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Long Play Updates

Network Appl. - NTAP - close: 26.11 change: +0.99 stop: 22.99

The rally continues in shares of NTAP. The stock added another 3.9% on rising volume that came in well above its average volume. NTAP is now testing overhead resistance near $26.00 and its 100-dma and exponential 200-dma. We're optimistic on the stock but traders who missed this morning's entry point might want to think about waiting for a pull back before initiating positions.

Picked on October 16 at $25.12
Change since picked: + 0.99
Earnings Date 11/16/05 (unconfirmed)
Average Daily Volume: 5.9 million

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Sun Microsystems - SUNW - close: 3.94 chg: -0.04 stop: 3.90

SUNW produced some volatility today. The stock broke through resistance at the $4.00 mark and its simple 200-dma but failed to hold its gains. Yet the rally was strong enough to hit our trigger to go long a $4.05. Fortunately, the pull back was not deep enough to hit our stop loss at $3.90 but that remains a very real risk if there is any sort of market weakness tomorrow. This remains a speculative play and only aggressive traders will want to consider bullish positions if SUNW can trade over the $4.05 level again.

Picked on October 17 at $ 4.05
Change since picked: - 0.11
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume: 40.4 million

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Vertex Pharma - VRTX - close: 22.63 change: -0.07 stop: 20.29

Broken resistance at the $22.00 level acted as new support today with VRTX's intraday dip. The afternoon rebound from the $22.00 level looks like a new bullish entry point. If VRTX doesn't produce some follow through on today's afternoon bounce pretty soon we're going to exit early!

Picked on October 13 at $22.13
Change since picked: + 0.50
Earnings Date 10/26/05 (unconfirmed)
Average Daily Volume: 1.4 million
 

Short Play Updates

Corning Inc. - GLW - close: 18.11 chg: -0.06 stop: 20.01

GLW spent most of the session churning sideways in a 40-cent range around the $18.00 mark. We see no changes from our weekend update.

Picked on October 09 at $18.54
Change since picked: - 0.43
Earnings Date 10/26/05 (confirmed)
Average Daily Volume: 11.9 million

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99c Only Stores - NDN - close: 9.33 chg: -0.03 stop: 9.56*new*

Time is running out for our play in NDN. The company is expected to report earnings on October 20th although that date is still unconfirmed. We do not want to hold over the report so we'll plan to exit on Wednesday at the closing bell assuming we aren't stopped out first. We're lowering our stop loss to $9.56.

Picked on September 27 at $ 9.40
Change since picked: - 0.07
Earnings Date 10/20/05 (unconfirmed)
Average Daily Volume: 581 thousand

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Trinity Ind. - TRN - close: 36.58 chg: +0.06 stop: 39.26

We don't see much change from our weekend update. We're still looking for a potential failed rally under the simple 50-dma or now the 10-dma (near 37.46). The main level we're watching is the $38.00 mark. Given the late afternoon bounce today odds of another attempt to test the 10 or 50-dma may still be good. Wait for the failed rally before considering new bearish positions.

Picked on October 11 at $36.88
Change since picked: - 0.30
Earnings Date 10/31/05 (unconfirmed)
Average Daily Volume: 385 thousand
 

Closed Long Plays

None
 

Closed Short Plays

Career Educ. - CECO - close: 34.39 chg: +0.44 stop: 36.01

CECO continued to rally on Monday and the stock is poised near the top of its sideways trading range to breakout higher. We're choosing to exit early after the stock broke through and closed above its simple 10-dma. Readers can keep an eye on the stock for a failed rally under $35.50-36.00 as a new bearish entry point.

Picked on October 04 at $34.99
Change since picked: - 0.60
Earnings Date 11/02/05 (unconfirmed)
Average Daily Volume: 1.6 million

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Cree Inc. - CREE - close: 22.90 chg: +0.90 stop: 23.01

We don't know what sparked the rally today but shares of CREE hit an intraday high of $23.07 and closed with a 4% gain on volume slight above its average. Maybe it's traders positioning themselves ahead of CREE's October 20th earnings report. We've been stopped out at $23.01.

Picked on October 11 at $22.99
Change since picked: - 0.99
Earnings Date 10/20/05 (confirmed)
Average Daily Volume: 1.3 million
 

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