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Long Play Updates

Best Buy - BBY - close: 39.59 chg: +0.07 stop: 38.49

BBY still looks like it wants to bounce following Tuesday's test of the March lows. This remains an aggressive, higher-risk trade since BBY is still in a three-week bearish trend. The weakness in the broader market concerns us. Lack of a bounce in the S&P 500 and the action in the volatility index is not suggesting a bottom yet for stocks. Therefore we would be very cautious considering new positions here and more conservative traders may want to tighten their stops. We would wait for a move over $40.50 before considering new long positions. Our short-term target is $42.85. We will look for a failed rally in the $43.00-44.00 zone as a potential entry point to launch bearish positions.

Picked on July 01 at $39.94
Change since picked: - 0.22
Earnings Date 09/18/08 (unconfirmed)
Average Daily Volume: 6.6 million


FLIR Sys. - FLIR - close: 42.30 change: -0.34 stop: 39.49 *new*

FLIR continues to hold up relatively well. The stock dipped to $41.51 before bouncing on Thursday. The trend remains positive but we're not suggesting new positions at this time. Our target is the $44.95 mark. The P&F chart points to a $73 target. Please note that we're raising the stop loss to $39.49.

Picked on June 29 at $41.38
Change since picked: + 0.92
Earnings Date 07/24/08 (unconfirmed)
Average Daily Volume: 2.2 million


Masimo Corp. - MASI - close: 33.64 chg: -0.54 stop: 32.95

MASI is trading back down toward the bottom of its recent trading range in the $33.25-33.00 zone. We are still waiting for a breakout over resistance. The P&F chart is already positive with a $56 target. If MASI can trade over $36.00 it will produce a new P&F triple-top breakout buy signal. We are suggesting that readers use a trigger to buy MASI at $35.65, which would be above the May peak. More aggressive traders might want to jump the gun early on a move over $35.10. If triggered at $35.65 our target is the $39.95 mark. More aggressive traders could aim for the highs near $42.00 but we do not want to hold over the late July earnings report.

Picked on June xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/28/08 (unconfirmed)
Average Daily Volume: 461 thousand

Short Play Updates


Closed Long Plays

E*trade Financial - ETFC - close: 3.23 change: +0.00 stop: 2.99

We are suggesting readers abandon ship with ETFC. This was an aggressive play as we attempted to capture an oversold bounce. The stock almost hit our target on Wednesday. We were aiming for $3.45. Unfortunately, this week saw ETFC produce two failed rallies at its simple 10-dma, which doesn't bode well for the future.

Picked on June 29 at $ 3.10 /exiting early 3.23
Change since picked: + 0.13
Earnings Date 07/22/08 (confirmed)
Average Daily Volume: 17.4 million


AT&T - T - close: 32.58 change: -0.31 stop: 32.49

AT&T's bounce from its recent lows has failed. The stock continued to sink on Thursday and hit our stop loss at $32.49 closing the play.

Picked on June 30 at $33.69
Change since picked: - 1.11
Earnings Date 07/23/08 (unconfirmed)
Average Daily Volume: 24.4 million

Closed Short Plays


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