Long Play Updates
Boyd Gaming - BYD - cls: 40.53 chg: -1.06 stop: 39.49
The rebound in BYD could be in jeopardy. The stock lost 2.5% on Friday but managed a bounce near round-number support at $40.00. A rebound from here would technically be a new entry point to go long. However, before considering new positions we would want to see that the major indices were also positive. Readers might feel more comfortable waiting for a new rise pat $40.75 or over $41.00 before even considering new positions. More conservative traders might want to tighten their stop losses closer to the $40 level. 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: 40.57 chg: -0.90 stop: 37.95
Profit taking on Friday erased most of CCJ's gain from Thursday. We remain bullish on the stock with shares above $40.00 but we're concerned about further weakness in the markets pulling CCJ lower. A bounce from $40.00 or its rising 10-dma near $39.80 could be used as a new bullish entry point. However, given the bearish sentiment in the market right now more conservative traders may want to avoid new bullish positions and if you do own CCJ you might want to raise your stop toward the $39.75 region. 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. FYI: We think CCJ has the potential to be a long-term hold given its fundamentals and position in the industry. Readers may want to do some more research on it.
Picked on August 27 at $40.26
Brinker Intl. - EAT - cls: 28.72 change: -0.61 stop: 27.99
EAT could not avoid the widespread selling on Friday morning but traders bought the dip at $28.52 and again later on Friday afternoon at $28.59. EAT is near the bottom of its rising bullish channel so a bounce from here could be used as a new bullish entry point. If you don't want to buy the dip then wait for a new rise over $29.00 again. 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: 54.33 change: -0.56 stop: 53.49 *new*
Readers might want to consider an early exit in EON right here. Friday's session produced a bearish engulfing candlestick (reversal) pattern. While these patterns normally need to see some follow through it's still a warning sign for investors. Volume spiked to above average levels on the move. We are going to try and reduce our risk by raising the stop loss to $53.49. If you want to reduce your risk further then consider a stop near $53.75 or just under $54.00. We're not suggesting new positions at this time. Our target is the $57.40-59.85 range.
Picked on August 26 at $54.55
Global Ind. - GLBL - cls: 24.45 chg: -0.41 stop: 22.89 *new*
GLBL continues to look bullish after Thursday's breakout higher. However, we suspect that the stock will provide another entry point to buy it near $24.00 soon. Look for a dip into the $24.20-24.00 zone to launch new positions. We're going to inch up our stop loss to $22.89. Shares do have potential resistance at the 50-dma overhead. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Starbucks - SBUX - cls: 27.16 chg: -0.42 stop: 26.61
Traders bought the dip in SBUX near $27.00 and its 50-dma. The stock spent most of Friday consolidating sideways above $27 but then shares saw a late day rebound higher into the closing bell. We're not suggesting new positions and given the market's new bearish tone readers may want to just exit early right here. We're adjusting our target to $27.90-28.00 to avoid potential resistance at the sliding 100-dma. If you don't want to exit but do want to reduce your risk consider placing your stop loss just under $27.00.
Picked on August 16 at $26.61
Wyndham Worldwide - WYN - cls: 30.19 change: -1.45 stop: 29.90
WYN suffered some heavy profit taking on Friday. The stock plunged 4.5% and closed near round-number support at the $30.00 level. At the moment we're still on the sidelines. It has been our plan to buy a breakout over $32.00 with a trigger at $32.15. So far that hasn't happened yet. Aggressive traders might want to consider buying a bounce from $30.00. We would keep an eye on the $29.70. A breakdown under $29.70 could be used as an entry point for bearish positions.
Picked on September xx at $xx.xx <-- see TRIGGER
Short Play Updates
Closed Long Plays
Closed Short Plays