Long Play Updates
Credicorp - BAP - close: 82.01 change: +1.65 stop: 78.45
BAP continues to rally and shares closed at another new all-time high. We don't see any changes from our previous comments. 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: 49.64 chg: +1.06 stop: 46.75
The RLX retail index was one of the market's best performers today with a 2.9% gain in the RLX. BKE tried to keep up and added 2.1% but failed to close over $50.00, which is showing itself to be tougher resistance than initially thought. Today's rebound from the $48.00 zone is encouraging so we'll keep BKE on the play list. More conservative traders might want to tighten their stops. 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: 25.99 change: +1.04 stop: 24.24
Looks like investors were not turned off by the recent secondary offering in C. The stock rebounded 4.1% and erased most of yesterday's losses. We remain bullish here especially if C keeps shrugging off potentially negative news. 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: 22.23 change: +1.09 stop: 19.45
We may have to give up on CTRN. The stock has been too strong. We are trying to buy a dip but CTRN isn't cooperating. Our suggested entry point to buy the stock is the $20.25-19.75 zone. 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
Lamar Advertising - LAMR - cls: 41.55 chg: +2.01 stop: 37.47
LAMR continues to rally. The stock rose almost 5% on Thursday and broke through technical resistance at its 100-dma. Shares hit an intraday high of $41.98. Our second, more aggressive target is the $42.50-45.00 zone. However, we would strongly consider profit taking right here. We're not suggesting new positions at this time. LAMR has already exceeded our target near $40. 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: 26.27 change: +1.08 stop: 24.85*new*
LOW just soared today. The stock shot from $25.00 to $27.18 before paring its gains. Volume was pretty strong on the 4.3% gain, which is bullish. We're upping our stop loss to $24.85. 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.
Picked on April 27 at $26.02
PowerShares India - PIN - close: 27.08 chg: +0.40 stop: 25.74
The PIN turned in a strong day. Traders bought the dip at its rising 10-dma and shares closed up almost 1.5% to a new closing higher. We remain bullish. Intraday charts are suggesting that PIN will find short-term support near $26.50 for the next few days. 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: +0.88 stop: 21.45
The homebuilders rallied sharply and the XBH erased yesterday's 88-cent drop with a perfect rebound today. This looks like another entry point to buy the XHB. 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
Gerdau S.A. - GGB - close: 39.68 chg: +0.95 stop: 36.49
Target exceeded and in the nick of time. GGB spiked to $40.20 this morning before pulling back to close with a 2.4% gain. Our target was the $39.75-40.00 range. We were suggesting that readers exit today anyway to avoid holding over earnings. We don't have a confirmed earnings date yet but some sources suggest that GGB could report tomorrow or Monday.
Picked on April 10 at $36.84 /target achieved 39.75
iShares Telecom - IYZ - close: 26.25 chg: +0.97 stop: 23.49
Target exceeded. The IYZ turned in a very strong 3.8% gain and on above average volume. The intraday high was $26.25 and our recently adjusted target was the $25.50-26.00 zone. The telecom ETF has broken through resistance near $26.00 and its 100-dma. Both of these are bullish events. However, we're suggesting an exit right now instead of holding on for our second target in the $27.85-28.00 range. The IYZ looks short-term overbought and overdue for a pull back. We'd rather jump out right now and consider new bullish positions on a dip back to $25.00 or $24.50. Obviously it's entirely possible that the IYZ just continues to run and you may just want to use a trailing stop instead. If you like the trailing stop idea consider a stop about 4% to 5% under its last close.
Picked on March 25 at $23.50 */target exceeded
Closed Short Plays