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Play Updates

Updates On Latest Picks

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Long Play Updates

Intel Corp. - INTC - close: 16.04 change: +0.54 stop: 11.95

Negative earnings reports from the semiconductor sector weighed on the group today. INTC lost more than 5% and definitely looks poised to test its lows. The October 10th 2008 low, during all the fear and panic, was $14.26. The October 9th, 2002 low was $12.95. We're going to adjust our entry strategy again. As of today we're suggesting readers buy INTC on a dip into the $14.30-14.00 zone. More conservative traders will want to consider waiting for a dip into the $13.25-13.00 zone instead. We are going to keep a wide stop loss at $11.95. If triggered our target is $16.75.

Picked on October xx at $xx.xx <-- see TRIGGER 14.30
Change since picked: + 0.00
Earnings Date 10/14/08 (confirmed)
Average Daily Volume: 74 million

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U.S. Nat.Gas - UNG - close: 30.42 chg: +0.42 stop: 28.89

Natural gas managed a bounce as the stock market and crude oil turned lower. One concern we have today is the light volume on the bounce, which should make traders cautious, especially the bulls. We would still buy this bounce but readers may want to use a tighter stop loss. We would expect some resistance around the $32.50 region but our target is $34.00-34.50.

Picked on October 19 at $30.68
Change since picked: - 0.26
Earnings Date 00/00/00
Average Daily Volume: 8.5 million

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Ultra(long)Russ.2000 - UWM - cls: 25.73 chg: -1.47 stop: 19.45

The small cap index continued to slide and today's session looks like a mini-double top pattern. We're going to try and grab some of the move down in UWM with a new short (see tonight's new plays) but we will keep this bullish strategy active. Right now the plan is to buy a dip into the $20.65-20.00 zone. If triggered we're setting two targets. Our first target is $26.00. Our second target is $33.00. The first target could be hit in a few days. The second target might take a few weeks.

Picked on October xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 00/00/00
Average Daily Volume: 3.3 million

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Wal-Mart - WMT - close: 53.67 change: -0.76 stop: 41.95

WMT traded right to resistance and reversed. We are sticking to our two different entry points. Entry point #1 is to buy a dip in the $44.50-44.00 zone. Entry points #2 is to buy a breakout at $56.25. If triggered at $56.25 our stop will be $52.35. Our first target will be $59.95. Our second target will be $63.00.

Our strategy on the $44.50 entry point remains unchanged. If triggered at $44.50, then we will have two targets. Our first target is $49.50. Our second target is $54.00.

Picked on October xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 11/13/08 (unconfirmed)
Average Daily Volume: 25 million
 

Short Play Updates

Citigroup - C - close: 14.18 change: -0.91 stop: 16.20

Citigroup lost more than 6% after Goldman Sachs downgraded the stock to a "sell" rating. Yesterday's under performance was a telling sign and C definitely under performed today. We don't see any changes from our previous comments. Right now our target is $12.15. More aggressive traders could try to squeeze a little more out and aim for $11.50-11.00. We're suggesting a stop loss at $16.20. FYI: The most recent data listed short interest at 2.4% of the float.

Picked on October 19 at $14.88
Change since picked: - 0.70
Earnings Date 10/16/08 (unconfirmed)
Average Daily Volume: 137 million

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Wal-Mart - WMT - close: 53.67 change: -0.76 stop: 55.55

My, my how things change. There was no follow through on the market's bounce from Monday. Shares of WMT rallied right to resistance today and failed. This sort of pattern is a great entry point for new shorts so we would entertain new positions here. Our target is $48.00.

Picked on October 19 at $53.77
Change since picked: - 0.10
Earnings Date 11/13/08 (confirmed)
Average Daily Volume: 25.5 million
 

Closed Long Plays

None
 

Closed Short Plays

None
 

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