Long Play Updates
Citigroup - C - close: 25.03 change: -0.08 stop: 22.89
Our new bullish play on C is now open. We were suggesting readers buy a dip in the $24.50-24.00 zone. The stock gapped lower at $24.82 and dipped to $24.23 before bouncing back. Our eight-week target is the $27.50-28.00 zone.
Picked on April 21 at $24.50 *triggered
Chevron - CVX - close: 92.70 chg: -0.48 stop: 89.45
We are going to alter our strategy on CVX. Crude oil futures are likely to see some serious profit taking after futures expire on Tuesday. The major oil stocks will probably follow the commodity lower. We'd rather exit early and consider jumping back in when we think the dip has run its course. Therefore we are planning to close this play tomorrow, Tuesday, at the closing bell. Our new stop for tomorrow is $90.25. Our target remains $94.75.
Picked on April 15 at $90.17
FreeSeas Inc. - FREE - close: 7.14 chg: +0.22 stop: 6.24
The dry-bulk carriers were strong performers in Monday's market. Shares of FREE soared to $7.48 before settling with a 3% gain. We're still on the sidelines waiting for a dip. We're suggesting readers buy the stock on a pull back into the $6.70-6.65 zone. We're listing our stop loss at $6.24 just under the recent lows. Our target is the $7.50-8.00 range. FYI: More conservative traders might try a stop near $6.40-6.50 instead. The inverse head-and-shoulders pattern is forecasting an $8.25 target.
Picked on April xx at $xx.xx <-- see TRIGGER
Gerdau S.A. - GGB - close: 38.22 chg: +0.96 stop: 34.64
GGB displayed relative strength with a 2.5% gain and a new all-time high. We don't see any changes from our previous comments. 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: 23.99 chg: +0.01 stop: 22.99
The IYZ spent Monday consolidating sideways. 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
Quanex - NX - close: 54.62 chg: -0.39 stop: 51.99
NX pulled back as we expected but shares did not pull back enough. We're suggesting readers buy NX on a pull back into the $54.00-53.50 zone. Our target is the $58.00-60.00 range. We do not want to hold over the late May earnings report. The P&F chart is bullish with a triple-top breakout buy signal and a $68 target. NX has above average short interest at 8.9% of the 37 million-share float. This stock could see more short covering to help out the bulls.
Picked on April xx at $xx.xx <-- see TRIGGER
Starbucks - SBUX - close: 18.05 chg: -0.23 stop: 17.32
SBUX encountered some profit taking today. We don't see any changes from our previous comments. Our target is the $18.45-18.50 zone. We do not want to hold over the late April earnings.
Picked on April 15 at $17.32
Teleflex Inc. - TFX - close: 52.38 chg: -0.51 stop: 49.85
TFX pull back about 1% following last week's gains. We remain bullish but we're not suggesting new positions at this time. 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: 38.80 chg: -0.54 stop: 40.16
We do not see any changes from our prior comments on LDG. 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
DuPont - DD - close: 52.25 chg: +0.23 stop: 49.95
DD almost hit our target today. Shares traded to $52.49 before paring their gains. Our target was $52.50. The company reports earnings tomorrow morning and we planned to exit ahead of the report.
Picked on April 02 at $48.84 /earl exit $52.25.
NVIDIA - NVDA - close: 19.87 change: +0.85 stop: 17.95
Target achieved. NVDA out performed the broader market on Monday with a 4.4% rally. The stock hit an intraday high of $20.00. Our target was the $19.90-20.00 zone. We would have a bigger potential gain were it not for the bad entry on the April 16th gap higher. If you bought the dip on April 17th you looking pretty good.
Picked on April 15 at $18.81 *gap open/bad entry/target hit
Closed Short Plays