Long Play Updates
Buckle - BKE - close: 49.01 chg: +0.21 stop: 46.75
BKE posted a 0.4% gain following yesterday's bounce. We don't see any changes from our previous comments. More conservative traders could even cinch that up toward Wednesday's low (47.18). We are suggesting long positions now. If you are feeling cautious then wait for a new high over potential round-number resistance at $50.00. Our target is the $54.50-55.00 zone. The Point & Figure chart is bullish with a $65 target. We do not want to hold over the late May earnings report.
Picked on April 23 at $48.80
Citigroup - C - close: 25.76 change: +1.13 stop: 22.89
Financials were some of the best performers today. C rallied 4.1% and tagged overhead resistance at the 100-dma. We'd expect a dip back toward $25.00 soon. More conservative traders might want to consider a stop loss closer to the $24.00 mark. Our target is the $27.50-28.00 zone.
Picked on April 21 at $24.50 *triggered
Gerdau S.A. - GGB - close: 37.71 chg: -1.09 stop: 35.45 *new*
Almost everything commodity related, including steel stocks, turned lower today. GGB lost 2.8% and closed near its 10-dma. Some of the short-term momentum indicators are suggesting more of a dip tomorrow. We're inching up our stop loss to $35.45. 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: 24.73 chg: +0.31 stop: 23.49 *new*
The IYZ rallied to new two-month highs today. We would use dips near $24.00 as potential entry points. We're adjusting the stop loss just a hair to $23.49. 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
Lamar Advertising - LAMR - cls: 38.46 chg: +0.99 stop: 35.74
LAMR continued to rally following yesterday's breakout. The stock gained 2.69% on improving volume, not quite average volume. More conservative traders could even use a tighter stop near under Wednesday's low (36.27). We are setting two targets. Our first target is the $39.90-40.00 range since the $40.00 mark is probably round-number resistance. Our second, more aggressive target is the $42.50-45.00 zone. We do not want to hold over the May 7th earnings report.
Picked on April 23 at $37.47
Teleflex Inc. - TFX - close: 51.94 chg: +0.32 stop: 49.85
Traders are still buying the dip in TFX. 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
Closed Long Plays
Starbucks - SBUX - close: 15.99 chg: -1.86 stop: 17.32
There wasn't a lot we could do today. As we discussed yesterday SBUX issued an earnings warning last night and immediately plunged in after hours markets. We knew shares would gap open lower today. The question was how low? SBUX opened at $15.90, plunged to $15.39 and then eventually rallied back to the $16.00 level. Our stop at $17.32 didn't do us much good but that tends to happen with an after hours, unexpected earnings surprise. SBUX isn't scheduled to actually report earnings until April 30th.
Picked on April 15 at $17.32 /stopped out/gap down exit
Closed Short Plays
Longs Drug Stores - LDG - cls: 39.47 chg: +0.35 stop: 40.05
The midday rally in stocks was enough to fuel a bounce in LDG to the $40.00 level. There was a brief spike to $40.08, which was enough to stop us out. LDG had already hit our target at $38.25. Our second target was the $35.25-35.00 zone.
Picked on March 30 at $41.30 /1st target hit 38.25