Long Play Updates
Celanese Corp. - CE - close: 47.14 change: -0.78 stop: 44.45
No deal. Your favorite quote provider probably says that CE traded to $49.94 intraday. Unfortunately, it did not. At least not during normal market hours. I don't even see it trading that high in the pre-market but a bad tick today makes it look like a huge failed rally at the $50.00 level. Our target is the $49.90-50.00 zone so today's high would have been "target achieved". The intraday high was actually $49.23. The action today was bearish and CE does indeed look like it's headed lower. A dip or bounce near $46.00 could be used as a new entry point.
Picked on May 11 at $46.35
Citi Trends - CTRN - close: 21.24 change: -0.72 stop: 19.75
The rally in CTRN came to an abrupt halt. Shares lost 3.2% and could be headed back toward $20.00. Maintain your stop loss! We're not suggesting new positions at this time. 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: 23.73 chg: +0.73 stop: 21.49
IACI continues to rally. The stock added 3.1% and hit an intraday high of $24.07. Our target is the $24.50 level. However, we would STRONGLY consider taking profits right here. IACI looks short-term overbought and just produced its fourth gain in a row. If the market slips lower tomorrow IACI could give back a $1 or $2 very quickly. We're not suggesting new positions at this time.
Picked on May 12 at $21.90 *triggered
iShares DJ US Oil & Gas - IEO - cls: 79.97 chg: -1.09 stop: 77.99
Crude oil really didn't move much on today's oil inventory report. Yet the oil stocks all rolled over, especially during the market's widespread afternoon sell-off. The IEO was no exception. If you look closely today's session has produced a bearish engulfing candlestick pattern. That's a potential bearish reversal. We would not suggest new positions at this time. Wait for a dip back toward $79.00 or $78.50 and then consider buying a bounce. Our short-term target is $85.00. Our secondary, more aggressive target is $87.50. This should be considered a high-risk play.
Picked on May 13 at $81.06
iShares DJ Oil Serv. - IEZ - cls: 72.49 chg: -1.25 stop: 69.90
The IEZ oil services ETF gave back all of yesterday's gains and more. Volume was pretty strong and given the weakness we could be seeing investors exit at the top. We would wait and watch for a bounce near $72.00 or maybe $71.00 before considering new bullish positions. Our target is the $79.50-80.00 range. This should be considered a high-risk play.
Picked on May 13 at $73.74
Agribusiness ETF - MOO - close: 61.75 chg: +0.01 stop: 59.49
The agriculture and fertilizer stocks just aren't going anywhere. The group was higher this morning and then gave back all of its gains. MOO remains range bound. Wait for a bounce near $60 or a new relative high before considering new positions. 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
Oshkosh Corp. - OSK - close: 39.46 change: -0.44 stop: 38.75
Lack of follow through on yesterday's rebound is a concern. At this point we would wait for a bounce near $39.00 before considering new positions. There is potential resistance at its 100-dma near $40.75 but if the broader market can keep climbing we expect OSK to drive higher. Our eight-week target is the $44.50-45.00 range. We would expect some resistance near $42.00. The Point & Figure chart is bullish with a $57 target.
Picked on May 13 at $39.90
Perdigao - PDA - close: 57.19 change: -0.55 stop: 54.35
PDA has been trading sideways the last couple of days. Overall we don't see any changes from our previous comments. A dip near $55.00 would be an attractive entry point. Our target is the $64.50-65.00 range. The P&F chart is bullish with a $69 target.
Picked on May 13 at $57.74
SanDisk - SNDK - close: 31.42 change: +0.83 stop: 28.24 *new*
SNDK out performed the markets today with a 2.7% gain but shares were a lot higher this afternoon around $32.23. The trend is still bullish but a dip would not be out of the question. A pull back near $30.50-30.00 could be used as a new entry point. We're raising our stop loss to $28.24. 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: 17.41 change: +1.22 stop: 14.85*new*
Target exceeded. Our aggressive play on SOLF is doing well. Almost all of the solar-energy names were performing today. Shares of SOLF rallied to an intraday high of $18.35 but eventually settled with a 7.5% gain. Our fist target was the $17.00 mark. Our secondary, more aggressive target is $19.00. We're raising our stop loss to $14.85. We're not suggesting new positions at this time. 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 /1st target exceeded
Terra Ind. - TRA - close: 43.69 change: -0.16 stop: 39.99
TRA, one of the fertilizer stocks, followed the group higher this morning and lower this afternoon. Momentum on the daily technical indicators is definitely stalling and TRA could be due for a pull back toward $40 again. We suggest you do some profit taking if you haven't already. Our secondary, more aggressive target is the $47.00-48.00 range.
Picked on May 04 at $40.03 /1st target hit 44.00
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