Technical Analysis
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Anything around, say, $40.90 or so would be a low-risk short entry because of the proximity of the buy-stop. Put the buy-stop up at $42.10, just above the June high. If the stock moves that high, you don't want to be short. My downside target for this stock is $35.
Updates on Open Positions
- Assisted Living Concepts ALC: The stock offered the short entry at $11.60 on June 1, with a buy-stop at $12. The stop can be lowered just a bit, to $11.90. Shares closed at $11.26 Wednesday.
- Lam Research LRCX: The short entry of $53.80 was hit on May 31. The original buy-stop was $56.05, but that stop should be lowered now to $55.05. The stock closed at $52.59 Wednesday.
- Mattel MAT: The May 31 market open offered a short entry of $27.75. The stock is trending lower, with the stop set at $28.70. That stop remains unchanged. Mattel shares closed at $27.35 Wednesday.
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