Long Play Updates
Buckle - BKE - close: 49.14 chg: +0.13 stop: 46.75
Retail stocks continued to perform well on Friday. BKE actually under performed its peers in the retail sector but shares still look bullish. Traders bought the dip near $48.00 and the afternoon bounce looks like another entry point. 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: 26.60 change: +0.84 stop: 23.90 *new*
Financial stocks were market leaders last week and Citigroup was near the front of the pack. Shares rallied more than 3.6% on Friday and broke through technical resistance at the 100-dma. We are raising our stop loss to $23.90. We're also adding a second target in the $29.70-30.00 zone. Our first target is the $27.50-28.00 zone. Look for an entry on the next dip.
Picked on April 21 at $24.50 *triggered
Gerdau S.A. - GGB - close: 37.13 chg: -0.58 stop: 35.45
Uh-oh! Traders need to turn defensive with GGB. The stock is down two days in a row. Shares under performed both the U.S. markets and the Brazilian markets on Friday. We're concerned that the stock could be vulnerable to more profit taking. Friday's decline is a breakdown under the 10-dma and GGB did so on strong volume. Plus, the MACD on the daily chart just produced a new sell signal. More conservative traders may want to raise their stop loss toward $36.50ish. We're not suggesting new plays at this time. 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: 24.89 chg: +0.16 stop: 23.49
The IYZ is still creeping higher. Just about everything is looking bullish here. If you're want a new entry point watch for a dip near $24.00. 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: 38.01 chg: -0.45 stop: 35.74
We don't see any changes from our previous comments on LAMR. If you don't want to open positions here then wait for a dip near $37.50 or $37.00. 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. FYI: The Point & Figure chart is bullish with a $48 target.
Picked on April 23 at $37.47
PowerShares India - PIN - close: 26.71 chg: +0.32 stop: 25.74
The Indian economy is booming and the India ETF (PIN) continues to set new highs. We don't see any changes from our prior comments. If you don't want to buy the PIN here then look for a dip near $26.25 or $26.00. We're trying to keep our stop loss tight at $25.74, under the recent dip. Our target is the $27.85-28.00 zone.
Picked on April 24 at $26.39
Teleflex Inc. - TFX - close: 52.11 chg: +0.17 stop: 50.90*new*
We are almost out of time for our TFX play. The company reports earnings on Tuesday morning so we plan to exit on Monday at the closing bell to avoid holding over the announcement. Since this play is almost over we're adjusting the stop loss to $50.90. We find it interesting that the intraday low on Friday says $50.67. Yet a quick look at an intraday chart will show you that TFX hasn't traded under $51.00 since April 16th. Our target remains the $54.75 mark.
Picked on April 16 at $51.05 *triggered
S&P SPDR Homebuilders - XHB - cls: 22.91 chg: +0.24 stop: 21.45
The homebuilders held up pretty well this past week in spite of terrible news from the new home sales report. The XHB has bounced from its rising 50-dma and the path of least resistance appears to be up. However, it's possible the group won't move much until we hear the Fed's latest decision on interest rates this coming Wednesday. We would still consider new longs here but a dip near $22.00 would be more attractive. We are setting two targets. Our first target is the $24.40-25.00 range. The $25.00 level will probably be resistance. Our second, much more aggressive target is the $27.00-27.50 range. The Point & Figure chart is very bullish with a $35.00 target.
Picked on April 24 at $22.67
Short Play Updates
Closed Long Plays
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