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Long Play Updates

Cepheid - CPHD - close: 30.54 change: +0.23 stop: 27.45

In spite of the sharp market weakness this morning shares of CPHD still managed to hold on to yesterday's lows near $29.70. This is an impressive show of relative strength. More aggressive traders might want to buy the stock now. We continue to believe that CPHD is going to dip lower. The stock's bounce today under performed the rest of the market. We are suggesting bullish positions in the $29.50-28.50 zone. More patient traders may want to sit back and try to catch a dip in CPHD near $28.50-28.00 instead. The $28.50-29.00 region should be support at the bottom of its rising channel but $28.00 is another level of support. More conservative trades may want to tighten their stops toward $28.00. We're leaving our stop loss at $27.45. Just be sure to wait for signs of a bounce before opening positions. 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
Change since picked: + 0.00
Earnings Date 02/21/08 (unconfirmed)
Average Daily Volume: 1.2 million

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Schering-Plough - SGP - cls: 19.53 change: +0.17 stop: 18.49*new*

SGP displayed a little bit of strength today but we remain wary and would hesitate to open new positions. SGP really hasn't performed as expected so we're raising the stop loss to $18.49. Our target is the $22.00-22.50 range.

Picked on January 27 at $19.02
Change since picked: + 0.51
Earnings Date 02/12/08 (confirmed)
Average Daily Volume: 19.2 million
 

Short Play Updates

Fastenal Co. - FAST - close: 40.41 chg: +0.51 stop: 41.31

Shares of FAST continue to trade sideways in the $39-41 range. Bears might be in good shape here. The major indices soared today but resistance at $41.00 held fast. More conservative traders may want to wait for a new decline under $39.00 before opening positions. Our first target is the $35.50-35.00 zone. Our second, more aggressive target is the $33.00-32.50 range. FYI: Traders should note that the most recent data lists short interest at 7.2% of FAST's 124 million-share float.

Picked on January 27 at $39.07
Change since picked: + 1.34
Earnings Date 01/22/08 (confirmed)
Average Daily Volume: 1.7 million
 

Closed Long Plays

None
 

Closed Short Plays

Hurco Cos. - HURC - close: 36.57 change: +1.97 stop: 36.26

If you have ever wondered what a whipsaw looked like then wonder no further. HURC just produced a huge whipsaw with a spike lower at the open and then a huge rally to new relative highs. The stock hit our suggested stop loss at $36.26 closing the play. FYI: Today's move has produced a bullish engulfing candlestick pattern. If the stock can make it past $37.50 the bears might be in real trouble.

Picked on January 30 at $34.60 stopped 36.26
Change since picked: + 1.97
Earnings Date 02/16/08 (unconfirmed)
Average Daily Volume: 116 thousand
 

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