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PLAY >New Updates Thursday, June 14, 2001
New Split Updates   New Candidate Updates   New Momentum Updates
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Updates

LOW - Lowes Companies $72.93 -0.97 (-0.64)

Lowes fell victim to overall weakness within the market on Thursday. The stock lost $0.97 on low volume of 1.7 million shares. The stock did find good support at its 10-dma at $72.17 and managed to close in the upper half of its intraday range. Resistance is still present at $74, so traders shouldn't look to initiate new positions until this resistance is conquered on volume of at least 3.2 million shares. Our stops remain at $68 to limit downside risk.


Picked on June 7th @ $74.00
Change Since Picked -1.07
Stop Loss @ $68.00   
 
Interactive Chart Quote News First Call on LOW
 

New Candidate Updates

BJ - BJ's Wholesale Club $53.05 +1.03 (+1.81)

BJ bucked the market and headed higher on Thursday. Not only did it break up through $53, it managed to close above the psychologically important $53-level on good volume of 730,000 shares. Earlier in the day, BJ successfully tested support at $51.70 and bounced higher. At this point, traders who want to hop aboard the wholesaler's train should wait to see if BJ can close above $53 again on Friday. However, don't chase the stock much over $54, should it start to pick up steam, since it is starting to get slightly overbought at current levels. We are giving BJ one more day before we tighten up our stop, so for now our stop remains at $50.00.


Picked on May 27th @ $48.31
Change Since Picked +4.74
Stop Loss @ $50.00
 
Interactive Chart Quote News First Call on BJ
 


ESI - ITT Education $42.80 -1.30 (-0.64)

Unfortunately for our newer play, we weren't able to capture any breathing room today. Sellers ruled the session, as the stock lost $1.30 to $42.80. However, volume on the pullback was so weak (only 79,000 shares were traded) that we won't start worrying just yet. ESI also found good support at its 10-dma at $42.81. With today's dip, ESI's MACD has started to roll over, but there is plenty of time to avoid a sell signal as long as ESI holds support around $42. Going forward, it has become more important for ESI to prove that it still has buying support. To do this, we need ESI to close over resistance at $44.50 on volume of at least 250,000 shares for the day.


Picked On June 12th @ $43.70
Change Since Picked -0.90
Stop Loss @ $40.00
 
Interactive Chart Quote News First Call on ESI
 


MTG - MGIC Investment $72.21 -1.58 (+0.81)

MTG gave back all of Wednesday's gains on Thursday, as the stock retreated by $1.58 on the session. The bad news is that volume picked up today as the stock headed lower. The good news is that the current up trend is still in tact, as today's low was a higher low. Going forward, we will look for MTG to find support at its 10-dma at $71.38. Resistance has come in at $74. MTG's MACD also looks to be rolling over, so hopefully the stock will find support soon. Traders looking to get into MTG should wait until the stock can close over $73.79 (previous closing high) on volume of at least 750,000 shares for the day.


Picked on May 31st @ $70.37
Change Since Picked +1.84
Stop Loss @ $66.75
 
Interactive Chart Quote News First Call on MTG
 

New Momentum Updates

BEBE - BEBE Stores, Inc. $30.10 -1.34 (-0.70)

BEBE followed the S&P Retail Index (RLX.X) lower on Thursday, losing $1.34 to $30.10. We had a feeling that a sell off was coming and the good news is that the overbought condition in BEBE has been largely removed now. In addition, the stock found good support at its 10-dma at $29.80. However, going forward we will keep an eye on the MACD since it is about to issue a sell signal. Traders looking to get into BEBE should probably wait for either a bounce off support at $29.40 or a break above $32.25. In either case volume should be close to 300,000 shares for the day.


Picked On June 10th @ $30.80
Change Since Picked -0.70
Stop Loss @ $ $27.00  
 
Interactive Chart Quote News First Call on BEBE
 


WMI - Waste Management $29.73 +0.61 (+1.29)

WMI looks to be in the throws of a breakaway run. On Thursday, the stock gapped higher at the open and never looked back. Volume was again outstanding, with almost 5 million shares changing hands. WMI's MACD is now decidedly positive and OBV is shooting skyward. Our trash play may be the beneficiary of investors looking for a place to hide from further tech weakness. Going forward, we will look for volume to ease on any pullbacks. The $30-level will be the next hurdle for our play, and momentum traders might look to jump into WMI on a close above this level on continued strong volume. Otherwise, a pullback to support at $29 could also present a lower risk entry point.


Picked on June 6th @ $28.51
Change since picked -0.01
Stop Loss @ $26.90
 
Interactive Chart Quote News First Call on WMI
 

Play Updates Index

 


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