Option Investor
Play Updates

In Play Updates and Reviews

HAVING TROUBLE PRINTING?
Printer friendly version

Long Play Updates

Celanese Corp. - CE - close: 47.92 change: -0.21 stop: 44.45

CE drifted sideways on Tuesday following Monday's strong rally. After the closing bell CE announced that it was increasing prices on some of its solvents effective June 1, 2008. 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
Change since picked: + 1.57
Earnings Date 04/21/08 (confirmed)
Average Daily Volume: 1.3 million

---

Citi Trends - CTRN - close: 21.96 change: +1.94 stop: 19.75 *new*

CTRN rallied sharply today adding 9.39% by the closing bell. The intraday high was $22.10. The sharp rally this morning looks like a short squeeze but we couldn't find any news related to CTRN today. The only thing that might even be remotely related was a positive earnings report from rival TJ Maxx (TJX), but shares of TJX dropped 4.6%. At any rate we're raising our stop loss on CTRN to $19.75. 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
Change since picked: + 1.91
Earnings Date 05/21/08 (confirmed)
Average Daily Volume: 327 thousand

---

IAC/Interactive Corp. - IACI - cls: 23.00 chg: +0.62 stop: 21.49*new*

It was another strong day for IACI. Shares rallied another 2.7% and broke through potential technical resistance at its 100-dma. However, there was even more action after the closing bell. Liberty Media and IACI announced that they had resolved their legal battle and that Liberty would not try to block IACI's plan to split up the company. Shares of IACI were spiking toward $23.90 in after hours tonight. We are raising our stop loss to $21.49 and more conservative traders may want to raise their stop toward breakeven. We're not suggesting new positions at this time.

Picked on May 12 at $21.90 *triggered
Change since picked: + 1.10
Earnings Date 04/24/08 (unconfirmed)
Average Daily Volume: 3.0 million

---

Agribusiness ETF - MOO - close: 61.74 chg: -0.08 stop: 59.49

Tuesday was a quiet day for the agriculture and fertilizer stocks. Most of the group traded flat to down. MOO, naturally, followed. We would still buy dips near $60.00 but more conservative traders might want to tighten their stops toward $60.00. 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
Change since picked: - 0.05
Earnings Date 00/00/00
Average Daily Volume: 1.2 million

---

SanDisk - SNDK - close: 30.59 change: +1.32 stop: 27.69

Positive comments from a Citigroup analyst, who has a $35 price target on SNDK, helped lift shares to a 4.5% gain. Volume was a little above average on the rally, which is positive. 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
Change since picked: + 1.41
Earnings Date 07/17/08 (unconfirmed)
Average Daily Volume: 9.9 million

---

SolarFun Power - SOLF - close: 16.19 change: +1.25 stop: 13.79

Tuesday was a strong session for SOLF. The stock rallied 8.8% and broke through its 200-dma on strong volume. Shares hit an intraday high of $16.68. The only news we found today was a press release between SOLF and Hoku Materials (HOKU) regarding a multi-year polysilicon supply deal. We are not suggesting new positions in SOLF at this time. 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
Change since picked: + 1.34
Earnings Date 05/21/08 (confirmed)
Average Daily Volume: 4.5 million

---

Terra Ind. - TRA - close: 43.85 change: -0.19 stop: 39.99

There should be no surprises here. TRA was looking a little overbought and due for a dip. The pull back may not be over yet. 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
Change since picked: + 3.82
Earnings Date 04/24/08 (confirmed)
Average Daily Volume: 4.6 million
 

Short Play Updates

None
 

Closed Long Plays

None
 

Closed Short Plays

None
 

Premier Investor Play Update Archives