Long Play Updates
Adobe - ADBE - close: 47.11 change: +1.14 stop: 43.85 *new*
ADBE continues to out perform. The stock rose 2.4% to another new all-time high. Volume has been slowly rising on the rally, which is a good sign. We are raising the stop loss to $43.85. 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 seven weeks.
Picked on October 09 at $45.05
Computer Sciences - CSC - cls: 57.71 chg: +0.05 stop: 55.95
CSC did not make much progress today. Shares of CSC, like the major averages, closed relatively unchanged on the session. Volume came in pretty low. We are reiterating yesterday's comments that we remain defensive here but a new move over $58.50 may look like a new bullish entry point. Conservative traders could raise their stops toward Wednesday's lows. We're aiming for the $64.00-65.00 range. The P&F chart shows a new triple-top breakout buy signal and a breakout through resistance with a $70 target. We can't find an earnings report date yet but CSC has a history of reporting in early November.
Picked on October 14 at $59.18
Cisco Systems - CSCO - cls: 32.68 change: +0.22 stop: 31.65
CSCO tried to rally again from the $32 region but the stock did not make it very far with the major averages stuck churning sideways. The overall trend remains bullish. Our target on CSCO is the $34.75-35.00 range.
Picked on September 26 at $32.65
Heidrick & Struggles - HSII - cls: 40.93 chg: -0.08 stop: 37.99
HSII continues to trade sideways as it fights with overhead technical resistance at the 50-dma. Watch for a breakout over $41.50 or a dip and bounce near $40.00 as a new entry point. We are considering a higher stop loss maybe somewhere in the $39 region. Our target is the $44.00-45.00 range. We do not want to hold over the end of October earnings report.
Picked on October 14 at $40.20
Juniper Networks - JNPR - cls: 36.92 change: +0.02 stop: 34.69
The major averages closed relatively unchanged on the session and JNPR followed suit. We do not have much time left so we're not suggesting new positions at this time. We plan to exit ahead of the October 23rd earnings report that comes out after the market's close. 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
Lexmark - LXK - close: 42.02 change: -0.26 stop: 40.74
The markets did not provide much of a bullish atmosphere for LXK and there was no follow through on the recent bounce attempts in the stock. We do not have much time left so we're not suggesting new positions at this time. If LXK does not hit our target in the $44.85-45.00 range we will plan to exit at the closing bell on Monday, Oct. 22nd.
Picked on October 09 at $41.06
Plexus - PLXS - close: 28.15 change: -0.44 stop: 27.49
The trading in PLXS was not very encouraging today. Shares lost another 1.5% following yesterday's bearish failed rally pattern. A bounce from here, near very short-term support at $28.00, could be used as a new entry point but readers might want to tighten their stops toward the $28 mark. We would hesitate to open new positions at this time. Our target is the $32.00-32.50 range. We do not want to hold over the October 31st earnings report. FYI: The P&F chart points to a $49 target.
Picked on October 17 at $29.05
Rowan Companies - RDC - cls: 39.48 change: +0.15 stop: 37.99
Crude oil soared again rising more than $2 to almost $90 a barrel. Yet the oil and oil service stocks failed to really capitalize on the move. RDC is trying to bounce and the move could be seen as a new bullish entry point but we're starting to turn a little defensive on the sector. Our biggest concern would be a correction sell-off in crude oil, which is long overdue. Our target in RDC is the $44.00-44.50 range.
Picked on October 14 at $40.18
Sirius Satellite Radio - SIRI- cls: 3.66 change: +0.00 stop: 3.29
We do not see any changes from our previous comments on SIRI. The stock closed unchanged on today's session but shares are still trading with a bullish pattern of higher lows. This remains a very speculative, higher-risk play. Our target is the $3.95-4.00 range.
Picked on September 30 at $ 3.49
World Acceptance Corp. - WRLD - cls: 33.37 chg: -0.31 stop: 31.99
Financial stocks continued to under perform. Shares of WRLD Lost 0.9% albeit on very low volume. The lack of volume might be seen as encouraging but what does worry is are the bearish developments in the technical picture. More conservative traders may want to exit early now or tighten their stops toward today's low (32.90). We're not suggesting new positions at this time. The P&F chart points to a $46 target. We're aiming for the $37.25-38.00 range. We plan to exit ahead of the October 23rd earnings report.
Picked on October 09 at $33.93
Zoltek - ZOLT - cls: 45.42 change: +0.41 stop: 42.90
Traders are still buying the dip in ZOLT. The stock managed a 0.9% gain. If the major indices can turn higher then readers could use this bounce in ZOLT as a new bullish entry point. We're thinking about raising our stop loss closer to $43.70, this week's low. Our target is the $49.00-50.00 range.
Picked on September 24 at $43.06
Short Play Updates
Apria Healthcare - AHG - cls: 23.56 change: -0.35 stop: 26.05
The oversold bounce in AHG is already struggling. We remain bearish but we're not suggesting new positions. Our AHG target is the $22.50-22.00 range. We do not want to hold over the October 30th earnings report. FYI: AHG has relatively high short interest. The latest data puts short interest at more than 15% of the 43.3 million-share float. This raises the risk of a short squeeze.
Picked on October 14 at $25.31
Pacific Ethanol - PEIX - cls: 8.83 change: -0.05 stop: 9.75
PEIX is still creeping lower. We don't see any changes from our previous comments. Our target is the $7.75-7.50 range. Readers should note that the most recent data puts short interest at more than 16% of PEIX's 34.2 million-share float, which would raise the risk of a short squeeze.
Picked on October 14 at $ 9.03
Closed Long Plays
Marinemax Inc. - HZO - cls: 14.75 chg: -0.47 stop: 15.24
It doesn't look like HZO is going to be breaking out higher any time soon. The stock is actually showing relative weakness. Today's breakdown under the $15.00 level looks like an entry point for new bearish positions. We were suggesting a trigger to buy the stock at $16.26. We're dropping the play unopened.
Picked on October xx at $xx.xx <-- see TRIGGER
Synalloy Corp. - SYNL - cls: 18.90 change: -1.36 stop: 19.99
There was no bounce from round-number, psychological support at the $20.00 level. We warned readers yesterday that SYNL looked poised to breakdown. The stock did break support and did so on strong volume. Shares actually gapped open lower at $19.97, just under our stop at $19.99. This breakdown could be used as a bearish entry point but watch for support in the $17.50-17.25 region.
Picked on October 09 at $22.39
Closed Short Plays