Long Play Updates
Cameco Corp. - CCJ - cls: 39.02 chg: +1.42 stop: 37.40
Wednesday's bounce in CCJ (+3.7%) looks like a new bullish entry point. We are suggesting new long positions here although more conservative traders may want to wait for a new relative high over $40.50. Our target is the $44.50-45.00 range.
Picked on August 27 at $40.26
EON AG - EON - cls: 54.64 change: +0.97 stop: 51.99
Today's rebound in EON put shares back above technical resistance at the 50-dma. This could be used as a new entry point or readers can wait for a rise past the $55.00 mark. Our target is the $57.40-59.85 range. 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: 23.53 chg: +0.28 stop: 22.39
The bounce in GLBL was kind of anemic. The OSX oil services index rallied 3.8%. GLBL only rose 1.2%. More aggressive traders may want to consider buying today's bounce. We're sticking to our plan, which is to wait for a bullish breakout higher. Our suggested trigger is at $24.65. Our target is the $28.00-29.00 range.
Picked on August xx at $xx.xx <-- see TRIGGER
Starbucks - SBUX - cls: 27.48 chg: +0.60 stop: 25.95
SBUX erased yesterday's losses with today's 2.2% rebound. Volume was very low on today's session, which is a concern. We're not suggesting new positions at this time. Please note we are also adjusting our target due to falling technical resistance at the 100-dma near $28.20. Our new target will be $28.00-28.25.
Picked on August 16 at $26.61
Synalloy - SYNL - cls: 19.80 change: +0.55 stop: 18.95
SYNL rallied 2.8% but failed to rise past round-number resistance at the $20.00 mark. Today's high was actually the $20.00 level. The larger trend suggests that SYNL is due for a significant rebound higher. However, readers may want to wait for a new rally past $20.75 or $20.85 before considering new positions. Our target is the $24.75-25.00 range.
Picked on August 26 at $20.79
Vertex Pharma - VRTX - cls: 37.66 change: +1.46 stop: 34.89
Support at the $36.00 level held. Traders bought the dip and VRTX closed up 4%. Volume was still very light, which is a warning sign for investors, but it could be due to this being vacation week on Wall Street. VRTX is currently nearing short-term resistance at the $38.00 level. Our target is the $39.80-40.00 range. More aggressive traders may want to aim higher. The P&F chart points to a $66 target.
Picked on August 19 at $36.87
XenoPort - XNPT - cls: 40.09 change: -0.35 stop: 39.75
Caution! XNPT failed to participate in the market's widespread rally today. This is very bearish. The stock continued to slip but managed to hold on to round-number, psychological support at the $40.00 level. Technically a rebound from here would be a new bullish entry point but we would think twice about opening new positions with the stock showing this much relative weakness. More conservative traders will want to strongly consider an early exit to cut their losses now.
Picked on August 26 at $42.29
Short Play Updates
Motorola - MOT - cls: 16.47 change: +0.30 stop: 17.05
Bargain hunters bought the dip in MOT twice at the $16.15 level today. That's a warning sign for the bears. Readers might want to consider adjusting their stop loss toward breakeven at $16.95 or towards Monday's high near $16.75. We're not suggesting new positions at this time.
Picked on July 29 at $16.95
Closed Long Plays
Yahoo - YHOO - close: 22.55 change: +0.03 stop: 22.45
YHOO displayed relative weakness again. The stock dipped to $22.27 hitting our stop loss on the way at $22.45. YHOO's inability to join the very widespread market rally is bearish. The MACD on the daily chart looks poised to see a new sell signal very soon.
Picked on August 19 at $23.54
Closed Short Plays