Long Play Updates
Citi Trends - CTRN - close: 20.27 change: +0.21 stop: 18.99
Shares of apparel retailer CTRN out performed the broader market and its peers with a 1% gain on Friday. The stock is rebounding as we expected. While we are suggesting new bullish positions here some of our readers might feel more comfortable waiting for CTRN to trade over $20.50 before initiating new positions. More conservative traders might also want to raise their stop loss toward Friday's low, which was $19.33. We 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. The P&F chart is bullish with a $29.00 target.
Picked on May 08 at $20.05 *triggered
Excel Maritime - EXM - cls: 45.15 chg: -0.09 stop: 41.95
After Thursday's big rebound EXM just rested on Friday. The stock was quiet through most of Friday's session and then rallied in the last hour. The trend still suggests that EXM is coiling for a breakout over resistance near $46.00. Our target is the $49.00-50.00 range but more aggressive traders may want to aim higher. We do not want to hold over the May 19th earnings report, which appears to be a confirmed announcement date.
Picked on May 04 at $43.12
Agribusiness ETF - MOO - close: 61.75 chg: -0.04 stop: 59.49
MOO is a new play from our Thursday night newsletter on the agriculture and fertilizer sector. We don't see any changes from our prior comments. The trend is bullish and investors are buying the dips. While we are suggesting positions now readers could choose to try and buy a dip near $60.00 or wait for a breakout over $62.15. We have two targets. Our first target is the $65.50 level near its old highs. Our second target is the $68.00-70.00 range.
Picked on May 08 at $61.79
Terra Ind. - TRA - close: 44.01 change: +0.69 stop: 39.99 *new*
Target achieved. TRA has risen about 10% from our picked price and about 22% from its May lows. We recently added a target at $44.00 and TRA hit $44.01 on Friday. While we're still bullish on TRA we suggest readers take some money off the table. Our new stop loss is $39.99. Our secondary, more aggressive target is the $47.00-48.00 range. If you are looking for a new entry point then wait for a dip near $42.00-41.50.
Picked on May 04 at $40.03 /1st target hit 44.00
Short Play Updates
Closed Long Plays
Kohl's - KSS - close: 47.74 change: +0.12 stop: 48.49
We are running out of time to play KSS. The company is due to report earnings on May 15th after the closing bell. That only gives us four days for KSS to hit our trigger at $51.05 and hit our target at $54.90. Odds are not very good for that to occur. Instead KSS will likely churn sideways as investors wait for the upcoming report.
Picked on May xx at $xx.xx *never opened
Contango Oil - MCF - close: 79.20 change: -0.91 stop: 77.99
After digging deeper on Thursday I came to the conclusion that MCF could be about to report earnings in the next few days. While we still don't have a confirmed earnings report date it's not worth the risk of holding over the announcement so we suggested readers exit on Friday. The general trend for MCF is still bullish and we'd be tempted to go long again above $81 or $82 or on a dip near its 50-dma. However, we will wait until after its earnings report has been digested by the market.
Picked on May 06 at $81.70
Closed Short Plays