Long Play Updates
Cameco Corp. - CCJ - cls: 37.60 chg: -2.21 stop: 37.40
Murphy's law is alive and well. Yesterday we get triggered on a failed rally over $40.00 and today the market crashes. CCJ plunges 5.5% on below average volume and stalls right at short-term support near $37.50. Technically a bounce from here would be a new bullish entry point but we would not suggest new positions at this time. Odds are very strong that if the market sees any sort of weakness tomorrow morning that CCJ will hit our stop loss at $37.40.
Picked on August 27 at $40.26
EON AG - EON - cls: 53.67 change: +0.11 stop: 51.99
EON managed to out perform most of the market today. The stock gapped open higher and didn't really show any weakness until the last hour. While the relative strength is encouraging we're not suggesting new bullish positions at this time. More conservative traders may want to tighten their stops toward the $53.00 level to reduce their exposure.
Picked on August 26 at $54.55
Global Ind. - GLBL - cls: 23.25 chg: -0.69 stop: 22.39
GLBL lost 2.8% and the stock looks poised to drop toward the $22 level soon. Fortunately, we're still sitting on the sidelines. Our plan is to buy a breakout with a trigger at $24.65. A drop under $22.00 could be used as a new bearish entry point.
Picked on August xx at $xx.xx <-- see TRIGGER
Starbucks - SBUX - cls: 26.88 chg: -0.49 stop: 25.95
SBUX fared better than most with a 1.79% decline but the move still looks bearish with a drop under $27.00 and its 50-dma. The stock looks poised to retest support near $26.00. More conservative traders will want to strongly consider just exiting early here to avoid or limit any losses. We're not suggesting new positions.
Picked on August 16 at $26.61
Synalloy - SYNL - cls: 19.25 change: -0.82 stop: 18.95
The markets look very vulnerable right now and readers may want to abandon any bullish positions including this one in SYNL. The stock lost 4% and closed under the $20.00 level and its 10-dma, which is short-term bearish. Odds are good that if the major indices continue to see weakness tomorrow morning that SYNL will stop us out at $18.95. We're not suggesting new positions at this time.
Picked on August 26 at $20.79
Vertex Pharma - VRTX - cls: 36.20 change: -0.69 stop: 34.89*new*
VRTX managed to hold support at the $36.00 level but if the major averages continue lower tomorrow then we'd expect VRTX to breakdown and head for the $35.00 region pretty quickly. More conservative traders may want to exit early and limit their losses now. We are raising our stop loss to $34.89.
Picked on August 19 at $36.87
XenoPort - XNPT - cls: 40.44 change: -0.73 stop: 39.75
XNPT continues to slip toward short-term support around the $40.00 level. We would continue to watch for a bounce near $40.00 as a potential entry point for long positions. However, after reading tonight's market wrap, we would strongly caution against opening new bullish positions at this time. 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
Yahoo - YHOO - close: 22.52 change: -0.51 stop: 22.45
Tuesday's widespread market weakness pulled YHOO right to support at the $22.50 level. Will this level hold? That depends on the major indices tomorrow morning. Further market declines will probably push YHOO under $22.50 and hit our stop loss. On the other hand a bounce from here (example: over $23.00) would look like another bullish entry point.
Picked on August 19 at $23.54
Short Play Updates
Motorola - MOT - cls: 16.17 change: -0.50 stop: 17.05
MOT's recent bounce has been reversed with today's 2.99% decline. The stock has broken the short-term bullish pattern of higher lows. We remain bearish on the stock but we're not suggesting new positions at this time.
Picked on July 29 at $16.95
Closed Long Plays
LM Ericsson - ERIC - cls: 35.18 change: -0.99 stop: 34.59
We are suggesting readers abandon ship with ERIC. The stock broke down under what should have been support near $36.00 and its 10-dma. Shares slipped 2.7% and closed near their lows for the session. The next level of support appears to be the $34.00 region. We'd rather exit now and look for a new entry point down the road if one appears.
Picked on August 19 at $35.53
L.B.Foster Co. - FSTR - cls: 36.91 change: -2.43 stop: 34.59
We are suggesting an early exit in FSTR immediately. The stock had been showing relative strength but the stock gave back most of its recent gains with today's 6.1% sell-off. Technicals are turning bearish again and the stock has produced what appears to be a bearish double-top pattern under the $40.00 level. FSTR came close to hitting our initial target twice but just didn't quite reach it ($39.90-40.00).
Picked on August 14 at $37.33
Intel Corp. - INTC - cls: 23.96 change: -0.49 stop: 23.24
The SOX semiconductor index looked extremely weak today as it sank through potential technical support at the 200-dma. INTC is holding up better than many of its peers but we are still suggesting an early exit to cut our losses now.
Picked on August 26 at $24.79
Pediatrix - PDX - cls: 57.88 change: -1.32 stop: 55.90
PDX broke down under short-term support at the 10-dma and the $58.00 level. The stock looks poised to trade toward its next level of support around $56.00. We would rather exit early now and limit our losses than wait to see if shares bounce. Readers can always jump back in of PDX provides us a new entry point.
Picked on August 20 at $59.15
Patterson-UTI - PTEN - cls: 20.88 change: -0.44 stop: 20.74
We are giving up on PTEN. The stock has not yet hit our stop loss but today's breakdown under $21.00 raises the odds significantly that PTEN will hit our stop soon. We are suggesting an early exit now to try and limit losses before being stopped out. Keep an eye on PTEN for any sort of bounce near round-number support near $20.00.
Picked on August 12 at $22.36
Radian Group - RDN - cls: 18.48 chg: -1.82 stop: 19.49
Our speculative, high-risk play in RDN did not pan out. The stock continued to struggle with its 21-dma and broke down under short-term support near $20.00 and its 10-dma. Today's loss of 8.9% was pretty brutal and we wouldn't be surprised to see RDN retest the recent lows near $15.00 in the next few weeks. Our stop loss was at $19.49.
Picked on August 26 at $21.82
XOMA Ltd. - XOMA - cls: 2.68 change: +0.40 stop: 1.99
Target achieved and exceeded. News that XOMA had inked a deal to license its antibody technology to Pfizer (PFE) for $30 million sent shares of XOMA soaring. The stock gapped open at $2.75 and hit an intraday high of $2.93 before paring its gains. XOMA closed up 17.5% on big volume.
Picked on August 19 at $ 2.25
Closed Short Plays