Long Play Updates
Boyd Gaming - BYD - cls: 43.32 chg: -0.76 stop: 41.55
Gambling-related stocks were under pressure today. The high-flyers like WYNN and LVS stumbled sharply and traders rushed to lock in profits. Shares of BYD held up relatively well with a 1.7% decline. The technical indicators are suggesting that the current rally in BYD is getting tired. More conservative traders may want to exit early now. We're not suggesting new positions. Our target is the $44.90-46.00 range.
Picked on September 04 at $41.55
Cisco Systems - CSCO - cls: 32.45 change: -0.56 stop: 30.90
Some of the recent leaders in the big cap tech stocks finally hit some profit taking today. CSCO lost 1.7% and looks poised to dip toward $32.00. Wait and watch for a bounce as a new bullish entry point. Our target on CSCO is the $34.75-35.00 range.
Picked on September 26 at $32.65
Global Ind. - GLBL - cls: 26.06 chg: +0.05 stop: 24.65
GLBL managed to hit a new six-week high before paring its gains. The trend is still bullish but momentum has almost died. We're not suggesting new positions at this time. More conservative traders may want to exit early now. Our target is the $28.00-29.00 range.
Picked on September 06 at $24.65
Intel - INTC - cls: 25.81 change: -0.57 stop: 25.39
A negative earnings report from Micron and a downgrade for INTC, AMD and NVDA pulled the entire semiconductor sector lower. The SOX lost over 2%. Shares of INTC slipped 2.1%. Fortunately, traders were buying the dip near short-term support around $25.50. Readers can choose to use a bounce from here or a new rally past $26.50 as a new entry point for bullish positions. 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
NET Services - NETC - cls: 15.99 change: -0.90 stop: 15.60
Tech stocks hit some profit taking today and NETC was no exception. Actually the stock under performed with a 5.3% sell-off. After the stock's recent strength traders rushed to lock in a gain. The stock dipped toward what should be support near $16.00, its 10-dma and 100-dma. 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: 35.82 change: -1.59 stop: 33.75
NVDA suffered from the same weakness in the semiconductor sector. Micron's negative earnings news and NVDA's downgrade to an "under weight" pushed NVDA to a 4.2% decline. Watch for a new rebound back above $36.00 as a new entry point to buy the stock. More conservative traders may want to tighten their stops. 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: 3.46 change: -0.02 stop: 3.19
Our high-risk, speculative play on SIRI is not seeing any movement. Shares have been extremely quiet with its sideways consolidation. We are seriously considering just dropping SIRI as a candidate and waiting for a breakout over $3.60. Nimble traders might want to watch for a dip and bounce near $3.40 as a potential entry point for bullish positions. 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: 16.58 change: -0.39 stop: 15.45 *new*
TASR hit a new two-month high this morning after the company announced it had won a new contract with the U.S. marshals. Unfortunately, the rally didn't last and shares lost 2.2% in profit taking. Watch for a bounce near $16.25 or $16.00 as a new entry point. We are adjusting our stop loss to $15.45. 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: 2.96 chg: +0.16 stop: 2.45
Shares of WON gapped higher this morning after announcing it had signed a definitive agreement with CBS radio on a long-term deal that will last through 2017. While WON is moving the right direction for us it is not being very cooperative with our entry point. We're going to adjust our suggested entry point range from $2.60-2.50 to $2.70-2.60. We want to see WON dip into this zone and then readers can buy it on a rebound back through $2.70. Our new stop loss will be $2.45. If triggered we're going to target a rebound into the $3.25-3.50 range. Be aware that the 50-dma near $3.35 could be overhead resistance.
Picked on September xx at $xx.xx <-- see TRIGGER
Wyndham Worldwide - WYN - cls: 32.60 change: +0.50 stop: 30.89
WYN continues to bounce around the $32-33 range. We're not suggesting new positions at this time. Our target is the $33.90-35.70 range. One concern is potential resistance at the 100-dma and 200-dma that are near the $34.00 level.
Picked on September 19 at $32.15
Zoltek - ZOLT - cls: 43.90 change: -0.43 stop: 39.95
ZOLT could not escape the market profit taking today but traders did buy the dip near its rising 10-dma. The bounce looks like 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: 51.19 change: -0.71 stop: 54.26
It looks like the oversold bounce in CTV is rolling over (failing) under its 10-dma. This could be used as a new entry point for shorts. 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: 36.72 change: -0.12 stop: 37.36
Relative strength in shares of MCHP today is a bad sign for the bears. The semiconductor index (SOX) lost over 2% after Micron issued negative earnings news and INTC, AMD and NVDA were all downgraded. Yet shares of MCHP closed with a minor loss. If MCHP doesn't start moving our direction soon we'll drop it as a potential play. 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: 36.08 change: -0.27 stop: 40.01
That's not a typo. SVU lost another 27 cents today. 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
Coach Inc. - COH - cls: 46.92 change: -0.28 stop: 45.99
Retail stocks have been out performing the market the last two days yet COH has been oddly absent from the sector rally. Many of the short-term technicals and daily technical indicators are suggesting the next move will be down. We are suggesting an early exit now to cut our losses. We could always jump back in if we see COH breakout over $48.25. More aggressive traders might want to stick with it since COH has been holding support near $46.00.
Picked on September 19 at $48.70 *gap higher
Closed Short Plays