over the late July earnings report, which is still an unconfirmed date.
Picked on July 08 at $47.50
Energy Sector SPDR - XLE - cls: 73.68 chg: +1.63 stop: 75.01
Oil stocks rebounded thanks to a new high in crude oil over $75.00. We don't really expect a correction in oil and oil stocks for another couple of weeks but if it starts early we're ready. Right now we're suggesting a trigger to short the XLE at $69.75. We honestly don't expect to be triggered until early August so we'll make adjustments to our entry point and stop loss as necessary.
Picked on July xx at $xx.xx <-- see TRIGGER
Closed Long Plays
Closed Short Plays
China Netcom - CN - cls: 53.30 change: -1.44 stop: 53.89
CN hit our stop loss this morning. Actually shares of CN gapped open at $53.39 so we would have been stopped out at the open. Sadly we can't find any specific news or event to explain the relative weakness in CN today. The Shanghai index closed higher so it doesn't appear to be the Chinese market. On a technical basis CN's drop under support at $54.00 is bearish but the stock or at least the U.S. traded ADR shares still have a five-month trendline of higher lows to support it for now.
Picked on July 12 at $56.12
Verasun Energy - VSE - cls: 13.89 chg: -0.18 stop: 13.95
VSE continued to show weakness and marked its fifth decline in a row. Shares actually gapped down at $13.91 so we would have been stopped out at the open.
Picked on June 29 at $14.21