Long Play Updates
Boyd Gaming - BYD - cls: 43.55 chg: +0.86 stop: 39.49
BYD displayed some relative strength today with a 2% gain on above average volume. Evidently there were some rumors circulating that another casino operator was considering an acquisition of BYD. Readers may want to consider a tighter stop loss in the $40.50-41.00 zone. 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: 48.73 change: -1.34 stop: 44.99
COH just gave back all of our potential gains with today's 2.6% sell-off. Profit taking was the name of the game today and COH was too tempting a target after yesterday's big rally. Look for a bounce near $48.00 or its 200-dma near 47.50 as a potential entry point for new positions. More conservative traders might want to consider a stop loss near $46. 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 19 at $48.70 *gap higher
Coldwater Creek - CWTR - cls: 12.35 change: -0.10 stop: 10.99
We do not see any changes from our previous comments on CWTR. Overall this still looks like a bottom forming over the past couple of weeks but we haven't forgotten the stock's relative weakness on Tuesday. More conservative traders might want to use a tighter stop loss. 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. FYI: CWTR will present at an investor conference next Tuesday, September 25th.
Picked on September 16 at $12.50
Global Ind. - GLBL - cls: 25.17 chg: +0.17 stop: 23.49
GLBL is still inching higher like it wants to breakout but gains have been stunted the last couple of weeks. 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: 54.49 chg: +1.08 stop: 49.35
There appears to be no stopping the momentum in GME. Shares rose another 2% and are nearing potential round-number resistance at the $55.00 mark. HALO3 comes out next Tuesday. It might be a good idea to do a little profit taking next Monday or Tuesday just in case GME sees any sort of "sell the news" reaction. Video game stores around the country are holding special midnight events so consumers can buy HALO3. GME could see a big bump in sales for other games and hardware as buyers wander around their stores waiting for midnight. Our target is the $57.00-60.00 range.
Picked on September 17 at $52.10
Wyndham Worldwide - WYN - cls: 31.50 change: -0.45 stop: 29.90
We do not see any changes from our previous comments on WYN. We suggest a little patience here. WYN might offer us another dip near $31.00, which could be used as another entry point - or readers could look for a move over the 50-dma near $32.50. Our target is the $33.90-35.70 range.
Picked on September 19 at $32.15
Short Play Updates
Closed Long Plays
Closed Short Plays
Jackson Hewitt - JTX - cls: 28.36 chg: +1.33 stop: 28.05
Shares of JTX hit our stop loss at $28.05 late this afternoon. The stock spiked higher after 2:00 p.m. today and shares closed up 4.9%. Fueling the move was news that JTX had resolved an audit from the IRS. I bet that was fun having the IRS audit the second-largest tax preparer in the country. According to the press release the audit was resolved without penalty but JTX will make a "voluntary compliance payment" of $1.5 million. Yeah, think about that one for a moment. Who makes a voluntary $1.5 million "payment"?
Picked on September 13 at $25.85