Long Play Updates
Credicorp - BAP - close: 83.24 change: +1.23 stop: 79.75 *new*
Shares of Peruvian bank BAP continue to rally and closed at new highs on Friday. Volume has been a little light the last few days but we're not going to complain. If you are looking for a new entry point wait for a dip in the $81.00-80.70 zone. However, we are almost out of time so we're not suggesting new positions. Our new stop loss is $79.75. BAP is due to report earnings on May 7th after the market's close. If BAP doesn't hit our target before then we'll exit on Wednesday at the closing bell to avoid holding over the announcement. Our target is the $84.75-85.00 range.
Picked on April 28 at $80.51 *triggered
Blue Coat Sys. - BCSI - close: 25.31 chg: +1.66 stop: 21.75
BCSI continues to soar unfortunately without providing us an entry point. The stock rallied another 7% on top of Thursday's big breakout. We were suggesting readers buy a dip in the $22.50-22.25 range. We do think BCSI will pull back so we're going to stick to our plan for now. However, we're adjusting our stop loss to $21.75 to reduce our exposure. If triggered at $22.50 our first target is the $24.95-25.00 range. Our second target will be the $27.00-27.50 zone but BCSI will have to deal with potential resistance at its 200-ema and 100-dma. FYI: The most recent data lists short interest at 13% of the 36.6 million-share float but a lot of the shorts may have covered, which is causing a lot of the current rally.
Picked on May xx at $xx.xx <-- see TRIGGER
Buckle - BKE - close: 48.73 chg: -0.91 stop: 47.74 *new*
Retail stocks under performed the market on Friday and BKE really under performed with a 1.8% decline. We did not see any specific news to account for the weakness. Shares rallied toward their Wednesday highs and reversed, which is short-term bearish! We're starting to see a few bearish divergences between share price and BKE's technical indicators. We're turning more cautious on BKE and raising the stop loss to $47.74. Wait for a bounce near $48.00 or a new relative high before considering new positions. 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: 26.39 change: +0.40 stop: 24.50 *new*
Citigroup displayed relative strength on Friday with a 1.5% gain. The stock out performed many of its peers in the banking sectors. The general trend is still positive here. If you are looking for a new entry point a dip near $25.50 might work. We are adjusting our stop loss to $24.50. More conservative traders might want to move their stop closer to $25.00. 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. The Point & Figure chart is bullish with a $36.00 target. FYI: Over the weekend J.P.Morgan's CEO was quoted as saying the U.S. banking crisis is far from over.
Picked on April 21 at $24.50 *triggered
Citi Trends - CTRN - close: 21.80 change: -0.43 stop: 19.45
It looks like CTRN might be pausing to catch its breath here. We were about to give up on the stock. However, we'll wait a couple of more days to see if the stock will cooperate. Right now we just have to have some patience. Please note that we're adjusting our suggested entry range (again) to $20.05-19.50 and adjusting our stop loss down to $18.99. 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: 40.79 chg: -0.76 stop: 38.49*new*
We only have two days left before LAMR reports earnings. At this time we're planning to exit on Tuesday at the closing bell unless shares hit our second target. We're still suggesting that readers do some profit taking now. Shares look overbought with a three-week rally. The breakout over $40.00 and its 100-dma is very bullish but we would expect a dip back toward the 10-dma eventually. We're adjusting our stop loss to $38.49 and more conservative traders may want to place theirs closer to $39 or $40 instead. LAMR has already exceeded our target near $40. Our second, more aggressive target is the $42.50 mark. 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: 26.13 change: -0.14 stop: 24.99 *new*
LOW, like its rival HD, hit some profit taking after the Friday morning spike higher. The overall trend is sill very bullish in LOW following its bullish break above the 200-dma. This pull back to $26.00 is another entry point but more patient traders might want to wait a day or two just to see if we get another entry point near $25.50 again. We're cinching up our stop loss to $24.99. 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: 27.15 chg: +0.07 stop: 25.95 *new*
It's not a fast mover but it keeps climbing. The PIN continues to post gains. This ETF is up three weeks in a row. We are raising our stop loss to $25.95. Looking at some of the intraday charts it looks like bulls will try and buy the next dip near $26.90-26.85. Our target is the $27.85-28.00 zone.
Picked on April 24 at $26.39
S&P SPDR Homebuilders - XHB - cls: 22.71 chg: -0.29 stop: 21.69*new*
There are still a lot of nay-sayers for the homebuilding sector. They have a right to be bearish. Most of these companies continue to state that there is no end in sight yet for the current housing slump. Yet the charts are painting a different picture. The group definitely appears to have built a bottom and reversed. A lot of the stocks in the housing sector are heavily shorted and at risk for a short squeeze. Of course this could just be a huge bear market rally or a big Fibonacci retracement of the down trend before it continues. At this time we would still buy dips in the $22.25-22.00 zone. However, we are raising our stop loss to $21.69, just under the rising 50-dma, which should be technical support. 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
Closed Short Plays