BULLISH Play Updates

A.O.Smith Corp. - AOS - close: 30.10 change: -0.94 stop: 29.75

Our play on AOS is now open. The stock has pulled back toward its bullish trend of higher lows and its 200-dma near $30.00. Our trigger to buy it was at $30.25. We have a pretty tight stop at $29.75. More aggressive traders may want to put their stop under the June 15th low of $29.44. Our first target is $34.95. Our second target is $37.00.

chart:

Entry on      June 23 at $30.25 *triggered       
Change since picked:     + 0.00   			
Earnings Date          07/16/09 (unconfirmed)    
Average Daily Volume:       195 thousand
Listed on  June 20, 2009    


Bank of America - BAC - close: 12.23 change: +0.29 stop: 11.85

The sell-off in financials stalled. The group managed a little oversold bounce after yesterday's steep decline. BAC slipped to $11.93 before bouncing. I would buy this bounce. FYI: This morning BAC announced the exchange price for its convertibles into 200 million shares of stock was about $12.70.

The plan is to sell at least half to 75% of our position at $14.20 but we need to lower this to $14.00 because the 200-dma is falling so quickly. We want to take profits before BAC hits technical resistance at its 200-dma or at its May highs near $15.00. We'll plan on exiting completely at $16.45.

Entry on      June 04 at $12.24 /gap higher entry
                              /listed at $11.87
Change since picked:     - 0.01   			
Earnings Date          07/20/09 (unconfirmed)    
Average Daily Volume:       537 million 
Listed on   May 19, 2009    


Dell Inc. - DELL - close: 12.98 change: -0.00 stop: 11.70

DELL dipped to its exponential 200-dma and bounce. The stock closed unchanged on the session. I hesitate to buy DELL here given its short-term double top pattern. Wait for the dip near $12.00 as our next entry point. Our first target is $14.90.

Entry on      June 09 at $12.55 
Change since picked:     + 0.43   			
Earnings Date          08/27/09 (unconfirmed)    
Average Daily Volume:        29 million 
Listed on  June 06, 2009    


3x Energy Bear ETF- ERY - close: 23.89 change: -0.40 stop: 19.95 *new*

Oil and oil stocks managed a bounce today yet the ERY did not see much profit taking. Shares only gave back 1.6% following yesterday's 14% gain. ERY has already hit our first target at $24.00. Our second target to exit completely is $27.50. More aggressive traders may want to aim for the $30.00 region.

This is a VERY volatile triple-leveraged ETF that moves higher as oil stocks move lower. The ERY moves based on the Russell 1000 Energy index. This is a very aggressive trade. I'm suggesting readers trade smaller than normal position sizes.

Entry on      June 16 at $20.10 /gap higher entry
                              /originally listed t $19.68
Change since picked:     + 3.79
                              /1st target hit @ 24.00 (+19.4%)
Earnings Date          00/00/00 
Average Daily Volume:       2.7 million 
Listed on  June 16, 2009    


Pharma Prod. Dev. - PPDI - close: 22.35 chg: -0.13 stop: 21.75

This is a short-term test for PPDI's up trend. The stock has dipped toward its 10-dma, which is converging with its 100-dma. Volume has been very light on this pull back. A bounce from here could be used as a new entry point. Our first target is $25.90 (or its 200-dma). FYI: The Point & Figure chart is bullish with a $31.00 target.

Entry on      June 18 at $23.38 /gap higher entry
                              /originally listed at $23.05
Change since picked:     - 0.96   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       1.5 million 
Listed on  June 18, 2009    


Wellpoint Inc. - WLP - close: 48.83 change: +0.01 stop: 47.25

If you missed yesterday's entry point to buy a dip near $49.00 you got another opportunity today. Shares actually produced a little failed rally at $50.00 this morning. Readers might want to wait for a dip near $48.00 to 47.50 before jumping in. Our first target is $54.00. Our second target is $57.40.

Entry on      June 22 at $49.25 *triggered       
Change since picked:     - 0.43   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


BEARISH Play Updates

DuPont - DD - close: 24.40 change: +0.30 stop: 27.05 *new*

Nothing has changed for DD. The short-term trend is down but shares do look a little oversold. I'm not suggesting new positions at this time. Please note the new stop at $27.05. Our first target $22.25. Our second target is $20.25.

Entry on      June 16 at $25.20 
Change since picked:     - 0.80   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 34.77 change: -0.15 stop: 37.05

EWW slipped to $34.11 intraday before bouncing back. I would still consider new positions now or you could look for a bounce/failed-rally near $36.00-36.50. Our target is $30.25. Traders need to be aware of the 100-dma and 200-dma, which might offer some support.

Entry on      June 22 at $34.92 
Change since picked:     - 0.15   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Gamestop - GME - close: 21.86 change: -0.10 stop: 25.05 *new*

Uh-oh! I have to issue a bullish reversal warning here. GME dipped to $20.44 this morning and then bounced back on big volume. The stock was very weak this morning after news surfaced that Best Buy (BBY) was testing selling used video games in some of their stores. If BBY decides to adopt that as a nationwide policy it could be another very bad development for GME. Thus the bounce back in shares of GME is a little surprising. The candlestick today does look like a bullish reversal. I'm lowering our stop loss to $25.05. More conservative traders may want to adjust their stop to under $24.32.

FYI: The low today was $20.44. Our second target to take profits is $20.25. Our third target is $18.15.

Entry on      June 02 at $24.32 
Change since picked:     - 2.46
                              /1st target hit @ 22.05 (-9.3%)
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  June 02, 2009    


iShares Materials - MXI - close: 45.15 change: +0.74 stop: 48.55

Target achieved! MXI dipped to $44.00 this morning before finally seeing an oversold bounce. Our first target was $44.00. The volume on the bounce today was nothing compared to the volume on the recent sell-off. Watch for a failed rally under $48.00 as a new entry point. Our second target is $41.00.

chart:

Entry on      June 16 at $47.55 
Change since picked:     - 2.40
                              /1st target hit 44.00 (-7.4%)
Earnings Date          00/00/00 
Average Daily Volume:       170 thousand
Listed on  June 16, 2009    


Pulte Homes - PHM - close: 8.65 change: -0.12 stop: 9.75

PHM continued to trade in their $8.50-9.00 trading range. This sector might see some movement tomorrow when the new home sales figures come out. I'm not suggesting new positions at this time.

Our target to exit is $7.25. More conservative traders may want to exit at $7.80 instead.

Entry on       May 20 at $ 9.38 /gap down entry
                              /originally listed at $9.52
Change since picked:     - 0.73   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:        11 million 
Listed on   May 20, 2009    


Homebuilders ETF - XHB - close: 11.27 change: +0.06 stop: 12.55

The XHB managed a little bounce on the existing home sales numbers. This ETF could see more volatility tomorrow on the new home sales figures. I'm not suggesting new positions at this time.

Our target is $10.10. I am tempted to set a longer-term target in the $9.00-8.00 region.

Entry on       May 23 at $11.96 
Change since picked:     - 0.69   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009    


CLOSED BULLISH PLAYS

PerkinElmer Inc. - PKI - close: 16.96 change: -0.51 stop: 16.45

We were waiting for a dip in PKI and it showed up today. The stock was downgraded before the bell this morning. Shares gapped open lower at $16.64 and very quickly hit our stop loss at $16.45. Our play was opened and closed in less than one minute. I'm moving PKI to my watch list to see what happens over the next couple of sessions.

chart:

Entry on      June 23 at $16.64 /gap down entry 
Change since picked:     - 0.19<-- stopped out @ 16.45 (-1.1%)
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       1.1 million 
Listed on  June 20, 2009