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PLAY >New Updates Thursday, March 29, 2001
New Split Updates   New Candidate Updates   New Momentum Updates
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Updates

None

New Candidate Updates

EQT - Equitable Resources, Inc. $67.20 -1.64 (+2.14)

Equitable Resources, Inc. gapped up on Wednesday morning following news that the stock will be added to the S&P MidCap 400 Index after Friday's close. Shares of EQT traded to an all-time high of $70.50 before pulling back to a close of $68.84 on heavy volume of 1.4 million shares. On Thursday, the stock fell to an intra-day low of $65.11 after J.P. Morgan (JPM) cut its rating on EQT from "buy" to "long-term buy" based on valuation. The stock has been very active over the past two days due to the S&P changes, so the strong volume may continue into next week. However, the S&P 400 is not considered to be a major index, so EQT should be able to survive the short-term volatility and regain its long-term upward trend. For now, support is the 5-dma at $66.83 with additional support at $65.64, the 10-dma. Resistance has moved up to Thursday's intra-day high of $68 and then the all-time high of $70.50. Look for a bounce off of $66.83 or a breakout above $68 on midday volume of at least 100,000 shares before starting new plays. We are keeping our stops at $63.40 as downside protection.


Picked on March 27th @ $67.20
Change since picked +0.00
Stop Loss @ $63.40
 
Interactive Chart Quote News First Call on EQT
 


NVR - NVR Incorporated $170.00 +4.40 (+10.05)

Thanks to cuts interest rates and the Fed being biased for further reductions, we continue to look for NVR shares to remain in a strong position. We're also anticipating an influx of buying to arise as a result of a possible stock split. With these two events in mind, it's no surprise that the stock is gaining upward momentum. What's more, NVR has only 8.37 million shares outstanding. Talk about a supply crunch! Turning to the chart, NVR shares rallied sharply higher on Thursday, adding $4.40, or 2.65%, by the closing bell. The stock did flirt with higher levels on an intraday basis, but found a stiff barrier at $173.14. Checking out the technical indicators, the MACD and stochastic both point to higher levels. On Balance Volume continues to make higher highs and indicates that there is solid buying of the stock during positive days. Traders looking for additional entry points should wait for a break through $173.14 or a bounce off the 5-dma of $165.55. We'll recommend raising stops to $164, which will help to minimize downside risk.


Picked on March 27th @ $166.20
Change since picked +10.80
Stop Loss @ $164.00
 
Interactive Chart Quote News First Call on NVR
 


PFGC - Performance Food Group $50.00 -1.97 (+0.50)

PFGC continues to trade in a predictable and repetitious pattern. Our last write-up suggested that quick rallies in the past have resulted in quick retracements. Sure enough, Tuesday's spike to just below the $54.50 resistance resulted in a quick pullback today. So where does the stock go from here? We would not be surprised if PFGC once again tests its 50-DMA, which closed today at $48.31. We see another good opportunity to enter new positions if PFGC tests $48.31 and bounces. Some of our favorite technical indicators are solid, despite the quick retracement. The MACD is now positive and Money Flow is still excellent. Even though PFGC is pretty volatile, these technical indicators tell us that PFGC should be able to work its way higher. Finally, a move above the double top resistance of $54.50 could really get this stock trending strongly higher.


Picked on March 25th @ $49.50
Change since picked +0.50
Stop Loss @ $46.00
 
Interactive Chart Quote News First Call on PFGC
 


RDN - Radian Group Incorporated $66.00 +2.15 (+4.10)

RDN shares delivered another nice rally on Thursday, gaining 3.37% to close at $66.00. Today's breakout also came with good volume of 598,600 shares, which topped the three-month average. This is further indication that the stock is attracting more traders with each leg higher. Even more significant, the stock was able to break above stiff resistance at the intermediate high of $64.80 and hold ground above the 100-dma of $64.31. This certainly confirms a breakout and could result in a rally to $65 or $70. The short-term technical picture also looks promising, with bullish crossovers in both the MACD and stochastic. Traders should consider entries when the stock breaks through resistance or bounces from support at the 100-dma on good volume of 250,000 shares traded by midday. We'll suggest moving stops to $62.50 to help limit our downside risk.


Picked on March 18th @ $61.00
Change since picked +5.00
 
Interactive Chart Quote News First Call on RDN
 


UHS - Universal Health Services $86.99 +4.24 (+4.14)

Health care stocks were generally strong today, presumably due to a renewed interest in buying stocks with relatively stable growth and more reasonable valuations. Consequently, UHS made a strong move today in a bid to catch up with the strong rally we saw earlier this week in the overall market. Perhaps some of the rally can be attributed to the fact that UHS is probably overdue for a split. UHS last split its stock in May of 1996. The split was made payable when the stock was at $56.38, well below today's closing price. Turning to the charts, UHS popped back above the 50-DMA of $84.72 today. Traders may be interested in adding to positions if UHS can stay above the 50-DMA. In addition, momentum traders may be interested in buying UHS if the stock can move above $87.34, which would establish a new high for the week.


Picked on March 15th @ $83.50
Change since picked +3.49
Stop Loss @ $80.00
 
Interactive Chart Quote News First Call on UHS
 

New Momentum Updates

SFD - Smithfield Foods, Inc. $37.85 +0.84 (+3.08)

Smithfield Foods has posted gains in four of the past five sessions following an article in BusinessWeek about the economic effects of the European livestock crisis. On Thursday, shares of SFD hit an all-time high of $38.10 before pulling back to a close of $37.85 on volume of 1.08 million shares. SFD has made five consecutive higher lows on above-average volume, so the stock could maintain its upward trend as long as the volume remains heavy. In the meantime, support is Thursday's intra-day low of $37.10 with stronger support at $36.67, Wednesday's intra-day low. Resistance has shown up at Thursday's intra-day high of $38.10 and then the $40 mark. Traders may consider entry points on a bounce off of $37.10 or a breakout above $38.10 on volume of at least 180,000 shares by noon. We are leaving our stops at $35.25 to protect gains.


Picked on March 22nd @ $32.25
Change since picked +5.60
Stop Loss @ $35.25
 
Interactive Chart Quote News First Call on SFD
 


THQI - THQ Incorporated $37.44 +0.91 (+2.94)

THQ did some consolidating work after trading to an all-time high of $39.94 during Tuesday's session. A weak market and some profit taking sent shares of THQI to an intra-day low of $35.19 on Thursday. Fortunately, the stock bounced back to a close of $37.44 on volume of 496,000 shares. Momentum has cooled along with the daily volume, so THQI may need to consolidate before it moves to new highs. However, a volume surge in excess of 800,000 shares could easily push THQI into record territory. From a technical standpoint, support has fallen to the 5-dma at $36.85 with additional support at $35.19, Thursday's intra-day low. Resistance is Wednesday's intra-day high of $38.81 and then Tuesday's intra-day high of $39.94. A bounce off of $36.85 or a breakout above $38.81 on midday volume of at least 250,000 shares may be possible entry points. Our stops remain at $35.


Picked on March 25th @ $34.50
Change since picked +2.94
Stop Loss @ $35.00
 
Interactive Chart Quote News First Call on THQI
 

Play Updates Index

 


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