Long Play Updates
Boyd Gaming - BYD - cls: 41.63 chg: +0.01 stop: 39.49
With the market going nowhere shares of BYD bumped up against resistance at the $42.00 level again. We would not suggest new positions at this time. 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: 42.79 chg: +1.21 stop: 37.95
CCJ continued to show relative strength on Wednesday. The stock rose 2.9% and broke through short-term resistance near $42.00 and its 50-dma but was unable to rally past the 200-dma. We are tempted to raise our stop loss toward $39.00 but will leave it at $37.95 for now. Our target is the $44.50-45.00 range.
Picked on August 27 at $40.26
Global Ind. - GLBL - cls: 25.15 chg: +0.34 stop: 22.89
GLBL posted back to back gains. Today's rally managed to push through potential resistance at the $25.00 mark and its simple 50-dma. Volume came in close to normal levels, which is an improvement. This could be used as a new entry point for bullish positions. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Starbucks - SBUX - cls: 27.33 chg: +0.00 stop: 26.61
It was more of the same for SBUX. The stock traded sideways and closed unchanged on the session. We're not suggesting new positions at this time. Our target is the $27.90-28.00 range near the top of its trading range. Watch out for the 100-dma as potential resistance.
Picked on August 16 at $26.61
Wyndham Worldwide - WYN - cls: 29.91 change: -0.42 stop: 29.90
If shares of WYN don't start to perk up soon we might drop it as a bullish candidate. 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: 36.14 change: -0.26 stop: 37.01
There was no follow through on yesterday's rally in CTAS, which is a good sign for the bears. However, we're not out of the woods yet. CTAS is still above support/resistance at the $36.00 mark. If CTAS breaks down again we'd watch for a drop under $35.90 or lower as a potential entry point for shorts. More conservative traders still in the play might want to tighten their stops toward the $36.50 region. Our target is the $33.50-33.00 range.
Picked on September 09 at $35.65
Fastenal Co. - FAST - cls: 43.06 change: -0.53 stop: 46.01
The oversold bounce in FAST is struggling. The stock erased yesteday's gains and remains under resistance near $44.00. This might be a new entry point for shorts but the super low volume today could be a concern. 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: 32.96 chg: +0.05 stop: 35.05
MNST is still meandering sideways. 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: 27.04 change: -0.71 stop: 28.85
Today's decline in NTAP (-2.5%) makes yesterday's bounce look like a failed rally under $28 and its 50-dma. Thus, readers can use today's move as a new entry point for shorts. More conservative traders might want to see a little more confirmation and can wait for a new decline under $26.75. 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
Brinker Intl. - EAT - cls: 27.47 change: -0.97 stop: 27.99
EAT has produced a bearish breakdown. The stock has fallen through support near $28.00 and its 50-dma in addition to falling through support at the bottom of its rising channel. Shares of EAT hit our suggested stop loss at $27.99 closing the play. This actually looks like an entry point for shorts and traders could target the $26.00 region.
Picked on September 02 at $28.84
Closed Short Plays