Long Play Updates
Celanese Corp. - CE - close: 48.13 change: +1.78 stop: 44.45
Before the opening bell an analyst firm raised their price target on CE from $48 to $55. This poured gas on a hot new 52-week high and shares added 3.8%. We don't see any changes from our weekend comments. The Point & Figure chart is bullish with a $65.00 target. Our initial target is the $49.90-50.00 range. CE moves kind of slowly but we're tempted to add a second target above $50.
Picked on May 11 at $46.35
Citi Trends - CTRN - close: 20.02 change: -0.25 stop: 18.99
Uh-oh! Traders need to turn cautious on CTRN. The retailers were out performers today. The RLX retail index added 2.7% but most of that was due to monster gains in shares of ANN. CTRN under performed the market and failed to see any follow through on Friday's intraday bounce. More conservative traders may want to raise their stop toward Friday's low (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
IAC/Interactive Corp. - IACI - cls: 22.38 chg: +0.84 stop: 20.79
Right on cue shares of IACI broke out higher through resistance and past the $22.00 level. Our suggested entry point to buy IACI was at $21.90 so the play is now open. Don't fret if you missed it. The stock is nearing potential resistance at its 100-dma and might pull back to retest the $21.70 region as support. Use the dip as a new entry point. Our target is the $24.50-25.00 range or the 200-dma, whichever is hit first. Please see our weekend comments regarding the IACI proposed split up and Liberty Media's lawsuit.
Picked on May 12 at $21.90 *triggered
Agribusiness ETF - MOO - close: 61.82 chg: +0.07 stop: 59.49
We don't see any changes from our prior comments on MOO. We'd still buy dips in the $61.00-60.00 zone. 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
SanDisk - SNDK - close: 29.27 change: +0.09 stop: 27.69
Tech stocks were out performers today but SNDK was ignored. Shares meandered sideways and slowly turned green later this afternoon. The general trend remains unchanged and we don't see any changes from our weekend comments. We'd still buy the stock at current levels. More conservative traders could use a stop closer to $28.00 or $28.25ish. Our target is the $34.00-35.00 range. The Point & Figure chart has a bullish triple-top breakout buy signal and points to a $51 target.
Picked on May 11 at $29.18
SolarFun Power - SOLF - close: 14.94 change: +0.09 stop: 13.79
Our new, aggressive play in SOLF is not off to a big start but we're not complaining. The stock is flirting with a breakout over its 200-dma. We are still suggesting bullish positions in the $14.00-15.00 zone but more conservative traders may want to wait for a rally over today's high (15.34) before initiating positions. We have two targets. Our first target is $17.00. Our second target is $19.00. This can be a volatile stock and we consider a high-risk play. Earnings are due on May 21st and we plan to exit ahead of the report. FYI: The P&F chart is bullish with a $24 target.
Picked on May 11 at $14.85
Terra Ind. - TRA - close: 44.04 change: +0.03 stop: 39.99
We don't see any changes from our weekend comments. TRA hit our target at $44.00 on Friday. Shares are arguably a little overbought and due for a pull back. A dip near $42 might be a new entry point. While we're still bullish on TRA we suggest readers take some money off the table. Our secondary, more aggressive target is the $47.00-48.00 range.
Picked on May 04 at $40.03 /1st target hit 44.00
Short Play Updates
Closed Long Plays
Excel Maritime - EXM - cls: 50.52 chg: +5.37 stop: 41.95
Target exceeded! The shipping stocks were higher today thanks to some positive analyst comments that demand would likely outstrip supply heading into the first quarter of 2009. EXM exploded higher with an 11.8% gain and an intraday high of $50.59. Our target was the $49.00-50.00 range. We would definitely keep an eye on this sector.
Picked on May 04 at $43.12 */target exceeded 49.00
Closed Short Plays