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Long Play Updates

E*Trade - ET - close: 22.84 change: +0.40 stop: 21.90

ET produced a decent bounce today but we're still in spectator mode. We're suggesting a trigger to go long at $23.55. More conservative traders may want to see more confirmation and wait for a move over $23.75. There is potential resistance at its 100-dma near $24 but our target is the $25.90-26.00 range. Technical traders will note that ET's P&F chart is still bearish and will remain bearish for a while.

Picked on July xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/19/06 (confirmed)
Average Daily Volume: 5.3 million

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China Petro & Chem. - SNP - cls: 56.13 chg: +0.50 stop: 54.75

Another rise in oil futures today may have saved SNP from sinking towards support near $55.00. Yet the bounce today faded and shares closed off their best levels of the session. We are not suggesting new positions at this time given the afternoon weakness. Our target is the $62.00-63.00 range. We don't want to hold over the late August earnings report.

Picked on July 30 at $56.95
Change since picked: - 0.82
Earnings Date 08/23/06 (unconfirmed)
Average Daily Volume: 295 thousand
 

Short Play Updates

Juniper Networks - JNPR - cls: 13.23 chg: -0.06 stop: 14.26

The NWX networking index traded flat to down in a narrow range today and shares of JNPR followed suit. JNPR traded in a 20-cent range. The pattern remains bearish but we hesitate to suggest new shorts right here. Watch for the simple 10-dma to be overhead resistance near $13.55. Our target for JNPR is the $12.00-10.00 range. Conservative traders can exit near $12 with us and more aggressive traders can aim lower. The P&F chart is still very bearish with an $8.50 target.

Picked on July 21 at $13.75
Change since picked: - 0.52
Earnings Date 07/19/06 (confirmed)
Average Daily Volume: 13.1 million

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Longs Drug Store - LDG - cls: 39.84 chg: +0.53 stop: 41.51

LDG produced an oversold bounce today but the rally failed near the 10-dma at $40.60. Traders can choose to open new shorts right here or wait for another decline under $39.75 or $39.50. More conservative traders may want to start with a tighter stop loss. Our target is the $36.00-35.00 range. We do not want to hold over the earnings report on August 16th but currently that date is unconfirmed.

Picked on August 01 at $39.31
Change since picked: + 0.53
Earnings Date 08/16/06 (unconfirmed)
Average Daily Volume: 255 thousand

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NCI Bldg - NCS - close: 46.96 chg: +0.13 stop: 50.15

We do not see any changes from our previous updates on NCS. Shares traded within an 81-cent range all day. The stock could still bounce toward short-term resistance at its 10-dma. Our target is the $42.50-40.00 range. We do not want to hold over the late August earnings report.

Picked on July 27 at $47.65
Change since picked: - 0.69
Earnings Date 08/31/06 (unconfirmed)
Average Daily Volume: 383 thousand

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UAL Corp. - UAUA - close: 24.25 chg: -0.90 stop: 27.01*new*

The sell-off continues in shares of UAUA. The stock lost another 3.5% with another day of strong volume. The close under potential round-number support at $25.00 is definitely bearish. We're lowering our stop loss to $27.01. Our target is the $22.00-20.00 range. FYI: The latest (July) data puts short interest at 3.8% of its 85.6 million-share float.

Picked on August 01 at $25.70
Change since picked: - 1.45
Earnings Date 07/31/06 (confirmed)
Average Daily Volume: 1.8 million

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Meridian Biosci. - VIVO - cls: 20.51 chg: +0.49 stop: 22.05

VIVO is trying to bounce from the $20 level and shares added 2.4% today but volume came in below average on the move. The 10-dma, near 20.90, should be short-term overhead resistance. More conservative traders may want to lower their stop loss. We're not suggesting new positions at this time but a drop under Tuesday's low would look like a new entry point. Our target is the $18.15-18.00 range since the $18.00 level was support last year. FYI: the P&F chart shows a triple-bottom breakdown sell signal with a $16 target.

Picked on July 23 at $20.94
Change since picked: - 0.43
Earnings Date 07/20/06 (confirmed)
Average Daily Volume: 175 thousand

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Watson Wyatt Wld - WW - close: 32.34 chg: -0.03 stop: 34.01

There is no change from our previous updates on WW. The stock traded sideways in a 43-cent range all day. More conservative traders may want to tighten their stops toward $33.50 or even $33.25. Our target is the $31.10-31.00 range. We do not want to hold over the early August earnings report.

Picked on July 16 at $33.19
Change since picked: - 0.85
Earnings Date 08/10/06 (confirmed)
Average Daily Volume: 216 thousand
 

Closed Long Plays

St. Jude Medical - STJ - cls: 37.82 chg: +0.42 stop: 33.99

Target achieved. Shares of STJ gapped higher and opened at $39.87 this morning. The stock traded to round-number resistance at $40.00 before seeing any profit taking. The early morning strength was due to a change in Medicare and Medicaid reimbursement policies. The markets believe that STJ will be a beneficiary of the new rules. Our target was the $39.00-40.00 range but due to the gap higher today our exit is at $39.87.

Picked on July 25 at $35.94
Change since picked: + 1.88
Earnings Date 07/19/06 (confirmed)
Average Daily Volume: 3.8 million
 

Closed Short Plays

None
 

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