Long Play Updates
Citigroup - C - close: 25.12 change: +0.09 stop: 22.89
Citigroup continues to inch higher. The CEO said they have no plans to change their dividend policy at this time. The stock continues to look poised for more gains. Our target is the $27.50-28.00 zone.
Picked on April 21 at $24.50 *triggered
FreeSeas Inc. - FREE - close: 7.30 chg: +0.16 stop: 6.45
FREE continues to out perform to the upside. Unfortunately, we're still on the sidelines waiting to buy a dip. We are adjusting our suggested entry point to buy FREE to $6.85-6.70. We're also raising the stop loss to $6.45. Our target is the $7.50-8.00 range. 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: 38.44 chg: +0.22 stop: 35.19 *new*
GGB hit new highs today. The stock traded to $38.97 and traders were buying the afternoon dip near $38.00. We are moving our stop loss to $35.19. 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: 23.87 chg: -0.12 stop: 22.99
We don't see any changes from our previous comments although we're thinking about moving the stop loss to $23.35 just to reduce our risk. 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
Starbucks - SBUX - close: 17.70 chg: -0.35 stop: 17.32
Shares of SBUX encountered some profit taking but traders bought the dip at $17.43. The stock pared its losses to close down 1.7%. If traders wanted to buy this dip you could but use a tight stop loss under today's low. 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: 51.57 chg: -0.81 stop: 49.85
We are not suggesting new bullish positions in TFX 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: 38.29 chg: -0.51 stop: 40.05*new*
LDG continues to sink. The path of least resistance is definitely lower. We are cinching the stop loss down to $40.05. 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
Chevron - CVX - close: 94.03 chg: +1.33 stop: 89.45
Almost made it! Crude oil surged toward $120 a barrel and CVX rallied to $94.50 intraday. Our target was the $94.75 mark so CVX didn't quite make it. It was our plan to exit today at the close to avoid any sell-off in oil that might occur following futures expiration.
Picked on April 15 at $90.17
Quanex - NX - close: 55.27 chg: +0.65 stop: 51.99
We are dropping NX as a bullish candidate. The company's shareholders just approved the $1.6 billion merger with GGB. We already have GGB as a bullish candidate. Our strategy was to buy a dip in NX but it has not yet occurred.
Picked on April xx at $xx.xx *never opened
Closed Short Plays