Long Play Updates
Chevron - CVX - close: 91.99 chg: +0.06 stop: 89.45 *new*
Oil stocks were able to shrug off a minor pull back in crude oil and climb higher. Overall it was a quiet day on Wall Street in spite of all the news events. CVX posted a fractional gain. The trend remains bullish. We are raising our stop loss to $89.45. Our target is the $94.75-95.00 range. We do not want to hold over the May 2nd earnings report.
Picked on April 15 at $90.17
DuPont - DD - close: 51.21 chg: +0.11 stop: 48.45
DD tagged another new multi-month high before paring its gains. Our target is the $52.50-54.00 zone. We don't want to hold over the late April earnings report. FYI: The Point & Figure chart has a bullish triple-top breakout buy signal and a $63 target.
Picked on April 02 at $48.84
Gerdau S.A. - GGB - close: 37.56 chg: -0.21 stop: 34.64
The rally in GGB paused today as the major indices moved sideways. We have two targets. Our first target is the $39.75-40.00 zone. Our second, more aggressive target is the $42.00 mark. The P&F chart is bullish with a $57 target. We do not want to hold over the early May earnings report (unconfirmed).
Picked on April 10 at $36.84
iShares Telecom - IYZ - close: 23.57 chg: -0.17 stop: 22.99
The IYZ struggled to breakout past its simple 50-dma today. That's another caution sign for the bulls. We would hesitate to open new positions. 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
NVIDIA - NVDA - close: 18.58 change: -0.26 stop: 17.59
Before the bell NVDA was hit with some negative analyst comments. This led the stock to gap open lower at $17.97. Traders quickly bought the dip and the stock recouped most of its losses. If has definitely been a volatile time over the last few days. GOOG's earnings news tonight could bode well for tech stocks on Friday. More conservative traders may want to tighten their stop loss toward today's low at $17.95. Our short-term target is potential resistance in the $19.90-20.00 zone. We do not want to hold over the early May earnings report.
Picked on April 15 at $18.81 *gap open/bad entry
Starbucks - SBUX - close: 17.66 chg: -0.02 stop: 16.84
The sideways trading in the major indices left SBUX to meander aimlessly. Shares closed almost unchanged. We don't see any changes from our previous comments. Our target is the $18.45-18.50 range. More aggressive traders may want to aim for $18.75-19.00. We do not want to hold over the late April earnings.
Picked on April 15 at $17.32
Teleflex Inc. - TFX - close: 51.63 chg: -0.48 stop: 49.85 *new*
Traders bought the dip in TFX near $51.00 this morning and the bounce looks like another bullish entry point to buy the stock. We are adjusting our stop loss to $49.85. Our short-term target is the $54.75-55.00 range, which should intersect with the stock's longer-term trendline of lower highs. The long-term trend is still bearish. We're just trying to play the oversold bounce. We do not want to hold over the late April earnings report.
Picked on April 16 at $51.05 *triggered
Terra Ind. - TRA - close: 45.61 chg: -0.59 stop: 39.74
The fertilizer-agriculture names were seeing some profit taking this morning. TRA dipped to $44.44 before bouncing. We still don't want to chase it here and would rather wait for a dip near $42.00. We are suggesting readers buy a dip in the $42.50-42.00 zone. If triggered our target is the $49.00-50.00 range. FYI: The latest data puts short interest at more than 20% of the 88.8 million-share float. We do not want to hold over the late April earnings report and that does not give us much time! This industry has seen a lot of volatility so watch your stops carefully!
Picked on April xx at $xx.xx <-- see TRIGGER
Short Play Updates
Dell Inc. - DELL - close: 19.05 chg: +0.33 stop: 19.55
DELL managed to post another gain on Thursday. That marks three days in a row the stock has bounced. The close over $18.80 and the $19.00 mark is actually bullish. Both levels were prior support so they should have been new resistance. This is not good news for the bears and conservative traders may just want to abandon ship right here and cut your losses. GOOG's earnings win tonight could really fuel another big day for tech stocks tomorrow and DELL might hit our stop at $19.55. We are not suggesting new shorts until we see DELL under $18.80 again. The P&F chart already points to a $7.00 target and the move under $18.50 has produced a new triple-bottom breakdown sell signal on the P&F chart. We're going to be aggressive and list two targets. Our first target is the $16.00 mark. Our second target is the $13.50 mark
Picked on April 10 at $18.77
Freddie Mac - FRE - close: 26.81 chg: +1.01 stop: 27.55
Investors are still buying financials in spite of all the earnings losses. Shares of FRE posted a 3.9% gain and broke through short-term resistance near $26.00. This does not bode well for the bears. Even though there is still overhead resistance at the 100-dma more conservative traders will want to strongly consider an early exit right now to cut your losses. We are not suggesting new positions at this time. Our first target is the $20.50-20.00 zone.
Picked on April 09 at $24.90 *triggered
Longs Drug Stores - LDG - cls: 38.52 chg: -0.46 stop: 40.16
LDG's rebound failed to make it past the descending 10-dma. Volume was pretty low for today's session. We are not suggesting new positions at this time. LDG has already hit our target at $38.25. 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 /1st target hit 38.25
Financial Sector SPDR - XLF - close: 25.90 chg: +0.44 stop: 26.51
There are plenty of market pundits and analysts who claim the financial sector still has a lot of weakness ahead of it and another wave of huge write downs but right now investors are buying the dip. This is bad news for short-term bears like us. The trend in the XLF is still bearish but today's strength looks like a warning for the shorts. We'd probably wait for a very clear failed rally before considering new positions and readers might want to tighten their stop toward $26.26 or today's high $26.05. We're setting two targets. Our first target is the $22.50 mark. Our second target is the $21.00 mark.
Picked on April 13 at $25.13
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