Long Play Updates
Boyd Gaming - BYD - cls: 43.07 chg: +1.26 stop: 39.49
BYD was looking bullish ahead of the FOMC meeting today with a new relative high. The market's big reaction to the Fed's decision today only helped. Shares traded above resistance at the 50-dma on an intraday basis but eventually closed back under the moving average with a 3% gain. We remain bullish but we're not suggesting new positions. Our target is the $44.90-46.00 range.
Picked on September 04 at $41.55
Coach Inc. - COH - cls: 47.83 change: +1.31 stop: 44.45
Retail stocks reacted strongly to the Fed news. The RLX retail index rose 4.6%. We were surprised that COH didn't keep pace. The stock only gained 2.8% and failed to reach a new relative high. We're still waiting for a breakout. 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: 12.04 change: -0.06 stop: 10.99
It might be time to run the other way with CWTR. The stock displayed a lot of relative weakness this morning and even after bouncing this afternoon shares still closed in the red. We believe there is some confusion about the heart attack news. Yesterday there was news that CWTR disclosed in an SEC filing that its CEO had suffered a heart attack back in July. There was another article out today from AP that discussed the heart attack news but the way it was written suggested the CEO had just had another heart attack this past weekend even though it mentioned the news was disclosed in an SEC filing. Whatever the case is we don't like the stock's performance today and readers might want to bail out immediately. We're going to stick with the stock one more day to see if it can rebound. 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
Global Ind. - GLBL - cls: 25.14 chg: +0.86 stop: 23.49
The market's big rally lifted GLBL to a 3.5% gain. Shares closed over technical resistance at its 50-dma. It would be tempting to consider new positions here but we're wary of a potential correction in crude oil. Readers may want to consider a tighter stop loss. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Gamestop - GME - close: 52.21 chg: +0.81 stop: 49.35
GME seemed to under perform the market with its 1.5% gain but shares still set a new closing high. Enthusiasm is building for Microsoft's upcoming Halo3 launch next week. We see today's move in GME as another entry point to buy the stock. Our target is the $57.00-60.00 range.
Picked on September 17 at $52.10
Wyndham Worldwide - WYN - cls: 30.84 change: +1.20 stop: 29.90
Shares of WYN rose more than 4% and appeared to breakout of its recent sideways trading range. Aggressive traders might want to consider new positions here or on a move over $31.00. We're going to wait. Our suggested trigger to buy the stock is at $32.15.
Picked on September xx at $xx.xx <-- see TRIGGER
Short Play Updates
Jackson Hewitt - JTX - cls: 27.00 chg: +0.84 stop: 28.05
JTX was quietly trading near support around $26.00 until the Fed released its decision on interest rates this afternoon. That sparked a 3.2% rally in JTX. More conservative traders might want to exit early right here. We are not suggesting new positions at this time. It's possible that JTX could find resistance near $27 or its 10-dma but we're not betting on it. 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
Closed Long Plays
UltraShort Oil & Gas - DUG - cls: 41.30 chg: -2.50 stop: 41.45
The correction in oil has yet to start. Crude oil futures marked another new record high today. The DUG slipped sharply falling 5.7% on big volume. Our stop loss was at $41.45.
Picked on September 16 at $43.76
Closed Short Plays
Fastenal Co. - FAST - cls: 45.75 change: +2.96 stop: 45.05
The market's reaction to the fed news pushed FAST past resistance near $44.00 and its 100-dma. Shares quickly hit our stop loss at $45.05 closing the play.
Picked on September 09 at $43.48
Monster Worldwide - MNST - cls: 34.69 chg: +1.26 stop: 35.05
We are suggesting an early exit in MNST. The stock managed to push through short-term resistance near $34.00 and the stock appears to be breaking its bearish trend of lower highs. This is potential resistance at $35.00 but we'd rather cut our losses early right here.
Picked on September 09 at $33.50
Network Appl. - NTAP - cls: 27.41 change: +0.75 stop: 28.85
We are suggesting an early exit in NTAP. The stock continues to have resistance at its 10-dma, 50-dma and the $28.00 level. Yet we don't want to stand in the way of such a big market rally. It certainly looks like the rebound in NTAP still has room to run.
Picked on September 09 at $27.12