BULLISH Play Updates

Dell Inc. - DELL - close: 13.15 change: +0.20 stop: 12.75

DELL is still holding up but volume was pretty light for today's bounce. I am not very confident that the up trend will hold and strongly suggest readers consider taking profits now or on another bounce near $13.50. I'm not suggesting new positions in DELL.

Entry on      June 09 at $12.55 
Change since picked:     + 0.60   			
Earnings Date          08/27/09 (unconfirmed)    
Average Daily Volume:        29 million 
Listed on  June 06, 2009    


3x Energy Bear ETF - ERY - close: 26.65 change: -0.70 stop: 22.40

Profit taking in the ERY was pretty mild compared to the bounce in oil stocks today. If you haven't taken any profits yet I suggest you do so now.

I am not suggesting new positions. More conservative traders may want to move their stop to breakeven at $23.30. ERY has exceeded our first target at $27.40. Our second target is $29.90.

This is a very volatile (triple-leveraged) ETF so we're using a wide stop loss and I'm suggesting readers only trade half (or less) their normal position size.

Entry on      July 02 at $23.30 *triggered       
Change since picked:     + 3.35
                              /1st target hit @ 27.40 (+17.5%)
Earnings Date          00/00/00 
Average Daily Volume:       4.0 million 
Listed on  July 01, 2009    


MEDNAX Inc. - MD - close: 43.58 change: +0.12 stop: 41.40

MD is still hanging in there but I'm not suggesting new bullish positions. More conservative traders might want to inch up their stop closer to $42.00. Our first target is $47.40.

Entry on      July 01 at $43.01 *triggered       
Change since picked:     + 0.57   			
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       367 thousand
Listed on  June 30, 2009    


Morgan Stanley - MS - close: 25.88 change: +0.38 stop: 24.49

I am not encouraged by the action in MS today. The financials were some of the best performers in today's oversold bounce. Rival GS was upgraded today and soared 3.3%. MS did gain 1.5% but closed off its best levels of the day. If you are looking for a new entry point wait for another bounce from the $25.00 level. I'm tempted to raise our stop closer to $25.00 but we'll leave it at $24.49 for now.

Our first target is $27.75. Our second target is $29.75. We don't want to hold over the late July earnings so the play may close early.

FYI: It's important to note that Goldman Sachs (GS) reports earnings on the morning of July 14th. GS' earnings report and their comments could have a big impact on shares of MS.

--New Trade, buy dip @ 25.25 --
Entry on      July 08 at $25.25 *triggered       
Change since picked:     + 0.63   			
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


Western Digital - WDC - close: 25.68 chg: +0.53 stop: 24.45

WDC is still bouncing from yesterday's test of technical support at the rising 40-dma. The trend of higher lows is still in place. If I was going to open new bullish positions WDC would be a candidate but I'm still cautious on the market as a whole. Our first target is $29.75.

Entry on      June 25 at $26.10 *triggered       
Change since picked:     - 0.42   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       4.6 million 
Listed on  June 24, 2009    


Wellpoint Inc. - WLP - close: 50.18 change: -0.10 stop: 48.75

WLP is still consolidating sideways. More conservative traders may want to inch up their stops toward $49.00. I hesitate to open new positions. Our first target is $54.00. Our second target is $57.40.

Entry on      June 22 at $49.25 *triggered       
Change since picked:     + 0.93   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


BEARISH Play Updates

Broadcom - BRCM - close: 24.31 change: +0.96 stop: 25.45

BRCM garnered positive analyst comments again. The stock rallied 4% on the news and closed back above the $24.00 level and its 50-dma. Yesterday I suggested readers look for a failed rally in the $24.50-25.00 zone as an entry point so wait for this bounce to roll over. There is potential support near $22.00 so we're setting our first target at $22.05. Our second target is $20.25. We do not want to hold over the July 23rd earnings report.

Entry on      July 07 at $23.59 
Change since picked:     + 0.72   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:       9.8 million 
Listed on  July 07, 2009    


Carpenter Tech. - CRS - close: 17.08 chg: -0.10 stop: 20.25

CRS tried to bounce this morning but failed and eventually under performed the rest of the market. Traders may want to go ahead and take profits now anyway. I'm not suggesting new positions. Our first target to take profits was $18.05. Our second target is $16.25.

Entry on      July 04 at $19.62 /gap down entry
                              /originally listed at $20.06
Change since picked:     - 2.54   		
                              /1st target hit @ 18.05 (-8.0%)
Earnings Date          07/28/09 (unconfirmed)    
Average Daily Volume:       586 thousand
Listed on  July 04, 2009    


DuPont - DD - close: 24.50 change: +0.32 stop: 27.05

There is no change from my prior comments. DD is trying to bounce from support near $24.00 and its struggling.

I am not suggesting new positions at this time. I repeat my previous comments that more conservative traders may want to lower their stops to just above new resistance near $26.25. I'm leaving the stop above the 200-dma near $27.00. Our first target $22.25. Our second target is $20.25.

Entry on      June 16 at $25.20 
Change since picked:     - 0.70   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 34.88 change: +0.43 stop: 38.05

Wait for another failed rally near $36.00 before considering new bearish positions.

More conservative traders can lower their stop toward last week's high of $37.61. Our target is $30.25. My time frame is probably another four to six weeks.

Entry on      June 22 at $34.92 
Change since picked:     - 0.04   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Fastenal Co. - FAST - close: 30.64 change: -0.50 stop: 31.55 *new*

FAST under performed the rest of the market with a failed rally this morning and a 1.6% decline at the close. I'm not suggesting new positions at this time. We are going to have to exit tomorrow (Friday) at the closing bell. FAST is due to report earnings on Monday morning. I am lowering our stop loss to $31.55. Our first target is $30.15. Our second target is $28.05.

Entry on      July 04 at $31.90 
Change since picked:     - 1.26   			
Earnings Date          07/13/09 (confirmed)    
Average Daily Volume:       1.8 million 
Listed on  July 04, 2009    


Gamestop - GME - close: 20.69 change: -0.25 stop: 23.25

GME failed to bounce today but shares look oversold and due for one. I am not suggesting new positions at this time but a failed rally under $22.00 could work as another entry point.

GME has now hit our first target at $22.05 and our second target at $20.25. We are now aiming for our third and final target at $18.15.

Entry on      June 02 at $24.32 
Change since picked:     - 3.57
                              /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: 39.88 change: +0.08 stop: 44.05

The oversold bounce in GPRO today was extremely weak. This is good news for our bearish position but I'm not suggesting new positions at this time. Our first target is $38.05. Our second target is $35.25. FYI: The P&F chart is bearish with a $32.00 target.

Entry on      June 23 at $42.03 /gap higher entry
                             /originally listed at $41.64
Change since picked:     - 2.15   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


Intl. Speedway - ISCA - close: 24.20 chg: +0.20 stop: 27.05

Excellent! An analyst firm raised their price target on ISCA this morning and the news was enough to lift ISCA to $24.89 before shares failed under resistance. Our plan was to open bearish trades in the $24.75-25.50 zone. Our play is now open.

I'm suggesting a stop loss at $27.05 but more conservative traders may want to try a stop closer to $26.00. Our first target is $22.10. Our second target is $20.25. My time frame is six to eight weeks.

chart:

Entry on      July 09 at $24.75 *triggered       
Change since picked:     - 0.55   			
Earnings Date          07/07/09 (confirmed)    
Average Daily Volume:       342 thousand
Listed on  July 08, 2009    


Liberty Global - LBTYA - close: 15.34 change: +0.70 stop: 16.20

The relative strength in LBTYA was a little bit surprising considering I couldn't find any news to account for the 4.7% gain. Previously I suggested launching new bearish positions on a bounce near $15.50 and we got it today. Our first target is $12.25. We may want to consider a second target near $10.00. The P&F chart is bearish with a $10.50 target. P>

Entry on      July 07 at $14.90 
Change since picked:     + 0.44   			
Earnings Date          08/08/09 (unconfirmed)    
Average Daily Volume:       2.5 million 
Listed on  July 07, 2009    


iShares Materials - MXI - close: 43.86 change: +0.69 stop: 47.50 *

MXI delivered a little oversold bounce but nothing to worry about. We're not suggesting new positions. MXI has exceeded our first target at $44.00 and we're currently aiming for $41.25. P>

Entry on      June 16 at $47.55 
Change since picked:     - 3.69
                              /1st target hit 44.00 (-7.4%)
Earnings Date          00/00/00 
Average Daily Volume:       170 thousand
Listed on  June 16, 2009    


PACCAR Inc. - PCAR - close: 29.59 change: +0.46 stop: 31.05

Today's bounce toward $30.00 looks like another entry point to launch bearish plays in PCAR. Our first target is $25.25. Our second target is $22.65. We don't want to hold over earnings.

Entry on      July 08 at $28.90 *triggered       
Change since picked:     + 0.69   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       4.1 million 
Listed on  July 07, 2009    


Raytheon - RTN - close: 42.27 change: +0.10 stop: 45.75

Thus far the oversold bounce in RTN has been pretty anemic. However, I suspect the bounce isn't over yet. I'm not suggesting new positions at this time. 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:     - 1.95  			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       3.5 million 
Listed on  June 24, 2009    


Steel Index - SLX - close: 38.54 change: +0.69 stop: 44.05

The SLX forged an oversold bounce today but we're still sitting on the sidelines. I'm sticking with the plan to short SLX on a bounce in the $41.50-42.50 zone - if we get the chance. Volume was huge on today's bounce attempt. Our first target is $35.50. FYI: The Point & Figure chart is bearish with a $30.00 target.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       297 thousand
Listed on  July 06, 2009    


Homebuilders ETF - XHB - close: 10.95 change: +0.22 stop: 12.10 *new*

The XHB has rebounded back to potential resistance near $11.00. I'm not suggesting new positions at this time. Please note the new stop loss at $12.10. Our target is $10.10. I am setting a secondary target at $9.10 but I strongly suggest readers take some money off the table at $10.10.

Entry on       May 23 at $11.96 
Change since picked:     - 1.01   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009    


S&P Retail SPDRs - XRT - close: 26.67 change: +0.06 stop: 28.45

Several major retailers report same-store sales data today. The results were disappointing. The sector managed a bounce but it failed to inspire. I'm suggesting readers open new bearish positions on a bounce into the $27.50-28.00 zone or a new drop under $25.90.

Our target is the $22.25 mark. This could be a volatile ETF as we move through the earnings season. My time frame is about six weeks. P>

Entry on      July 07 at $26.07 
Change since picked:     + 0.60   			
Earnings Date          00/00/00 
Average Daily Volume:        19 million 
Listed on  July 07, 2009