Thursday, February 10, 2011

End-Of-day Recap - Thursday 2/10

A fairly uneventful day for me today. Gains in SIO.V and ENS longs and COT short more than offset losses in WPRT and JASO shorts. P&L is flat over last 2 days, but February still looking great (so far).
  • WPRT posted a nice 3.4% rally today, so I gave back a little there, but my short is still up 4.5% and I'm sitting tight. Yesterday's big move down was accompanied by a nice spike in volume. No reason to believe the selling is over yet in this one. No near term catalysts expected that will change the overall trend. Pickens was in DC this week once again to try and rally support for his natgas plan, but no indications that he was able to make any significant progress. Still looking for 13.50 initially, and then an eventual move to 12.00. It would still take a move back above 16 for me to change my view here.

  • Sticking to the same theme as above, I re-initiated my short in CLNE @ 12.09 today. I was short this name last month and took profit @ 11.89 on Jan 31. This chart looks like it could be getting ready for an ugly move of its own as the long-term descending triangle has broken, suggesting much lower prices. Initially targetting 11 bucks.

  • I covered my short JASO today @ 7.42 for a .14 loss. I was questioning this trade in yesterday's post and while it showed early morning weakness, by the end of the day it had rallied and looks like could be setting up for a move higher now.

  • ENS is another stock worth mentioning today. I went long this stock @ 32.92, and pointed out the breakout above 34 earlier this week. After announcing earnings the stock sky rocketed today. It hit a high of 38.21 this morning, up just over 11%, before settling back down to 36.20 (+5%). EPS was .71 vs. consensus of .62. They also guided Q4 earnings up to .68-.72 vs. consensus of .62.
  • My initial ST target on the stock was 36.50, but since it blew right through that level I decided to stay long. I'll be watching the open on this one tomorrow as a guide to where it will be going next. A gap lower on the open would be a concern, but given the improved earnings and guidance I think we should see prices start to head back up from here.

The other thing I'll be watching closely on the open tomorrow will be the price of gold. GLD closed right near its 100dma today. See Time To Go Long Gold Again? for an update on my view on gold.

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