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Long Play Updates

Citigroup - C - close: 25.03 change: -0.08 stop: 22.89

Our new bullish play on C is now open. We were suggesting readers buy a dip in the $24.50-24.00 zone. The stock gapped lower at $24.82 and dipped to $24.23 before bouncing back. Our eight-week target is the $27.50-28.00 zone.

Picked on April 21 at $24.50 *triggered
Change since picked: + 0.53
Earnings Date 04/24/08 (unconfirmed)
Average Daily Volume: 104 million

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Chevron - CVX - close: 92.70 chg: -0.48 stop: 89.45

We are going to alter our strategy on CVX. Crude oil futures are likely to see some serious profit taking after futures expire on Tuesday. The major oil stocks will probably follow the commodity lower. We'd rather exit early and consider jumping back in when we think the dip has run its course. Therefore we are planning to close this play tomorrow, Tuesday, at the closing bell. Our new stop for tomorrow is $90.25. Our target remains $94.75.

Picked on April 15 at $90.17
Change since picked: + 2.53
Earnings Date 05/02/08 (confirmed)
Average Daily Volume: 12.7 million

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FreeSeas Inc. - FREE - close: 7.14 chg: +0.22 stop: 6.24

The dry-bulk carriers were strong performers in Monday's market. Shares of FREE soared to $7.48 before settling with a 3% gain. We're still on the sidelines waiting for a dip. We're suggesting readers buy the stock on a pull back into the $6.70-6.65 zone. We're listing our stop loss at $6.24 just under the recent lows. Our target is the $7.50-8.00 range. FYI: More conservative traders might try a stop near $6.40-6.50 instead. The inverse head-and-shoulders pattern is forecasting an $8.25 target.

Picked on April xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 03/28/08 (confirmed)
Average Daily Volume: 134 thousand

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Gerdau S.A. - GGB - close: 38.22 chg: +0.96 stop: 34.64

GGB displayed relative strength with a 2.5% gain and a new all-time high. We don't see any changes from our previous comments. We have two targets. Our first target is the $39.75-40.00 zone. Our second, more aggressive target is the $42.00 mark. The P&F chart is bullish with a $57 target. We do not want to hold over the early May earnings report (unconfirmed).

Picked on April 10 at $36.84
Change since picked: + 1.38
Earnings Date 05/03/08 (unconfirmed)
Average Daily Volume: 3.1 million

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iShares Telecom - IYZ - close: 23.99 chg: +0.01 stop: 22.99

The IYZ spent Monday consolidating sideways. We would hesitate to open new positions. We have two targets. Our 1st target is the $25.85-26.00 range. Our second target is the $27.85-28.00 zone.

Picked on March 25 at $23.50 *triggered
Change since picked: + 0.49
Earnings Date 00/00/00
Average Daily Volume: 429 thousand

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Quanex - NX - close: 54.62 chg: -0.39 stop: 51.99

NX pulled back as we expected but shares did not pull back enough. We're suggesting readers buy NX on a pull back into the $54.00-53.50 zone. Our target is the $58.00-60.00 range. We do not want to hold over the late May earnings report. The P&F chart is bullish with a triple-top breakout buy signal and a $68 target. NX has above average short interest at 8.9% of the 37 million-share float. This stock could see more short covering to help out the bulls.

Picked on April xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 05/29/08 (unconfirmed)
Average Daily Volume: 370 thousand

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Starbucks - SBUX - close: 18.05 chg: -0.23 stop: 17.32

SBUX encountered some profit taking today. We don't see any changes from our previous comments. Our target is the $18.45-18.50 zone. We do not want to hold over the late April earnings.

Picked on April 15 at $17.32
Change since picked: + 0.73
Earnings Date 04/30/08 (unconfirmed)
Average Daily Volume: 13.6 million

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Teleflex Inc. - TFX - close: 52.38 chg: -0.51 stop: 49.85

TFX pull back about 1% following last week's gains. We remain bullish but we're not suggesting new positions at this time. Our short-term target is the $54.75-55.00 range, which should intersect with the stock's longer-term trendline of lower highs. The long-term trend is still bearish. We're just trying to play the oversold bounce. We do not want to hold over the late April earnings report.

Picked on April 16 at $51.05 *triggered
Change since picked: + 1.33
Earnings Date 04/29/08 (confirmed)
Average Daily Volume: 319 thousand
 

Short Play Updates

Longs Drug Stores - LDG - cls: 38.80 chg: -0.54 stop: 40.16

We do not see any changes from our prior comments on LDG. LDG has already hit our target at $38.25. Our second target is the $35.25-35.00 zone. The P&F chart is bearish with a $29.00 target.

Picked on March 30 at $41.30 /1st target hit 38.25
Change since picked: - 2.50
Earnings Date 05/15/08 (unconfirmed)
Average Daily Volume: 596 thousand
 

Closed Long Plays

DuPont - DD - close: 52.25 chg: +0.23 stop: 49.95

DD almost hit our target today. Shares traded to $52.49 before paring their gains. Our target was $52.50. The company reports earnings tomorrow morning and we planned to exit ahead of the report.

Picked on April 02 at $48.84 /earl exit $52.25.
Change since picked: + 3.41
Earnings Date 04/22/08 (confirmed)
Average Daily Volume: 7.2 million

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NVIDIA - NVDA - close: 19.87 change: +0.85 stop: 17.95

Target achieved. NVDA out performed the broader market on Monday with a 4.4% rally. The stock hit an intraday high of $20.00. Our target was the $19.90-20.00 zone. We would have a bigger potential gain were it not for the bad entry on the April 16th gap higher. If you bought the dip on April 17th you looking pretty good.

Picked on April 15 at $18.81 *gap open/bad entry/target hit
Change since picked: + 1.06
Earnings Date 05/08/08 (unconfirmed)
Average Daily Volume: 20.1 million
 

Closed Short Plays

None
 

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