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Long Play Updates

Alcoa - AA - cls: 37.90 change: -0.66 stop: 36.95

The consolidation in AA continues as the stock sinks closer to its 50-dma. A dip in metal prices may be to blame for AA's relative weakness and 1.7% decline. At this time we would suggest readers wait for a new rise past $39.00 or past $40.00 before initiating new positions. Our target is the $44.50-45.00 range. Our time frame is six to eight weeks. FYI: The P&F chart is bullish with a $53 target.

Picked on October 29 at $40.10
Change since picked: - 2.20
Earnings Date 10/09/07 (confirmed)
Average Daily Volume: 11.5 million

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Adobe - ADBE - close: 47.70 change: -0.18 stop: 45.85

Bulls continue to buy the dips in ADBE and the stock produced another rebound from its trend of higher lows today. Shares are consolidating under resistance at $48.00 and look set to break out higher soon. We're not suggesting new positions at this time. More conservative traders may want to take a little money off the table. Our target is the $49.50-50.00 range. The P&F chart is already bullish with a $51 target. Our time frame is about three weeks.

Picked on October 09 at $45.05
Change since picked: + 2.65
Earnings Date 12/17/07 (unconfirmed)
Average Daily Volume: 7.0 million

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CVS Caremark - CVS - cls: 41.35 change: -0.40 stop: 39.85

We do not see any changes from our weekend comments on CVS. The stock traded flat to down on Monday. Aggressive traders could go long now. We're suggesting a trigger to buy CVS at $42.15, which would be a new high. Meanwhile, keep your eye on the stock for an alternative entry point if shares dip (or bounce) near $40.50 again. If triggered at $42.15 our target is the $45.85-46.00 range. Our time frame is year-end.

Picked on November xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 11/01/07 (confirmed)
Average Daily Volume: 10.5 million

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Gerdau Sa ADS - GGB - close: 30.69 change: +0.57 stop: 27.90

GGB displayed relative strength on Monday with a 1.89% gain. We do not see any changes from our weekend comments. More conservative traders might want to tighten their stops toward $29.00 or Friday's low at $29.28. Our target is the $33.50-35.00 range.

Picked on October 28 at $30.37
Change since picked: + 0.32
Earnings Date 11/07/07 (unconfirmed)
Average Daily Volume: 2.3 million

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Hewlett Packard - HPQ - cls: 52.54 chg: +0.14 stop: 49.95

It was a relatively quiet session for HPQ with the stock trading sideways almost all day until a late afternoon rally broke through the $52.50 level. We are still suggesting new positions here or wait for a breakout over $53.00. Our target is the $56.50-57.50 range. The Point & Figure chart is much more bullish with a triple-top breakout buy signal and a $72 target. We do not want to hold over the November 19th earnings report.

Picked on November 04 at $52.40
Change since picked: + 0.14
Earnings Date 11/19/07 (confirmed)
Average Daily Volume: 13.1 million

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Intel Corp. - INTC - cls: 26.84 change: +0.04 stop: 25.49

INTC produced a similar session with a quiet consolidation sideways until a late afternoon rally pushed it higher. We remain bullish here and would continue to suggest new positions. Nimble traders could have bought the dip this morning near $26.50. We would encourage more conservative investors to wait for a new relative high over $27.10 before initiating new positions. Our target is the $29.85-30.00 range. We're suggesting a stop loss at $25.49 but you may want to consider an alternative stop near the 50-dma (25.75) or closer to $26.00. FYI: Most quote services will tell you that INTC rose 15 cents today. However, if you look at the historical prices INTC only rose 4 cents. See this link: http://finance.yahoo.com/q/hp?s=INTC

Picked on November 04 at $26.80
Change since picked: + 0.04
Earnings Date 01/16/08 (unconfirmed)
Average Daily Volume: 65.2 million

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Intuit - INTU - cls: 32.36 change: -0.18 stop: 30.75

Traders were quick to buy the dip in INTU near $32.00 this morning. We remain bullish here and don't see any changes from our weekend comments. This is going to be a short-term play. INTU is due to report earnings on November 15th. We do not want to hold over the announcement. Our target is the $35.00-36.00 range. The P&F chart is bullish with a $46 target.

Picked on November 04 at $32.54
Change since picked: - 0.18
Earnings Date 11/15/07 (confirmed)
Average Daily Volume: 3.0 million

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Nokia - NOK - close: 39.49 change: -0.22 stop: 37.99

There is no change from our weekend comments on NOK. The stock traded sideways in a narrow range on Monday. Nimble traders could try and buy a dip near $39.00 or even closer to $38.00 if one appears. We're suggesting a trigger to buy the next breakout at $40.11. If triggered our at $40.11 our target is the $44.00-45.00 range.

Picked on November xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 01/24/08 (unconfirmed)
Average Daily Volume: 13.1 million

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XTO Energy - XTO - cls: 66.46 change: -0.61 stop: 63.95

We have nothing new to report on for XTO. The stock traded sideways in a $1.50 range. We would still consider new positions with the stock above $65.00. Our target is the $72.50-75.00 range. The P&F chart is bullish with an $89 target.

Picked on November 01 at $67.25
Change since picked: - 0.79
Earnings Date 01/21/08 (unconfirmed)
Average Daily Volume: 3.3 million
 

Short Play Updates

Basic Energy - BAS - cls: 20.07 change: +0.07 stop: 20.85

We have to issue a bullish reversal warning for BAS. The stock managed to breakout and close above resistance at the $20.00 mark. This is not good news for the bears. Readers may want to abandon ship right here. We're not suggesting new positions! More conservative traders may want to tighten their stops toward $20.50, 20.26 or lower. We're not suggesting new positions at this time. The P&F chart is very bearish with a $9.00 target. We do not want to hold over the November 8th earnings report.

Picked on October 29 at $19.75
Change since picked: + 0.19
Earnings Date 11/08/07 (confirmed)
Average Daily Volume: 406 thousand

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Gap Inc. - GPS - cls: 18.02 change: -0.19 stop: 19.05

Unfortunately, we don't have anything new to report on for GPS. The stock gapped open lower but spent the session trading sideways along the $18.00 level. We're going to start seeing some retail company earnings in the next week or two. Expectations are pretty low for the sector, which raises the risk of an upside surprise or having the companies issue better than expected guidance. The bears may have to tread lightly here. Our GPS target is the $16.00-15.50 range.

Picked on October 21 at $17.49 *gap down
Change since picked: + 0.53
Earnings Date 11/21/07 (unconfirmed)
Average Daily Volume: 8.7 million

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NVE Corp. - NVEC - cls: 27.40 change: -0.27 stop: 30.05

NVEC continues to fade lower. The stock lost another 1% today. We would not suggesting new positions at this time. Our target is the $25.50-25.00 range. The bearish head-and-shoulders pattern in the charts is forecasting a $20-18 target. FYI: We would consider this an aggressive play simply for the fact that NVEC's average daily volume is very low! However, the real risk is a short squeeze. The latest data puts short interest at close to 30% of NVEC's very, very small 4.2-million share float. That represents a big risk for a short squeeze.

Picked on October 22 at $29.30 *gap down entry
Change since picked: - 1.90
Earnings Date 10/17/07 (confirmed)
Average Daily Volume: 76 thousand
 

Closed Long Plays

None
 

Closed Short Plays

None
 

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