Long Play Updates
Boyd Gaming - BYD - cls: 41.99 chg: +1.14 stop: 39.49
Tuesday turned out to be a strong day for BYD. Traders bought the morning dip near its 10-dma and shares reversed into a 2.79% rally breaking out past resistance near $41.50. We were suggesting a trigger to buy the stock at $41.55 so the play is now open. Our target is the $44.90-46.00 range. Keep a wary eye on the simple 50-dma for potential overhead resistance. The Point & Figure chart is still very bearish following the late summer sell-off.
Picked on September 04 at $41.55
Cameco Corp. - CCJ - cls: 41.03 chg: +0.65 stop: 37.40
CCJ continues to show strength. Today's rally looks like it confirms the recent breakout over the $40.00 level. We would consider new positions here or on a dip back near $40.00. Our target is the $44.50-45.00 range. Readers should note that the 50-dma and the 200-dma could be serious overhead resistance.
Picked on August 27 at $40.26
Brinker Intl. - EAT - cls: 29.50 change: +0.66 stop: 27.99
EAT managed to out perform the major market indices by serving up a 2.2% gain. Our only concern today would be the below average volume on the move. Overall we don't see any changes from our weekend comments. EAT does not move super fast so this could take a few weeks but our target is the $31.75-32.00 range. We do expect to see EAT find temporary resistance near $30 and again at the 100-dma and 200-dma both overhead. FYI: The P&F chart is still bearish from the June-July sell-off. Meanwhile it just happens to be dividend season for EAT and they are paying a 9-cent quarterly dividend on September 26th to shareholders on record as of September 14th.
Picked on September 02 at $28.84
EON AG - EON - cls: 55.59 change: -0.39 stop: 52.99
This may prove to be another entry point in EON. The stock gapped down but traders bought the dip after EON had filled the gap from last Friday. More conservative traders may want tighten their stops even higher. Our target is the $57.40-59.85 range. More aggressive traders may want to aim higher.
Picked on August 26 at $54.55
Global Ind. - GLBL - cls: 24.03 chg: -0.15 stop: 22.39
We are starting to grow concerned with GLBL. The stock did not participate in what was a fairly widespread market rally on Tuesday. Shares continued to trade sideways in a very narrow range. Technically we're still just spectators sitting on the sidelines watching and waiting since our trigger to buy the stock is at $24.65. Conservative readers may just want to pass on this one. More aggressive traders may want to jump in now. We're also thinking that readers may want to tighten the stop loss to last Wednesday's low near $22.95. Our target is the $28.00-29.00 range.
Picked on August xx at $xx.xx <-- see TRIGGER
Starbucks - SBUX - cls: 27.72 chg: +0.17 stop: 26.61
SBUX lagged behind the market's rally on Tuesday. The stock didn't really participate until late this afternoon then it eventually reversed paring its gains. We're not suggesting new positions at this time. Our target is the $28.00-28.25 range and we're concerned about technical resistance at the 100-dma near 28.12.
Picked on August 16 at $26.61
Wyndham Worldwide - WYN - cls: 31.76 change: -0.14 stop: 29.90
There is no change from our previous comments on WYN. The stock failed to breakout over resistance at the $32.00 level today. We are suggesting a trigger to buy the stock at $32.15. If triggered we're going to have two targets. Our first target is the $33.90-34.00 zone, which should have resistance with its 200-dma. Our second, more-aggressive target is the $35.70-36.00 range. Keep an eye on the 50-dma for potential resistance. FYI: The P&F chart is still bearish from the late summer sell-off. More conservative traders may want to use a tighter stop loss near $31.00.
Picked on September xx at $xx.xx <-- see TRIGGER
Short Play Updates
Closed Long Plays
Synalloy - SYNL - cls: 18.81 change: -1.24 stop: 18.95
We told readers over the weekend that a breakout in SYNL appeared imminent. That breakout happened today and it was bearish. Shares gapped open lower at $19.01 and quickly hit our stop loss at $18.95. Volume was very big at 504 thousand shares. We did not see anything specific to account for the morning weakness but it looks like something happened to spark the gap lower. Technically this would be a bearish entry point with potential support near $18.00 and again near $17.20.
Picked on August 26 at $20.79
Vertex Pharma - VRTX - cls: 39.56 change: +0.60 stop: 35.85
Target achieved. Some positive analyst comments and a raised price target to $45 helped VRTX jumped at the open this morning. Shares hit an intraday high of $39.95. Our target was the $39.80-40.00 range. While the play is closed for the newsletter we would keep an eye on VRTX for a potential entry point on a dip and bounce near $38.00 or a breakout over $40.00. Keep in mind that the stock looks a little short-term overbought and due for a rest.
Picked on August 19 at $36.87
Closed Short Plays