Long Play Updates
Boyd Gaming - BYD - cls: 43.74 chg: +0.19 stop: 40.90 *new*
The Dow Jones Gambling index is still trading near all-time highs. Considering the strength in this sector we're surprised that BYD hasn't performed better. BYD is still inching higher and last week's breakout over resistance near $42.00 is bullish. We are adjusting our stop loss to $40.90 since broken resistance near $42 should be new support. The stock is currently testing overhead resistance near $44 and we would not be surprised to see shares pull back and bounce again near the $42 level. If you are looking for a new position in this stock wait for a dip and bounce to occur. Our target is the $44.90-46.00 range.
Picked on September 04 at $41.55
Coach Inc. - COH - cls: 48.28 change: -0.45 stop: 45.75 *new*
Shares of COH are still digesting their big gains from last Wednesday. The stock slowly consolidated toward what should be short-term support near $48.00. We would use a bounce from here near $48 or a dip and bounce near its 10 and 200-dma around $47.50 as a new bullish entry point. Please note that we're adjusting our stop loss to $45.75 since the $46 level and its 50-dma should be new support. 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
Global Ind. - GLBL - cls: 25.56 chg: +0.39 stop: 23.85 *new*
Oil stocks continue to show relative strength. Shares of GLBL rose 1.5% on Friday and closed at a new six-week high. We are adjusting our stop loss to $23.85. Our target is the $28.00-29.00 range. Readers might want to consider new positions here but we suspect that GLBL will provide another dip towards $25 again this coming week.
Picked on September 06 at $24.65
Gamestop - GME - close: 55.28 chg: +0.79 stop: 49.95 *new*
GME just posted its fifth gain out of the last six sessions in addition to closing at another new high. The stock is starting to look overbought here but when a stock has momentum any overbought status can reach extremes. We're not suggesting new positions at this time. We are going to tighten our stop loss to $49.95. The intraday high on Friday was $55.97. If GME can rally again on Monday then it has a chance of hitting our target in the $57.00-60.00 range. Remember, readers might want to take some profits on Monday (or Tuesday) anyway even if GME fails to hit our target. We suspect that the stock might see some "sell the news" action after Tuesday's release of HALO3 from Microsoft. A number of GME stores are holding midnight events on Monday to celebrate.
Picked on September 17 at $52.10
Wyndham Worldwide - WYN - cls: 32.10 change: +0.60 stop: 29.90
Traders bought the dip on Friday and WYN produced a 1.9% bounce. The stock is over resistance at the $32.00 level, which is bullish. Yet shares are still trading under technical resistance at the 50-dma (near 32.25). We would suggest readers wait for a move over the 50-dma before considering new bullish positions. Our target is the $33.90-35.70 range. FYI: The P&F chart is still bearish from the summer sell-off.
Picked on September 19 at $32.15
Short Play Updates
Closed Long Plays
Coldwater Creek - CWTR - cls: 11.80 change: -0.55 stop: 10.99
We are abandoning ship with CWTR. Last week shares failed to hit a new relative high and Friday's session displayed a lot of relative weakness. There is still a chance that CWTR will bounce near $11.50 or near $11.00. We would rather not risk it. It seems safer to just cut our losses now and watch for a bounce down the road as another entry point.
Picked on September 16 at $12.50
Closed Short Plays