Long Play Updates
Affymetrix - AFFX - cls: 24.37 chg: -0.01 stop: 25.45
Entry point alert! We've been talking about an alternative entry point in AFFX for a couple of days. Today's intraday bounce near support at the bottom of its $24-27 trading range looks like a new entry point. We're suggesting long positions now with a stop loss at $23.95. Our new target is the $26.85-27.00 range. More aggressive traders may want to aim higher.
Picked on August 1 at $24.37
Gateway Inc. - GTW - cls: 1.45 change: +0.03 stop: 1.19
Hmm... this is already a high-risk, aggressive play but aggressive traders might want to consider new positions now. Today marks the fourth day in a row that investors have been defending GTW in the $1.42-1.41 region. You could open positions now and put a stop loss under $1.40. We're going to stick to our plan for now. We're suggesting a trigger to buy GTW in the $1.35-1.30 zone. We'll use a stop at $1.19 but more conservative traders could put their stop closer to $1.25 or $1.30. If triggered in the $1.35-1.30 zone our target is the $1.55-1.60 range. FYI: Tomorrow morning GTW should report earnings. Wall Street expects a 1-cent EPS profit.
Picked on July xx at $xx.xx <-- see TRIGGER
JP Morgan - JPM - cls: 44.38 change: +0.37 stop: 42.45
Traders bought the dip twice near $43.20. This short-term intraday double-bottom looks like a new bullish entry point to buy the stock. More conservative traders might want to reduce their risk and tighten their stops toward the $43.20 region. Our target is the $47.00-47.50 range.
Picked on July 30 at $43.70
Varian Inc. - VARI - cls: 60.67 chg: +0.53 stop: 56.90
VARI held up pretty well during today's volatility. We remain bullish with shares above $60.00. The $59-58 zone should be short-term support. Our target is the $64.85-65.00 range.
Picked on July 27 at $60.55
Short Play Updates
Agilent Tech - A - cls: 38.16 change: +0.01 stop: 39.05
Agilient produced a failed rally under its 50-dma on Wednesday and the move looks like a new entry point for shorts. However, after today's big afternoon rebound we might hesitate to open new short positions. If you do initiate a short play you could always tighten your stop toward today's high. Our target is the $35.50-35.00 range. The rising 200-dma near $35.00 could be technical support.
Picked on July 29 at $37.64
Saul Centers - BFS - cls: 43.98 change: +0.61 stop: 45.31
Double check your stop loss placement with BFS. The stock is showing relative strength and may have created a short-term bottom over the last few days. Today's rally over the 10-dma is bullish. Shares are nearing potential resistance near $44.00 and again in the $44.50-45.00 zone. We would only consider new positions on a clear failed rally under $45.00. Our target is the $40.15-40.00 range. FYI: Readers should note that the latest June data put short interest at 4.8% of the company's 10.7 million-share float. That is relatively high short interest and a very small float, which could be a recipe for a short squeeze. Trade carefully!
Picked on July 25 at $43.76
Mattel - MAT - cls: 23.58 change: +0.67 stop: 25.05
Investors are responding favorably to news that MAT may recall up to one million toys made in China because the paint may contain too much lead. The action in MAT today was bullish. The stock created a bullish engulfing candlestick pattern and volume came in pretty strong. Shares look poised to challenge resistance near $24 and its 10-dma soon. Conservative traders might want to tighten their stops toward breakeven. Our target is the $22.05-22.00 range.
Picked on July 22 at $24.68
Motorola - MOT - cls: 16.69 change: -0.30 stop: 18.11
Negative earnings guidance from SIRF may have influenced shares of MOT today. MOT dipped to an intraday low of $16.38 before bouncing back. Our target is the $15.10-14.50 range. Be advised that Nokia's (NOK) earnings tomorrow morning could influence shares of MOT. Wall Street expects NOK to report a 36-cent EPS profit.
Picked on July 29 at $16.95
Steel Dynamics - STLD - cls: 42.21 change: +0.28 stop: 45.15*new*
Traders bought the dip three times near $41.50 and volume came in pretty strong during today's session. That might be a warning sign for the bears! We are lowering our stop loss to $45.15. We're not suggesting new positions at this time. Our target is the $40.50-40.00 range.
Picked on July 25 at $44.93
UnitedHealth - UNH - cls: 47.99 change: -0.44 stop: 51.05 *new*
UNH is still showing relative weakness. The stock dipped to an intraday low of $47.36 and closed with a 0.9% decline. If shares see an oversold bounce the $50 and $51 levels should be overhead resistance. We're adjusting our stop loss to $51.05. Our target is the $45.25-45.00 range. The P&F chart is already bearish and points to a $46 target.
Picked on July 26 at $49.95
Energy Sector SPDR - XLE - cls: 68.82 chg: -0.18 stop: 75.01
It was another volatile day for the XLE with an intraday high at $70.17 and a new relative low at $67.21. A 2% decline in crude oil doesn't help the sector. This morning's failed rally near $70 looked like a new entry point for shorts. Unfortunately, the XLE produced a sharp rebound right at the closing bell. More conservative traders may want to lower their stops! Our target is the $65.25-65.00 range.
Picked on July 26 at $69.75
Closed Long Plays
Closed Short Plays