Long Play Updates
Cameron Intl. - CAM - cls: 43.60 chg: -1.98 stop: 39.90
We have been triggered in CAM. The stock gapped down to open at $42.71 and then promptly plunged to $40.03 before bouncing back - all within 15 minutes. We suggested readers buy the dip in the $42.00-40.00 zone so our official entry point is now $42.00. Our target is the $47.00-48.00 range. We are not suggesting new positions at this time but another dip and bounce into the $41.00-40.00 zone would look like another entry point to buy the stock. This should be a quick play and we do not want to hold over the late January earnings report. FYI: This past week it was announced that CAM would replace HET in the S&P 500 index as of Monday, January 28th.
Picked on January 22 at $42.00 *triggered
Cepheid - CPHD - close: 30.99 change: +0.68 stop: 25.95*new*
Shares of CPHD continue to show some pretty impressive strength. The stock dipped to $28.35 and rallied back to post a 2.2% gain. Unfortunately the morning low was not low enough to hit our suggested entry zone in the $28.25-28.00 range. We still want to buy a dip so we're adjusting our suggested entry zone to $28.65-28.00. We're also adjusting our stop loss to $25.95. We're going to list two targets. Our first target is the $32.00 mark. Our second target is the $34.00-35.00 range.
Picked on January xx at $xx.xx <-- see TRIGGER
Intel Corp. - INTC - cls: 18.63 change: -0.37 stop: 17.45 *new*
INTC gapped down and opened at $18.20. The intraday low was $18.05 before the stock managed a bounce. Even then the rebound struggled at $19.00. The trend in INTC is still very bearish and AAPL's sell-off on its earnings news tonight after the closing bell does not bode well for tech stocks on Wednesday. In spite of everything we still think INTC has potential. The $18.00 level could hold as support but we're adjusting our stop loss to $17.45. That's a 4% stop loss under our entry at this morning's open. More conservative traders could leave their stop loss closer to the $18.00 mark. If INTC provides another bounce near $18.00 we'd use it as another entry point to buy the stock. We have two targets. Our first target is the $19.95-20.00 range. Our second target is the $21.75-22.00 zone.
Picked on January 22 at $18.20 *triggered
Short Play Updates
Avery Dennison - AVY - close: 45.66 change: -0.60 stop: 50.11
Lack of any significant moves in AVY doesn't do much for us. There was no big morning decline and that's bullish. Yet there was no big rebound either and that's bearish. The long-term pattern remains bearish but AVY is very oversold, due for a bounce, and sitting on support. I would be more inclined to exit the stock here and lock in a small gain. Any decent market bounce should send AVY toward short-term resistance near $48.00 and probably toward the $50.00 level. We're not suggesting new positions. The stock has already hit our early target in the $45.15-45.00 zone. Our second, more aggressive target is the $42.50 mark. The P&F chart is bearish with a triple-bottom breakdown sell signal and a $40 target. FYI: The most recent short interest was listed at 3.2% of the 97.3 million-share float.
Picked on January 13 at $48.50
The Hershey Co. - HSY - cls: 35.87 chg: -0.87 stop: 38.05 *new*
Tomorrow is our last day for this play in HSY. The company is due to report earnings on Thursday morning. We're planning to exit Wednesday afternoon if shares don't hit our target first. Our new stop loss is $38.05. Our target is the $35.15-35.00 range. FYI: The latest short interest data was about 3.8% of the 226 million-share float.
Picked on January 13 at $37.46
Pitney Bowes - PBI - cls: 34.06 chg: -0.05 stop: 36.01 *new*
PBI did not quite hit our target this morning. Shares gapped open at $32.67, which proved to be the low of the day. Our target is the $32.25-32.00 zone. While PBI did see a big bounce back the trend of lower highs is still in place. We are inching our stop down to $36.01. Readers may want to consider taking some money off the table right here. We are not suggesting new positions at this time. FYI: The most recent data listed short interest at 2.2% of the 216 million-share float.
Picked on January 13 at $35.94
Closed Long Plays
China Netcom - CN - cls: 56.75 change: -8.17 stop: variable
We are dropping CN as a bullish candidate. The Asian markets were crushed on Monday and when shares of CN opened for trading in New York this morning the stock gapped open lower at $54.84. CN managed a bounce back but the rebound failed at $59.19. We had two different entry zones to open positions in CN. Our first suggested entry was $66.25. Our second suggested entry point was a dip into the $61.50-60.00 zone. CN never traded at either entry zone and we're dropping it unopened.
Picked on January xx at $xx.xx <-- see TRIGGER
Closed Short Plays
Clear Channel Comm. - CCU - cls: 32.14 chg: -1.41 stop: 35.05
Target exceeded! CCU gapped open lower this morning at $31.87 and dipped to $30.19 before bouncing back. Our short-term target was the $32.15-32.00 zone.
Picked on January 13 at $34.47 exit $31.87
Corning Inc. - GLW - cls: 21.74 change: -0.46 stop: 23.75
Target exceeded. The market panic sent shares of GLW sprawling this morning. The stock gapped open lower at $20.30 and hit $20.20 before bouncing back sharply. Our suggested exit was $21.25-21.00 but we would have been taken out at the opening bell.
Picked on January 04 at $22.91 *triggered/gap entry/exit 20.30