Broadcom - BRCM - close: 15.12 change: -0.28 stop: 13.95 *new*
BRCM closed lower on the session but it was encouraging to see the intraday bounce from $14.70. If the rally continues tomorrow we should be good. If not we might consider an early exit. We are going to adjust our stop loss to $13.95. 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: 13.92 change: -0.23 stop: 12.95 *new*
We would turn more cautious on MI. The stock has failed near $14.85 two days in a row. Most of the banking stocks managed another gain but MI lost 1.6%. We are going to raise our stop loss to $12.95, which is about 30 cents under today's low. 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: 13.03 change: -0.05 stop: 11.90 *new*
After three days of gains the rally in NTAP paused. A five-cent loss isn't a big deal but it's also the second day in a row that NTAP has been unable to rally past its 40-dma. This was not a significant moving average in the past so I can't say if it's significant this time. We are going to inch up our stop loss to $11.90, which is under the 10-dma. We are listing two targets. Our first target is $14.25. Our secondary target is $15.50.
Molson Coors Brewing - TAP - close: 43.45 change: -0.79 stop: 40.95*new*
TAP seems to be struggling to build on any gains. The stock failed near $45.00 for the third time in the last four session. This is bearish. On the other hand TAP is still building a pattern of higher lows, which is bullish. The short-term trend is still bullish we would still consider new positions here. However, readers may want to tighten their stops. We're inching our stop up to $40.95.
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*