Long Play Updates
Avis Budget Group - CAR - close: 14.37 chg: +0.35 stop: 12.99
There was no follow through on CAR's plunge from yesterday. More aggressive traders may want to buy today's bounce. The stock rallied 2.5% from the $14.00 level. We're going to stick to our plan and wait for a dip into the $13.55-13.25 zone. If triggered our target is the $15.50-16.00 range or the 200-dma, which ever comes first. The Point & Figure chart is very bullish with a $22 target.
Picked on May xx at $xx.xx <-- see TRIGGER
Celanese Corp. - CE - close: 48.71 change: +0.94 stop: 45.95
Investors continue to buy the dips in CE. The stock added 1.9% and looks poised to rally toward the $50.00 level. More conservative traders may want to tighten their stops or exit early to lock in a minor gain. We're not suggesting new positions at this time. Our target is the $49.90-50.00 range. More aggressive traders may want to aim higher. The P&F chart is forecasting a long-term target of $74.
Picked on May 11 at $46.35
Agribusiness ETF - MOO - close: 62.15 chg: +0.45 stop: 60.75
The MOO has produced some ominous looking failed rallies this week but thus far there hasn't been any follow through lower. Traders keep buying the dip. Momentum in this sector has stalled so we're not suggesting new positions at this time. 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
Perdigao - PDA - close: 58.95 change: +2.07 stop: 54.95
PDA ignored the weakness in the Brazilian markets today. The stock rallied 3.6% out performing the U.S. markets too. Readers can use this rebound as a new entry point but you might want to raise your stop loss toward $56.00. Our target is $64.00.
Picked on May 13 at $57.74
Sterlite Ind. - SLT - close: 22.11 chg: -0.18 stop: 20.95
India-based SLT continues to churn sideways. The stock is clinging to new support near $22.00 but we don't know how long it will last. The weekly chart's current candlestick does not look healthy. The larger trend remains bullish with the inverse H&S pattern but you might want to wait for a dip into the 21.50-21.00 zone before considering new positions. Our target is the $25.75-26.00 zone. The Point & Figure chart is bullish with a $31 target.
Picked on May 19 at $22.25 *triggered
Short Play Updates
Closed Long Plays
Closed Short Plays