Home The Big Picture Daily Blog About Us Free Trial Subscribe F.A.Q.
Premium Content: $ Current Portfolio $ New Trades $ Trade Updates $ Watch List
ArrowTrader.com's
Trade Updates - 12/24/08 -



BULLISH Trade Updates

symbol: BAP -(Credicorp Ltd. )-

closing price: 48.28, today's change: +0.99, stop loss: 44.90 *new*

Picked on December 20 at $46.69 
Change since picked:     + 1.59   			
Earnings Date          02/05/09 (unconfirmed)    
Average Daily Volume:       379 thousand    

Another day, another gain for BAP. The stock continues to out perform its American peers. I am going to adjust the stop loss to $44.90, which is under the December 18th low. More aggressive traders may want to keep their stop under $44.00.

There is potential resistance at $50.00 but we're aiming for the $52.50 mark, underneath technical resistance at its descending 100-dma. Technical trades will be interested to note that the Point & Figure chart is bullish with a $66 target.


symbol: LMT -( Lockheed Martin )-

closing price: 79.22, today's change: +0.94, stop loss: 77.49

Picked on December 20 at $80.01 
Change since picked:     - 0.79   			
Earnings Date          01/22/09 (unconfirmed)    
Average Daily Volume:       3.0 million     

LMT is really trying to rally. The stock has been strong right at the open for five days in a row. Yet the last three days has seen resistance forming around $79.85. I remain short-term bullish on LMT but it might pay to wait for a new breakout over $80.00 before initiating positions.

We have listed two targets. Our first target is $84.85. Our second target is $88.00. The Point & Figure chart is bullish with a $90.00 target but it also shows potential resistance near $83-84. (Bookkeeping note: options suggested were the January $80 or $85 calls)


symbol: PFG -( Principal Fincl. Group )-

closing price: 19.11, today's change: +0.16, stop loss: 17.99

Picked on December 20 at $20.31 
Change since picked:     - 1.20   			
Earnings Date          02/09/09 (unconfirmed)    
Average Daily Volume:       4.9 million     

There should be no surprises here. Yesterday I said that PFG looked poised to drift toward $18.00. It hit $18.52 today. I think it will continue toward the $18.25-18.00 zone before truly bouncing. Look for a new rise over $20.00 or a new bounce from the $18.00 level as a bullish entry point to buy PFG.

Our target is $24.75. More aggressive traders may want to aim higher. The Point & Figure chart is bullish with a $31.00 target but it also shows some resistance in the $24-25 zone.


symbol: PJC -( Piper Jaffray )-

closing price: 37.19, today's change: +1.38, stop loss: 33.95

Picked on December 20 at $36.93 
Change since picked:     + 0.26   			
Earnings Date          01/21/09 (unconfirmed)    
Average Daily Volume:       291 thousand    

Our bullish play on PJC has turned positive. The stock dipped toward $35.00 again and then bounced sharply to close up 3.8%. This is the third bounce from its 200-dma in the last three days. I would use it as another entry point to buy the stock.

The Point & Figure chart is bullish with a $53 target. We're not quite that optimistic. We're using two targets. Out first target is $39.95. Our second target is $43.50.

FYI: Instead of buying the stock you could buy some January call options. The January $40 (PJC-AH) are going for $1.95 a piece. The January $35s (PJC-AG) are trading at $4.80. When the stock hits our target take profits in your option position.



BEARISH Play Updates

symbol: AMAT -( Applied Materials )-

closing price: 9.83, today's change: +0.11, stop loss: 10.51

Picked on December 23 at $ 9.72
Change since picked:     + 0.11   			
Average Daily Volume:       4.6 million     			
Earnings Date          02/10/09 (unconfirmed) 

Wednesday's minor bounce in AMAT is noise. We would still consider new bearish positions here or on a bounce toward or failed rally from the $10.00 region. Overall I see no changes from my Tuesday night commentary.

More conservative traders may want to use a stop just above Tuesday's high ($10.24). We have two targets. Our first target is $8.75. Our second target is $8.15. I do expect some support near $8.50.


symbol: AVP -( Avon Products )-

closing price: 22.63, today's change: +0.17, stop loss: 24.05

Picked on December 23 at $22.46 
Change since picked:     + 0.17  
Average Daily Volume:       4.6 million     			
Earnings Date          02/05/09 (unconfirmed) 

AVP tried to bounce this morning but the strength quickly faded. I don't see any changes from our Tuesday night trade description. Although more conservative traders might want to tighten their stop loss closer to the simple 50-dma near $23.63. The 50-dma should act as overhead technical resistance.

You could argue that AVP might have some support near $22.00 so more conservative traders may want to wait for a decline under $22.00 to open positions. Our first target is $20.25. Traders should close most of the position here since the $20.00 mark may be round-number support. We are going to set an aggressive target at $18.75.

FYI: You could use the January put options to leverage AVP's move. The January $22.50 put (symbol: AVP-MX) is going for $1.20. The January $20.00 put (AVP-MD) is at $0.40. Close out your put positions when AVP hits our target.


symbol: JNPR -( Juniper Networks )-

closing price: 17.03, today's change: +0.21, stop loss: 17.25

Picked on December 23 at $16.82
Change since picked:     + 0.21   			
Average Daily Volume:       9.2 million     			
Earnings Date          01/22/09 (unconfirmed) 

Our new bearish play in JNPR may be in trouble. The stock managed to breakout over short-term resistance at the $17.00 mark and close there today. This is a bullish move and it won't take much to hit our stop loss at $17.25 if the markets are positive on Friday. I am not suggesting new bearish positions at this time. More conservative traders may want to cut your losses early right here.

I would consider this a higher-risk play because the technical picture is a mixed bag. Our first target is $15.25. Our second target is $14.25.



CLOSED BULLISH PLAYS

symbol: CMI -( Cummins Inc. )-

closing price: 24.99, today's change: +0.15, stop loss: 24.15

Picked on December 20 at $26.51 
Change since picked:     - 1.52   			
Earnings Date          01/30/09 (unconfirmed)    
Average Daily Volume:       4.1 million     

A 15-cent bounce is not big enough for me to want to keep CMI as a bullish candidate. We're going to exit early and cut our losses here. We might want to reconsider if CMI can rally past $27.00 again. Otherwise we could try shorts on a breakdown under $24.00 with a $20 target.

-chart-





Copyright 2008 - 2022 ArrowTrader.com.
Do not duplicate or redistribute in any form.

Privacy Statement             Disclaimer             Terms of Service