Long Play Updates
Boyd Gaming - BYD - cls: 41.81 chg: -0.19 stop: 39.49
BYD experienced a brief show of strength this morning but gave it all back. The stock merely churned sideways the rest of the session waiting for tomorrow's FOMC meeting. A move over $42.25 could be used as a new entry point but watch out for potential resistance at the 50-dma under $44.00. Our target is the $44.90-46.00 range.
Picked on September 04 at $41.55
Coach Inc. - COH - cls: 46.52 change: -1.42 stop: 44.45
Hmm... the action on COH was pretty interesting. There was absolutely zero follow through on Friday's bullish breakout. The stock spiked lower at the open on Monday. There was a midday bounce near $46 and its 50-dma but that was rolling over into the closing bell. We could not find any specific news to account for today's weakness. For the moment we're going to stick to our strategy, which suggests using a trigger to buy the stock at $48.31. If triggered our target is the $51.85-52.00 range. More aggressive traders could aim for the April highs near $54.00. The P&F chart points to a $63 target. We do not want to hold over the late October earnings report.
Picked on September xx at $xx.xx <-- see TRIGGER
Coldwater Creek - CWTR - cls: 12.10 change: -0.40 stop: 10.99
Something happened midday in CWTR that produced a mild flood of selling pressure. The stock ended down 3.2% on above average volume. Checking the news we see that the company disclosed in its 8-K SEC filing that its CEO had suffered a mild heart attack lat July. This should be old news so watch for a bounce near $12.00 as a new entry point. We have two targets. Our first target is the bottom of the gap down in the $13.90-14.00 range. Our second target is the $14.90-15.00 range.
Picked on September 16 at $12.50
UltraShort Oil & Gas - DUG - cls: 43.80 chg: +0.04 stop: 41.45
We are not off to a strong start with DUG. Crude oil futures are inching higher to new all-time highs. We seriously doubt that most of the speculators are willing to take delivery of their crude oil futures and we're expecting some heavy selling in the next two days to spark a correction. More conservative traders may want to wait for a rise over $45.00 or its 10-dma before initiating positions. We're suggesting bullish positions now. We have two targets. Our first target is the $49.50-50.00 range. Our second, more-aggressive target is the $52.50-54.00 range.
Picked on September 16 at $43.76
Global Ind. - GLBL - cls: 24.28 chg: -0.43 stop: 23.49
We remain defensive on GLBL. The oil service stocks have been stuck under resistance for two weeks. Meanwhile the six-week upward trend in GLBL is starting to look tired if you check the technical oscillators. We're not suggesting new positions. Considering our bearish outlook on the short-term direction for crude, readers might want to exit early in GLBL. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Gamestop - GME - close: 51.40 chg: -0.46 stop: 49.35
GME experienced a brief spike higher this morning and shares hit $52.46. Our suggested trigger to buy the stock was at $52.10 in an attempt to catch a breakout over resistance at $52.00. The play is now open. However, readers may want to wait. We'd wait for a dip and bounce near $50.00 or a new relative high over $52.50 as potential entry points. Odds are good that GME could see more momentum as Microsoft's Halo 3 is set to launch on September 25th, 2007. Our target is the $57.00-60.00 range.
Picked on September 17 at $52.10
Wyndham Worldwide - WYN - cls: 29.64 change: -0.56 stop: 29.90
WYN is actually starting to look like a bearish short candidate. However, since we're still on the sidelines waiting for a bullish breakout higher we'll give it one more day. If WYN doesn't rise following the FOMC meeting we'll drop it as a potential play. Our suggested trigger to buy the stock is at $32.15. FYI: A breakdown under $29.60 could be used as a new entry point for shorts. The MACD on the daily chart is nearing a new sell signal!
Picked on September xx at $xx.xx <-- see TRIGGER
Short Play Updates
Fastenal Co. - FAST - cls: 42.79 change: -1.01 stop: 45.05
Resistance held and shares of FAST reversed lower. That's good news for the bears after Friday's bullish reversal candlestick. FAST lost 2.3% today but still closed above short-term support near $42.50. We are not suggesting new positions at this time and if you think the market is going to rally on the Fed meeting then you may want to exit early to avoid further losses. 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
Jackson Hewitt - JTX - cls: 26.16 chg: -0.29 stop: 28.05
There was no follow through higher on JTX's recent bullish reversal pattern. We blame it on tomorrow's FOMC meeting. Investors are just waiting to hear the decision and the Fed's outlook on the economy. We are not suggesting new positions at this time. Wait for a new relative low before considering new short positions. Our target is the $22.50-22.00 range. FYI: The latest data puts short interest at more than 12% of the 30 million-share float. That's a relatively high degree of short interest and does raise the risk of a short squeeze.
Picked on September 13 at $25.85
Monster Worldwide - MNST - cls: 33.43 chg: +0.24 stop: 35.05
It's more of the same for MNST. The stock is trading sideways ahead of the Fed. There was a morning spike to $34.06 but it failed. The stock's direction will likely hinge on the Fed's comments for the economy. More conservative traders might want to tighten their stops toward $34.15. We'd probably wait for a new relative low under $32.50 before considering new positions. Our first target is the $30.25-30.00 range.
Picked on September 09 at $33.50
Network Appl. - NTAP - cls: 26.66 change: -0.32 stop: 28.85
NTAP continues to weaken and shares have produced a new entry point for bearish positions. Yet we hesitate to open new positions tomorrow ahead of the Fed meeting. More conservative traders might want to tighten their stops toward $28.00. 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