Long Play Updates
FLIR Sys. - FLIR - close: 41.95 change: -0.05 stop: 39.95
FLIR managed to hold its bullish trendline of support. Traders bought the dip at $41.00 today. We don't see any changes from our previous comments. The technical picture continues to worsen. I strongly suggest that more conservative traders just exit early right now instead of seeing this turn into a potential loss. We're not suggesting new positions. 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.
Picked on June 29 at $41.38
Garmin - GRMN - close: 43.17 chg: +1.12 stop: 41.49
GRMN bounced from the bottom of its trading range today but that's about it. More conservative traders may want to wait for a new relative high over $45.00 before opening bullish positions. 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: 66.05 chg: -2.29 stop: 62.39
Crude oil got hammered today and that led HP down to its simple 50-dma before bouncing. The bounce was not very strong and traders should turn cautious here. Oil pulled back to the bottom of its bullish channel. If oil breaks through the bottom of its channel it could be very bearish for the energy sector. More conservative traders may want to raise their stop loss toward today's low (64.66). 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: 34.92 chg: -0.64 stop: 34.45
Lack of a bounce in MASI today is worrisome. If the $35.00-34.50 region is going to be support we would have expected more strength. Shares did bounce from the $34.50 area for the second day in a row. Today's high was $35.57. Wait for MASI to trade back above $35.60 before considering new bullish positions. The P&F chart is 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: 47.69 chg: -0.87 stop: 44.45
TRA rebounded from a test of its simple 50-dma this morning but the rally was struggling this afternoon. A lot of the fertilizer stocks were rolling over this afternoon, which is a bearish sign for tomorrow. We would expect another dip toward the $46-45 zone. 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: 48.56 change: +0.55 stop: 46.39
WYE out performed the market with a 1.1% gain and on above average volume. The company made news today with the announcement that WYE would buy ThermaCare from Procter & Gamble for an undisclosed sum. Readers may want to tighten their stops. Tuesday's low was $47.27. 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
Short Play Updates
ICICI Bank - IBN - close: 24.42 chg: -1.87 stop: 30.15
Tuesday was a rough day for IBM. The stock gapped open lower and traded to $22.89 before settling with a 7.1% loss. We are not suggesting new positions. Our target is the $21.50 mark. Our original play description suggested an alternative strategy of buying an out-of-the-money call as a little bit of insurance just in case the financial sector explodes higher on some unexpected news. We had suggested the August $30 call, which was $1.20 as of last Friday night. FYI: You might want to adjust your stop loss on the stock to $29.25 instead. It is up to you when you sell the call if IBN rallies. You could sell it when the value covers our loss on the stock or let it run and potentially make a profit if IBN breaks out over $30.00.
Picked on July 13 at $26.61
UBS Ag - UBS - close: 17.96 change: -0.68 stop: 20.75
UBS, like most of the financials, just continues to sink. We're not suggesting new positions. Our target is the $16.50 mark. Readers may already want to consider lowering their stop loss. Our original play description suggested that readers might want to buy a little insurance with an out-of-the-money call on UBS. It's not guaranteed to work but if the financial sector unexpectedly rebounds higher it could help protect us from serious losses. We had listed the July $22.50 call or the August $22.50 call with our suggestion to use the August $22.50 call. Our estimated cost was $0.80 ($80 per contract). You may have pay more or less for it depending on when you opened the trade.
Picked on July 13 at $19.49
Closed Long Plays
Closed Short Plays