Long Play Updates
Bill Barrett - BBG - close: 60.29 chg: +0.88 stop: see details
BBG has recovered from the Monday afternoon swoon. Today's rebound back above $60.00 looks like another entry point for bullish positions. Volume was above average on today's rally, which is bullish. Our target is $64.85. We're contemplating a secondary target closer to $70. The P&F chart is bullish with a $67 target.
Picked on June 30 at $60.10 *triggered
E*trade Financial - ETFC - close: 3.19 change: +0.05 stop: 2.99
Bulls bought the dip again, this time at $3.06, and ETFC ended with a 1.5% gain.
We warned readers last night to expect a dip. Our short-term target is the $3.45
mark. This should be considered an aggressive, higher-risk play since we're
effectively calling a short-term bottom and as we all know "calling bottoms" in
the market or stocks can be hazardous.
Picked on June 29 at $ 3.10
FLIR Sys. - FLIR - close: 43.08 change: +2.51 stop: 38.95 *new*
It was a good day for FLIR. The company announced a new $49.8 million Navy contract. Plus, the stock was upgraded this morning and given a $54 price target. FLIR hit $44.46 at its intraday high and closed with a 6.19% gain. We are raising the stop loss to $38.95. The morning move was probably a short squeeze. The stock did have a high amount of short interest but volume over the last few days may suggest a lot of the bears have covered. Our target is the $44.95 mark. The P&F chart points to a $73 target.
Picked on June 29 at $41.38
Masimo Corp. - MASI - close: 34.42 chg: +0.07 stop: 32.95
We are still sitting on the sidelines waiting for a move in MASI. The MACD is nearing a new buy signal. The P&F chart is already positive with a $56 target. If MASI can trade over $36.00 it will produce a new P&F triple-top breakout buy signal. We are suggesting that readers use a trigger to buy MASI at $35.65, which would be above the May peak. More aggressive traders might want to jump the gun early on a move over $35.10. If triggered at $35.65 our target is the $39.95 mark. More aggressive traders could aim for the highs near $42.00 but we do not want to hold over the late July earnings report.
Picked on June xx at $xx.xx <-- see TRIGGER
Companhia Siderurgica Nac. - SID - cls: 42.73 chg: -1.68 stop: 40.99
A sell-off in the Brazilian markets hit SID for a 3.7% decline. We were expecting a dip but not one that dip. Traders bought the dip near its rising 100-dma, which has been support in the past. We would use the pull back as a new entry point for bullish positions. However, more conservative traders may want to wait for a new move over today's high around $43.60 before initiating positions. Keep a tight stop loss! We have two targets. our first target is the $45.95 mark. Our secondary target is the $49.50-50.00 zone.
Picked on June 26 at $42.75 *triggered
Steel Dynamics - STLD - close: 38.09 change: -0.98 stop: 36.95
Ouch! Many of the steel stocks were hammered lower today. It could be window "undressing" now that the new quarter has begun. Shares of STLD lost 2.5%, which was a lot better than some of its peers. Traders bought the dip near $37.00 and its rising 50-dma. We would wait for a new rise over $39.75 or $40.00 before considering new positions. 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
AT&T - T - close: 33.30 change: -0.39 stop: 32.49
Today's decline does not confirm yesterday's bullish reversal pattern. That should raise the caution flag for investors. However, the intraday action in T looks like it still wants to trade higher. You may want to wait for a move over today's high (33.58) or wait for a move over yesterday's high (33.84) before initiating positions. Our target is the $36.00-36.50 zone. This is a high-risk play as we speculate on a short-term bottom on T.
Picked on June 30 at $33.69
TBS Intl. - TBSI - close: 37.84 change: -2.11 stop: 35.75
Most of the shipping stocks got punished today. Shares of TBSI lost 5.3% following its two-day rebound. The stock has not yet violated its bullish and rising trendline of support. Thus we would use this dip as a new entry point for long positions. We have two targets. Our first target is $42.50. Our second target is $44.90.
Picked on June 25 at $38.09
Union Drilling - UDRL - close: 21.25 chg: -0.43 stop: 20.65
Hmm.... UDRL under performed the OSX oil services index today. We didn't see any
specific news that might account for the relative weakness. We did suggest
readers look for a dip to open new plays. Today's dip was a pull back toward
last week's lows.
Picked on June 29 at $21.74
Short Play Updates
Closed Long Plays
UltraShort SmallCap - SDD - cls: 76.35 chg: +0.04 stop: 69.90
Close enough! The morning market weakness pushed the small cap index lower and the SDD rallied to $79.38. Our secondary, upside target was $79.50. We can't claim another win but SDD has already surpassed our first target at $74.90. We are suggesting readers exit because it looks like the market may have produced a short-term bottom and thus the SDD has painted a bearish reversal pattern.
Picked on June 25 at $71.21 *1st target achieved
Smurfit-Stone - SSCC - cls: 3.89 chg: -0.18 stop: 3.84
We tried to pick the bottom in SSCC and failed. Shares of SSCC had pulled back to its multi-month trendline of support but that wasn't enough. Shares slipped to $3.68 intraday. Our stop loss was at $3.84. It did not help that Fitch reaffirmed their negative guidance on SSCC.
Picked on June 30 at $ 4.07
Closed Short Plays