We closed NEM today for a nice +6% gain as the stock reached our final target. Today's lack of follow through higher in the broader market was certainly a disappointment to the bulls. Whether the one day event was Friday's rally or today's sell-off will soon be determined. In reality, trading could be very choppy the remainder of the week as summer winds down and we head into the long holiday weekend on light volume. Regardless of which way the market may break we should have some opportunities to book profits. Feel free to email me with any questions.
BULLISH Play Updates
ATHN - We had a set-back in ATHN today as the stock lost -2.4%. If the broader market weakness continues we will most likely be stopped out of this position.
ANDE - ANDE did not perform for us today either as the stock lost -3%. The stock remains above the key support in the $35.00 to $35.50 area which is the logical area for a bounce back higher.
CAGC - CAGC was opened today at $16.69 per the new play release from the weekend. Please refer to the release for more details.
NEM - Our final target of $60.50 was reached today and the position was closed for +6.61% gain.
RAX - After a +8% rip on Friday RAX gave a little back today closing down -2.25%. A retracement was expected and now I am looking for RAX to regain its footing and move higher in the comings days/weeks.
BEARISH Play Updates
ADP - The stock lost -1.35% and looks vulnerable. Our target near breakeven at $38.85 was hit today. If the broader market remains weak we should hit our next target. My comments from the weekend remain the same. Use weakness to your advantage to exit positions.
CHK - CHK traded up to its 20-day SMA before reversing and closing near its lows of the day. The price action over the past few days in this stock is difficult to get a sense of direction. Continue to use weakness to consider exiting positions.
HSNI - HSNI lost -5.18% today. I am looking for a move down to the 200-day SMA, near our target of $25.05 which where I would consider taking profits.
SBUX - I was surprised SBUX didn't lose more ground today. My comments from the weekend remain the same. We may need to exhibit some patience.