Long Play Updates
Boyd Gaming - BYD - cls: 44.31 chg: +1.06 stop: 41.95 *new*
Traders bought the dip in BYD again. Bulls left BYD up 2.4% and poised to breakout over resistance near $44.50. Currently our target is the $44.90-46.00 range. Considering how BYD looks set to hit new relative highs readers might want to consider adjusting their targets toward $45.75-46.00. We are adjusting our stop loss to $41.95. If you think BYD can breakout past $46 and its 200-dma then consider a new rally past $45.00 as a new bullish entry point otherwise we're not suggesting new positions.
Picked on September 04 at $41.55
Cisco Systems - CSCO - cls: 32.65 change: +0.50 stop: 31.45 *new*
Networking stocks under performed the Internets and software equities but the group was still bullish on Friday. Traders bought the dip in shares of CSCO and Friday's bounce looks like a new bullish entry point to buy the stock. We are going to raise our stop loss to $31.45. Our target on CSCO is the $34.75-35.00 range.
Picked on September 26 at $32.65
NET Services - NETC - cls: 17.08 change: +0.70 stop: 15.60
NETC continued to bounce but on Friday the stock actually gapped open higher and rallies to $17.42 intraday. Shares closed up 4.2% but pared its gains heading into the closing bell. More conservative traders will want to consider taking profits right here. We are not suggesting new positions at this time. Our target is the $17.75-18.00 range but readers might want to try and exit near $17.50, which has been acting like new overhead resistance. 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: 36.93 change: +0.95 stop: 33.75
The semiconductors might be poised to rally again. The SOX is working on a bullish pattern of higher lows but has yet to breakout over resistance. Meanwhile NVDA has recovered from its midweek downgrade and traders are buying the dip. This looks like another entry point for bullish positions. The stock rose 2.6% on Friday. More conservative traders may want to tighten their stops toward last week's lows near $34.75. 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: 3.45 change: +0.05 stop: 3.19
Friday's rebound in SIRI could be used as a new entry point for bullish positions. However, readers may want to wait for a new relative high above the current short-term trend of lower highs before initiating positions (see chart). This is a high-risk, aggressive play but traders may still want to consider a tighter stop loss. 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. Last week SIRI and XMSR determined that their shareholder vote to approve the merger will be November 13th. The FCC and the Department of Justice still need to give their okay on the deal. Our target is the $3.95-4.00 range.
Picked on September 30 at $ 3.49
Westwood One - WON - cls: 3.00 chg: +0.11 stop: 2.49
We have been suggesting that readers buy a dip in WON but bulls keep jumping in before WON reaches our suggested entry point. At this point we are still sitting on the sidelines. Currently our plan is to buy a dip into the $2.70-2.60 range with further instructions to wait for the dip and then buy the rebound back through $2.70. However, more aggressive traders may want to buy Friday's bounce and use a higher target in the $3.50-4.00 zone (and a higher stop loss). Currently our target, if triggered at $2.70, would be the $3.25-3.50 range. We are adjusting our stop, if triggered, to $2.49.
Picked on September xx at $xx.xx <-- see TRIGGER
Wyndham Worldwide - WYN - cls: 33.18 change: +0.56 stop: 30.89
Shares of WYN gapped open higher on Friday and managed to breakout over short-term resistance near $33.00. The stock closed up 1.7% setting a new two-month high. This is great news for the bulls but we're not suggesting new positions at this time. Readers may want to seriously consider raising their stop loss. 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: 44.44 change: +0.69 stop: 39.95
ZOLT bounced around the $44-45 range most of Friday and the stock ended up with a 1.5% gain. Overall ZOLT continues to have a bullish trend of higher lows and we would still consider new positions here although if you're launching new positions now you may want to use a tighter stop loss. Another alternative entry would be on a new relative high over $45.50. 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
Supervalu - SVU - cls: 37.64 change: +0.48 stop: 40.01
The oversold bounce in SVU continued. However, as expected the stock ran into resistance near $38.00 and its 10-dma. New weakness from here could be used as a new bearish entry point on the stock. Conservative traders, launching new positions, could use a much tighter stop loss. We're aiming for $35.25-35.00.
Picked on September 30 at $38.05 *gap down
Closed Long Plays
Global Ind. - GLBL - cls: 27.74 chg: +0.47 stop: 24.95
Target achieved. GLBL continued to rally following Thursday's bullish breakout over $26.00-26.50. Shares hit an intraday high of $28.00, which was enough to tag our target in the $28.00-29.00 range. Shares do look short-term overbought so if you're still in the stock we would expect a dip.
Picked on September 06 at $24.65
Closed Short Plays
Commscope - CTV - cls: 53.64 change: +2.08 stop: 53.51
Watch out! We warned readers on Thursday night that the movement in CTV might be a bullish reversal. The widespread market strength on Friday only fueled the rebound in CTV and the stock posted a 4% gain. Shares broke through multiple levels of resistance. On Thursday we also lowered our suggested stop loss to $53.51, which CTV would have hit Friday afternoon.
Picked on September 24 at $51.75
Microchip - MCHP - cls: 36.50 change: -0.03 stop: 37.36
MCHP continues to under perform the market and its peers in the semiconductor group. We are dropping it as a bearish candidate because the stock just isn't moving enough. However, since the trend continues to look bearish readers will want to keep a close eye on it. We had been suggesting a trigger to short the stock at $35.79.
Picked on September xx at $xx.xx <-- see TRIGGER