BULLISH Play Updates

Andersons Inc. - ANDE - close: 29.94 change: +0.03 stop: 27.59

The rally in ANDE struggled a little bit today. The stock hit a new two-week high at $31.02 but gave back most of its gains. 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:     - 0.01   			
Earnings Date          08/06/09 (unconfirmed)    
Average Daily Volume:       379 thousand
Listed on  June 25, 2009    


A.O.Smith Corp. - AOS - close: 32.57 change: -0.29 stop: 29.75

AOS pulled back a bit after yesterday's bullish breakout over resistance. I don't see any changes from my prior comments. 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:     + 2.32   			
Earnings Date          07/16/09 (unconfirmed)    
Average Daily Volume:       195 thousand
Listed on  June 20, 2009    


Bank of America - BAC - close: 13.20 change: +0.01 stop: 11.85

Financial stocks were some of the worst performers today so it is somewhat encouraging to see BAC still close fractionally positive. The stock hit new two-week highs at $13.48 but the rally struggled under its 200-dma. We have been expecting resistance at the simple 200-dma so don't be surprised to see a correction back to $12.50 or even $12.00.

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:     + 0.96   			
Earnings Date          07/20/09 (unconfirmed)    
Average Daily Volume:       537 million 
Listed on   May 19, 2009    


Bank of Montreal - BMO - close: 42.15 change: -1.05 stop: 38.85

Right on cue BMO produced some profit taking. The stock dipped to $41.67 and bounced. The afternoon rebound back above $42.00 looks like a new entry point. However, the candlestick pattern today is actually a bearish reversal. Readers may want to wait and see if there is any follow through higher tomorrow. 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:     + 0.77   			
Earnings Date          08/25/09 (unconfirmed)    
Average Daily Volume:       729 thousand
Listed on  June 25, 2009    


Bally Tech. - BYI - close: 29.92 change: -0.25 stop: 27.45

BYI held up reasonably well considering the relative weakness in the gambling sector index today. I see the bounce in BYI off its intraday lows as a new entry point to buy the stock. 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:     - 0.18   			
Earnings Date          08/19/09 (unconfirmed)    
Average Daily Volume:       859 thousand
Listed on  June 24, 2009    


Dell Inc. - DELL - close: 13.73 change: -0.13 stop: 12.45

DELL is still trading sideways under $14.00. I don't see any changes from my previous update. 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:     + 1.18   			
Earnings Date          08/27/09 (unconfirmed)    
Average Daily Volume:        29 million 
Listed on  June 06, 2009    


Joy Global - JOYG - close: 35.72 change: -1.08 stop: 28.70

The short-term weakness and recent failures near $38.00 are still suggesting that JOYG could retest the $33.00 level and possibly lower. 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: 24.38 change: -0.72 stop: 23.49

LM lost 2.8% in another session of profit taking. We're still sitting on the sidelines. 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: 28.51 change: -0.59 stop: 26.95

Good news. MS is providing us another entry point to open long positions 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:     - 0.09   			
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


Pharma Prod. Dev. - PPDI - close: 23.22 chg: -0.04 stop: 21.95

The coiling pattern of higher lows in PPDI continues. I really expect a breakout one way or the other soon and the trend of higher lows is suggesting a break higher.

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:     - 0.16   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       1.5 million 
Listed on  June 18, 2009    


Vodafone Group - VOD - close: 19.49 change: -0.03 stop: 18.85

VOD offered readers a chance to buy it near $19.15 this morning. I am still suggesting positions now near $19.50. I consider this an aggressive buy under $20.00. More conservative traders may want to wait for the breakout (consider $20.25 as an alternative entry point but you may want to adjust your stop and targets). Our first target is $20.75. Our second target is $21.85. The P&F chart is bullish with a $23 target.

Entry on      June 29 at $19.52 
Change since picked:     - 0.03   			
Earnings Date          11/10/09 (unconfirmed)    
Average Daily Volume:       4.2 million 
Listed on  June 29, 2009    


Western Digital - WDC - close: 26.50 chg: +0.01 stop: 23.95

WDC's bounce from $26.00 today looks like a new bullish entry point. However, I'm concerned about the volume. Volume was HUGE today at 49.7 million shares versus the normal 4.6 million. Huge volume with no upward movement might be a sign of big investors exiting their positions. More conservative traders may want to raise their stops toward $25.00. Our first target is $29.75.

Entry on      June 25 at $26.10 *triggered       
Change since picked:     + 0.40   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       4.6 million 
Listed on  June 24, 2009    


Wellpoint Inc. - WLP - close: 50.89 change: -0.56 stop: 47.85

It was a quiet day for WLP with a dip toward $50.50. I would still consider opening new bullish positions near the $50.00-49.50 zone. Our first target is $54.00. Our second target is $57.40.

Entry on      June 22 at $49.25 *triggered       
Change since picked:     + 1.64   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


U.S. Steel - X - close: 35.74 change: -1.27 stop: 33.35

Uh-oh! Our aggressive, higher-risk trade in X may end up earnings its adjectives. The stock lost 3.4% as investors reacted to a worse than expected earnings report from Schnitzer Steel Industries (SCHN). Shares of SCHN fell nearly 12%. I would wait for a bounce in shares of X near $35.00 before considering new positions.

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:     - 1.65   			
Earnings Date          07/28/09 (unconfirmed)    
Average Daily Volume:      17.8 million 
Listed on  June 27, 2009    


Dentsply Intl. - XRAY - close: 30.57 change: -0.32 stop: 28.95

A little profit taking in XRAY today provides us a better entry point to open positions. 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:     - 0.30   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       1.0 million 
Listed on  June 25, 2009    


BEARISH Play Updates

DuPont - DD - close: 25.62 change: -0.39 stop: 27.05

The bounce is stalling near $26.00. We've been suggesting readers watch for a failed rally at $26.00 or near $27.00 and its 200-dma. Our first target $22.25. Our second target is $20.25.

Entry on      June 16 at $25.20 
Change since picked:     + 0.42   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 36.86 change: -0.15 stop: 38.05

The bounce in EWW is starting to stall as well. I would be tempted to open new short positions here. Our target is $30.25.

Entry on      June 22 at $34.92 
Change since picked:     + 1.94   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Gamestop - GME - close: 22.01 change: -0.16 stop: 25.05

GME is still going nowhere fast. The stock has spent a week consolidating sideways. 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:     - 2.31
                              /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: 43.01 change: -0.22 stop: 44.05

The trend in GPRO is still bearish following the failed rally under $44.00 and its 200-dma. I would consider new positions here. 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:     + 0.98   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


iShares Materials - MXI - close: 46.53 change: -0.50 stop: 48.25

The bounce in the MXI is stalling and shares produced a bearish engulfing (reversal) candlestick pattern today. 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:     - 1.02
                              /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: 44.43 change: -0.97 stop: 46.55

The recent failed rally in RTN looks like a new bearish 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:     + 0.21   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       3.5 million 
Listed on  June 24, 2009    


Homebuilders ETF - XHB - close: 11.75 change: -0.17 stop: 12.55

XHB has produced a new failed rally type pattern near $12.00 today. This can be used as a new entry point for bearish positions. More conservative traders may want to lower their stops toward today's high near $12.08.

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:     - 0.21   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009