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Trading Notes
Trading Notes
David Goldring
Monday, November 15, 2004

SHORTS

Cheniere Engy (LNG - 44.3) stock shooting up on approval to build liquefied natural gas terminal. Is up 70% in four days. Chairman gives presentation after market on Tuesday. Would expect strength to continue through Tuesday, but profit taking to set in afterwards. Looking to short Tuesday close or Wednesday up opening.

Flextronics (FLEX - 14.51) warned of poor third quarter earnings October 26th, and the stock fell. WhatCHR(39)s it done since? Gone up 24%! Rising tide lifts.. Resistance is at the sharply down moving 200-day average at 15.03.

STMicroelectrn (STM - 20.48) runs into down moving 200-day average at 20.90. Maybe a good put play as stock does not move much.

Neurocine Bio (NBIX - 50.83) runs into down moving 200- day at 52.80

Kroger (KR - 16.30) runs into down moving 200-day at 16.75. 50-day is also down moving. Good put play as tight range stock

Ebay (EBAY - 109.89) June high 94.13, July low 71.45, gives swing target high at 116.81. 24 x sales is getting silly irrespective of how good the company is. Looking to lean short in 116 area.

Broker Dealers (XBD - 145.46) are running straight into the 3 tops between 147.25/149.25. That would be a good time to short GS in particular, also LEH.

Retailers (RLX - 461.23) old June high at 413.65, old August low at 360.04, gives swing target high at 467.26. Extended group looking to lean short, URBN,LTD.BEBE.ANF to name a few

LONGS

Broadcom (BRCM - 29.23) Fridays surge recaptured pivot convincingly, 50-day average is now trending back up, buy now and into pivot at 28.10, looking for move to mid 30,s.

Sohu (SOHU - 17.43) is lagging its group, but 50-day trending up and just above it, looks set to move to 20

Earthlink (ELNK - 10.71) back above the 50-day, think stock is worth closer to $20

Cisco (CSCO - 19.26) no downside, bottom is in, 50-day at 19.05, buy Jan 17 ½ calls on any weakness, wants to go 21.

Abbot labs (ABT - 44.18) buy off 20-day average at 43.10

Teva (TEVA - 27.19) buy pullback to 50-day at 26, reclaimed pivot, wants to go to 30

More to follow

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