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Long Play Updates

HR Block - HRB - close: 24.36 change: +0.27 stop: 22.99

The Monday action in HRB wasn't stunning but it did confirm the bullish breakout on Friday. There could be some profit taking tomorrow after today's big market rally so watch for a dip back toward $24 as a new entry point. We'll aim for the simple 200-dma currently at $25.80. Our time frame is just less than four weeks. We plan to exit ahead of the company's earnings report.

Picked on October 23 at $24.09
Change since picked: + 0.27
Earnings Date 11/17/05 (confirmed)
Average Daily Volume: 2.1 million

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Network Appl. - NTAP - close: 26.85 chg: +0.35 stop: 24.49

NTAP continues to inch higher and is nearing the $27.00 level. Our target is the simple 200-dma currently at 27.59. We will exit in the $27.50-27.65 range.

Picked on October 16 at $25.12
Change since picked: + 1.73
Earnings Date 11/16/05 (unconfirmed)
Average Daily Volume: 5.9 million

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Outback Stkhse - OSI - close: 37.89 chg: +0.68 stop: 34.99 *new*

Monday proved to be another bullish session for OSI. The stock added 1.8% on above average volume. We remain bullish but more patient traders might want to wait for a dip (maybe to the $37 level) before initiating new bullish positions. We'll raise the stop loss to $34.99. Our target is the $39.90-40.00 range.

Picked on October 23 at $37.21
Change since picked: + 0.68
Earnings Date 10/20/05 (confirmed)
Average Daily Volume: 819 thousand
 

Short Play Updates

Elkcorp - ELK - close: 32.00 chg: +0.86 stop: 32.75

ELK bounced from the start this morning but the rally seemed to stall midday. We remain on the sidelines with a trigger to short the stock at $30.49. More conservative traders may want to wait for ELK to trade under the $30.00 mark before considering shorts. Our target will be the $27.00 level.

Picked on October xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/21/05 (confirmed)
Average Daily Volume: 205 thousand

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Sanderson Farms - SAFM - close: 35.44 chg: +0.27 stop: 37.51

SAFM rallied sharply this morning but the rallied failed and the stock actually traded off its highs for most of the day. We remain bearish but given today's widespread market rally we would hesitate to begin new shorts unless SAFM sank to a new low under $35.00. There is potential support near $34.00 but our target is the $32.00-31.00 range.

Picked on October 23 at $35.17
Change since picked: + 0.27
Earnings Date 12/07/05 (unconfirmed)
Average Daily Volume: 257 thousand
 

Closed Long Plays

None
 

Closed Short Plays

Trinity Ind. - TRN - close: 37.15 chg: +1.14 stop: 38.01

Today was a big day for the transportation sector. The Dow Transportation index added 2.78%. This helped lift shares of TRN out of its recent sideways consolidation. We're suggesting that readers exit immediately to avoid further losses.

Picked on October 11 at $36.88
Change since picked: + 0.27
Earnings Date 10/31/05 (unconfirmed)
Average Daily Volume: 385 thousand
 

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