Long Play Updates
Adobe - ADBE - close: 44.97 change: -0.02 stop: 42.26
Tuesday's FOMC minutes-inspired rally lifted shares of ADBE to a new all-time high over resistance at $45.00. Unfortunately, the stock was unable to hold on to these gains. Shares did hit an intraday high of $45.35 and our suggested trigger to buy ADBE was at $45.05 so the play is now open. However, ADBE's close back under $45.00 is a concern. Readers may want to wait for a new relative high over $45.35 or wait and watch for a dip and bounce near $44.00 as a new bullish entry point. 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 09 at $45.05
Cisco Systems - CSCO - cls: 33.08 change: +0.37 stop: 31.45
CSCO continues to bounce following last week's test of support near $32.00. Overall we don't see any changes from our weekend comments on the stock. Our target on CSCO is the $34.75-35.00 range.
Picked on September 26 at $32.65
Juniper Networks - JNPR - cls: 37.65 change: +0.67 stop: 34.69
JNPR rallied to new multi-year highs this morning and pretty much stayed there most of the day until a late afternoon sell-off. Fortunately, the markets rallied on the FOMC minutes and JNPR rebounded back into the green with a 1.8% gain. The late day bounce looks like another bullish entry point to buy JNPR. 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: 16.99 change: +0.10 stop: 15.60
Shares of NET were lost trading sideways on Tuesday. The overall trend is still bullish but we're not suggesting new positions. 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: 36.87 change: -0.66 stop: 33.75
Both NVDA and the SOX semiconductor index were struggling today. NVDA did pare its losses by the close but still lost 1.75%. Watch for a dip and bounce near $36.00 as a new bullish entry point to buy the stock. 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: 3.58 change: +0.13 stop: 3.29*new*
An analyst upgrade for XMSR and positive comments that the merger deal would get done lifted both shares of XMSR and SIRI. Shares of XMSR closed up almost 7% and broke through resistance near $15.00. Meanwhile SIRI lagged behind its peer with a 3.7% gain and a failure to breakout over resistance near $3.60. Given today's show of strength we're adjusting our stop loss to $3.29. This remains a very high-risk, speculative play. 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: 2.85 chg: -0.10 stop: 2.59 *new*
WON displayed relative weakness today with an intraday dip to $2.70. Shares closed with a 3.3% loss. We couldn't find anything specific to account for the weakness. Technically we're still on the sidelines since our suggested entry point was a dip into the $2.70-2.60 zone and instructions to buy the rebound back up through $2.70. We are going to adjust our entry strategy tonight. Instead of waiting for another dip we're suggesting that readers buy today's afternoon rebound. This remains a very aggressive, speculative play. If you want to reduce your risk consider placing your stop loss under today's low (2.69). We are adjusting our stop to $2.59. There are plenty of hurdles for WON to jump over but if the markets continue to rally we're expecting shares to follow higher. Watch for potential resistance near $3.00 and then again at its 50-dma near $3.10. Our target is the $3.25-3.50 range but more aggressive traders may want to aim higher.
Picked on October 09 at $ 2.85
Wyndham Worldwide - WYN - cls: 33.46 change: +0.06 stop: 31.49*new*
WYN is still inching higher and came within 10 cents of our target today. Currently we're aiming for the $33.90-35.70 range. Please note that we're adjusting the stop loss to $31.49. 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: 44.49 change: +0.37 stop: 39.95
ZOLT continues to consolidate sideways but chart readers will notice the bullish trend of higher lows. 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: 35.75 change: -1.34 stop: 38.51 *new*
SVU plunged another 3.6% and is trading near the early October lows. Volume was pretty high on today's sell-off. We are adjusting our stop loss to $38.51. We're not suggesting new positions at this time. We're aiming for $35.25-35.00. More aggressive traders may want to aim lower.
Picked on September 30 at $38.05 *gap down
Closed Long Plays
Boyd Gaming - BYD - cls: 45.25 chg: +0.60 stop: 41.95
Target achieved. Shares of BYD out performed with a 1.3% rally and a new two-month high. The stock broke through resistance near $45.00 and its exponential 200-dma on news that it plans to open "The Water Club", a $400 million casino in Atlantic City, on time in summer 2008. Our target was the $44.90-46.00 range. We recently suggested that more aggressive traders may want to aim closer toward the $46 level given BYD's relative strength.
Picked on September 04 at $41.55
Closed Short Plays