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Long Play Updates

Archstone-Smith - ASN - close: 35.98 chg: +0.19 stop: 34.85

Hmm... ASN did not participate much in today's broad market rally. That could be a cause for concern. We remain on the sidelines waiting for ASN to confirm the bullish breakout. Our trigger to go long is $36.26. No changes from our previous update on 05/01/05. In the news the company said it sold $300 million in 10-year notes.

Picked on May xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/26/05 (confirmed)
Average Daily Volume: 811 thousand
 

Short Play Updates

Biomet - BMET - close: 39.21 chg: +1.06 stop: 39.51

Uh-oh! BMET rallied strongly with the markets today. The stock is now challenging technical resistance near its 50-dma and the top of its descending channel. If BMET trades above the $40.00 level readers may actually want to reverse course and consider bullish positions. We remain on the sidelines waiting for BMET to trade at or below our trigger of $37.45.

Picked on May xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 03/22/05 (confirmed)
Average Daily Volume: 2.4 million

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Boston Scientific - BSX - cls: 29.36 chg: -0.48 stop: 31.51

BSX was rebuked again at the $30.00 level and displayed relative weakness during today's market rally. No changes from our previous update on 05/01/05.

Picked on April 19 at $29.05
Change since picked: + 0.31
Earnings Date 04/19/05 (confirmed)
Average Daily Volume: 5.4 million

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Novellus - NVLS - close: 24.19 change: +0.56 stop: 25.01

NVLS paced the advance in the SOX semiconductor index, which lead the stock to close over the $24.00 level. We're not convinced that this is a bullish reversal even though the MACD has produced a new buy signal. Bears should tread cautiously.

Picked on April 29 at $23.40
Change since picked: + 0.79
Earnings Date 04/18/05 (confirmed)
Average Daily Volume: 4.0 million

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Catalina Mktg - POS - close: 24.79 chg: +0.36 stop: 25.25

Shares of POS continued to fight with overhead resistance near the $25.00 level and its exponential 200-dma coupled with its 21-dma. We're going to stick to our bearish bias for now but we're not suggesting new bearish plays.

Picked on April 22 at $23.80
Change since picked: + 0.99
Earnings Date 05/18/05 (unconfirmed)
Average Daily Volume: 468 thousand
 

Closed Long Plays

None
 

Closed Short Plays

Broadcom - BRCM - close: 31.69 chg: +1.54 stop: 31.11

The SOX semiconductor index turned in a pretty strong session adding 2.4 percent. This led to a bullish breakout and probable short-squeeze in BRCM, which added more than five percent on strong volume. We have been stopped out at $31.11. Any bears left should be very careful now that BRCM has closed above its 100-dma, and its simple and exponential 200-dma's.

Picked on April 27 at $29.90
Change since picked: + 1.79
Earnings Date 04/21/05 (confirmed)
Average Daily Volume: 7.9 million

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Westlake Chem. - WLK - close: 28.10 chg: +1.15 stop: 28.01

The market rally was too much for shorts in WLK and the stock added some 4.2 percent. We are surprised that WLK showed that much strength after reporting earnings this morning that missed analysts' estimates by four cents. We have been stopped out at $28.01.

Picked on April 08 at $29.19
Change since picked: - 1.09
Earnings Date 05/04/05 (confirmed)
Average Daily Volume: 207 thousand
 

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