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Long Play Updates

UltraShort Dow30 - DXD - cls: 63.19 chg: -0.43 stop: 59.90

The markets managed to stall their sell-off today but stocks were fading lower into the closing bell. The path of least resistance appears to be down for the DJIA and that should mean gains for the DXD, which will move twice the inverse of the DJIA. We would consider buying the DXD here or on a dip near $62.00. Actually a dip near $60.00 would work as well. Our short-term target is the $69.75-70.00 zone.

Picked on September 09 at $63.62
Change since picked: - 0.43
Earnings Date 00/00/00
Average Daily Volume: 7.7 million
 

Short Play Updates

EMC Corp. - EMC - close: 14.00 change: +0.33 stop: 14.51

EMC recouped about half of its losses from yesterday but the trend remains negative. We would still consider shorts right here or readers can wait for another failed rally in the $14.35-14.50 zone. Our target is the July lows at $12.15. The Point & Figure chart is bearish with a $6.00 target.

Picked on September 09 at $13.67
Change since picked: + 0.33
Earnings Date 10/22/08 (unconfirmed)
Average Daily Volume: 30.7 million

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Expedia - EXPE - close: 17.12 change: +0.02 stop: 18.41

Shares of EXPE remain volatile. An intraday spike hit our previous stop yesterday. Today an intraday spike lower hit our new trigger to open new bearish positions. EXPE slipped to $16.66 this morning. Our suggested entry point was $16.75. More conservative traders might want to use a tighter stop but you can already see that EXPE is delivering a bumpy ride. We have two targets. Our first target is $15.00. Our second target is $13.50. The Point & Figure chart is bearish and forecasts a $9.00 target.

Picked on September 10 at $16.75 *triggered
Change since picked: + 0.37
Earnings Date 11/06/08 (unconfirmed)
Average Daily Volume: 4.2 million

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Genuine Parts - GPC - cls: 42.13 chg: +0.08 stop: 44.01

GPC is hovering around the $42.00-42.50 zone. Readers might want to wait for a new decline under $41.85 or $41.50 before initiating new bearish positions. Plus, more conservative traders might want to lower their stop loss closer to $43.00. Our target is the $38.50 mark. More aggressive traders may want to aim lower. The P&F chart is bearish with a $28 target. We don't see any significant levels of short interest.

Picked on August 31 at $42.42
Change since picked: - 0.29
Earnings Date 10/17/08 (unconfirmed)
Average Daily Volume: 1.1 million

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Hologic Inc. - HOLX - close: 18.30 chg: -0.32 stop: 20.15

Target achieved. HOLX dipped to $17.90 intraday. Our first target was $18.00. The $18.00 level looks like potential support given the early August lows. We would expect a bounce. HOLX should find short-term resistance near $19.00 and again near $20.00. We hope readers took some money off the table today. Our second target is the $16.55 mark.

Picked on September 04 at $19.60 *1st target hit 9/10/08
Change since picked: - 1.30
Earnings Date 11/06/08 (unconfirmed)
Average Daily Volume: 5.5 million

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Infosys Tech. - INFY - cls: 39.19 chg: +0.74 stop: 40.75

INFY managed a 1.9% bounce following yesterday's decline. We remain bearish on the stock and would still consider positions here. However, readers might want to watch for another failed rally under $40.00 as a new entry point. We're suggesting shorts here with a stop loss above Monday's high. We are listing two targets. Our first target is $35.05. Our second target is $33.00.

Picked on September 09 at $38.45
Change since picked: + 0.74
Earnings Date 10/09/08 (unconfirmed)
Average Daily Volume: 3.0 million

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Merck - MRK - close: 33.52 change: -0.82 stop: 35.90

Shares of MRK were downgraded this morning and the stock sank to new six-week lows hitting $33.27. We are not suggesting new bearish positions at this time. Our target is the $32.00 level. More aggressive traders may want to aim for $30.00. The P&F chart is bearish and points to a $23 target. We don't see any significant amounts of short interest.

Picked on August 31 at $35.67
Change since picked: - 2.15
Earnings Date 10/22/08 (unconfirmed)
Average Daily Volume: 17.8 million
 

Closed Long Plays

None
 

Closed Short Plays

Expeditors Intl. - EXPD - close: 34.76 chg: +1.10 stop: 35.05

It looks like our stop loss on EXPD was too tight. An afternoon spike over $35.00 hit our stop loss at $35.05. The last three or four days in EXPD look like another bear flag pattern following its larger bear flag pattern for most of August. We're marking this as a loss but we're re-listing EXPD as a new bearish play.

Picked on September 09 at $33.66 /stopped out 35.05
Change since picked: + 1.10
Earnings Date 11/04/08 (unconfirmed)
Average Daily Volume: 3.1 million
 

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