Long Play Updates
Ashland Inc. - ASH - close: 44.90 chg: -1.03 stop: 43.99
Shares of ASH pulled back just as we expected it to. The stock hit our $46.15-45.00 zone on Monday and continued to pull back today thanks to the market's reaction to the ISM report. If you're still looking for an entry point then wait for a dip into the $44.50-44.00 zone, which could happen tomorrow. Wait for a signs of a bounce before jumping in. Our target is the $49.75-50.00 zone.
Picked on February 4 at $46.15 *triggered
Acuity Brands - AYI - cls: 45.40 chg: -0.90 stop: 43.49
If you're feeling optimistic then AYI's 1.9% decline today might be considered a show of relative strength considering the 3.2% drop in the S&P 500. Shares did hit our suggested entry range to buy the stock in the $45.50-45.00 zone. However, given the market's weakness today readers may want to wait. AYI could dip closer to the $44 level before bouncing again. A bounce near $44 would be an attractive entry point. Our target is the $49.50-50.00 zone. The Point & Figure chart looks very bullish with a $62 target and a breakout over resistance.
Picked on February 5 at $45.50 *triggered
Cepheid - CPHD - close: 29.07 change: -1.82 stop: 27.95
Hmm... it looks like we should have been patient and stuck to our $29.50-28.50 entry range. Over the weekend we had adjust our suggested entry range to buy CPHD to $30.15-29.00. Shares plunged lower today with a 5.89% sell-off and a breakdown under $30.00. If you are still looking for an entry point then wait. Wait for a dip and bounce near $28.00 or a rally back above $30.00. Our target is the $34.00-35.00 range.
Picked on February 5 at $30.15 *triggered
Schering-Plough - SGP - cls: 20.39 change: -0.82 stop: 18.49
SGP lost 3.8% on Tuesday but looking more closely it does appear that investors were buying the pull back near $20.00. This may prove to be another entry point to buy SGP but readers will want to strongly consider raising their stop loss and reducing their risk. Broken resistance at $20.00 should be new support. Our target is the $22.00-22.50 range. Don't forget that we want to exit ahead of the February 12th earnings report.
Picked on January 27 at $19.02
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