After a couple days of sharp gains on several of our watch list candidates I am going to eliminate some and adjust the targets on others.
The flood of new retirement money into the market is pushing the momentum stocks even higher and for some it appears it will never stop. We know better than to try and fight the trend.
Cancel the following targets:
Trina Solar at $55
Interoil at $75
Edwards Lifesciences at $85.95
Change the entry points on these potential plays:
Naked Call Candidates (Lottery plays)
We were triggered on the Autozone play this morning when Ford reported strong sales and AZO imploded all the way to $152 from $158.65. Unfortunately AZO rebounded back to nearly $157 later in the day. Maintain the stop at $158 on the long put and the short call.