Apollo Group - APOL - close: 64.41 change: +0.06 stop: 62.85 APOL spent Tuesday trading sideways but the morning spike and failure at $66.00 is bearish. There are no changes from my Monday comments. Traders should be defensive here. More conservative traders may want to exit early. I am not suggesting new positions at this time. Our first target to take profits is $69.95. Our second target is $74.00. The Point & Figure chart is forecasting an $82 target. We do not want to hold over the June 29 earnings report. We will plan to exit on Friday, June 26th or Monday, June 29th.
Becton Dickinson - BDX - close: 68.25 change: -0.92 stop: 67.75 BDX is still churning sideways too. The stock bounced along the $68.00 level most of the session. We're still waiting for a breakout higher. Our trigger to buy calls is at $70.51. If triggered our first target to take profits is $74.90. Our second target is $79.00. Currently the Point & Figure chart is bullish and forecasts an $86 target. We don't want to hold over the late July earnings report. Note: I'll admit that our second target at $79 is a little aggressive considering our time frame. Be sure to take some money off the table at $74.90.
Express Scripts - ESRX - close: 64.74 change: -0.16 stop: 59.99 Traders are buying the dip near $64.00 again. The low was $63.85. Volume remains pretty light on the pull back. I would buy calls on this afternoon bounce in ESRX but readers may want to adjust their stops significantly higher. Our first target is $69.90. Our second target is $74.75. FYI: The P&F chart is bullish with a $77 target.
Teva Pharma. - TEVA - close: 46.43 change: -0.32 stop: 45.40 The dip to $46.14 this morning was a new bullish entry point to buy calls on TEVA. Broken resistance at $46.00 should hold as new support. Our exit target is $49.85. My time frame is very late July.
L-3 Comm. - LLL - close: 69.99 change: -0.80 stop: 75.55 Our put play was looking pretty good this morning with LLL breaking down under $70.00. The afternoon bounce back above support could be suggesting LLL will see an oversold rebound soon. I'm not suggesting new put positions at this time. Watch for a failed rally somewhere under $73.00. Our first target is $66.00. Our second target is $61.00.
MDC Holdings - MDC - close: 29.52 change: +0.28 stop: 31.05 Somehow MDC managed another bounce even though the homebuilders were fading lower into the closing bell. At the moment it looks like MDC wants to produce a larger oversold bounce. The rest of the sector looks weak. I'm not suggesting new positions at this time. More conservative traders may want to lower their stop toward $30.50 or just start taking profits now. I'm not suggesting new positions. Our first target is $27.75. Our second target is $25.15.
POSCO - PKX - close: 78.50 change: +0.15 stop: 84.05 PKX did not see much follow through on its breakdown from Monday but the outlook still looks bearish. I would buy puts now or look for a bounce or failed rally near $80 to $82.00. Our target is the $71.00-70.00 range.
Symantec - SYMC - close: 15.13 change: +0.06 stop: 16.10 It was a forgettable day for SYMC. The stock traded sideways in a narrow range near $15.00 and its 20-dma. I am not suggesting new positions at this time. Our first exit target is $14.10.
United Parcel Serv. - UPS - close: 47.20 change: +0.36 stop: 52.51 UPS managed a meager bounce thanks to an analyst upgrade. Rival FDX was also upgraded this morning. We are still sitting on the sidelines. The plan is to buy puts on a bounce at $49.50. If triggered our first target to take profits is $45.50. We do not want to hold over the late July earnings report.
Wynn Resorts - WYNN - close: 33.99 change: -0.29 stop: 37.65 WYNN continues to sink. Shares broke support near $34.00 and hit $32.71 intraday. The afternoon bounce carried it back toward $34.00, which should now be new resistance. I would still consider new bearish positions here. Our first target is $30.25. Our second target is $26.00.
Apple Inc. - AAPL - close: 134.01 change: -3.36 stop: 134.45 Shares of AAPL suffered another morning sell-off for a second day in a row. Today's decline confirms yesterday's bearish reversal candlestick pattern. The stock broke down under last week's lows and hit our stop loss at $134.45. It might be worth watching for AAPL to test its 50-dma near $130. Otherwise I'd watch for a correction toward the $120 region.
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Toll Brothers - TOL - close: 16.34 change: -0.09 stop: 17.75 Target achieved. TOL finally hit our exit point at $16.25. The low today was $16.17. The trend is still down. TOL might offer another bearish entry point on a failed rally near $18.00.
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Walgreen - WAG - close: 29.65 change: +0.01 stop: n/a Lack of follow through on WAG's post-earnings move is a big warning sign! I'm closing this play early. More aggressive traders may want to let it run. You still have almost four weeks before July options expire. Monday's move is a break of is bullish pattern of higher lows. I'd rather cut our losses early and exit now. The options I suggested were the July $35 calls (WAG-GG) and the July $27.50 puts (WAG-SY). Our estimated cost was .50. We wanted to sell if either option hits $1.25 or higher. Currently the July $27.50 puts are in the .25-0.30 range.
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