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Long Play Updates

Amer.Eagle Outfitters - AEOS - cls: 34.76 chg: -0.66 stop: 32.99

There were new concerns about a potential slow down in the American consumer today. This lead the RLX retail index to a 2.5% loss. Shares of AEOS fell 1.8% but managed a minor bounce from its simple 10-dma. The markets look weak so we would hesitate to open any new bullish positions. At this time we're expecting AEOS to dip toward the $34.00 level. Our target is the $38.25-38.50 range. The P&F chart is more optimistic with a $63.00 target. We do not want to hold over the August earnings report.

Picked on July 06 at $34.77
Change since picked: - 0.01
Earnings Date 08/15/06 (unconfirmed)
Average Daily Volume: 2.2 million

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Celgene Corp. - CELG - close: 48.25 chg: +0.18 stop: 44.95

The BTK biotech index turned in a fractional loss today. Investors were torn between declines in DNA and gains in GENZ. Shares of CELG merely consolidated sideways in a narrow range never once succumbing to the market-wide selling. We are not suggesting new bullish positions at this time. More conservative traders may want to tighten their stops toward the $46.00 region. We do expect some resistance at $50.00 but our target is the $52.40-52.60 range. The Point & Figure chart shows a triple-top breakout buy signal with a $57 target. We do not want to hold over the late July earnings report.

Picked on June 29 at $47.24
Change since picked: + 1.01
Earnings Date 07/27/06 (unconfirmed)
Average Daily Volume: 3.9 million

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Energy Transfer - ETP - close: 45.00 chg: +0.00 stop: 43.74*new*

Shares of ETP are still not moving. The stock churned sideways and closed with a minor loss. We are not suggesting new bullish plays and we're considering an early exit. If the markets continue to sink we'd expect ETP to test the $44.00 level. We're going to raise our stop loss to $43.74. Our target is the $47.50-48.00 range.

Picked on June 18 at $44.25
Change since picked: + 0.75
Earnings Date 07/10/06 (confirmed)
Average Daily Volume: 149 thousand

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Newmarket Corp. - NEU - cls: 48.65 chg: -2.36 stop: 47.99

There was no follow through on NEU's rally yesterday. The stock sank back (-4.6%) toward the bottom of its recent trading range. We're going to leave NEU as a bullish candidate for now. Our trigger to go long will be $52.01. More conservative traders may want to wait for a move past the early June highs near $52.50. If triggered our target will be the $57.50-60.00 range. Currently the P&F chart points to a $57.00 target. Please make sure you don't confuse NEU with NUE (Nucor). We do not want to hold over NEU's earnings report at the end of the month.

Picked on July xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/31/06 (unconfirmed)
Average Daily Volume: 401 thousand
 

Short Play Updates

Broadcom - BRCM - close: 27.43 change: -0.96 stop: 30.25

Strength in the semiconductor sector was short lived. The sector gave back most of its gains from yesterday. There was no follow through on BRCM's bullish reversal from Tuesday, which is good news for us and this short. We have been suggesting two targets - a conservative target at $25.05 and a more aggressive target at $22.75. Please note that BRCM is due to report earnings on Thursday, July 20th and we do not want to hold over the report.

Picked on July 09 at $27.75
Change since picked: - 0.32
Earnings Date 07/20/06 (confirmed)
Average Daily Volume: 15.5 million

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IAC/Interactive Corp. - IACI - cls: 24.96 chg: -0.24 stop: 26.55

More tech stock weakness sent IACI to a 0.95% loss today. At this time we don't see any changes from our previous updates. Our target is the $24.00-23.75 range. We do not want to hold over the early August earnings report. Readers should note that IACI has relatively high short interest at 4.8% of its 195 million-share float.

Picked on July 09 at $25.49
Change since picked: - 0.53
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume: 2.3 thousand

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Juniper Networks - JNPR - cls: 14.45 chg: -0.67 stop: 16.01*new*

Tech stocks were hammered again today. There were a number of downgrades and/or bearish comments on companies in the hardware sector. The selling pressure in JNPR picked up and the stock lost 4.4%. More conservative traders may want to think about exiting early for a gain as JNPR nears the May lows (14.33). Our JNPR target is unchanged in the $14.10-14.00 range. The P&F chart points to an $8.50 target. Please note we're lowering the stop loss to $16.01.

Picked on June 19 at $15.89
Change since picked: - 1.44
Earnings Date 07/19/06 (unconfirmed)
Average Daily Volume: 13.8 million

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Medtronic - MDT - close: 47.73 change: -0.25 stop: 48.75

There is no change from our previous updates on MDT. The stock traded sideways under the $48.00 level and closed with a minor loss. We are not suggesting new shorts and more conservative traders might want to exit early here. Our target is the $45.50-45.00 range. We do not want to hold over the August earnings report.

Picked on June 21 at $49.49
Change since picked: - 1.76
Earnings Date 08/22/06 (unconfirmed)
Average Daily Volume: 10.8 million

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Maxim Integrated - MXIM - close: 29.08 chg: -0.91 stop: 31.25

Yesterday's bullish reversal in MXIM has failed. The stock lost just over 3% today on above average volume. This looks like another entry point for shorts although you might want to consider a tighter stop loss. Our target is the $27.00-26.75 range. The Point & Figure chart points to a $17 target. We do not want to hold over the early August earnings report. FYI: more aggressive traders may want to play with a wider stop (above the 50-dma) and aim for the $25.00 region.

Picked on July 09 at $29.75
Change since picked: - 0.67
Earnings Date 08/04/06 (confirmed)
Average Daily Volume: 5.5 million
 

Closed Long Plays

Akamai - AKAM - close: 31.40 chg: -1.76 stop: 30.99

It was game over before it even started with AKAM. There was absolutely no follow through on yesterday's bullish bounce from the 100-dma. Shares of AKAM opened lower and continued to sell-off through out the session. All of the bearish analyst comments on the tech sector and the heavy selling in tech stocks pushed AKAM to lose 5.3% and trade under its 100-dma today. We have been/would have been stopped out at $30.99.

Picked on July 11 at $33.16
Change since picked: - 1.76
Earnings Date 07/26/06 (confirmed)
Average Daily Volume: 3.6 million

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Norfolk Southern - NSC - close: 50.36 chg: -1.47 stop: 49.99

Wednesday was a rough day for the railroads. Most of the stocks in the group under performed the Dow Jones Transportation index's 1.45% decline. Shares of NSC fell 2.8% on above average volume but managed to close above round-number support at the $50.00 level. While we haven't been stopped out yet our outlook is bearish. We're suggesting an early exit immediately.

Picked on June 29 at $52.57
Change since picked: - 2.21
Earnings Date 07/26/06 (unconfirmed)
Average Daily Volume: 2.2 million
 

Closed Short Plays

None
 

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