Long Play Updates
Buckle Inc. - BKE - close: 51.50 change: +0.03 stop: 48.45
The RLX retail index looks like it's going to roll over into a new leg down again. This should make traders more cautious on BKE. Even though BKE is out performing its peers if the RLX crashes or the S&P 500 begins a new trend lower then BKE will more than likely follow. We're not suggesting new bullish positions at this time. 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 can hit a new relative high it could see a short covering rally.
Picked on July 22 at $51.69
iShares China 25 index - FXI - cls: 44.64 chg: -1.98 stop: 44.99
Yesterday the rebound in the FXI and the breakout above its 50-dma looked bullish but we were concerned about resistance with its trendline of lower highs. The FXI failed to see any follow through higher and reversed back under the $45.00 mark. This is very short-term negative and if the FXI trades under $44.00 more nimble traders may want to consider bearish strategies. Right now our suggested trigger to buy the FXI is at $47.65. If triggered our target is the 52.00 level or the 200-dma (currently $52.24) or whichever the FXI hits first.
Picked on July xx at $xx.xx <-- see TRIGGER
Market Vectors Coal - KOL - cls: 49.22 chg: -2.38 stop: 47.95
We were expecting a pull back into the $50-49 zone and we got it. The KOL slipped to $48.82 and bounced several times near $49.00. The top edge of our suggested entry range was $50.10 so the play is now open. If you're still looking for an entry point use a bounce from here to open positions. More conservative traders may want to tighten their stops a little more. We have two targets. Our first target is $54.75. Our second target is $58.50.
Picked on July 31 at $50.10
Masimo Corp. - MASI - close: 37.77 change: +0.27 stop: 36.24 *new*
MASI out performed the broader market and continues to trade with a bullish pattern of higher lows. We are adjusting our stop loss to $36.24. Our target is $41.25. We do not want to hold over the August 4th earnings report.
Picked on July 27 at $37.57
Terra Industries - TRA - cls: 54.00 chg: -1.72 stop: 49.95
Target achieved! TRA tagged a new all-time high at $57.64 today. Our first target was $56.00. Readers should have taken some profits today. Please note that the sharp pull back from TRA's highs is short-term bearish and looks like a bearish reversal. TRA could retrace back to the $50 zone before bouncing again. We're not suggesting new positions at this time. Our secondary, more aggressive target is $59.85.
Picked on July 28 at $51.30
United States Nat.Gas - UNG - cls: 42.60 chg: -0.79 stop: 40.99
I don't watch NASCAR but I know that the yellow flag means there is a hazard on the racetrack. We're waving the yellow flag on UNG. There was no follow through on yesterday's big bounce and today's decline puts the brakes on yesterday's bullish reversal candlestick. We would still buy a bounce from here but traders need to be nimble and cautious. More conservative traders might want to inch up their stops even further. I want to warn readers that trying to pick a bottom in the commodities lately has been pretty hazardous. Our target is the $48.40-50.00 zone.
Picked on July 30 at $43.39
Short Play Updates
Nordstrom - JWN - close: 28.74 chg: -0.45 stop: 31.51
Good news! The trading in JWN produced another failed rally near $30.00. This is another entry point traders to open bearish positions. If you prefer more momentum then you may want to wait for a new low under $28.00 before initiating positions. Our short-term target is the $25.05 mark. More aggressive traders may want to aim lower. We do not want to hold over the mid August earnings report.
Picked on July 27 at $28.94
Closed Long Plays
Closed Short Plays