Long Play Updates
DIAMONDS - DIA - close: 111.00 chg: -1.22 stop: 111.69
The DJIA is slipping further and further away. Considering the news in the banking sector after the close on Friday the market is probably poised for another spike lower. If the DJIA doesn't see a strong bounce on Monday we'll drop the DIA as a potential bullish play. Currently our suggested entry point to go long is at $114.30. Our target is the $119.00 mark.
Note: We're setting an alternative entry point to buy the DIA. If the market's sell-off on Monday morning then we're suggesting readers buy a dip (or better a bounce) in the $107.25-106.85 zone. If triggered here we'll set the stop loss at $105.85.
Picked on July xx at $xx.xx
FLIR Sys. - FLIR - close: 42.55 change: -0.19 stop: 39.49
FLIR has been showing relative strength by holding up relatively well this past week. Shares have been resistant to profit taking and yet we're seeing more and more bearish developments in the technicals. We're not suggesting new positions at this time. More conservative traders may want to tighten their stops toward the $41.00 region. Our target is the $44.95 mark. The P&F chart points to a $73 target. We do not want to hold over the July 24th earnings report and it's certainly possible that FLIR just trades sideways for two weeks while investors wait for the announcement.
Picked on June 29 at $41.38
Garmin - GRMN - close: 43.67 chg: +1.00 stop: 41.49
GRMN continues to trade sideways. We would continue to buy dips in the $42.00-41.75 zone. However, more conservative traders may want to wait for a new relative high over $45.00 again. Our target is the $49.50 mark. We do not want to hold over the July 30th earnings report.
Picked on July 08 at $44.10
Helmerich-Payne - HP - cls: 67.50 chg: +1.10 stop: 62.39
As expected shares of HP continued to rebound. Traders bought the dip intraday at $65.86. HP hit an intraday high of $69.09. We would buy this bounce. We have two targets. Our first target is $69.90. Our second target is $74.00. We do not want to hold over the late July earnings report.
Picked on July 10 at $66.40
Masimo Corp. - MASI - close: 36.72 chg: -0.52 stop: 34.45 *new*
Bears got a reprieve on Friday as the short-squeeze paused and MASI pulled back 1.3%. The stock broke through significant resistance near $35.00 this past week and our play was triggered at $35.65. Friday's afternoon bounce looks like a new bullish entry point but you may want to use a much tighter stop (maybe just under $35.00 or under Friday's low). We're raising our stop loss to $34.45. The P&F chart is already positive with a $56 target. 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 July 09 at $35.65 *triggered
Terra Inds. - TRA - close: 46.95 chg: -0.30 stop: 40.99
It's a really rough market out there and we would be extra cautious when it comes to opening new bullish plays. If we see another dip and bounce in the $43-42 zone with TRA then we'd consider jumping in again. We have two targets. Our first target is $49.75. Our second target is $54.00. We do not want to hold over the late July earnings report.
Picked on July 08 at $45.44
Wyeth - WYE - close: 48.30 change: -0.51 stop: 46.39
It was a good week for WYE. While the stock may have traded off its highs shares are still minding the bullish trend of higher lows. If you wanted to jump in here near $48.00 we would suggest a tight stop in the $47.00-47.50 region. This week WYE may have some news as the company presents at a conference on July 17th. Our target is the $52.50 mark. We do not want to hold over the late July earnings report. FYI: The P&F chart has a $61 target.
Picked on July 08 at $48.31 *triggered
Olympic Steel - ZEUS - cls: 59.46 chg: -0.37 stop: 55.95 *new*
ZEUS tried to rally early on Friday but ran out of steam at $61.40. We're a little concerned that the bounce is struggling too much with the $60.00 level. We're not suggesting new bullish positions. We are adjusting the stop loss to $55.95. Our target is the $62.50 mark.
Picked on July 08 at $56.56
Short Play Updates
Closed Long Plays
Closed Short Plays