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Long Play Updates

Intl. Flavor & Fragrance - IFF - cls: 42.42 chg: -0.47 stop: 41.75

IFF continued to slip as the market traded lower but shares of IFF managed a bounce from its rising 10-dma. This doesn't mean IFF won't continue lower. If the stock market keeps falling we would expect IFF to follow suit. Readers can wait and watch for a bounce from the $42.00 level or watch for a new rebound over today's high (43.69) before considering new bullish positions. Our target is $46.85. The Point & Figure chart is bullish with a $60 target.

Picked on September 22 at $43.25 *triggered 9/22
Change since picked: - 0.83
Earnings Date 10/30/08 (unconfirmed)
Average Daily Volume: 693 thousand
 

Short Play Updates

None
 

Closed Long Plays

Granite Construction - GVA - cls: 36.83 chg: -1.53 stop: 37.85

Monday's sell-off in GVA never even slowed down until the stock sank toward its rising 40-dma around $36.25. GVA did eventually pare its losses but it was too late for us. Our stop loss was hit at $37.85. Friday's rally over $40.00 now looks like a bull trap type of move.

Picked on September 22 at $40.15 *triggered 9/22, stopped 9/23
Change since picked: - 3.32
Earnings Date 10/29/08 (unconfirmed)
Average Daily Volume: 744 thousand

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Hovnanian - HOV - close: 8.12 change: -0.34 stop: 7.85

This is a very volatile market and the homebuilders have been exceptionally volatile. Today's moves in the sector were also influenced by a negative earnings report from homebuilder Lennar (LEN). Shares of HOV slipped past the 10-dma near $7.80 and hit $7.74 before bouncing. Our stop loss would have been hit at $7.85. This play was triggered yesterday when we suggested readers buy a dip into the $8.55-8.00 zone.

Picked on September 22 at $ 8.55 *triggered 9/22, stopped 9/23
Change since picked: - 0.43
Earnings Date 12/18/08 (unconfirmed)
Average Daily Volume: 3.7 million
 

Closed Short Plays

None
 

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