Long Play Updates
Credicorp - BAP - close: 79.65 change: -0.55 stop: 78.45
Hmm... BAP continues to struggle with resistance near $80.00. The stock traded higher this morning, to $81.11, but gave it all back and closed under $80.00 again. The 10-dma is holding up as short-term support but we don't think it will last much longer. We would not consider new bullish positions as long as BAP is under $80.00. We do not have a lot of time. BAP is due to report earnings on May 7th and we do not want to hold over the report. Our short-term target is the $84.75-85.00 range. We do think that down the road BAP will trade much higher and we'll probably revisit it after we see the earnings reaction. The Point & Figure chart points to a $95 target.
Picked on April 28 at $80.51 *triggered
Buckle - BKE - close: 49.02 chg: -0.04 stop: 46.75
BKE continues to churn sideways with a subtle trend of higher lows suggesting the next real move will be up. 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: 26.32 change: -0.49 stop: 23.90
The banking stocks were flat to down on Tuesday ahead of the Fed's next interest rate decision tomorrow. C under performed its peers with a 1.8% decline. That decline picked up speed later this evening when the company announced it was raising another $3 billion in capital with a secondary public offering. This news had shares of C trading lower around $25.60 in after hours markets. I would probably look for a dip near $25.00 (or better a bounce near $25) as a potential entry point for new positions. We have two targets. Our first target is the $27.50-28.00 zone. Our second, more aggressive target is the $29.70-30.00 range.
Picked on April 21 at $24.50 *triggered
Citi Trends - CTRN - close: 22.05 change: +0.86 stop: 19.45
CTRN is starting to run away from us. The stock rallied another 4% today albeit on below average volume. We've been waiting for a dip near $20.00 actually the $20.10-19.50 zone as our suggested entry point. We're not going to chase it at this time but we will raise our entry point to $20.25-19.75 and raise our stop loss to $19.45. If triggered we will have two targets. Our first target is the $22.40-22.50 range. Our second target is the $24.00-25.00 range. We do not want to hold over the late May earnings report (still unconfirmed date). The P&F chart is bullish with a $29.00 target.
Picked on April xx at $xx.xx <-- see TRIGGER
Gerdau S.A. - GGB - close: 36.53 chg: -1.26 stop: 35.45
It was a double-whammy for GGB today. Not only did the strong U.S. dollar weigh on the Brazilian currency, which sparked a big sell-off in the Brazilian stock market, but the dollar also initiated profit taking in almost anything commodity related including steel stocks. We are not suggesting new positions at this time. We would strongly consider an early exit right here to cut our losses or maybe raising the stop loss closer to $36.00. However, we are going to wait one more day to see if GGB can bounce from the $36.00-35.70 zone. 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: 25.28 chg: +0.25 stop: 23.49
The IYZ is still inching higher. This telecom ETF added another 1% today. Our initial target has been the $25.85-26.00 zone. We're not suggesting new positions at this time. Our second target is the $27.85-28.00 zone. This is not a very fast moving equity and it could take weeks to hit our second target.
Picked on March 25 at $23.50 *triggered
Lamar Advertising - LAMR - cls: 39.58 chg: +0.08 stop: 36.74 *new*
LAMR is still hovering near resistance at the $40.00 level. We are expecting a minor dip in the 38.50-38.00 region before shares continue higher. The stock has already hit our early target in the $39.90-40.00 zone. 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 *1st target hit
Lowe's Cos. - LOW - close: 25.52 change: -0.12 stop: 24.24
Today looks like another bullish entry point in LOW. The stock dipped to what should be support at $25.00 and rebounded. We've been suggesting a dip in the $25.50-25.00 zone as a preferred entry point to open bullish positions. Our four-week target is the $27.90-28.00 range. We do not want to hold over the late May earnings report. The P&F chart is bullish with a $39 target but LOW is facing immediate resistance on its Point & Figure chart.
Picked on April 27 at $26.02
PowerShares India - PIN - close: 26.63 chg: +0.22 stop: 25.74
The PIN posted another gain and another new high but closed off its best levels of the session. If you're looking for a new entry point then wait for a dip near the 10-dma or the $26.00 level. 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
S&P SPDR Homebuilders - XHB - cls: 23.00 chg: -0.17 stop: 21.45
The homebuilders held up reasonably well in the face of some negative industry data (again). The S&P/Case-Shiller home price index, which surveys 20 cities, marked its worst one-month decline since the start of the index in 2001. The index showed a 12% decline in home prices with the hottest markets during the boom, like Las Vegas, Phoenix, and Miami, showing the biggest declines around -20%. We remain bullish here but a dip back to $22.00 would not be a surprise. We have 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
CPFL Energia - CPL - close: 68.23 change: -2.48 stop: 69.24
CPL continues to under perform. The stock lost another 3.5% today and closed under short-term support in the $69.50-69.00 zone. We have been waiting for a breakout over resistance at $72.00 but that hasn't happened yet (although there was a bad tick on Monday morning suggesting it had traded higher). We are dropping CPL from the play list unopened. We would keep an eye on the $65.00 level for potential support.
Picked on April xx at $xx.xx / never opened
Closed Short Plays