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Long Play Updates

Bluelinx - BXC - close: 13.48 change: +0.53 stop: 11.90

BXC rallied again today following yesterday's positive earnings pre-announcement. The stock added just over 4% on very strong volume, which is a bullish signal. Our target for BXC is the $15.00-15.50 range by late February through early March. FYI - the P&F chart points to a $25 target.

Picked on January 10 at $12.47
Change since picked: + 1.01
Earnings Date 02/15/06 (confirmed)
Average Daily Volume: 142 thousand

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Nexen Inc. - NXY - close: 55.61 change: -1.11 stop: 49.99

NXY pulled back a bit today following yesterday's big rally. The oil sector in general took a breather to consolidate some of its recent gains. We don't see any change from our previous updates on NXY. Our target is the $57.50-58.00 range.

Picked on January 11 at $52.11
Change since picked: + 3.50
Earnings Date 02/17/06 (unconfirmed)
Average Daily Volume: 424 thousand

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Patterson-UTI - PTEN - close: 37.75 change: -0.58 stop: 33.85

PTEN is another oil stock who saw its rally take the day off. The overall pattern remains bullish but PTEN and the oil group may need to consolidate some of its gains before moving higher again. We would watch for a potential dip to the 10-dma (36.58) in PTEN. Our target is the $39.85-40.00 range versus the P&F chart's target of $46.50.

Picked on January 17 at $36.85
Change since picked: + 0.90
Earnings Date 03/16/06 (unconfirmed)
Average Daily Volume: 3.2 million
 

Short Play Updates

Ansoft Corp. - ANST - close: 33.34 chg: +1.41 stop: 34.51

Whoa! ANST continues to be volatile. The stock soared to an intraday high of $34.42 on no news today. The 4.4% gain was a big surprise and shares out performed its peers in the software sector. The rally did stall near its short-term trend of lower highs and the stock did close under technical resistance at the 50-dma but that is not giving us a lot of confidence at the moment. A big gain on above average volume is a warning flag for the bears/shorts. We are not suggesting new bearish positions at this time and more conservative traders may want to consider exiting early to protect themselves. Our target is the $27.70-28.00 range near its 200-dma.

Picked on January 19 at $32.71
Change since picked: + 0.63
Earnings Date 02/14/06 (unconfirmed)
Average Daily Volume: 104 thousand

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Baidu.com - BIDU - close: 56.42 change: +0.12 stop: 62.05

We remain encouraged with the action in BIDU. The Internet sector rallied with a 1.2% gain today lead by rises in Google and Yahoo. Shares of BIDU bounced this morning but the rally failed under the $59.00 level. Our target is the $52.00-50.00 range.

Picked on January 23 at $59.75
Change since picked: - 3.33
Earnings Date 03/16/06 (unconfirmed)
Average Daily Volume: 1.0 million

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Health Net - HNT - close: 48.90 chg: +0.21 stop: 51.05

HNT posted a minor bounce today but the overall pattern remains bearish. We would use any failed rally under $50.00 as a new entry point for shorts. Our target is the $45.00-44.00 range. We do not want to hold over the February 1st earnings report.

Picked on January 23 at $48.95
Change since picked: - 0.05
Earnings Date 02/01/06 (confirmed)
Average Daily Volume: 958 thousand

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MedImmune - MEDI - close: 33.29 change: +0.11 stop: 35.01

If you're feeling optimistic today then you could say the good news here with MEDI is the lack of follow through on yesterday's big rebound from the $32.00 level. Shares are still trading under a bearish trend of lower highs but the bounce may not yet be over. We are not suggesting new positions. We do not want to hold any positions over the early February earnings report.

Picked on January 18 at $33.45
Change since picked: - 0.18
Earnings Date 02/02/06 (unconfirmed)
Average Daily Volume: 2.1 million

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PETsMART - PETM - close: 24.40 change: +0.51 stop: 25.01

PETM managed a decent bounce today with a 2.1% gain back over the $24.00 level. Watch for a failed rally under $25.00 as a new bearish entry point. Our target is the $21.50-21.00 range. We are edging the stop loss down to $25.01.

Picked on January 22 at $24.08
Change since picked: + 0.32
Earnings Date 03/01/06 (unconfirmed)
Average Daily Volume: 1.2 million

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Travelzoo - TZOO - close: 20.05 change: -0.33 stop: 23.05

TZOO is still inching lower and managed to break support at the $20.00 mark on an intraday basis. There is a chance that TZOO might bounce from the $20 level so watch for a failed rally under $22.00 if it does bounce. Our target is the $17.25-16.50 range. We do not want to hold over the early February earnings report.

Picked on January 22 at $21.02
Change since picked: - 0.97
Earnings Date 02/02/06 (confirmed)
Average Daily Volume: 309 thousand
 

Closed Long Plays

None
 

Closed Short Plays

Landstar System - LSTR - cls: 41.18 chg: +1.48 stop: 41.51

The transportation sector is showing a lot more strength than we expected it would in January. The Dow Transportation index rallied toward a new high today. The momentum in the sector is being fueled by big gains in the railroads. Another positive earnings report from railroad BNI lifted the group. Shares of LSTR, which is more of a trucking stock, responded to the strength in the sector with its own 3.7% bounce. We've been stopped out at $41.51.

Picked on January 18 at $39.95
Change since picked: + 1.23
Earnings Date 02/02/06 (unconfirmed)
Average Daily Volume: 406 thousand
 

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