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PLAY >New Updates Thursday, June 07, 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

BJ - BJ's Wholesale Club $51.03 -0.97 (+2.72

In our last update, we spoke of profit taking in BJ. Well, that profit taking arrived on the scene on Thursday, however, it was mild in nature and doesn't have us worried yet. The stock might be heading back towards support at $50 so don't be surprised if we see a few more down days on light volume before things pick back up again. That said, we suggest traders wait for a bounce off $50 before initiating new positions in retail play. Lastly, BJ reported Thursday that same store sales rose 4% for May, with double-digit sales growth within its southeast region stores.


Picked on May 27th @ $48.31
Change Since Picked +2.72
Stop Loss @ $48.75
 
Interactive Chart Quote News First Call on BJ
 


CEFT - Concord EFS $52.33 +1.58 (+1.73)

Those of you who were waiting for a definitive close over $51.50 should have gotten into CEFT today. The stock had a strong session that was marked by some large block trades hitting around 1 p.m. eastern time. These trades served to boost the stock higher into the close, finally giving us a good close over $51.50. Volume was also strong on the breakout, with 3.4 million shares trading on Thursday. Traders looking to initiate a position within CEFT could do so on a retest of the $51.50 level, or a break above today's high of $52.70.


Picked on May 27th @ $50.60
Change Since Picked +1.73
Stop Loss @ $46.00
 
Interactive Chart Quote News First Call on CEFT
 


CIMA - Cima Labs Inc. $85.75 +2.15 (+10.95)

You know a stock has institutional support when it rockets close to 10% in one day and never settles back the next day. We were anticipating that CIMA would retrace back to the $81 level but instead, the stock made a new high today. Support should be coming into CIMA around $82.50 and the MACD is signaling a new up trend. Traders that are considering opening a position in CIMA could look to do so on a bounce off of $82.50, or on a strong advance through resistance at today's high of $85.75 (also the closing price).


Picked on May 29th @ $76.95
Change Since Picked +8.80
Stop Loss @ $80.00 
 
Interactive Chart Quote News First Call on CIMA
 


HRB - H&R Block $63.90 +1.04 (+4.18)

Our tax service provider managed to notch another new high today. HRB took out resistance at $63.75 and advanced closer to psychological resistance at $65. However, we won't put too much significance into Thursday's performance due to the fact that if it weren't for a few block trades at the end of the session, HRB would have closed below $63.75. Momentum traders looking for a few points in HRB could use a breakout above today's high of $64 as an entry point. This is provided that HRB can muster up at least 600,000 shares traded for the day.


Picked on April 18th @ $52.85
Change since picked +10.05
Stop Loss @ $61.00
 
Interactive Chart Quote News First Call on HRB
 


MTG - MGIC Investment $71.77 -0.63 (+4.93)

MTG had a stellar $2.30 up day on Wednesday, so we weren't too surprised by the slight pullback Thursday. MTG shares actually traded as high as $74 on Wednesday before pulling back into the close. Lighter volume and low volatility marked Thursday's trade in MTG, so we might see a pickup going into the weekend. That being said, traders should be aware that resistance has come in at $73 and $74, so we would wait until resistance at $74 is conquered before adding new positions. More aggressive traders might consider adding positions on a break above $73, with a corresponding tight stop at $71. Our stops on this play remain at $66.75 to protect on the downside.


Picked on May 31st @ $70.37
Change Since Picked +1.40
Stop Loss @ $66.75	
 
Interactive Chart Quote News First Call on MTG
 


SRDX - SurModics, Inc. $56.30 +0.30 (+3.30)

MTG had a stellar $2.30 up day on Wednesday, so we weren't too surprised by the slight pullback Thursday. MTG shares actually traded as high as $74 on Wednesday before pulling back into the close. Lighter volume and low volatility marked Thursday's trade in MTG, so we might see a pickup going into the weekend. That being said, traders should be aware that resistance has come in at $73 and $74, so we would wait until resistance at $74 is conquered before adding new positions. More aggressive traders might consider adding positions on a break above $73, with a corresponding tight stop at $71. Our stops on this play remain at $66.75 to protect on the downside.


Picked on June 5th @ $58.00
Change Since Picked -1.70
Stop Loss @ $54.00  	
 
Interactive Chart Quote News First Call on SRDX
 

New Momentum Updates

WMI - Waste Management $28.59 +0.08 (+0.79)

WMI eked out a small gain on Thursday and remains on its breakout track. Shares of WMI continued on their recently revived uptrend and found good support along the way at the 5-dma at $28.22. With today's advance, WMI's MACD was just able to issue a buy signal. Volume was light on Thursday, with just 1.5 million shares changing hands. WMI's three-month average daily volume is 2.1 million shares. We will be watching to see whether the stock can take out mild resistance at $29 in the near future. Meanwhile, traders might consider initiating new positions in WMI if the stock can break above Wednesday's opening price of $28.80 on volume that puts WMI on pace to do 2.5 million shares for the day. Our stops remain just under the previous base at $26.90.


Picked on June 6th @ $28.51
Change since picked +0.08
Stop Loss @ $26.90    
 
Interactive Chart Quote News First Call on WMI
 

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