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| PLAY >New Updates |
Thursday, March 15, 2001 |
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New Split Updates
| SBL
- Symbol Technologies $48.25 +1.05 (+1.84)
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SBL rallied straight to $56.00 after announcing a 3:2 split on February 27th. The subsequent pullback to support provided by the 40-DMA of $45.69 has given traders the opportunity to try and profit from another split run. It looks like the second run started today. The split is payable on April 16th. A move above today's high of $50.25, accompanied by first hour trading volume over 300,000, may prove to be another good entry point. Although the MACD remains negative, a positive move tomorrow could cause this indicator to issue a buy signal. We also like the fact that the RSI is telling us that there is plenty of room for the stock to rally before it becomes overbought.
New Candidate Updates
| CEC
- CEC Entertainment Inc. $40.60 -0.18 (-1.40)
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CEC Entertainment sold off on Wednesday along with the rest of the market. Shares of CEC traded to an intra-day low of $40.39 before bouncing back to a close of $40.78 on volume of 87,700 shares. On Thursday, the stock dipped below the 20-dma to close at $40.60 on volume of 108,000 shares. CEC has developed a short-term downward trend on light volume over the past 6 sessions so it may continue to fall. On a positive note, the stock is staying inside of its recent $40-$43 trading range. Hopefully, CEC will be able to rally from here as we are at the lower end of the range. For now, support has moved down to Thursday's intra-day low of $40.23 with stronger support at the $40 mark, the February 21st intra-day high. Resistance is Thursday's intra-day high of $40.95 and then Wednesday's intra-day high of $41.60. Look for entry points on a bounce off of $40.23 or a move above $40.90 on volume greater than 80,000 shares by noon. We are keeping our stops at $39.50 to limit potential losses.
New Momentum Updates
| LMT
- Lockheed Martin Corp. $37.50 -0.14 (-1.06)
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Lockheed Martin has been under pressure over the last week after hitting a 52-week high on March 8th. On Thursday, shares of LMT spent the entire day in negative territory. However, the stock bounced off of its intra-day low of $36.15 to close at $37.50, its intra-day high. LMT closed below its 20-dma for the first time since January 24th and it is gaining downward momentum on strong volume. The stock was due for some profit taking but that should not last much longer as the stock approaches its last breakout point at $35.25. In the meantime, support is Thursday's intra-day low of $36.15 with additional support at $35.69, the 50-dma. Resistance is now the 5-dma at $38.21 and then Tuesday's intra-day high of $38.90. Traders may consider starting new plays on a bounce off of $36.15 or a move above $38.21 on midday volume of at least 800,000 shares. Our stops are holding steady at $35.
| UVV
- Universal Corporation $37.58 -0.57 (-1.41)
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Universal has pulled back a bit this week along with the rest of the market. If the profit taking trend continues tomorrow, UVV may test support just slightly above $37.00. We are expecting the rotation out of "safety" stocks will end soon and UVV will take on the task of resuming its uptrend. A close above the 10-DMA of $38.34, accompanied by volume approaching 75,000 shares would be an encouraging sign that the pullback is over and UVV is poised to move higher next week. The RSI, which had been hovering near overbought territory, has pulled back. This fact affords UVV the opportunity to move higher without being encumbered with an overbought condition.
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