AKAMAI Tech. - AKAM - close: 22.89 change: +0.67 stop: 20.95 *new* AKAM rallied more than 3% and hit new relative highs over $23.00 intraday. If there is any relative strength tomorrow this stock could hit our first target. I am raising our stop loss to $20.95. I suggest readers exit one half to two thirds of their position at $23.20 (first target). We'll sell the rest at $24.40 (second target).
Bank of America - BAC - close: 12.97 change: +0.99 stop: 10.95 BAC made headlines for multiple reasons today. One was the appearance of BAC's Ken Lewis being grilled by congress if the government pressured his company to buy Merrill Lynch (MER) last year. The other reason BAC made headlines was an analyst upgrade to "out perform". The stock soared on the upgrade and posted an 8.2% gain on decent volume. The MACD on the daily chart has now produced a new buy signal. This could be the beginning of a big move higher. I am suggesting that readers exit the majority of their position at $14.20. However, I'm listing a second target at $16.45. BAC will have to breakout past technical resistance at its 200-dma and price resistance near $15.00 to reach it.
Comm.Metals Co - CMC - close: 18.03 change: +0.22 stop: 16.70 CMC didn't move much even though most of the metal and steel stocks were higher today. The trend is still bullish. Our first target is $19.90. Our second target is $21.85. However, this is a short-term play. Earnings are expected on June 23rd and we do not want to hold over the report.
Cognizant Tech. - CTSH - close: 26.59 chg: +0.02 stop: 25.99 Shares saw a morning pop but spent the rest of the day trending lower. I find this worrisome when the rest of the market was hitting new relative highs. Traders should turn more cautious on CTSH. Our first target to take profits is $29.95. Our second target is $32.40.
Dell Inc. - DELL - close: 13.27 change: +0.33 stop: 11.25 DELL appears to be on a roll. The stock gained another 2.5% hitting new multi-month highs. There has been a lot of talk lately about DELL in the market for mergers and acquisitions to generate growth. The company has between $9 billion and $10 billion available to apply toward any acquisitions. That doesn't mean they're going to spend it all but they certainly have the ability to buy a company or several. I'm not suggesting new bullish positions at this time. Our first target is $14.90. FYI: If DELL does make a purchase soon it could be negative for us. Typically the purchaser's stock goes down unless the market really likes the deal.
Dollar Tree Inc. - DLTR - close: 43.46 chg: -0.71 stop: 42.95 DLTR is starting to slip even further and is now poised to breakdown from its recent trading range. If we don't get triggered above $45.00 maybe we'll get a better entry point near $40.00. Currently the plan is to initiate new bullish positions on a move over $45.00. Our trigger is at $45.15. My six week target is $49.90 and my ten week target is $53.50.
Flextronics - FLEX - close: 4.62 change: +0.35 stop: 3.85 FLEX turned in a strong session with an 8.1% rally and a breakout over its exponential 200-dma. If you're looking for an entry point wait for a pull back near $4.40ish. Our first target is $5.50.
Market Vectors Gold Miner ETF - GDX - cls: 40.92 chg: +0.12 stop: 39.75 Yet again the GDX tested support near $40.00 and bounced. Unfortunately it also produced another short-term lower high. Gold's failure to rally on the dollar weakness today is worrisome for the bulls. I would now hesitate to open new bullish positions. Our first target is $44.90. Our second target is $49.50.
JDS Uniphase - JDSU - close: 6.01 change: -0.19 stop: 5.25 JDSU ran into a little bit of profit taking today. More conservative traders might want to raise their stops toward $5.50. Our first target to take profits is $6.40. Our second target is $7.40. My time frame is six to eight weeks. FYI: The Point & Figure chart is bullish with a $10.00 target.
Marriott Intl. - MAR - close: 24.10 change: -0.21 stop: 22.85 We are still waiting for a bullish breakout in MAR. Our trigger to buy the stock is at $25.25. Our first target is $29.75. If triggered my time frame is six weeks.
Mechel OAO - MTL - close: 10.68 change: -0.13 stop: 9.75 There is no change from my Wednesday night play description. MTL spent the session churning sideways. I'm suggesting bullish positions now. This is a volatile stock so we are using a relatively wide stop loss. I would only trade half or less than your normal position size. Our first target is $12.45. I'm setting a secondary target at $14.90.
Manitowoc Inc. - MTW - close: 6.43 change: -0.09 stop: 5.95 I am growing more and more cautious on MTW. It's like we're seeing a bearish breakdown in very slow motion. The lack of participation in today's market strength is definitely bearish. If we don't see some strength soon we'll drop it. More conservative traders are going to want to consider an early exit now to cut your losses or a higher stop. I'm not suggesting new positions at this time. We knew this was an aggressive trade and we're using a wide stop to give MTW room to maneuver. This is a speculative bet so I'm suggesting readers only trade half their normal position size (or less). Our first target is $7.80. I'm adding a second target at $8.35.
Norfolk Southern - NSC - close: 40.45 chg: -0.09 stop: 38.25 The Transportation index failed to breakout over resistance today so this group might see some profit taking soon. Consider waiting for a dip near $39.00 before evaluating new positions. I'm not suggesting new bullish positions at this time. Our target is $44.90. FYI: The P&F chart is bullish with a $53 target.
Southern Copper - PCU - close: 24.91 change: +0.81 stop: 19.45 I'm still looking for an entry point on PCU and it keeps climbing. Right now the plan is to get long at $21.75 but if we see a decent pull back between $25 and $22 I'd probably take it. Copper is soaring on the dollar weakness but it's starting to look overbought. Our first target is now $24.75. Our second target is $26.75. My time frame is six to eight weeks. FYI: The Point & Figure chart is bullish with a $30.00 target.
Penn Va. Corp. - PVA - close: 19.98 change: -0.14 stop: 18.95 Still no change from my previous comments. PVA is still churning sideways. Our first target is $21.90. I'm adding a second target at $23.45.
Smith Intl. Inc. - SII - close: 31.91 change: +0.72 stop: 27.95 SII hit our first target yesterday. Today the rally continues with another 2.3% gain. The stock is now testing potential resistance at its May highs. The plan was to exit 75% of our position at $31.45. We'll plan to exit the rest at $34.75.
Sasol Ltd - SSL - close: 38.81 change: +0.14 stop: 35.95 There is no change from my Wednesday night play description on SSL. I am suggesting bullish positions now but a better entry point would be a dip near $37.00. The stock gaps open one way or the other almost every morning as the American markets adjust to trading overseas. Our first target is $44.00. Our second target is $49.00. My time frame is eight to ten weeks.
Tenneco Inc. - TEN - close: 10.20 change: +0.45 stop: 5.99 Here's another stock that continues to soar without us. TEN gained another 4.6% today. I don't want to chase this move but I will be looking at raising our entry point. Be ready to buy the dip when it shows up. For now our entry point remains $7.50. Our first target is $9.85. I would only trade half (or less) than your normal position size due to the risk.
Urban Outfitters - URBN - close: 21.11 chg: -0.87 stop: 19.40 The retail sector was weak in spite of a better than expected May retail sales number from the Commerce Department. URBN pulled back toward $21.00. This looks like a new entry point to buy the stock. Our first target is $23.45. Our second target is $25.75.
Wells Fargo - WFC - close: 25.02 change: +0.11 stop: 23.65 WFC remains stuck in its trading range. We have a trigger to buy the stock at $26.10. Our first target is $29.90.
MEMC Elec. - WFR - close: 20.30 change: -0.56 stop: 18.70 WFR encountered some profit taking with a 2.6% pull back. Use a dip near $19.50 or $19.00 as a new bullish entry point. Our first target is $22.40. Our second target is $24.80 but we don't want to hold over the late July earnings report. FYI: The P&F chart is bullish with a $29 target. %IMG21%
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