Long Play Updates
Canadian Natl.Railway - CNI - cls: 51.10 chg: +1.06 stop: 46.90
CNI displayed some relative strength on Monday. The stock out performed the markets with a 2.1 gain. Traders bought the dip near $50.00 this morning and produced a bullish engulfing candlestick pattern. The stock is now back to challenging technical resistance near its 50-dma. More conservative traders might want to do a little profit taking ahead of the fed meeting. Our target is the $51.85-52.00 range.
Picked on December 03 at $48.00 *triggered
Salesforece.com - CRM - close: 57.70 change: -0.14 stop: 54.95
Shares of CRM failed to see any real follow through on Friday's bullish breakout. While that may be disappointing the trend still looks bullish. Traders bought the dip near $56.25, which is consistent with its pattern of higher lows. We're suggesting a trigger to buy CRM at $59.25. More conservative traders may want to wait for a rally over $60.00. Nimble traders could try buying a dip near $55.00 if the opportunity presents itself. The Point & Figure chart is bullish with a $74 target. Our target is the $64.00-65.00 range.
Picked on December xx at $xx.xx <-- see TRIGGER
Diana Shipping - DSX - close: 34.01 change: -0.64 stop: 31.75
The rally in DSX seemed to stumble on Monday. Shares hit $35.67 and then reversed course. We would wait and watch for a dip (or better yet a bounce) near its rising 10-dma around $32.91 before considering new bullish entry points. Please note the sector can see some volatile swings and we would consider this an aggressive, higher-risk play. Our target is the $39.50-40.00 range. The P&F chart is still bearish but looks like it's building for a bullish breakout.
Picked on December 09 at $34.65
Coca-Cola - KO - close: 63.27 change: +0.12 stop: 59.59
It was a quiet day for KO but investors bought the midday low near $62.90. We remain bullish on the stock and fail to see any changes from our weekend comments. A dip or a bounce near $62.00 could still be used as a new bullish entry point. Our end of year target is the $66.00-67.00 range. The bullish P&F chart suggests a $69 target.
Picked on November 15 at $61.95
PC Mall - MALL - close: 11.66 change: +0.15 stop: 9.90
We don't see any changes from our weekend comments on MALL. Currently MALL is up about 13.75% from our triggered price at $10.25. More conservative traders may want to do a little profit taking of their own right now. We're not suggesting new positions at this time. We have two targets. Our first target is the $12.25-12.50 zone near its 200-dma. Our second, more aggressive target is the $13.75-14.00 region. FYI: The P&F chart is still bearish following the sharp sell-off. We would consider this an aggressive play given the stock's volatility. FYI: MALL will present at an investor conference on Wednesday, December 12th.
Picked on December 04 at $10.25 *triggered
Short Play Updates
Monster Worldwide - MNST - cls: 33.90 change: +0.29 stop: 35.05
Some of the short-term technicals are still suggesting that MNST wants to move higher but the stock is struggling with resistance near $34.00. Right now we would wait for a new decline under $33.00 or $32.50 before considering new bearish positions. We have two targets. Our first target is the $30.15-30.00 range. Our second target is the $28.50-27.50 zone. The bearish P&F chart points to a $26 target.
Picked on November 26 at $32.35 *triggered
Medicis Pharma - MRX - close: 27.02 change: -0.61 stop: 28.05
The reversal in MRX today is encouraging and traders might want to consider new positions here. If you prefer to see a little more confirmation of the reversal then wait for a drop under the 10-dma or a drop under $26.60 before initiating new positions. Our target is the $23.00-22.50 zone. The P&F chart is bearish with a $19 target. FYI: Any time we play a biotech stock we're dealing with a high-risk situation. MRX seems to be more of a drug company but we're still at risk that some FDA decision or some clinical trial news could send the stock gapping one direction or the other. Furthermore the most recent data puts short interest at more than 23% of MRX's 49.2 million-share float. That is a high-degree of short interest and raises the risk for a short squeeze.
Picked on November 18 at $26.08
Closed Long Plays
NASDAQ Stock Market - NDAQ - cls: 47.68 chg: +1.88 stop: 42.45
Target achieved. Shares of NDAQ continued to rally and the stock hit an intraday high of $48.11 before closing with a 4.1% gain. Our target was the $48.00-50.00 zone. The overall trend still looks bullish so we'd keep an eye on NDAQ for another entry point down the road (like a sharp dip after the Fed meeting tomorrow). Broken resistance near $44 and $45 should offer some support.
Picked on December 06 at $44.15 *triggered
Closed Short Plays
Amgen - AMGN - close: 50.99 change: -1.11 stop: 56.26
Target exceeded. Multiple analyst firms downgraded shares of AMGN today and the stock gapped open lower at $50.80 and spiked to $49.62 before bouncing back. Our target was the $50.15-50.00 zone. The stock now looks short-term oversold and due for a bounce. We would expect it to fill the gap near $52 at the very least.
Picked on November 11 at $54.28