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Long Play Updates

Citigroup - C - close: 18.85 change: +0.00 stop: 17.95

C came close to hitting our first target today. The intraday high was $19.74. Unfortunately, you could argue that today's session looks like another failed rally in C's downtrend. The stock hit the 10-dma and reversed. However, if C bounces from here we'd use it as a new entry point for bullish positions. Readers may want to raise their stops toward this week's low (18.25). Our target is the $19.90 with a secondary, more aggressive target at $21.35.

Picked on June 23 at $18.50 *triggered
Change since picked: + 0.35
Earnings Date 07/18/08 (confirmed)
Average Daily Volume: 83 million

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DIAMONDS - DIA - close: 117.91 chg: -0.03 stop: 116.99

The DJIA eked out a bounce following yesterday's rebound but today's session was clouded by the reaction to the Fed decision on interest rates. There is always volatility following the interest rate decision and it is quite common for next 24 hours to be filled with false starts and stops costing traders millions as they try and pick a direction. We are not suggesting new positions at this time. Our target is the $121.50-122.00 zone.

FYI: Investors were not acting positively to most of the earnings announcements out tonight. The after-hours weakness suggests a lower open tomorrow. Of course that could change by tomorrow morning.

Picked on June 24 at $117.75 *triggered
Change since picked: + 0.16
Earnings Date 00/00/00
Average Daily Volume: 13.1 million

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SPDRs - SPY - close: 131.81 chg: +0.62 stop: 129.19

SPY rallied to its 10-dma near $133.40 and failed. The trend is still bearish so we're not suggesting new positions at this time. You could buy another dip or bounce close to the $130 level but we would suggest a much tighter stop loss. Our target is the $134.00-134.50 zone.

FYI: Investors were not acting positively to most of the earnings announcements out tonight. The after-hours weakness suggests a lower open tomorrow. Of course that could change by tomorrow morning.

Picked on June 24 at $130.50 *triggered
Change since picked: + 1.31
Earnings Date 00/00/00
Average Daily Volume: 200 million

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Steel Dynamics - STLD - close: 39.87 change: -0.22 stop: 36.49

Just another wild day in the stock market and STLD failed to make any progress either way. Our target is the $44.00-45.00 range. We do not want to hold over the July earnings report. The P&F chart is bullish with a $50 target.

Picked on June 17 at $40.17 *triggered/gap open entry
Change since picked: - 0.30
Earnings Date 07/21/08 (confirmed)
Average Daily Volume: 4.6 million
 

Short Play Updates

Allstate - ALL - close: 47.55 change: +0.09 stop: 50.51

We've been expecting an oversold bounce in ALL and we don't think this is it. ALL hit $48.17 before paring its gains. Look for a failed rally near its 10 or 100-dma before considering new shorts. Our target is the $45.25-45.00 zone.

Picked on June 11 at $49.31
Change since picked: - 1.76
Earnings Date 07/23/08 (unconfirmed)
Average Daily Volume: 3.9 million

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Paychex Inc. - PAYX - close: 32.09 change: +0.49 stop: 33.41

We hope that today's early morning rally in PAYX was actually our readers covering to lock in a profit after last night's suggestion. PAYX rose to $32.52 before scaling back. We plan to exit tomorrow afternoon at the closing bell to avoid holding over the earnings announcement. We're adjusting our target to $31.25.

Picked on May 22 at $34.87
Change since picked: - 2.78
Earnings Date 06/26/08 (confirmed)
Average Daily Volume: 2.4 million

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PowerShares QQQ - QQQQ - close: 47.57 change: +0.76 stop: 49.05

The Qs are showing conflicting technical patterns. This ETF on the NDX has produced a bearish head-and-shoulders pattern with a down-sloping neckline over the past several weeks. Yet today's bounce marks what appears to be a three-candle bullish reversal pattern (morning doji star). More conservative traders may want to abandon ship right here or tighten their stops toward the $48.50 zone. We're not suggesting new positions. Our target is $46.10. The $46.00 level and its 100-dma might be support.

FYI: Investors were not acting positively to most of the earnings announcements out tonight. The after-hours weakness suggests a lower open tomorrow. Of course that could change by tomorrow morning.

Picked on June 17 at $48.54
Change since picked: - 0.97
Earnings Date 00/00/00
Average Daily Volume: 133 million
 

Closed Long Plays

BPZ Resources - BZP - close: 24.43 change: -0.34 stop: 24.45

The oil inventory report showed a surprising rise in stock piles and that sent oil lower. The oil stocks followed. BZP plunged to its 50-dma near $23.10 before bouncing back. We were quickly stopped out at $24.45 this morning. BZP had already hit our early target at $27.50 and we were aiming for our more aggressive target near $30. The big rebound actually looks like another potential entry point for bullish positions but we're going to wait.

Picked on June 12 at $25.53 / 1st target hit $27.50
Change since picked: - 1.10
Earnings Date 08/02/08 (unconfirmed)
Average Daily Volume: 883 thousand
 

Closed Short Plays

None
 

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