Long Play Updates
Cameco Corp. - CCJ - cls: 39.81 chg: +0.07 stop: 37.40
Hmm... trying to catch the breakout over $40.00 did not work for us today. Our suggested trigger to buy the stock was at $40.26 so the play is now open. Unfortunately, the rally failed twice under $40.50. CCJ now looks poised to dip back toward the $39.00 or $38.00 level. We would still be a buyer but wait and watch for a bounce somewhere in the $38.50 region. Our target is the $44.50-45.00 range. There is potential resistance at the 200-dma and the 50-dma.
Picked on August 27 at $40.26
EON AG - EON - cls: 53.56 change: -0.99 stop: 51.99
The bullish breakout over resistance near $54.00 and its 50-dma didn't last long. Shares of EON reversed today with a 1.8% decline. Volume was very low today so it's hard to put a lot of confidence behind this decline. However, the stock does look poised to dip toward $53.00. We would wait and watch for a bounce near $53.00 before considering new positions. More conservative traders could wait for a new rise past the 50-dma again (around $54.25). We have two targets. Our first target is the $57.40-57.50 range near its July highs. Our second target is the $59.85-60.00 range.
Picked on August 26 at $54.55
LM Ericsson - ERIC - cls: 36.17 change: -0.87 stop: 34.59
ERIC was over due for some profit taking after its multi-day run up. Yet we weren't expecting shares to gap down this morning. We're not suggesting new positions at this time. More conservative traders might want to consider a tighter stop closer to $35.00. Our target is the $37.90-38.00 range. More aggressive traders may want to aim higher like the 200-dma or the $40 zone. FYI: Keep an eye on Sweden's main index the OMXS.
Picked on August 19 at $35.53
L.B.Foster Co. - FSTR - cls: 39.34 change: +0.84 stop: 34.59
FSTR displayed a lot of strength today. The stock rose 2.1% while most of the market closed in the red. Shares came very close to hitting our initial target in the $39.90-40.00 range. More conservative traders may want to due a little profit taking of their own right here. We're not suggesting new positions at this time. This remains an aggressive, higher-risk momentum play. We have two targets. Our second target is the $42.00-42.50 zone.
Picked on August 14 at $37.33
Global Ind. - GLBL - cls: 23.94 chg: -0.08 stop: 22.39
We do not see any changes from our weekend comments on GLBL. We see potential resistance near $24.50 so we're suggesting a trigger to buy it at $24.65. Be aware that GLBL also has potential resistance at its 50-dma near $25.50. Another observation that would suggest caution is the lack of volume on the rebound. We're listing a wide (aggressive) stop loss on this play but more conservative traders may want to start with a stop loss just under $23.00 or its 10-dma. Our target is the $28.00-29.00 range.
Picked on August xx at $xx.xx <-- see TRIGGER
Intel Corp. - INTC - cls: 24.45 change: -0.34 stop: 23.24
Semiconductor stocks struggled today. The SOX index took a nasty tumble and closed under its simple 10-dma, which is usually not a good sign. Shares of INTC lost 1.3%. We would watch for a bounce near $24.00 as a potential entry point for bullish positions but keep one eye the SOX index. If the SOX continues to fall we may want to avoid bullish plays in the sector. We're aiming for a rally into the $27.40-28.00 range.
Picked on August 26 at $24.79
Pediatrix - PDX - cls: 59.20 change: +0.21 stop: 55.90
PDX was upgraded to a "buy" this morning but the stock price didn't get much mileage out of the news. Shares still look poised to move higher but it's having trouble gaining traction. More conservative traders may still want to wait for a rally past the April 2007 high at $60.35 as an entry point to avoid potential resistance at $60.00. Our target is the $64.50-65.00 range.
Picked on August 20 at $59.15
Patterson-UTI - PTEN - cls: 21.32 change: -0.35 stop: 20.74
Oil stocks failed to gain any strength from crude oil's rise today. Shares of PTEN produced what looks like a failed rally under its 10-dma. We would wait and watch for another bounce near $21.00 before considering new bullish positions. Our first target is the $24.85-25.00 range.
Picked on August 12 at $22.36
Radian Group - RDN - cls: 20.30 chg: -1.52 stop: 19.49
Ouch! Worries about the rising supply of homes for sell just renewed the market's fears over sub-prime and the housing market in general. Shares of RDN plunged 6.9% right toward support near $20.00 and its 10-dma. A bounce from here could be used as a new bullish entry point. However, we want to remind readers that this is a very speculative and higher-risk play. Conservative types gambling on this stock might want to tighten their stops toward today's low near $19.90 or the $19.79 level suggested over the weekend. Our stop is at $19.49. As we said over the weekend, the stock will be prone to some volatility given the industry it's in. We have two targets. Our first target is the $25.50-25.75 range. Our second target is the $29.50-30.00 range.
Picked on August 26 at $21.82
Starbucks - SBUX - cls: 27.37 chg: -0.22 stop: 25.95
We do not see any changes from our weekend comments on SBUX. We're not suggesting new positions at this time. Our target is the $28.35-28.50 range. Readers should note that the 100-dma near $28.35 could be overhead technical resistance. More aggressive traders may want to aim higher.
Picked on August 16 at $26.61
Synalloy - SYNL - cls: 20.07 change: -0.72 stop: 18.95
SYNL's lack of follow through on last Friday's bullish breakout over $20.00 is a concern! The stock lost 3.4% during today's market-wide profit taking. We would look for a dip or better yet a bounce near $19.50-19.75 as a new bullish entry point. More conservative traders may want to wait for a rise past $21.75 or $22.00 before initiating positions (but if you do use a tighter stop loss). Our target is the $24.75-25.00 range. More aggressive traders may want to aim for the 50 or 200-dma overhead. FYI: A move over $22.00 would reverse the P&F chart into a new buy signal.
Picked on August 26 at $20.79
Vertex Pharma - VRTX - cls: 36.89 change: -0.45 stop: 33.99
VRTX tried to build on Friday's rebound but the stock failed under $38.00 again. Momentum indicators are decaying. More conservative traders will want to seriously consider a tighter stop loss near $35 or even near $36. We're not suggesting new positions at this time. The P&F chart is bullish with a $66 target. Our target is the $39.80-40.00 range.
Picked on August 19 at $36.87
XenoPort - XNPT - cls: 41.17 change: -1.12 stop: 39.75
While XNPT's weakness today is discouraging there is still opportunity here. Wait and watch for a bounce in the $40.00-41.00 zone as a bullish entry point. The 10-dma near $40.44 would be a good spot to look for a rebound. Be aware that the 50-dma still overhead could be resistance. Our target is the $47.25-47.50 range. You'll also want to keep an eye on the BTK biotech index. If the BTK fails to breakout then XNPT could struggle. We want to remind readers that trader biotech stocks always carries a higher-level of risk. There is always a chance that some test result or FDA decision could send shares gapping either direction making our stop loss useless.
Picked on August 26 at $42.29
XOMA Ltd. - XOMA - cls: 2.28 change: -0.02 stop: 1.99
We do not see any change from our weekend comments on XOMA. We would continue to suggest new positions here. However, waiting for a breakout over resistance near $2.35 would still be a good plan. We have a wide stop loss on this aggressive, high-risk play. More conservative traders might be able to get away with a tighter stop near $2.10 or even closer to $2.20. When trading a biotech, traders should remember that there is always headline risk of some unexpected news event sending shares the opposite direction. Our target is the $2.70-2.75 under the 200-dma. Be aware that the 50-dma is falling fast and could be overhead resistance. Plus, the $2.50 level looks like potential resistance. FYI: The latest data shows that short interest is about 9% of the 95 million-share float. That's a high amount of short interest and raises the risk of a short squeeze, which of course would be good news for us!
Picked on August 19 at $ 2.25
Yahoo - YHOO - close: 23.03 change: -0.56 stop: 22.45
YHOO was no exception to the market's broad-based selling today. The stock more than erased Friday's rally. Shares look poised to test support near $22.50 soon. Wait and watch for some sort of bounce before considering new positions. We are aiming for the $25.85-26.00 range but keep a wary eye on the falling 50-dma, which could be trouble for us. You can also see on the weekly chart that the $25.00 level may be tough resistance so we're setting a conservative target at the $24.95-25.00 range.
Picked on August 19 at $23.54
Short Play Updates
Motorola - MOT - cls: 16.67 change: -0.07 stop: 17.05
We do not see any changes from our weekend comments on MOT. More conservative traders may want to go ahead and exit early. The larger trend still looks bearish but short-term the rebound looks like it still has some steam left. The technical picture is mixed. We're not suggesting new positions at this time. Our target is the $15.10-14.50 range.
Picked on July 29 at $16.95
Closed Long Plays
Closed Short Plays