New Split Drops
| CHBS - Christopher & Banks $47.69 +1.69 (+0.56) |
Monday's price action saw CHBS vigorously attempt a break through heavy support at $50, but a wave of selling came in ahead of this level and sent shares reeling to our stop of $44.50. All told, we're pleased with the 8.25 points that CHBS shares were able to generate in such a short period of time.
New Candidate Drops
| GS - Goldman Sachs $108.85 -3.15 (-5.01) |
Goldman Sach's stock has officially broken below support and is rolling over. This event resulted in the execution of our stop. The next major level of support for GS is its 50-DMA, which closed today just above $100.00. A bounce off this support may bring back some bullishness.
| STZ - Constellation Brands $63.18 +1.78 (-4.22) |
Shares of STZ continued their pullback from last week and pierced our stop of $65 on Monday. Although no news was responsible for the fall, investors felt that the recent advance was a good enough reason to part with their shares. We feel that STZ will continue to provide plenty of future opportunities, so we'll keep you informed as play opportunity develop.
New Momentum Drops
| INTC - Intel $35.44 +0.75 (-0.25) |
The early slip in technology stocks on Monday created enough selling pressure to trigger our protective stop on Intel. The drop was a little bit surprising because Intel did have some good news yesterday. Israel agreed to give Intel a $440 million plant subsidy. Intel also entered into a flash memory chip agreement with Cisco Systems (Nasdaq:CSCO). Financial details were not disclosed but the deal should result in several hundred million dollars of sales for Intel over the next three years. If Intel can break from this current consolidation phase, we may try this play again.
Drops Index
