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Long Play Updates

DuPont - DD - close: 49.08 chg: +0.24 stop: 45.95

DD posted another gain following Wednesday's bullish breakout. We would still consider new positions here but if you're patient a dip back towards $48.00 would be more attractive as an entry point. The P&F chart is bullish with a $63 target and a move over $49.00 will reinforce this with a new triple-top buy signal. There might be a little resistance near $50.50 but our target is the $52.50-54.00 zone. We don't want to hold over the late April earnings report.

Picked on April 02 at $48.84
Change since picked: + 0.24
Earnings Date 04/22/08 (unconfirmed)
Average Daily Volume: 7.2 million

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Corning Inc. - GLW - close: 25.53 chg: +0.53 stop: 23.65*new*

GLW out performed the wider market with a 2.1% gain and a bullish engulfing candlestick pattern. The stock is challenging short-term resistance near $25.50. We are adjusting our stop loss to $23.65 and more conservative traders may want to move their stop closer to $24.00. We're listing two targets. Our first target is the $27.00 level. Our second target is the $29.00 level. We do not want to hold over the late April earnings report.

Picked on March 25 at $25.14
Change since picked: + 0.39
Earnings Date 04/24/08 (unconfirmed)
Average Daily Volume: 14.7 million

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Honeywell - HON - close: 57.64 chg: +0.01 stop: 54.49

HON is still holding up relatively well but is still trading under technical resistance at its 200-dma. We are not suggesting new bullish positions at this time. Our target is the $59.90-60.00 zone. More aggressive traders could aim for the top of the larger range near $62.00. Keep in mind that we do not want to hold over the earnings report.

Picked on March 25 at $56.00
Change since picked: + 1.64
Earnings Date 04/18/08 (confirmed)
Average Daily Volume: 6.7 million

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Hormel Foods - HRL - close: 42.01 change: -0.35 stop: 39.85

Stocks don't move in a straight line and HRL took a step back today after several steps forward. Any dips near $41.75-41.50 are probably entry points. More conservative traders might want to wait for a new high over $42.50 before initiating positions. We anticipate holding this stock on the newsletter for about six to eight weeks. The Point & Figure chart is bullish with a $64 target. FYI: HRL declared a quarterly cash dividend of 18.5 cents per share payable on May 15, 2008 to shareholders of record on April 19th. HRL has been paying quarterly dividends for almost 80 years.

Picked on March 31 at $41.83 *triggered/gap open
Change since picked: + 0.18
Earnings Date 05/22/08 (unconfirmed)
Average Daily Volume: 513 thousand

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iShares Telecom - IYZ - close: 24.33 chg: +0.38 stop: 22.49

IYZ continues to rally. Today was a bullish day with a breakout over the descending 50-dma. Our only complaint would be the lack of volume behind the move, which doesn't communicate a lot of confidence by the bulls. We have two targets. Our 1st target is the $25.85-26.00 range. Our second target is the $27.85-28.00 zone.

Picked on March 25 at $23.50 *triggered
Change since picked: + 0.83
Earnings Date 00/00/00
Average Daily Volume: 429 thousand

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Meritage Homes - MTH - close: 22.78 chg: +0.82 stop: 19.49 *new*

Wow! It was a volatile day for shares of MTH. The company doesn't report earnings until late April but they did announce preliminary revenue numbers for the first quarter today. MTH expects revenues to come in at $370 million, which is better than Wall Street's estimates of $330 million. The stock spiked to $19.95 (20.00 support) and sharply bounced to $24.49 before paring its gains. We are strongly suggesting that readers take gains right now! MTH is up more than 22% from our picked price. We're also adjusting our official target to $24.75 and our stop loss to $19.49.

Picked on March 24 at $18.60 *triggered
Change since picked: + 4.18
Earnings Date 04/24/08 (unconfirmed)
Average Daily Volume: 893 thousand

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Nintendo Co - NTDOY - close: 65.74 chg: -1.01 stop: 63.95

Nintendo saw shares slip 1.5% on Thursday. Volume was pretty light. The stock remains under resistance at its 100-dma. We are suggesting that readers buy NTDOY at $68.01. If triggered our target is the $74.00-75.00 zone. Keep in mind that NTDOY is traded as an ADR here in the United States and shares will gap open up or down every day as they adjust to trading overseas. FYI: Some quote services might ask you to use the symbol NTDOY.PK to pull up data on NTDOY.

Picked on April xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 00/00/08 (unconfirmed)
Average Daily Volume: 312 thousand
 

Short Play Updates

Cognizant Tech - CTSH - cls: 29.56 chg: -0.13 stop: 30.75

It was a quiet day for the markets and CTSH was no exception. We would still consider new shorts here under the 100-dma. Our first target is the 26.25-26.00 zone. Our second, more aggressive target is the $24.25-24.00 range. The P&F chart is bearish with an $18 target.

Picked on March 30 at $29.18
Change since picked: + 0.38
Earnings Date 05/01/08 (unconfirmed)
Average Daily Volume: 5.1 million

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Longs Drug Stores - LDG - cls: 41.63 chg: -0.08 stop: 43.55

It's the same story for LDG. The markets didn't do much and neither did this stock. The path of least resistance looks like it's down. The move under $42.00 looks like a new entry point for shorts. Our first target is the $38.25-38.00 zone. Our second target is the $35.25-35.00 zone. The P&F chart is bearish with a $29.00 target.

Picked on March 30 at $41.30
Change since picked: + 0.33
Earnings Date 05/15/08 (unconfirmed)
Average Daily Volume: 596 thousand
 

Closed Long Plays

JA Solar - JASO - close: 19.65 change: -0.55 stop: 17.75

We are making a strategy adjustment here with JASO. Originally we set two targets. One target at $19.95 and a second target in the $22.25-22.50 zone. JASO has exceeded our first target but after today's action we are suggesting readers exit immediately. The intermediate trend in JASO and most of the solar stocks continues to look bullish. However, the move today looks like a short-term top. JASO hit an intraday high of $21.12 and gave back all its gains and more. The stock might find support at $18.00 or it could dip lower. We would rather exit now and look for a new bullish entry point down the road.

Picked on March 25 at $17.13 /1st target exceeded 19.95
Change since picked: + 2.52
Earnings Date 05/15/08 (unconfirmed)
Average Daily Volume: 8.1 million
 

Closed Short Plays

None
 

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