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Long Play Updates

Boyd Gaming - BYD - cls: 43.93 chg: +0.36 stop: 41.55 *new*

All we needed was another ten cents. Shares of BYD rallied intraday but topped out at $44.80. Our target is the $44.90-46.00 range. The trend is still bullish but we're not suggesting new positions. Please note that we're adjusting the stop loss to breakeven at $41.55.

Picked on September 04 at $41.55
Change since picked: + 2.38
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume: 1.0 million

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Coach Inc. - COH - cls: 46.96 change: -0.71 stop: 45.99*new*

Tuesday was a bearish day for retailers. The RLX index lost 2.6%. Evidently the Target news we mentioned about them cutting their September sales forecast came out last night after the closing bell. Today's retailer weakness was the reaction to TGT's news. Shares of COH gapped open lower under what should have been support near $47.00 and its 10 and 200-dma. Traders did buy the dip near $46.00 and its 50-dma but this looks pretty ugly. We are raising our stop loss to $45.99. At this point we would wait for a new rally past $47.50 before considering new bullish positions. FYI: On CNBC today COH garnered some positive analyst comments who thought the company would do very well this holiday season in spite of some of the general doom and gloom for a lousy holiday retail season. Our target is the $51.85-52.00 range. More aggressive traders could aim for the April highs near $54.00. The P&F chart points to a $63 target. We do not want to hold over the late October earnings report.

Picked on September 19 at $48.70 *gap higher
Change since picked: - 1.74
Earnings Date 10/24/07 (unconfirmed)
Average Daily Volume: 5.0 million

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Cisco Systems - CSCO - cls: 32.44 change: +0.56 stop: 30.90

CSCO displayed relative strength with a 1.7% gain and a bullish engulfing candlestick. CSCO's leadership is encouraging. We're waiting for a breakout to a new relative high. We want to capture that breakout and we're suggesting a trigger to buy the stock at $32.65. If triggered our target is the $34.75-35.00 range.

Picked on September xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 11/08/07 (unconfirmed)
Average Daily Volume: 56 million

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Global Ind. - GLBL - cls: 25.82 chg: +0.60 stop: 23.99

GLBL displayed some relative strength with a 2.3% rally. Shares continue to slowly march higher. We're not suggesting new positions at this time. More conservative traders might be tempted to raise their stops toward the 50-dma near $24.50. Our target is the $28.00-29.00 range.

Picked on September 06 at $24.65
Change since picked: + 1.17
Earnings Date 10/30/07 (unconfirmed)
Average Daily Volume: 2.5 million

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Liberty Global - LBTYA - cls: 42.18 change: -0.02 stop: 39.99

Shares of LBTYA still aren't moving. The stock is consolidating sideways in the $42-43 range. A rally from here, near $42, could be used as a new bullish entry point but if the market and LBTYA see any weakness we would watch for a bounce near its 10-dma (41.78) or the $41.50 area as a new entry point as well. Our short-term target is the $44.85-45.00 range. More aggressive traders may want to aim higher.

Picked on September 23 at $42.33
Change since picked: - 0.15
Earnings Date 08/08/07 (unconfirmed)
Average Daily Volume: 2.0 million

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NET Services - NETC - cls: 15.76 change: +0.43 stop: 13.90

Traders bought the dip and NETC rose 2.8% while producing a bullish engulfing candlestick pattern. We do have to note that the rally stalled at NETC's 100-dma but given today's strength we would expect a breakout soon. Our target is the $17.75-18.00 range. The P&F chart is bullish with a $21 target. FYI: We can't find a third quarter earnings date yet but the company has a history of reporting in late October or early November. We don't want to hold over the earnings report.

Picked on September 24 at $15.60
Change since picked: + 0.16
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume: 610 thousand

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Westwood One - WON - cls: 3.07 chg: +0.09 stop: 2.24

Did we miss the play with WON? The stock hit our target this morning with a spike to $3.30 yet we're still sitting on the sidelines waiting for an entry point. Fueling the move today was an analyst upgrade and talk that the company might be a takeover candidate with their stock at these levels. While we are encouraged by the stock's strength we don't want to chase it. Currently our plan suggests that readers wait for a pull back into the $2.60-2.50 zone to buy the stock. At this time we would change that. Wait for WON to dip into that zone and then rally back out of it again as our signal to go long the stock. If triggered we're going to target a rebound into the $3.25-3.50 range.

Picked on September xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 11/08/07 (unconfirmed)
Average Daily Volume: 1.5 million

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Wyndham Worldwide - WYN - cls: 30.63 change: -0.69 stop: 29.90

We have been warning readers to expect a dip toward the $31.00-30.50 zone and we got that pull back today. Shares spiked lower at the open before bouncing at $30.36. The bad news is that the intraday bounce failed near $31.00. This sort of bearish action is bad news! We are not suggesting new positions at this time and honestly, after seeing today's intraday moves, more conservative traders might want to exit early to cut their losses. Our target is the $33.90-35.70 range. FYI: The P&F chart is still bearish from the summer sell-off.

Picked on September 19 at $32.15
Change since picked: - 1.52
Earnings Date 11/01/07 (unconfirmed)
Average Daily Volume: 1.5 million

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Zoltek - ZOLT - cls: 41.74 change: -1.32 stop: 39.95

A little bit of profit taking after Monday's big move in ZOLT would be expected but today's 3% decline was a bit steeper than would be expected. Shares did seem to find some support intraday but we would probably wait for a new rise past $42.00 before considering new positions. More conservative traders might want to wait for a rally past $44.00 since that might be short-term overhead resistance. Our target is the $$49.00-50.00 range. The P&F chart is bullish with a $51 target.

Picked on September 24 at $43.06
Change since picked: - 1.32
Earnings Date 12/23/07 (unconfirmed)
Average Daily Volume: 804 thousand
 

Short Play Updates

Commscope - CTV - cls: 52.97 change: +1.10 stop: 56.21

An oversold bounce in CTV would be expected but we're concerned over today's action. The move today produced a bullish engulfing candlestick pattern, and given its position on the chart, this looks like a bullish reversal. Readers should be cautious here and may want to tighten their stops to reduce their risk. Broken support near $52.00 should have been resistance. Now we will watch the 50-dma near $54.60 to act as overhead resistance. We are not suggesting new short positions at this time. Our target is the $47.00-45.00 range but we'll be watching for potential support at the rising 200-dma.

Picked on September 24 at $51.75
Change since picked: + 1.22
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume: 1.2 million

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Media General - MEG - cls: 26.83 change: -0.00 stop: 28.55

There is no change from our previous comments on MEG. The stock traded sideways all day and closed unchanged on the session. MEG looks poised to breakdown to new lows and we want to capture the sell-off. We're suggesting a trigger to short MEG at $26.45. If triggered our target is the $22.50-22.00 range. The Point & Figure chart is very bearish with a $10 target. We do not want to hold over the mid October earnings report. Due to the stock's trend the bears have been piling on top of this stock. Short interest is pretty high at more than 17% of the stock's 20.8 million share float. The combination of high short interest and a small float is a dangerous combination and raises the risk of a short squeeze. A stop loss will not always save us. More conservative traders may want to pass on this play.

Picked on September xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/18/07 (confirmed)
Average Daily Volume: 390 thousand

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Varian Medical - VAR - cls: 39.09 chg: +0.22 stop: 40.21

VAR is catching a bit of a bounce today. Readers can watch for a new failed rally under $40.00 as another entry point for shorts. Our target is the $35.50-35.00 range. The P&F chart is bearish and points to a $31 target. We do not want to hold over the late October earnings report.

Picked on September 23 at $39.28
Change since picked: - 0.19
Earnings Date 10/24/07 (unconfirmed)
Average Daily Volume: 997 thousand
 

Closed Long Plays

Gamestop - GME - close: 57.03 chg: +0.86 stop: 49.95

Target achieved. GME suffered some profit taking this morning but investors bought the dip. Shares just posted their sixth gain and sixth new high in a row. Eventually this momentum is going to run out of steam. At this point we'd be looking for the $60 level to offer some round-number, psychological resistance. The intraday high was $57.17. Our target was the $57.00-60.00 range.

Picked on September 17 at $52.10
Change since picked: + 4.95
Earnings Date 11/21/07 (unconfirmed)
Average Daily Volume: 2.4 million
 

Closed Short Plays

None
 

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