Long Play Updates
Adobe - ADBE - close: 44.99 change: +0.35 stop: 42.26
Tech stocks were the market leaders on Monday. Shares of ADBE continued to creep higher although the rally stalled at round-number resistance near $45.00. Currently we're suggesting that readers use a trigger to buy the stock at $45.05, which looks like it could be hit tomorrow. If triggered our target is the $49.50-50.00 range. The P&F chart is already bullish with a $51 target. Our time frame is about eight weeks.
Picked on October xx at $xx.xx <-- see TRIGGER
Boyd Gaming - BYD - cls: 44.65 chg: +0.34 stop: 41.95
BYD posted another gain and looks ready to make a run at overhead resistance near $46 and its 100 and 200-dma. We are not suggesting new positions at this time. Currently our target is the $44.90-46.00 range. Considering how BYD looks set to hit new relative highs soon readers might want to consider adjusting their targets toward $45.75-46.00. We are adjusting our stop loss to $41.95.
Picked on September 04 at $41.55
Cisco Systems - CSCO - cls: 32.71 change: +0.06 stop: 31.45
It was a relatively quiet day for CSCO. The stock seemed to avoid the relative strength in tech stocks today. Overall we don't see any changes from our weekend comments on the stock. Friday's bounce looks like a new bullish entry point to buy the stock. Our target on CSCO is the $34.75-35.00 range.
Picked on September 26 at $32.65
Juniper Networks - JNPR - cls: 36.97 change: -0.07 stop: 34.69
It was the same story with JNPR. JNPR, like CSCO, meandered sideways in a narrow range. Overall the pattern remains bullish and we don't see any changes from our weekend comments. We're suggesting bullish positions now although nimble traders might want to consider waiting and trying to buy a dip near $36.00. We're suggesting a stop loss at $34.69 but aggressive traders may want to consider a stop loss under $34.00 or its 50-dma near $33.90. Our target is the $39.85-40.00 range. The Point & Figure chart is very bullish with a $67 target.
Picked on October 07 at $37.04
NET Services - NETC - cls: 16.89 change: -0.19 stop: 15.60
After Friday's big gain shares of NETC suffered some profit taking. The good news is that traders bought the dip when NETC "filled the gap" from Friday's pop higher. This is a bullish move although we are not suggesting new positions at this time. More conservative traders may want to take some profits now. 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: 37.53 change: +0.60 stop: 33.75
Tech stocks, including semiconductors, were pockets of strength on Monday. NVDA managed a 1.6% gain and is nearing its all-time highs. 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: +0.00 stop: 3.19
SIRI closed unchanged on Monday's session. The stock hit a new one-week low intraday but the afternoon bounce back looks like a new bullish entry point to buy the stock. However, readers may want to stick with our previous suggestion and wait for a new relative high, maybe over $3.50, before jumping in. 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: 2.95 chg: -0.05 stop: 2.49
We do not see any changes from our weekend comments for WON. 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: 33.40 change: +0.22 stop: 30.89
WYN produced something of a rocky session on Monday but traders bought both dips toward $33.00, which is a positive sign. 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: 44.12 change: -0.32 stop: 39.95
ZOLT spent Monday's session churning sideways in a narrow range and retesting technical support at its rising 10-dma. We do not see any changes from our weekend comments. 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: 37.09 change: -0.55 stop: 40.01
It looks like the oversold bounce in SVU is running out of steam. The stock produced a failed rally near $38.00 and its 10-dma over the last two sessions. Readers could use this as a new bearish entry point for shorts although you may want to consider a tighter stop loss. We're aiming for $35.25-35.00.
Picked on September 30 at $38.05 *gap down
Closed Long Plays
Closed Short Plays