Long Play Updates
Boyd Gaming - BYD - cls: 41.62 chg: +1.28 stop: 39.49
Tuesday turned out to be a strong day for BYD and gambling-related stocks. The DJUSCA casino index rose 2.79%. Shares of BYD out paced its peers with a 3.17% gain. The bounce looks like a new entry point for bullish positions but readers should note that BYD still has short-term resistance near $42.00. 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: 41.58 chg: +2.18 stop: 37.95
Today's 5.5% rally in CCJ has vaulted our play back into positive territory. Yet the rally smacked its head into short-term resistance at $42.00 this afternoon. Plus, CCJ has potential resistance at the 50-dma and 200-dma directly overhead. Our target is the $44.50-45.00 range.
Picked on August 27 at $40.26
Brinker Intl. - EAT - cls: 28.53 change: -0.15 stop: 27.99
Traders should be cautious with EAT. The stock failed to participate in the market's rally today. The company presented at a conference today and while we didn't hear any news from it the action in the stock might be all we need to know. Shares look poised to dip toward support near the 50-dma and the $28.00 level. At this point we'd probably wait for a new rise past $29.01 before considering new positions. 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
Global Ind. - GLBL - cls: 24.81 chg: +0.82 stop: 22.89
Traders bought the dip in GLBL and the stock rose 3.4%. Volume was still below average but it did improve on today's gain, which is a good sign. The next challenge for the bulls is potential resistance at the 50-dma. The move past $24.20 does look like a new entry point. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Starbucks - SBUX - cls: 27.33 chg: +0.29 stop: 26.61
SBUX isn't moving. The stock is stuck in a sideways trading range that has narrowed from $26.00-28.50 to $26.75-27.90. We're not suggesting new positions at this time. Our target is the $27.90-28.00 range.
Picked on August 16 at $26.61
Wyndham Worldwide - WYN - cls: 30.33 change: +0.26 stop: 29.90
WYN looks like it's trying to find a bottom again. Shares were perking up this afternoon. 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
Cintas - CTAS - cls: 36.42 change: +0.68 stop: 37.01
CTAS' rally back above $36.00 looks dangerous! The stock does have short-term resistance near $37.00 but we would honestly consider an early exit right here just to cut our losses. CTAS is poised to challenge the $37 level soon. We're not suggesting new positions at this time. Our target is the $33.50-33.00 range.
Picked on September 09 at $35.65
Fastenal Co. - FAST - cls: 43.59 change: +0.53 stop: 46.01
A rising tide lifts all boats and today's market rally helped FAST produce a 1.2% gain. Look for a failed rally in the $44-45 zone as a potential entry point for shorts. We are targeting a decline into the $40.25-40.00 range. The $40.00 level and its rising 200-dma near $40 should be support. FYI: The P&F chart is still bullish, for now. FYI: The latest (August) data puts short interest at 9% of the 105.8 million-share float. That is an above average amount of short interest, which raises the risk level on this play.
Picked on September 09 at $43.48
Monster Worldwide - MNST - cls: 32.91 chg: +0.38 stop: 35.05
As of Monday shares of MNST had drifted toward support near $32.50. Given today's market rally we would have expected a bigger oversold bounce. The stock still looks poised to bounce but today's move looks like relative weakness. If the stock bounces watch for resistance in the $34-35 region. A new decline under $32.50 could be used as another entry point. Our first target is the $30.25-30.00 range.
Picked on September 09 at $33.50
Network Appl. - NTAP - cls: 27.75 change: +0.61 stop: 28.85
Tech stocks helped lead the rally today. NTAP joined in with a 2.2% gain. The stock is trying to reverse last Friday's breakdown and sell signal. Currently shares are testing the $28.00 level as resistance. If NTAP can edge past $28.00 it should find more resistance in the $28.50 region. We would probably wait for a new decline under $27.50 or $27.00 before considering new shorts. We have two targets. Our first target is the $25.15-25.00 range. Our second target is the $24.00-23.50 zone.
Picked on September 09 at $27.12
Closed Long Plays
Closed Short Plays