Long Play Updates
Buckle Inc. - BKE - close: 50.74 change: -0.95 stop: 47.69
BKE displayed some volatility today. The stock hit another new high at $53.97 and then pulled back sharply. This relative weakness versus a gain in the RLX retail index is somewhat worrisome but overall BKE is out performing its peers. A bounce from $50 or the $49.00 level would look like a new entry point to get long the stock. We suggested yesterday that more patient traders could wait for a pull back. Our target is the $57.50-60.00 zone. FYI: The Point & Figure chart is bullish with a $66 target. BKE has a high amount of short interest about 21% of the 15.5 million-share float. If BKE keeps inching higher it could see a short covering rally.
Picked on July 22 at $51.69
Pacer Intl. - PACR - close: 24.27 change: -0.72 stop: 22.95
PACR tagged another new high this morning before enduring a 2.8% pull back. We are repeating our comments from yesterday. More conservative traders may want to take some money off the table right here. 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
Pediatrix Medical - PDX - cls: 51.33 change: +0.19 stop: 48.99
PDX displayed some strength this morning but struggled to maintain it. If your are the patient type then consider waiting for a possible dip back toward $50 as a potential entry point. We have two targets. Take some money off the table at $54.75. Then we'll exit completely at $57.00.
Picked on July 22 at $51.14
Sanofi-Aventis - SNY - cls: 36.01 change: -0.99 stop: 34.95
SNY erased the majority of Tuesday's gains with a 2.6% loss today. Look for a dip and a bounce near the 10-dma around $35.60 as a potential entry point. Our short-term target is $39.50. We don't have a lot of time. Our plan is to exit ahead of the July 31st earnings report.
Picked on July 22 at $36.55 *triggered
Short Play Updates
Genoptix - GXDX - close: 29.17 change: -0.12 stop: 30.75
Lack of real follow through on yesterday's bounce is a good sign for the bears. However, GXDX was rebounding from its intraday lows today. We would be cautious here. Wait for signs that the bounce is beginning to roll over before initiating new shorts. Our stop is a little wider than we'd like and this is an aggressive play because GXDX does not have a lot of volume, which makes it more susceptible to volatile movement. Plus, biotechs tend to be more aggressive plays in general. Investors are always at risk for a negative or positive headline about the latest clinical trial or FDA decision that could send the stock gapping open. We have two targets. Our first target is $25.50. Our second target is $22.75.
FYI: It has come to my attention that borrowing shares of GXDX to short may be a challenge!
Picked on July 20 at $28.06
Closed Long Plays
Air Methods - AIRM - close: 30.69 change: -0.51 stop: 28.49
Target achieved again. It was a close call but AIRM hit $31.71 intraday. Our secondary, more aggressive target was $31.70. If you haven't closed the play yet you need to be careful. AIRM is pulling back from a test of overhead resistance at the 50-dma.
Picked on July 16 at $27.52 /2nd target exceeded 31.70
Closed Short Plays
Infosys - INFY - close: 40.02 change: +0.78 stop: 40.05
The rally in the Indian stock market continued on Wednesday. The major stock index actually gapped open on Wednesday morning. That lifted shares of INFY today when it began trading here in the U.S. Shares of INFY hit $40.79 and traded past our stop loss at $40.05 closing the play.
Picked on July 20 at $38.42 /stopped out 40.05