BULLISH Play Updates

Andersons Inc. - ANDE - close: 29.91 change: -0.23 stop: 27.59

After a strong bounce last week ANDE faded a bit today. Look for a dip near $29.00 as a new bullish entry point. Our first target is $34.00. My time frame is less than four weeks.

Entry on      June 25 at $29.95 
Change since picked:     - 0.04   			
Earnings Date          08/06/09 (unconfirmed)    
Average Daily Volume:       379 thousand
Listed on  June 25, 2009    


A.O.Smith Corp. - AOS - close: 32.86 change: +0.62 stop: 29.75

The rally in AOS continues and shares have broken through resistance to hit new multi-month highs. We're keeping our stop loss under $30.00 for now but more conservative traders may want to raise their stop toward the 50-dma. Our first target is $34.95. Our second target is $37.00.

Entry on      June 23 at $30.25 *triggered       
Change since picked:     + 2.61   			
Earnings Date          07/16/09 (unconfirmed)    
Average Daily Volume:       195 thousand
Listed on  June 20, 2009    


Bank of America - BAC - close: 13.19 change: +0.44 stop: 11.85

Financials were a bright spot in the market today. The sector strength started in Europe after a handful of analysts upgrades. BAC gained 3.4% and will soon challenge technical resistance at its 200-dma.

Our first target is $14.50, which is where we want to sell 50% to 75% of our position. Our second target is $16.45. Bear in mind that we probably want to exit ahead of the late July earnings report so those target look optimistic.

Entry on      June 04 at $12.24 /gap higher entry
                              /listed at $11.87
Change since picked:     + 0.95   			
Earnings Date          07/20/09 (unconfirmed)    
Average Daily Volume:       537 million 
Listed on   May 19, 2009    


Bank of Montreal - BMO - close: 43.20 change: +0.70 stop: 38.85

The bullish breakout in BMO continues. The stock is now up four days in a row. We can expect a little profit taking soon but the $42-41 levels ought to offer a little support. Our first target to take profits is $44.90. Our second target is $48.00. This could take six to eight weeks.

Entry on      June 25 at $41.38 
Change since picked:     + 1.82   			
Earnings Date          08/25/09 (unconfirmed)    
Average Daily Volume:       729 thousand
Listed on  June 25, 2009    


Bally Tech. - BYI - close: 30.17 change: -0.31 stop: 27.45

After breaking out over resistance last week the rally in BYI stalled a bit today. Broken resistance at $29.00 and at $30.00 should offer new support. I would still consider new positions now. Our first target is $32.90. Our second target is $34.90. My time frame is six to eight weeks.

Entry on      June 26 at $30.10 *triggered       
Change since picked:     + 0.07   			
Earnings Date          08/19/09 (unconfirmed)    
Average Daily Volume:       859 thousand
Listed on  June 24, 2009    


Dell Inc. - DELL - close: 13.86 change: +0.18 stop: 12.45

DELL gained another 1.3% albeit on relatively low volume. The $14.00 level could be resistance so don't be surprised to see a little profit taking. Our first target is $14.90. We have a second target at $15.95 but we want to take most of our money off the table at $14.90. My time frame is about eight weeks. FYI: The Point & Figure chart is bullish with a $20 target but it's also showing potential resistance near $14.50. More conservative traders may want to start taking profits near $14.50.

Entry on      June 09 at $12.55 
Change since picked:     + 1.31   			
Earnings Date          08/27/09 (unconfirmed)    
Average Daily Volume:        29 million 
Listed on  June 06, 2009    


Joy Global - JOYG - close: 36.80 change: +0.25 stop: 28.70

JOYG is still struggling with short-term resistance at $38.00. We're still waiting for a dip. For now the plan is to buy JOYG at $31.00. That may be wishful thinking. If we see another bounce near $33.00 we might want to jump on it. More aggressive traders may want to take a different approach and buy a breakout over $38.00 but you'll need to raise your stop loss significantly.

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    


Legg Mason - LM - close: 25.10 change: -0.27 stop: 23.49

What happened to the rally in LM? Financials were a strong spot in the market today yet LM hit $25.61 this morning and then spent the rest of the session hugging the $25.00 level. Nimble traders might try buying a dip near $24.00. Our plan is to buy LM at $25.75. More conservative traders can wait for a move over Thursday's high of $26.74. If we are triggered at $25.75 our target is $29.75. Currently the Point & Figure chart is bullish with a $39.50 target. We do not want to hold over the late July earnings report.

Entry on      June xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       5.2 million 
Listed on  June 27, 2009    


Morgan Stanley - MS - close: 29.10 change: +0.48 stop: 26.95

MS continues to inch higher. I would still consider new positions now or on a dip near $28.50. Our first target is $31.75. FYI: The Point & Figure chart is bullish with a $46 target.

Entry on      June 26 at $28.60 *triggered       
Change since picked:     + 0.50   			
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


Pharma Prod. Dev. - PPDI - close: 23.26 chg: -0.06 stop: 21.95

PPDI has gone nowhere the last couple of days. Traders still bought the dip this morning so the bullish pattern of higher lows is still in place. More conservative traders may want to consider a stop closer to $22.25. 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:     - 0.12   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       1.5 million 
Listed on  June 18, 2009    


Western Digital - WDC - close: 26.49 chg: -0.26 stop: 23.95

WDC encountered some profit taking after Friday's big gain. Readers can use dips near $26.00 or $25.50 as new bullish entry points. Our first target is $29.75.

Entry on      June 25 at $26.10 *triggered       
Change since picked:     + 0.39   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       4.6 million 
Listed on  June 24, 2009    


Wellpoint Inc. - WLP - close: 51.45 change: +0.11 stop: 47.85

Investors were buying dips this morning as the quarter comes to a close tomorrow. The trend in WLP is up but shares are facing very short-term resistance near $52.00. Our first target is $54.00. Our second target is $57.40.

Entry on      June 22 at $49.25 *triggered       
Change since picked:     + 2.20   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


U.S. Steel - X - close: 37.01 change: +0.10 stop: 33.35

Early strength in the market this morning sent X gapping higher. The stock opened at $37.39 so we have adjusted our entry point. I would still consider bullish positions here or on a dip in the $36-35 zone. We're using a relatively wide stop loss due to the stocks recent volatility. Because this is an aggressive, higher-risk trade I would only trade half or less than your normal position size. Our first target is $39.95. Our second target is $42.50.

Entry on      June 27 at $37.39 /gap higher entry
                              /originally listed at $36.91
Change since picked:     - 0.38   			
Earnings Date          07/28/09 (unconfirmed)    
Average Daily Volume:      17.8 million 
Listed on  June 27, 2009    


Dentsply Intl. - XRAY - close: 30.89 change: -0.04 stop: 28.95

XRAY has closed virtually unchanged for the last two days. Traders are buying dips near $30.50, which is bullish but they're not making it past the $31.00 level. I am suggesting bullish positions now. Our first target to take profits is $33.90. The Point & Figure chart is very bullish with a $47 target.

Entry on      June 25 at $30.87 
Change since picked:     + 0.02   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       1.0 million 
Listed on  June 25, 2009    


BEARISH Play Updates

DuPont - DD - close: 26.01 change: +0.63 stop: 27.05

We have been expecting an oversold bounce in DD but the current bounce is a little stronger than expected. Shares are now up five days in a row. The stock is now testing resistance near $26.00. If it continues to climb shares should test very tough resistance at its 200-dma near $27.00. I would look for a failed rally near $26.00 or $27.00 as a new bearish entry point. Our first target $22.25. Our second target is $20.25.

Entry on      June 16 at $25.20 
Change since picked:     + 0.81   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 37.01 change: +0.15 stop: 38.05

The EWW is still inching higher and posted its fourth gain in a row. Volume was very light today. I'm not suggesting new positions at this time but a failed rally near $37.00 or $38.00 could be used as a new entry point. Our target is $30.25.

Entry on      June 22 at $34.92 
Change since picked:     + 2.09   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Gamestop - GME - close: 22.17 change: -0.00 stop: 25.05

GME closed unchanged on Monday. The stock has been sliding sideways for about four days. The path of least resistance is down so I'm expecting the next move to be lower. More conservative traders might want to consider a stop loss near $24.50ish. The stock has already hit our first target at $22.05. 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:     - 2.15
                              /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: 43.23 change: -0.61 stop: 44.05

GPRO displayed some volatility in the first few minutes this morning but it looks like resistance near $44.00 and its 200-dma is going to hold. Look for a new decline under $43.00 or today's low at $42.85 as an entry point to open bearish plays. Our first target is $38.05. Our second target is $35.25.

Entry on      June 23 at $42.03 /gap higher entry
                             /originally listed at $41.64
Change since picked:     + 1.20   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


iShares Materials - MXI - close: 47.03 change: +0.30 stop: 48.25

Commodities and building materials are still trying to bounce and the MXI gained 0.6%. Wait and watch for a failed rally under $48.00 as a new entry point. MXI has already hit our first target at $44.00. Our second target is $41.00.

Entry on      June 16 at $47.55 
Change since picked:     - 0.52
                              /1st target hit 44.00 (-7.4%)
Earnings Date          00/00/00 
Average Daily Volume:       170 thousand
Listed on  June 16, 2009    


Raytheon - RTN - close: 45.40 change: +0.90 stop: 46.55

I have to urge some caution on RTN. In the last few sessions RTN has produced an inverse head-and-shoulders pattern and today's "breakout" over the neckline is forecasting a rise to the $46.00-46.20 zone. RTN should find resistance at $46.20 and at its 200-dma. Wait and watch for a failed rally near $46.00 before considering new positions. More conservative traders can exit now right here and then wait for a new entry point. Our first target is $40.25. The P&F chart is very bearish with a $13 target.

Entry on      June 24 at $44.22 
Change since picked:     + 1.18   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       3.5 million 
Listed on  June 24, 2009    


Homebuilders ETF - XHB - close: 11.92 change: +0.16 stop: 12.55

The XHB is back to challenging resistance at $12.00. The action over the last few sessions has turned bullish. I would seriously consider lowering the stop loss toward $12.10 or $12.05. However, if the XHB does break through resistance at $12.00 it should find new resistance at its 200-dma near $12.50.

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:     - 0.04   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009    


CLOSED BULLISH PLAYS

3x Energy Bear ETF- ERY - close: 21.77 change: -0.92 stop: 19.95

I'm giving up on ERY. Oil is in rally mode even though inventories are at multi-year highs and the IEA just released a new report today that said demand will be below average for the next few years. More aggressive traders may want to stay with the ERY but don't let this play turn into a loss.

ERY has already hit our first target at $24.00.

chart:

Entry on      June 16 at $20.10 /gap higher entry
                              /originally listed t $19.68
Change since picked:     + 1.67 <-- exit early (+8.3%)
                              /1st target hit @ 24.00 (+19.4%)
Earnings Date          00/00/00 
Average Daily Volume:       2.7 million 
Listed on  June 16, 2009    


CLOSED BEARISH PLAYS

Pulte Homes - PHM - close: 8.97 change: +0.21 stop: 9.35

PHM is still in its trading range but it's hinting at a bullish breakout soon. I am suggesting an early exit right here. Nimble traders may even be tempted to buy a rise over $9.15 with a tight stop and a $10.00 target.

chart:

Entry on       May 20 at $ 9.38 /gap down entry
                              /originally listed at $9.52
Change since picked:     - 0.41 <-- exit early (-4.3%)
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:        11 million 
Listed on   May 20, 2009