Long Play Updates
BPZ Resources - BZP - close: 24.77 change: -1.56 stop: 24.45
BZP was just hammered today. The stock spiked lower at the open, consolidated sideways midday, and then plunged again at the close. Shares broke down under what should have been support near $25.00. This is very bearish and the MACD has rolled over into a new sell signal. BZP ended with a 5.9% loss. It won't take much more to see BZP hit our stop loss at $24.45 and honestly we would expect some follow through lower tomorrow. Keep an eye on the rising 50-dma around $22.90 as the next level of support.
Picked on June 12 at $25.53 / 1st target hit $27.50
Citigroup - C - close: 18.85 change: +0.30 stop: 17.95 *new*
Banking stocks were rebounding and a bright spot in an otherwise dreary session. Shares of C hit $18.33 this morning and bounced. This continues to look like an entry point for investors willing to buy the dip. We are raising our stop loss to $17.95. More conservative traders might want to consider raising their stop loss closer to $18.25. Our target is the $19.90 with a secondary, more aggressive target at $21.35.
Picked on June 23 at $18.50 *triggered
DIAMONDS - DIA - close: 117.94 chg: -0.39 stop: 116.99
The Dow Jones Industrial Average dipped to its March lows as we expected. The DIA slipped to $117.16 intraday. We were suggesting that readers buy the dip in the $117.75-117.45 zone. Our target is the $121.50-122.00 zone.
Picked on June 24 at $117.75 *triggered
SPDRs - SPY - close: 131.19 chg: -0.26 stop: 129.19
The S&P 500 index also dipped as expected. The intraday low in the SPY was $130.19. We were suggesting that readers buy the dip in the $130.50-130.00 zone. More conservative traders may want to use a tighter stop closer to $130.00. Our target is the $134.00-134.50 zone.
Picked on June 24 at $130.50 *triggered
Steel Dynamics - STLD - close: 40.09 change: +0.14 stop: 36.49
STLD is still showing relative strength. The stock actually hit a new high intraday. We would either wait for a move over $41.00 or buy another bounce near its 10-dma. Our target is the $44.00-45.00 range. We do not want to hold over the July earnings report. The P&F chart is bullish with a $50 target.
Picked on June 17 at $40.17 *triggered/gap open entry
Short Play Updates
Allstate - ALL - close: 47.46 change: -0.10 stop: 50.51
ALL sinks to another new relative low. However, we do expect an oversold bounce very soon. We're not suggesting new positions at this time. Our target is the $45.25-45.00 zone.
Picked on June 11 at $49.31
Paychex Inc. - PAYX - close: 31.60 change: -0.40 stop: 33.41*new*
PAYX slipped again. The intraday low was $31.40. Yesterday we suggested that readers may want to exit early at $31.35. We are still suggesting that readers may want to take profits right here! PAYX is oversold and way overdue for a bounce. Please note that we're adjusting the stop loss to $33.41. The company is due to report earnings on June 26th. That is this Thursday. With only a couple of days left we're not suggesting new positions. Our target is the $31.00-30.00 zone. FYI: The most recent data listed short interest at 5% of the 320 million-share float. That's several days worth of short interest.
Picked on May 22 at $34.87
PowerShares QQQ - QQQQ - close: 46.81 change: -0.24 stop: 49.05 *new*
The trend in the Qs is down but we're expecting a bounce. The DJIA and the Wilshire 5000 both tested potential support and began to bounce. The QQQQ rebounded from its intraday low of $46.41 but it reversed lower again late this afternoon. The QQQQ has produced a bearish head-and-shoulders pattern but it needs to break the sloping neckline first. We're not suggesting new positions at this time. We are adjusting the stop loss to $49.05. Our target is $46.10. The $46.00 level and its 100-dma might be support.
Picked on June 17 at $48.54
Closed Long Plays
Crown Castle Intl. - CCI - close: 40.29 chg: -0.46 stop: 39.95
It looks like the bull flag breakout pattern has failed. Shares of CCI just continued to sink and broke through its 50-dma and the $40.00 mark intraday. The stock hit our stop loss at $39.95 ending the play.
Picked on June 18 at $42.02 /stopped out 39.95
Cognizant Tech. - CTSH - close: 34.35 change: -0.77 stop 33.90
The technical picture in CTSH has changed dramatically in the last week. We warned readers on June 19th that if CTSH didn't continue higher it would look like a bearish double-top. The next day CTSH was downgraded and shares have been inching lower since. The stock hit our stop loss at $33.90 this morning.
Picked on June 12 at $34.57 /stopped out 33.90
Closed Short Plays
Darden Rest. - DRI - close: 31.60 change: +0.95 stop: 32.65
Target achieved. DRI opened at $30.48 and dipped to $30.00 before bouncing sharply ahead of its earnings report. Our target was $30.10. Thankfully we got the chance to exit before the stock bounced to a 3% gain. After the bell DRI reported earnings that were better than expected but we are not seeing any big reaction in the stock price after hours.
Picked on June 13 at $32.50 *1st target achieved 30.10