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Long Play Updates

Wal-Mart Stores - WMT - cls: 58.45 change: -2.26 stop: 57.99

WMT weathered the storm on Wall Street pretty well. Shares sank 3.7% but found support again at its rising 100-dma. While we are encouraged by WMT's relative strength I wouldn't put too much faith in it right now. Mutual funds were already facing a lot of redemptions and they might end up selling some WMT to raise cash. It will be a battle between those seeking a "safe haven" play buying WMT and those selling it out of fear or need for cash. Technically we remain bullish with WMT above its 100-dma. Bear it mind it won't take much for WMT to dip under $58.00 and hit our stop loss.

Picked on September 25 at $60.12
Change since picked: - 1.67
Earnings Date 11/13/08 (unconfirmed)
Average Daily Volume: 21.8 million

Short Play Updates


Closed Long Plays

Hovnanian - HOV - close: 7.62 change: -0.97 stop: 7.80

Housing stocks were pummeled on the failed vote in congress today. The DJUSHB index lost almost 9.5%. Shares of HOV under performed its peers with an 11.3% loss. The stock was holding the $8.00 level until about 1:00 p.m. then it sank past all of its significant moving averages and hit our stop loss at $7.80 on the way.

Picked on September 25 at $ 8.67 /stopped out 7.80
Change since picked: - 1.05
Earnings Date 12/18/08 (unconfirmed)
Average Daily Volume: 3.7 million


Imation Corp. - IMN - cls: 21.97 change: -1.28 stop: 22.45

The widespread market sell-off was excessively sharp and IMN was not immune. The stock sank 5.5% and hit our stop loss at $22.45 on the way down. Traders may want to keep IMN on their watch list for a bounce near its 40 or 50-dma or a new rally over $23.50.

Picked on September 28 at $23.25 /stopped out 22.45
Change since picked: - 1.28
Earnings Date 10/21/08 (unconfirmed)
Average Daily Volume: 335 thousand


JAKKS Pacific - JAKK - close: 24.50 change: -1.41 stop: 24.99

JAKK showed a little more bit relative weakness this morning. The stock gapped open lower at $25.49 and then quickly violated the $25.00 level as the DJIA sank to an early triple-digit loss and the NASDAQ fell off the cliff right at the open. Our stop loss on JAKK was $24.99.

Picked on September 28 at $25.91 /stopped out 24.99
Change since picked: - 1.41
Earnings Date 10/22/08 (unconfirmed)
Average Daily Volume: 407 thousand

Closed Short Plays


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