| Building Materials Holding (BLG) -- Daily |
Updates on Previous Picks
- FiberTower ( FTWR) did not
set up last week. The ideal setup would start with an entry at $5.60. The stop would be placed at $6.20, offering 60 cents in risk. The downtrend confirmation signal will result when the price closes below $4.60. This would be the first area for profits, as it would offer $1 in profit vs. the 60 cents in risk. If this level can break, the next profit target would be in the $3.50 area, but this final target will have to wait until we see how price behaves near $4.60. If price moves under $4.60 without first offering an entry, this trade setup is no longer valid. Shares closed at $5.08 Monday.
- PetMed Express (PETS - Get Report) is
still open with the entry at $12.80. The stop at $14.25 offers $1.45 in risk. The first profit target would be placed at $11.35 to satisfy the 1-to-1 reward/risk ratio. Partial or full profits could be taken there. If partial profits are taken, the stop can be lowered to $13 and the final profit target would be the September lows of $9.50. Shares closed at $11.93 Monday.
- Savient Pharmaceuticals (SVNT) set up
two weeks ago with the entry at $12.The stop is at $13, which offers $1 in risk. The first price target will be at $11 with a final profit target at $10. Shares closed at $11.97 Monday.