Play Editor's Note: It's almost Thanksgiving here in the U.S. and the market finally put together its first two-day rally for the month of November. Market historians are calling it the best two-day rally for the DJIA since 1987. In spite of the big gain we are only back to last Tuesday's levels. We are not adding new bullish positions after such a big move and will wait to see if there is any profit taking and where the market bounces.
Broadcom - BRCM - close: 15.40 change: +1.31 stop: 13.75 *new*
BRCM delivered a 9.2% gain and closed near its best levels of the session. Unfortunately the stock gapped open higher at $14.42 so our entry point wasn't quite as good as planned. We are raising our stop loss to $13.75. We would not suggest new bullish positions unless BRCM provided a bounce in the $14.50-14.00 zone. We have set two targets. Our first target is $16.00, which is where readers should unload most of their position. Our secondary, more aggressive target is $17.50. The $18.00 level looks like it could be tough resistance.
Marshall & Ilsley - MI - close: 14.47 change: +1.41 stop: 12.40 *new*
MI also delivered a strong day. The financial sector was leading the market higher as investors reacted to the Citigroup news. Shares of MI ended the day up 10.8%. We are raising our stop loss to $12.40. We would not suggesting new positions until we see a dip and a bounce. The stock gapped open higher affecting our entry point. This should be considered a very aggressive play. Our target is $16.00. More aggressive traders may want to aim higher.
FYI: The most recent data listed short interest at more than 9% of the 256 million-share float.
NetApp Inc. - NTAP - close: 13.08 change: +0.57 stop: 11.69
NTAP was a steady climber all day long and ended the session above short-term resistance at $13.00. Volume came in a little above average, which is a good sign. We don't see any changes from our previous comments. We are listing two targets. Our first target is $14.25. Our secondary target is $15.50.
Molson Coors Brewing - TAP - close: 44.44 change: +1.13 stop: 40.65
TAP under performed the markets today. The S&P 500 posted a 6.4% gain while TAP only rose 2.6%. The stock is still struggling with round-number resistance at the $45.00 level. We remain bullish but would not be surprised to see TAP pull back and bounce again in the $43.00-42.00 zone. 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*