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Long Play Updates

Archstone - ASN - close: 50.14 chg: +0.86 stop: 48.74 *new*

ASN has reversed course again. The market's bounce helped fuel a 1.7% gain in the stock but shares didn't have enough gas to breakout past the $50.20-5.25 zone. More aggressive traders may want to go long now with the move past $50.00 but more conservative types probably want to wait for a move past $50.25 before opening positions. Our target is the $53.85-54.00. We are raising our stop loss to $48.74.

Picked on June 05 at $50.21
Change since picked: - 0.07
Earnings Date 07/26/06 (unconfirmed)
Average Daily Volume: 989 thousand

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Potlatch - PCH - close: 38.64 chg: +0.98 stop: 36.99

The market strength today propelled PCH to a 2.6% gain but the stock could not breakout past its 50-dma. We would wait for a move over today's high (38.84), the $39.00 level or even the $40.00 level, depending on your aggressiveness, before considering new bullish positions.

Picked on June 04 at $39.39
Change since picked: - 0.75
Earnings Date 07/17/06 (unconfirmed)
Average Daily Volume: 362 thousand

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Ryanair - RYAAY - close: 52.40 change: +1.52 stop: 49.95

Overseas markets rebounded sharply today and the XAL airlines index really took off with a 5.88% gain. Shares of RYAAY added 2.98% to close back above the $52.00 level (potential resistance) and its 100-dma. Our target is the $53.90-54.00 range.

Picked on June 08 at $51.34
Change since picked: + 1.06
Earnings Date 07/31/06 (unconfirmed)
Average Daily Volume: 304 thousand
 

Short Play Updates

Avid Tech. - AVID - close: 35.14 change: -0.26 stop: 39.41

We are honestly a little surprised that AVID did not participate in the market-wide bounce today. Shares lost another 0.7% on above average volume. The relative weakness is good news for us but we wouldn't expect it to last very long if the major averages keep rebounding. We are not suggesting new shorts at this time. More conservative traders may want to lock in some profits right here. Our target is the $32.50 mark.

Picked on June 11 at $37.35
Change since picked: - 2.21
Earnings Date 08/03/06 (unconfirmed)
Average Daily Volume: 763 thousand

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The Geo Group Inc. - GGI - cls: 34.19 chg: +1.83 stop: 35.65

Watch out! The short covering in GGI fueled a 5.6% rebound today. Chart readers will also note that today's gain appears to confirm yesterday's bullish reversal pattern. More conservative traders might just want to exit right now. The stock looks poised to test the 10-dma (34.66) or the $35.00 level soon. Our first target at $32.25 has already been hit and now we're aiming for the $30.25 level.

Picked on June 11 at $34.14
Change since picked: + 0.05
Earnings Date 05/04/06 (confirmed)
Average Daily Volume: 135 thousand

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Blue Nile - NILE - close: 29.28 chg: +1.00 stop: 31.55

NILE gapped open higher this morning but then proceeded to trade sideways for most of the session. We would expect a bounce back toward $30.00. We're not suggesting new plays. More conservative traders may want to tighten their stops. Remember that the potential for a short squeeze is above average with NILE's extremely high short interest. Our target is the $25.50-25.00 range. The P&F chart points to a $15 target.

Picked on June 08 at $29.45
Change since picked: - 0.17
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume: 212 thousand
 

Closed Long Plays

None
 

Closed Short Plays

Autodesk - ADSK - close: 36.69 change: +1.42 stop: 36.15

We've been stopped out at $36.15. There may have been a short squeeze this morning with the spike higher through resistance at the $36.00 level today. The buying pick up again when ADSK dipped back to the $36.00 level. The MACD has produced a new buy signal. Nimble traders may want to consider switching to bullish positions right here. We'd target the $39.50-40.00 region.

Picked on June 06 at $34.89
Change since picked: + 1.80
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume: 3.2 million

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Flowserve - FLS - close: 52.04 chg: +2.29 stop: 52.25

We are suggesting that readers exit early in FLS. Today's 4.6% gain is not only a breakout over its 10-dma and round-number resistance at the $50.00 level but it confirms yesterday's bullish engulfing reversal pattern. If the market continues to bounce then FLS will probably rally toward the $54.00-55.00 region.

Picked on June 12 at $49.90
Change since picked: + 2.14
Earnings Date 07/21/06 (unconfirmed)
Average Daily Volume: 579 thousand
 

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