Long Play Updates
Air Methods - AIRM - close: 28.71 change: +1.19 stop: 25.99
AIRM is off to a strong start with a 4% gain today and a breakout over the $28.00 level. Volume improved on the rally. We're listing two targets. Our first target is $29.95 since the $30.00 level might be round-number resistance. Our second target is the $32.00 level, which is under potential technical resistance at the 50-dma. We do not want to hold over the early August earnings report. FYI: AIRM has a high amount of short interest, almost 20% of the float according to the latest data. This raises the risk of another short squeeze.
Picked on July 16 at $27.52
Broadcom - BRCM - close: 29.07 change: -0.67 stop: 27.49
BRCM under performed the market today and shares appeared to produce a bearish failed rally move under resistance at $30.00. If the stock does not breakout over $30.00 tomorrow (Friday) we'll drop it. As it stands now we only have three trading days left before BRCM reports earnings on July 22nd after the closing bell. We do not want to hold over the report. We're suggesting readers buy BRCM at $30.05. If triggered our short-term target is $34.75.
Picked on July xx at $xx.xx <-- see TRIGGER
FLIR Sys. - FLIR - close: 44.36 change: +1.91 stop: 40.85
FLIR appears to have caught its breath and now it's ready to run again. Shares soared more than 4% toward its early July highs. We're not suggesting new positions at this time. Our target is the $44.95 mark. More aggressive traders may want to aim higher like the $47.50 region. 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: 46.63 chg: +0.14 stop: 41.49
The rally in GRMN stalled a little bit today but we remain bullish following its recent breakout higher. 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
Masimo Corp. - MASI - close: 36.58 chg: +0.48 stop: 34.45
Bulls bought the dip in MASI near its 10-dma today. Shares look poised to rally again. More conservative traders may want to tighten their stops. 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
Pacer Intl. - PACR - close: 24.25 change: +1.54 stop: 20.95
PACR is looking strong today. Shares gapped open at $23.04, pulled back to $22.51 and then rocketed higher. PACR ended the session at its highs with a 6.7% gain. Our target is the $25.85 mark. We do not want to hold over the early August earnings report. FYI: PACR also has a high amount of short interest around 19% of the float. We could be seeing a shorts squeeze.
Picked on July 16 at $22.71
Ultra Financials - UYG - close: 19.56 change: +2.26 stop: 16.45*new*
The UYG added another 13% on top of yesterday's gains. What's even more amazing is that volume surged to another record of 141 million shares versus the normal 28 million shares. A dip near $18.00 would look like an entry point to get long again. A 50% retracement of the bounce would be about $17.25. We're raising our stop loss to $16.45. This is a very aggressive play. Our target is the $22.50 mark.
Picked on July 16 at $17.30
Short Play Updates
ICICI Bank - IBN - close: 29.02 chg: +2.51 stop: 30.15
The rally we have seen in the financials the last two days is exactly the kind of explosive move we suggested buying a call as potential insurance. We have an aggressive (a.k.a. wide) stop loss at $30.15. More conservative traders may want to exit early now and hang on to their call. We're going to let the play stand as it is now. IBN still has overhead resistance. If it breaks out and stops us out we'll hang on to the call for a few days and see what happens. We're not suggesting new bearish positions. We had suggested the August $30 call, which was $1.20 as of last Friday night. FYI: 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.
Picked on July 13 at $26.61
UBS Ag - UBS - close: 20.52 change: +0.69 stop: 20.75
Contrary to what many of the quote services are providing the high for the day in UBS was not $20.99. I checked the time and sales and the high for the day was $20.67 around 9:47 a.m. this morning. UBS has not yet hit our stop loss. However, the strength in the financials is impressive and readers may want to close this short anyway and keep the August $22.50 call option open as a bullish position. We are not suggesting new plays at this time. Odds are good that UBS will hit our stop loss tomorrow $20.75 unless the after hours earnings news tonight sparks some pre-weekend profit taking. Our estimated cost for the option was $0.80 ($80 per contract).
Picked on July 13 at $19.49 /stopped out 20.75
Closed Long Plays
Helmerich-Payne - HP - cls: 59.24 chg: -4.81 stop: 62.39
Natural gas was crushed today falling more than 7% with a breakdown at its 100-dma and a drop toward round-number "support" near $50.00. You can view the carnage with a chart of the UNG. Shares of HP followed natural gas lower with a 7.5% drop. The stock hit our stop loss at $62.39.
Picked on July 10 at $66.40 /stopped out 62.39
Terra Inds. - TRA - close: 45.63 chg: -0.81 stop: 44.45
We're giving up on TRA. The stock under performed again. We would rather exit early now and wait for a new dip and bounce near its 200-dma, which looks like a potential entry point for bullish positions.
Picked on July 08 at $45.44 /early exit 45.63
Wyeth - WYE - close: 47.52 change: -0.77 stop: 47.19
Look out! The action in WYE today was very bearish. Shares under performed the market, under performed its sector, and broke its short-term trendline of higher lows. The MACD turned negative. The afternoon dip to $47.00 was enough to stop us out (47.19).
Picked on July 08 at $48.31 */stopped out 47.19
Closed Short Plays