Option Investor
Play Updates

New Stops for our Bullish Plays

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BULLISH Play Updates

Broadcom - BRCM - close: 15.12 change: -0.28 stop: 13.95 *new*

BRCM closed lower on the session but it was encouraging to see the intraday bounce from $14.70. If the rally continues tomorrow we should be good. If not we might consider an early exit. We are going to adjust our stop loss to $13.95. We have set two targets. Our first target is $16.00, which is where readers should unload most of their position. Our secondary, more aggressive target is $17.50. The $18.00 level looks like it could be tough resistance.

Picked on November 22 at $14.42 /gap open entry point
Change since picked:     + 0.70 /originally listed at $14.09
Earnings Date          01/20/09 (unconfirmed)    
Average Daily Volume:      15.8 million     

Marshall & Ilsley - MI - close: 13.92 change: -0.23 stop: 12.95 *new*

We would turn more cautious on MI. The stock has failed near $14.85 two days in a row. Most of the banking stocks managed another gain but MI lost 1.6%. We are going to raise our stop loss to $12.95, which is about 30 cents under today's low. This should be considered a very aggressive play. Our target is $16.00. More aggressive traders may want to aim higher.

FYI: The most recent data listed short interest at more than 9% of the 256 million-share float.

Picked on November 22 at $13.34 /gap open entry
Change since picked:     + 0.58 /originally listed at $13.06
Earnings Date          01/14/09 (unconfirmed)    
Average Daily Volume:       5.2 million     

NetApp Inc. - NTAP - close: 13.03 change: -0.05 stop: 11.90 *new*

After three days of gains the rally in NTAP paused. A five-cent loss isn't a big deal but it's also the second day in a row that NTAP has been unable to rally past its 40-dma. This was not a significant moving average in the past so I can't say if it's significant this time. We are going to inch up our stop loss to $11.90, which is under the 10-dma. We are listing two targets. Our first target is $14.25. Our secondary target is $15.50.

Picked on November 22 at $12.51 
Change since picked:     + 0.57   			
Earnings Date          02/11/09 (unconfirmed)    
Average Daily Volume:      11.4 million     

Molson Coors Brewing - TAP - close: 43.45 change: -0.79 stop: 40.95*new*

TAP seems to be struggling to build on any gains. The stock failed near $45.00 for the third time in the last four session. This is bearish. On the other hand TAP is still building a pattern of higher lows, which is bullish. The short-term trend is still bullish we would still consider new positions here. However, readers may want to tighten their stops. We're inching our stop up to $40.95.

Our target is the $49.50 mark. However, we have to point out that the 100-dma and the exponential 200-dma could be overhead resistance. Currently the Point & Figure chart is bullish with a $56.00 target.

Picked on November 19 at $43.55 *triggered       
Change since picked:     - 0.10   			
Earnings Date          02/12/09 (unconfirmed)    
Average Daily Volume:       1.8 million  

BEARISH Play Updates

*We currently do not have any bearish play updates*

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