Long Play Updates
Boyd Gaming - BYD - cls: 44.08 chg: +0.58 stop: 41.55
BYD continues to rebound and is nearing resistance in the $44.50-44.60 zone. More conservative traders may want to do some profit taking right here. Our target is the $44.90-46.00 range.
Picked on September 04 at $41.55
Coach Inc. - COH - cls: 47.20 change: +0.13 stop: 45.99
We remain defensive on COH. Many of the technical indicators have turned or are turning bearish. Wait for a new rise past $48.00 or $48.25 before considering new positions. Considering COH's under performance more conservative traders may want to go ahead and abandon COH right here. 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: 33.01 change: +0.02 stop: 30.90
CSCO is still trading sideways. We would watch for a dip back toward the $32.50-32.00 range as a potential entry point to jump in. FYI: CSCO is due to present at two different investor/analyst conferences this week on October 1st and the 2nd. Our target on CSCO is the $34.75-35.00 range.
Picked on September 26 at $32.65
Global Ind. - GLBL - cls: 26.01 chg: +0.49 stop: 24.65
GLBL probably gave the bulls a scare this morning. Shares dipped intraday under its trendline of higher lows. Fortunately, traders bought the dip at $24.85 and the stock rebounded to close over short-term resistance near $26.00. We're not suggesting new positions at this time. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Intel - INTC - cls: 26.38 change: +0.01 stop: 25.39
We did not have to wait very long for INTC to hit our trigger. The stock traded to $26.58 intraday and our trigger to buy the stock was at $26.55. There was an initial pull back from its highs but traders bought the dip and INTC was rebounding higher into the closing bell. We would consider new positions right here. Our target is the $28.40-28.50 range. We don't have much time and plan to exit ahead of the mid October earnings report.
Picked on October 02 at $26.55
NETC has been very strong the last couple of weeks and the stock found some profit taking today. Shares slipped 3%. We're not suggesting new positions at this time. Our target is the $17.75-18.00 range. 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: 37.41 change: -0.36 stop: 33.75
Investors bought the morning dip in NVDA and given enough time it looked like shares might have turned positive today. Another positive for NVDA was an upgrade from S&P who raised their outlook on the company from "stable" to "positive". Our target for NVDA 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
Sirius Satellite Radio - SIRI- cls: 3.48 change: -0.01 stop: 3.19
Shares of SIRI are just not moving this week. Readers can choose to try and buy a dip near $3.40 or wait for a new rise past $3.55 or $3.60 as a new entry point. This is a high-risk, speculative play. There has been a lot of new talk about the proposed merger between SIRI and XMSR never getting completed. Thus far the recent comments on the merger have not derailed the rally in SIRI but future headlines could send the stock moving sharply lower and thus remains a risk. We are using a wide (aggressive) stop loss and SIRI is facing some resistance near $3.60. Our target is the $3.95-4.00 range.
Picked on September 30 at $ 3.49
TASER Intl. - TASR - cls: 16.97 change: +0.77 stop: 14.99
TASR turned in a strong session, rising 4.75% on above average volume. The catalyst for the move was a press release from TASR this morning. The company said a number of new medical studies "affirmed the general safety of the TASER(r) electronic control device." Our target is the $17.75-18.00 range. The P&F chart is pretty bullish with a $24 target.
Picked on October 01 at $16.20
Westwood One - WON - cls: 2.80 chg: +0.04 stop: 2.24
WON is trying to bounce. More aggressive traders might want to jump in now and just adjust your stop loss. We're going to stick to our plan for now. Our plan is to buy a dip into the $2.60-2.50 range. However, what we want to do is actually buy a rebound back out of this zone. So wait for WON to dip toward $2.50 and then we're suggesting readers buy it on a rebound back above $2.60. We're suggesting a stop under the recent lows but conservative traders might consider a stop under $2.50. 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: 32.10 change: -0.68 stop: 30.89
Hmmm... is the rally in WYN already over? The stock just broke out over resistance two days ago. Shares slipped 2% and traded back toward what should be support near the $32.00 level. A bounce from here could be used as a new entry point. Our target is the $33.90-35.70 range. One concern is potential resistance at the 100-dma and 20-dma that are near the $34.00 level.
Picked on September 19 at $32.15
Zoltek - ZOLT - cls: 44.33 change: -0.76 stop: 39.95
Late this morning ZOLT experienced some sharp profit taking with a plunge to the $43.50 level but traders bought the dip and pared the stock's losses. The afternoon rebound could be used as a new entry point for bullish positions. More conservative traders may want to consider a tighter stop loss. 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: 51.90 change: +0.00 stop: 54.26
The good news is that there was no follow through on CTV's bullish reversal yesterday. The stock closed unchanged on Tuesday. The overall trend still looks bearish but we hesitate to open new positions here. More conservative traders may want to tighten their stops toward $53.50 or $53.00. Our target is the $47.00-45.00 range but we'll be watching for potential support at the rising 200-dma. The P&F chart points to a $43 target.
Picked on September 24 at $51.75
Microchip - MCHP - cls: 36.84 change: -0.08 stop: 37.36
There is no change from our previous comments on MCHP. A rally in the SOX could lift MCHP to breakout over resistance near $37.50. We're going to stick to our plan for now and wait for a breakdown under support near $36.00. At the moment we're suggesting a trigger for shorts in MCHP at $35.79. If triggered at $35.79 our target is the $33.00-32.50 range. We did note that the P&F chart is still bullish and it will take a new decline under $35.00 to reverse that pattern.
Picked on September xx at $xx.xx <-- see TRIGGER
Supervalu - SVU - cls: 36.35 change: -0.27 stop: 40.01
SVU continues to sink following yesterday's breakdown. We would not suggest new positions at this time. More conservative traders may want to place their stop closer to $39.50. We're aiming for $35.25-35.00.
Picked on September 30 at $38.05 *gap down
Closed Long Plays
Closed Short Plays
Insteel Industries - IIIN - cls: 15.53 chg: -0.31 stop: 16.35
We didn't see any news but something caused an intraday spike past resistance at $16.00 around 10:00 a.m. this morning. Shares topped out at $16.36 - just enough to hit our stop loss and close the play. The sharp reversal lower looks like a new entry point for shorts!
Picked on September 30 at $15.35