BJ - BJ's Wholesale Club $52.36 +1.16 (+1.12)

Tuesday's Comment:

On Tuesday, BJ managed to close above resistance at $52 on good volume of 600,000 shares. BJ also successfully tested its 5-dma at $51.56 and bounced higher. Add to this the fact that BJ has only weak resistance at $52.75 to deal with and we think you have the recipe for another run higher in BJ. Of course, Tuesday's upgrade of BJ from a "buy" to a "strong buy" by Lehman Brothers doesn't hurt either. In addition to upgrading the stock, Lehman raised its 12-month price target on the retailer to $62 from $55. Traders that may be thinking about getting into BJ should wait until the stock breaches $52.75 on volume that puts the stock on track to do at least 650,000 shares for the day. We are upping our stop to $50.00 to protect our gains thus far.

Picked on May 27th @ $48.31 Change Since Picked +4.05 Stop Loss @ $50.00

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