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Toni's Play of the Week:

Rowan Companies, Inc (RDC) provides a range of onshore and offshore contract drilling services in the United States and internationally.

Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration

RDC is yet another oil-related stock I am watching. Like SFY, which I gave last week, it has been in a trading range for several years. It has just completed a second correction off the upper end of that range, which formed throughout the second half of last year. That correction took the form of a trading range, whereas the first correction in 2006 was more through time. This creates a momentum shift which favors an upside breakout this year.  My initial target is $53.

Watch Stocks:
Long: CROX, BFS, DE, JDSU, TCO

Positions in green have triggered and are profitable. Positions in red have triggered but are not yet profitable. Those in blue have not yet triggered.

4/31/2008 Swift Energy Company (SFY) engages in the development, exploration, acquisition, and operation of oil and gas properties. It focuses primarily on oil and natural gas reserves onshore and in the inland waters of Louisiana and Texas, and onshore in New Zealand. SFY began to uptrend on the monthly time frame back in 2003. It gained momentum in the summer of 2005, peaking around that time with only slightly higher highs into 2006. Essentially, after the mid-year surge in 2005, however, it has been stuck in a trading range, bouncing back and forth between the lower 30s and to 50 and back for the past two and a half years. I am beginning to monitor SFY for a continuation breakout on the upside and am anticipating a strong move higher into the end of the year. I may still take a few months to see a breakout gain momentum, so since this pattern is a monthly breakout, I will be looking to build a position on swingtrade setups on the daily time frame. My initial target zone is $70.

Watch Stocks:
4/31/2008 Long: RICK, CSWC
4/31/2008 Short: ETN

4/31/2008 Corning Inc. (GLW) gave a watch list buy trigger on 4/1/2008 at $24.40. It has highs so far of $25.80 (+$1.40, +5.74%).

4/31/2008 Rofin Sinar Technologies Inc. (RSTI) gave a swingtrade buy trigger on 3/31/2008 at $43.11. It has highs so far of $47.72 (+$4.61, +10.69%). ITarget hit.

3/3/2008 Universal Health Services Inc. (UHS) gave a watch list buy trigger on 3/25/2008 over $51.82. It has highs so far of $56.09 (+$4.27, +8.24%). (Note: I apologize for missing this one on the update last week.)

2/25/2008 Toll Brothers, Inc. (TOL) gave an initial buy setup on 2/26/2008 over $22.23. It has highs thus far of $26.13 (+$3.90, +17.54%). This was a bit early on the daily and weekly time frame, so we may see another pullback on the daily chart before it is able to break higher again.

2/11/2008 USANA Health Sciences Inc. (USNA) gave an initial short trigger on 2/11/2008 under $38 with resistance at $40.30. It has hit lows so far of $18.25 (+$19.75, +51.97%). Target hit.

2/4/2008 Bank Mutual Corporation (BKMU), through its subsidiary, Bank Mutual, provides various financial products and services in the state of Wisconsin. BKMU has been stuck in a trading range since the end of 2003 after a strong upside move for over two years. The momentum has begun to swing in favor of an upside breakout from the range. We did miss a great daily entry a few weeks ago, but I'll be watching for continuation moves on the weekly time frame now.

2/4/2008 Patterson Uti Energy Inc. (PTEN) gave a watch list buy trigger on 2/4/2008 at $20.96. It has highs so far of $28.00 (+$7.04, +33.59%). Initial resistance hit.

2/4/2008 Community Bk Sys Inc. (CBU) gave a watch list buy trigger on 2/8/2008 over $22.24. It has highs so far of $26.45 (+$4.21, +18.93%).

2/4/2008 WestAmerica Bancorporation (WABC) gave a watch list buy trigger on 3/11/2008 over $48.00. It has highs so far of $57.30 (+$9.30, +19.38%).

2/4/2008 C H Robinson Worldwide Inc. (CHRW) gave a watch list buy trigger on 3/12/2008 over $52.68. It has highs so far of $59.43 (+$6.75, +12.81%).

2/4/2008 Longs to watch: THG (likely to take awhile and flush lower first), Short: 2/4/2008 VITL

2/4/2008 AT&T (T) gave a watch list short trigger on 2/5/2008 under $37.94. It has lows so far of $32.95 (+$4.99, +13.15%).

2/4/2008 Unitrin Inc. (UTR) gave a watch list short trigger on 2/5/2008 at $40.00. It has lows so far of $32.60 (+$7.40, +18.5%). Target hit.

1/7/2008 Safeco Corporation (SAF) gave an initial short trigger on 1/7/2008 under $52.46. It has lows so far of $41.09 (+$11.37, +21.67%). Into target zone.

1/7/2008 Chubb Corp. (CB) gave a watch list short trigger on 1/7/2008 under $53.01. It has lows so far of $46.72 (+$6.29, +11.87%).

1/7/2008 Pall Corp. (PLL) gave a watch list short trigger on 1/7/2008 under $38.74. It has lows so far of $33.37 (+$5.37, +13.86%). Some trailing stops hit.

1/7/2008 Aqua America Inc. (WTR) gave a watch list short trigger on 1/9/2008 under $21.04. It has lows so far of $17.96 (+$3.08, +14.64%).

12/10/2007 Bard C R Inc. (BCR) gave a watch list buy trigger on 1/7/2008 over $95.33. It has highs so far of $100.33 (+$5.00, +5.24%).

11/26/2007 Greif, Inc. (GEF) Over the next couple of months I'll be monitoring GEF for more gradual corrections off the upper end of this range on light volume to begin building a position. I am looking for a break higher in GEF in mid-2008. Initial trigger on 11/28/2007. 1/28/2008, 2/26/2008, and 3/24/2008 offered additional entry triggers. It has highs so far of $72.00.

11/12/2007 Archer Daniels Midland Co. (ADM) gave an initial buy trigger on 11/12/2007 over $37. It has highs so far of $47.33 (+$10.33, +27.92%).

11/12/2007 Lilly Eli & Co. (LLY) gave a short setup on 12/31/2007 under $53.71. It has lows of $46.60 (+$7.11, +13.24%).

11/5/2007 Magellan Health Services, Inc.  (MGLN) gave an initial buy trigger on 11/5/2007 over $46.08. It has highs so far of $49.25 (+$3.17, +6.88%). This stock may easily congest or pullback now for several months, so consider that a current risk for those looking to hold long-term since the monthly trigger was a bit early on this one.

10/22/2007 NDS Group (NNDS) gave an early buy trigger on 11/28/2007 over $56. It has highs so far of $63.57 (+$7.57, +13.52%). Now giving the larger weekly correction we were looking at.

9/24/2007 Martek Biosciences Corp. (MATK) gave an initial buy trigger on 9/24/2007 over $28.84. It has highs so far of $34.70 (+$5.86, +20.32%).

9/24/2007 Bard C R Inc. CR (BCR) gave a buy trigger on 9/26/2007 over $87.46. It has highs so far of $100.33 (+$12.87, +14.72%).  9/10/2007 Cheesecake Factory Inc. (CAKE) gave an initial short trigger on 9/10/2007 under $24.07. It has lows so far of $17.24 (+$6.83, +28.38%). Shorter term trailing stops hit. Trailing stops hit for many.

9/10/2007 Automatic Data Processing Inc. (ADP) gave a short setup on 9/10/2007 under $44.61. It has lows of $37.75 (+$6.86, +15.38%). Trailing stops hit for many.

9/10/2007 International Rectifier Corp. (IRF) gave a short setup on 9/10/2007 under $33.23. It has lows of $20.34 (+$12.89, +38.79%).

9/10/2007 Goldcorp Inc. New (GG) gave a buy setup on 9/11/2007 over $26.44. It has highs of $46.30 (+$19.86, +75.11%). Most traling stops hit.

8/6/2007 Chesapeake Energy Corporation (CHK) gave an initial setup on 8/31/2007 over $32.06, but it can still have one more flush left in it on the monthly time time. It has highs of $49.87 (+$17.81, +55.55%). Initial targets hit. Some trailing stops hit.

12/4/2006 Chesapeake Energy Corp. (CHK) gave a buy setup on 2/23/2007 at $30.08. It reached highs of $49.87 (+$19.79, +65.79% move) so far. Initial targets hit. Some trailing stops hit.

3/27/2006 Berkshire Hathaway, Inc. (BRK.B) gave a breakout on 5/16/2006 over $3000. It has highs of $5059.00 (+$2059, +68.63% move). Some trailing stops hit.

* DISCLAIMER: Results are based upon best price hit before the position was closed, or the stop if that hit first. Note: Trading in commodities and securities may not be suitable for all individuals. Consult your broker or other professional to determine your suitability. The discussions provided by Trading From Main Street are for educational purposes only and should not be taken as a recommendation to buy or sell the referenced security. Past performance is not indicative of future results.

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