Long Play Updates
Cameco Corp. - CCJ - cls: 38.23 chg: -0.79 stop: 37.40
Once again CCJ dipped toward support near $37.50 and once again traders bought the dip. The intraday bounce looks like a new bullish entry point. However, the Fed chairman's speech tomorrow could produce some serious volatility. We would suggest readers wait until after the chairman's speech before considering new bullish positions. 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: 54.46 change: -0.18 stop: 52.49 *new*
EON acts like it wants to trade higher but it's struggling to gain any momentum. The stock was positive midday but eventually succumbed to the widespread market malaise this afternoon. Please note that we are raising the stop loss to $52.49. 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
There is nothing new to report on for GLBL. Shares were flat with a very minor bullish trend to them on Thursday. 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. FYI: In the news today GLBL announced it was presenting at the Energy conference in New York on September 5th.
Picked on August xx at $xx.xx <-- see TRIGGER
Starbucks - SBUX - cls: 27.35 chg: -0.13 stop: 25.95
SBUX drifted aimlessly along with the rest of the market on Thursday. 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: 19.66 change: -0.14 stop: 18.95
SYNL displayed some midday strength but gave it all back and more by the closing bell. The market's reaction to the Fed chairman's speech tomorrow will probably decide if SYNL hits our stop or breaks higher. 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: 38.16 change: +0.50 stop: 34.89
VRTX showed some strength with a 1.3% gain and a bullish breakout over resistance at the $38.00 level. More conservative traders may want to consider a tighter stop loss near $36.00 just in case Bernanke disappoints the market tomorrow. 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
Short Play Updates
Motorola - MOT - cls: 16.75 change: +0.28 stop: 17.05
MOT displayed some strength this morning and probably hit a few stops on the way. Before the opening bell Lehman Brothers (LEH) updated MOT and raised their price target to $20.00. Shares of MOT reacted by gapping higher at $16.73 and rising to $17.03 before stalling out. MOT gave back a lot of its intraday gains so the move almost looks like a failed rally pattern. We're not suggesting new positions at this time and more conservative traders, if you're still short, may want to exit early right here!
Picked on July 29 at $16.95
Closed Long Plays
XenoPort - XNPT - cls: 40.77 change: +0.68 stop: 39.75
This might be a new short-term bullish reversal in XNPT. The stock produced what looks like a bullish engulfing candlestick pattern. Unfortunately, the early morning dip to $39.53 would have hit our stop loss at $39.75. More nimble traders may want to reconsider bullish positions on a move over $41.00 or a move over $42.50 or the 50-dma. For us the play has been closed.
Picked on August 26 at $42.29
Closed Short Plays