Long Play Updates
Chevron - CVX - close: 93.18 chg: +1.19 stop: 89.45
Crude oil continues to rise and CVX is trying to keep up. Shares of CVX rose almost 1.3% on Friday and posted their fifth gain in a row. We suspect that oil will continue to rise on Monday and Tuesday and then sell-off as futures expire. If CVX doesn't hit our target at $94.75 by Tuesday we'll want to consider exiting CVX by Tuesday's close to avoid any potential sell-off in oil. We do not want to hold over the May 2nd earnings report.
Picked on April 15 at $90.17
DuPont - DD - close: 52.02 chg: +0.81 stop: 49.95 *new*
Monday is our last day for DD. The company releases earnings on Tuesday morning and we don't want to hold over the report even if we think the results might be positive. Shares hit an intraday high of $52.27 on Friday and if there is any follow through on Monday the stock could hit our target at $52.50. We are raising our stop loss to $49.95. We will end this play at Monday's closing bell.
Picked on April 02 at $48.84
Gerdau S.A. - GGB - close: 37.26 chg: -0.30 stop: 34.64
Last week was bullish for both U.S. stocks and Brazilian stocks. Yet shares of GGB pulled back on Friday. We did not see any specific news that might account for GGB's relative weakness. The general trend is still bullish. However, we're not suggesting new positions at this time. GGB might need to fill the gap from April 16th before moving higher. 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: 23.98 chg: +0.41 stop: 22.99
Friday was a decent session for the IYZ. This telecom ETF gapped open higher and eventually closed above its simple 50-dma. Volume was pretty low so we are not putting a lot of confidence in the move. 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: 19.02 change: +0.44 stop: 17.95 *new*
Shares of GOOG lead the advance for tech stocks on Friday. The SOX semiconductor index ended the session with a 2.4% gain and NVDA kept pace with a 2.37% advance. We are adjusting our stop loss to $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: 18.28 chg: +0.62 stop: 17.32*new*
Friday's rally in SBUX was impressive. The stock posted a 3.5% gain and broke through technical resistance at its 50-dma. Shares could hit our target in the $18.45-18.50 range on Monday. We are raising our stop loss to breakeven at $17.32. We do not want to hold over the late April earnings.
Picked on April 15 at $17.32
Teleflex Inc. - TFX - close: 52.89 chg: +1.26 stop: 49.85
TFX rallied with the market on Friday and ended with a 2.4% gain. The stock is nearing potential resistance at the 50-dma and we would expect a dip (profit taking) soon. 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
Short Play Updates
Longs Drug Stores - LDG - cls: 39.34 chg: -0.82 stop: 40.16
Short covering in LDG managed to out pace the gains in the S&P 500 on Friday. Yet the stock remains under round-number, psychological resistance at the $40.00 level. We think the U.S. markets are short-term overbought and due for a dip but we're not suggesting new shorts in LDG 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
Closed Long Plays
Terra Ind. - TRA - close: 48.11 chg: +2.50 stop: 39.74
The chemical-fertilizer-agriculture names continue to soar on Friday. We have been waiting on a decent correction to jump in but the market and this industry has been too strong. TRA looks poised to rally toward $50 and its highs but we don't want to chase it. We'll definitely keep it on our watch list for a potential play down the road. Our suggested entry point was $42.50.
Picked on April xx at $xx.xx *never opened
Closed Short Plays
Dell Inc. - DELL - close: 19.47 chg: +0.42 stop: 19.55
The better than expected Google earnings (GOOG) set a fire under tech stocks on Friday. Shares of DELL were not immune. DELL gapped opened higher at $19.47 and hit $19.70 before paring its gains. Our suggested stop loss was at $19.55. The play is now closed.
Picked on April 10 at $18.77 /stopped out 19.55
Freddie Mac - FRE - close: 27.06 chg: +0.25 stop: 27.55
Positive investor reaction to the Citigroup earnings and another short squeeze for the financials launched FRE to an intraday high of $28.35. Shares actually gapped open at $27.56. Our stop was at $27.55. The P&F chart is still bearish in spite of the bounce and FRE still has resistance at its 100-dma.
Picked on April 09 at $24.90 *triggered /stopped 27.55
Financial Sector SPDR - XLF - close: 26.47 chg: +0.57 stop: 26.51
The strength in financial stocks on Friday morning sent the XLF gapping higher. This ETF opened at $26.73 before paring its gains. Our suggested stop loss was at $26.51 so we would have been stopped at the open. The general trend is still bearish but we're not suggesting new positions.
Picked on April 13 at $25.13 /stopped 26.73 gap higher exit