Long Play Updates
Boyd Gaming - BYD - cls: 44.34 chg: +0.59 stop: 41.55
Casino and gambling-related stocks continued to rise on Thursday thanks to leadership from WYNN. We would keep an eye on leaders like WYNN and LVS. If these two see any serious profit taking it could impact the whole group. We're not suggesting new positions in BYD. Our target is the $44.90-46.00 range.
Picked on September 04 at $41.55
Coach Inc. - COH - cls: 47.60 change: +0.61 stop: 45.99
COH displayed some relative strength today. Shares rose 1.29% and out performed both the S&P 500 and the RLX retail index. Today's close over potential technical resistance at its 200-dma looks like another entry point to buy the stock. However, we did note that the rally struggled the afternoon near $48.00. We would still consider new positions here as long as you have a tight stop loss. Our suggested stop is at $45.99. 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
Cisco Systems - CSCO - cls: 33.23 change: +0.24 stop: 30.90
CSCO continues to hit new relative highs. The stock rose another 0.7% today. CSCO also announced its 123rd acquisition, which will be software firm Latigent for an undisclosed amount. If you're the patient type then look for another dip back toward $32.50 as a potential entry point. Our target is the $34.75-35.00 range.
Picked on September 26 at $32.65
Global Ind. - GLBL - cls: 25.59 chg: -0.11 stop: 23.99
Volume on GLBL has dried up to very low levels the last couple of days as the stock consolidates sideways under the $26.00 level. We're not suggesting new positions at this time. We are considering a tighter (higher) stop loss around breakeven. More conservative traders might be tempted to raise their stops toward the 50-dma near $24.50. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
NET Services - NETC - cls: 16.66 change: +0.58 stop: 14.80*new*
The rally in NETC seems to be picking up speed. Shares rose another 3.6% on average volume and closed at another six-week high. Please note that we're raising the stop loss to $14.80. Our target is the $17.75-18.00 range More conservative traders might want to consider an early exit in the $17.00-17.15 region. The P&F chart is bullish with a $21 target. FYI: We can't find a third quarter earnings date yet but the company has a history of reporting in late October or early November. We don't want to hold over the earnings report.
Picked on September 24 at $15.60
NVIDIA - NVDA - close: 36.78 change: +0.11 stop: 33.75
NVDA posted another gain but the stock might be hampered by the performance in the SOX semiconductor index. The SOX has been trapped by its 50-dma overhead and the group needs to see a breakout soon. Odds are pretty good that NVDA will retest the $36 region again so watch for a dip as a potential entry point. Our target is the $39.00-40.00 range. We do not want to hold over the early November earnings report. FYI: The Point & Figure chart is bullish with a $55 target.
Picked on September 26 at $36.15
Westwood One - WON - cls: 2.96 chg: +0.06 stop: 2.24
WON is showing some strength again. Traders have bought the dip two days in a row near $2.86. More aggressive traders might want to consider jumping in is WON pulls back toward $2.86 again. We're going to stick to our plan for another day and then re-evaluate over the weekend. Currently our plan suggests that readers wait for a pull back into the $2.60-2.50 zone and then wait for shares to rebound back out of that zone as our signal to buy the stock. If triggered we're going to target a rebound into the $3.25-3.50 range.
Picked on September xx at $xx.xx <-- see TRIGGER
Wyndham Worldwide - WYN - cls: 31.74 change: -0.16 stop: 30.35
We have nothing new to report on for WYN. Shares consolidated sideways after yesterday's big rally. A new relative high over $32.30 could be used as a new entry point. 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
Zoltek - ZOLT - cls: 43.88 change: +2.03 stop: 39.95
It was a big day for ZOLT. The stock rose 4.8% and closed over technical resistance at its 50-dma. Shares also closed at their high for the day, which is normally a bullish sign for the following session. We would consider new positions here. More conservative traders might want to wait for a rally past $44.00 since that might be short-term overhead resistance. Our target is the $$49.00-50.00 range. The P&F chart is bullish with a $51 target.
Picked on September 24 at $43.06
Short Play Updates
Commscope - CTV - cls: 51.67 change: -0.28 stop: 56.21
CTV continues to under perform the markets. We would still consider new bearish positions here. However, the general market tone seems to be cautiously bullish and we would probably hesitate to open new bearish plays in this environment. Our target is the $47.00-45.00 range but we'll be watching for potential support at the rising 200-dma. FYI: CTV announced that it will present at an investor conference in New York on October 1st.
Picked on September 24 at $51.75
Media General - MEG - cls: 27.56 change: +0.29 stop: 28.55
MEG continued to bounce but struggled with resistance at its 50-dma. Early afternoon news that the company had announced a 23-cent dividend payable on December 15th did not seem to impact the share price. At the moment we're waiting on a breakdown under support. We're suggesting a trigger to short MEG at $26.45. If triggered our target is the $22.50-22.00 range. The Point & Figure chart is very bearish with a $10 target. We do not want to hold over the mid October earnings report. Due to the stock's trend the bears have been piling on top of this stock. Short interest is pretty high at more than 17% of the stock's 20.8 million-share float. The combination of high short interest and a small float is a dangerous combination and raises the risk of a short squeeze. A stop loss will not always save us. More conservative traders may want to pass on this play.
Picked on September xx at $xx.xx <-- see TRIGGER
Closed Long Plays
Liberty Global - LBTYA - cls: 41.93 change: -0.27 stop: 39.99
We are cutting LBYTA loose a little early. Yesterday we said that if the stock doesn't rise by the end of this week we'd drop it. Today's relative weakness and close under $42.00 and its 10-dma is our clue to cut our losses early. More aggressive traders might want to stick it out and hang on since LBTYA should have additional support near its 50-dma around $41.50. We'll be keeping an eye on it to see if shares can rebound in the $41.00-41.50 zone.
Picked on September 23 at $42.33
Closed Short Plays