Play Editor's Note: We are exiting all of our bearish plays whether they hit our target or not.
Molson Coors Brewing - TAP - close: 43.31 change: +0.79 stop: 40.65
We had a couple of close calls on Friday where it looked like TAP was going to hit our stop loss at $40.65. Fortunately, it didn't happen. Most quote services are going to list the intraday low at $40.68. If you drill down in an intraday chart you'll see that TAP bounced twice at $40.74 at its lows. When stocks reversed higher on Friday afternoon TAP surged back above its 50-dma and closed with a 1.8% gain.
We see Friday's bounce as a new bullish entry point to get long the stock. Our target is the $49.50 mark. However, we have to point out that the 100-dma and the exponential 200-dma could be overhead resistance. Currently the Point & Figure chart is bullish with a $56.00 target.
*We currently do not have any bearish play updates*
Chemed Corp. - CHE - close: 36.97 change: +0.28 stop: 40.10
Target exceeded. CHE fell to an intraday low of $33.89 on Friday. Our target was $35.25. Hopefully you exited with us as the sharp bounce back was all short covering and it may not be over yet. We would keep CHE on your watch list as a failed rally near $40.00 or its 50 and 200-dma may be another bearish entry point.
J.C.Penney - JCP - close: 15.14 change: +0.76 stop: 16.55
We are suggesting an exit of any bearish positions in JCP. The stock hit our first target to exit at $15.05 on Thursday. Shares failed to see any follow through lower and bounced near the $14.00 level multiple times on Friday. Previous updates made a note that the $14.00 level had been support in the past. We would abandon all bearish positions but keep an eye on JCP for a failed rally in the $19.00-20.00 zone, which may prove to be another entry point for shorts.
Juniper Networks - JNPR - close: 14.91 change: +1.07 stop: 15.01
We are suggesting readers exit any bearish positions in JNPR. The stock out performed on Friday following some positive analyst comments and shares added 7.7%. The action on Friday showed JNPR bouncing twice near the $13.80 level. You could argue that JNPR still has some resistance near $15.00 but I would expect a bounce back to the $16.50-17.00 zone. If it can make it past there we'll look for resistance again near $20.00.
Pitney Bowes Inc. - PBI - close: 22.65 change: +0.97 stop: 23.15
Target achieved. PBI dipped to the $21.00 level and found support there. Shares saw an intraday low of $20.95. Our target to exit was $21.00. If PBI can get past resistance near $24.00 then it will look like the stock has produced a bullish double-bottom pattern. You may want to keep an eye on it.
Staples Inc. - SPLS - close: 15.64 change: +1.48 stop: 15.51*new*
We told readers on Thursday that it was time to exit our SPLS play. We had been aiming for the $14.0 mark and shares hit $14.14 on Thursday and $14.09 on Friday. The afternoon bounce in the market lifted SPLS past our adjusted target at $15.51. Whether you exited near $14.00 or at $15.50 we still came out a winner.
UnitedHealth Group - UNH - close: 17.15 change: +0.85 stop: 19.01
Is four cents close enough? Our target for UNH was $15.15. The stock fell to $15.19 on Friday before bouncing back. If you did not exit near $15.00 we're suggesting an exit right now. We would keep an eye on UNH to see if shares fail near $20.00 again.