BULLISH Play Updates

A.O.Smith Corp. - AOS - close: 31.39 change: +1.29 stop: 29.75

Right on schedule AOS delivers a bounce and erases yesterday's decline. The stock rallied toward $32.00 before settling with a 4.2% gain. Our first target is $34.95. Our second target is $37.00.

Entry on      June 23 at $30.25 *triggered       
Change since picked:     + 1.14   			
Earnings Date          07/16/09 (unconfirmed)    
Average Daily Volume:       195 thousand
Listed on  June 20, 2009    


Bank of America - BAC - close: 12.35 change: +0.12 stop: 11.85

Financial stocks continued to bounce although BAC lagged the sector indices. The pull back toward $12.00 again looks like another bullish entry point. It is worth noting that BAC could see extra volatility as Congress investigates the Federal Reserve's role and its chairman Ben Bernanke on the BAC acquisition of Merrill Lynch. California representative Darrell Issa is claiming Ben orchestrated a "cover up" and hid material facts about the deal to other regulators. Bernanke appears before congress again tomorrow.

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:     + 0.11   			
Earnings Date          07/20/09 (unconfirmed)    
Average Daily Volume:       537 million 
Listed on   May 19, 2009    


Dell Inc. - DELL - close: 13.28 change: +0.30 stop: 11.70

DELL is still looking okay here as investors buy the dip. If shares can breakout over $13.50 it will erase any worry about a bearish double top. Our first target is $14.90.

Entry on      June 09 at $12.55 
Change since picked:     + 0.73   			
Earnings Date          08/27/09 (unconfirmed)    
Average Daily Volume:        29 million 
Listed on  June 06, 2009    


3x Energy Bear ETF- ERY - close: 23.67 change: -0.22 stop: 19.95

The action in the oil sector was mixed and shares of ERY delivered a volatile day. This triple leveraged ETF dipped to $22.36 before bouncing back to its 50-dma near the $24 region. I'm not suggesting new positions at this time. 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:     + 3.57
                              /1st target hit @ 24.00 (+19.4%)
Earnings Date          00/00/00 
Average Daily Volume:       2.7 million 
Listed on  June 16, 2009    


Joy Global - JOYG - close: 36.28 change: +1.09 stop: 28.70

JOYG delivered a nice bounce today (+3%) but it stalled near its 10-dma and the $38 level. Our plan is to buy JOYG on a dip at $31.00 but more aggressive traders may want to jump in on another dip near $33.00 instead. If triggered our first target is $36.40.

Entry on      June xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          09/03/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  June 23, 2009    


Morgan Stanley - MS - close: 27.65 change: -0.05 stop: 24.40

Again I'm tempted to buy MS right here. The stock tried to rally this morning but slipped to $27.26 this afternoon. The plan is to buy MS on a dip in the $25.50-24.50 zone. If triggered our target is the $29.00-30.00 zone.

Entry on      June xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


Pharma Prod. Dev. - PPDI - close: 22.67 chg: +0.32 stop: 21.75

PPDI is still holding on to its 10-dma and 100-dma but volume remains light. This bounce 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:     - 0.64   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       1.5 million 
Listed on  June 18, 2009    


Wellpoint Inc. - WLP - close: 49.36 change: +0.53 stop: 47.25

WLP managed a 1% rebound and looks like it's building steam for another rally past $50.00. I would open positions now. Our first target is $54.00. Our second target is $57.40.

Entry on      June 22 at $49.25 *triggered       
Change since picked:     + 0.11   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


BEARISH Play Updates

DuPont - DD - close: 24.83 change: +0.43 stop: 27.05

DD is still trying to bounce and gained 1.7%. Look for a failed rally near $26.00 as a potential entry point. Our first target $22.25. Our second target is $20.25.

Entry on      June 16 at $25.20 
Change since picked:     - 0.37   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 35.32 change: +0.55 stop: 37.05

The action today looks like the failed rally I suggested readers use as a new entry point. 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:     + 0.40   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Gamestop - GME - close: 21.83 change: -0.03 stop: 25.05

GME failed to participate in the market's bounce today. Bears are still in control. I'm not suggesting new positions at this time.

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:     - 2.49
                              /1st target hit @ 22.05 (-9.3%)
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  June 02, 2009    


Gen-Probe - GPRO - close: 42.81 change: +1.17 stop: 44.05

GPRO is bouncing back toward its bearish trend of lower highs. Wait and watch for the rebound to fail under $44.00 and use it as our next entry point. FYI: The stock did gap higher this morning. We've adjusted our entry point. Our first target is $38.05. Our second target is $35.25. The Point & Figure chart is forecasting a $32.00 target.

Entry on      June 23 at $42.03 /gap higher entry
                             /originally listed at $41.64
Change since picked:     + 0.81   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


iShares Materials - MXI - close: 45.86 change: +0.71 stop: 48.55

The MXI is bouncing after an $8.00 correction. Material and commodity stocks were rebounding but it is worth noting that the volume today was pretty light. Wait and watch for a failed rally under $48.00 as a new entry point. Our second target is $41.00.

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: 8.47 change: -0.18 stop: 9.75

The new home sales figures were a disappointment. PHM slipped toward the bottom of its trading range. 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:     - 0.91   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:        11 million 
Listed on   May 20, 2009    


Homebuilders ETF - XHB - close: 11.33 change: +0.06 stop: 12.55

The XHB managed a little oversold bounce but it stalled near its 10-dma. 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:     - 0.63   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009