BULLISH Play Updates

Double-Long Oil ETN - DXO - close: 3.46 change: -0.02 stop: 3.28

It was not surprising to see the DXO dip to its 100-dma and bounce. What is surprising is that oil continues to get more and more oversold. This looks like another entry point to speculate on a bounce.

Our first target is $3.90. Our second target is $4.20. We want to exit the majority of our position at the first target. FYI: Keep an eye on the U.S. dollar. A weak dollar should boost oil prices.

Entry on      July 09 at $ 3.48 /gap down entry
                              /originally listed at $3.60
Change since picked:     - 0.02   			
Earnings Date          00/00/00 
Average Daily Volume:      12.4 million 
Listed on  July 09, 2009    


3x Energy Bear ETF - ERY - close: 26.08 change: -1.16 stop: 23.30

Energy stocks are bouncing in spite of a continued drop in oil. That is not good news for our ERY play. Readers may want to exit early right here. I'm not suggesting new positions.

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:     + 2.78
                              /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: 42.30 change: +0.01 stop: 41.40

MD under performed the market today. Shares dipped to $41.46 and bounced back to unchanged. A bounce from here might be a bullish entry point but I would hesitate to launch new positions since our market bias is still bearish. Our first target is $47.40.

Entry on      July 01 at $43.01 *triggered       
Change since picked:     - 0.71   			
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       367 thousand
Listed on  June 30, 2009    


Morgan Stanley - MS - close: 27.91 change: +1.97 stop: 24.49

Meredith Whitney upgraded Goldman Sachs (GS) and the financials soared. Shares of MS gained 7.5% and hit our first target at $27.75. I hope you took profits. Expectations for GS are so high that the company that the stock is almost doomed to see a sell-the-news move. I'm raising our stop loss to $25.25. Our second target is $29.75. We don't want to hold over the late July earnings so the play may close early.

We can expect shares of MS to follow GS up or down tomorrow. Expect volatility.

chart:

--New Trade, buy dip @ 25.25 --
Entry on      July 08 at $25.25 *triggered       
Change since picked:     + 2.66
                              /1st target hit @ 27.75 (+9.9%)
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


Western Digital - WDC - close: 26.47 chg: +1.10 stop: 24.60

WDC is showing some impressive relative strength. The stock gained 4.3% and rallied back above resistance at $26.00. Our first target is $29.75.

Entry on      June 25 at $26.10 *triggered       
Change since picked:     + 0.37   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       4.6 million 
Listed on  June 24, 2009    


Wellpoint Inc. - WLP - close: 49.78 change: -0.03 stop: 48.75

WLP under performed the market and looks like it's going to breakdown from its current sideways consolidation. More conservative traders may want to exit early right here! I'm not suggesting new bullish positions at this time. Our first target is $54.00. Our second target is $57.40.

Entry on      June 22 at $49.25 *triggered       
Change since picked:     + 0.53  			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


BEARISH Play Updates

Broadcom - BRCM - close: 24.92 change: +0.64 stop: 25.51

This could be an important test for BRCM as the stock nears the $25.00 level. Wait for this bounce to roll over before considering new bearish positions. Our first target is $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:     + 1.33   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:       9.8 million 
Listed on  July 07, 2009    


DuPont - DD - close: 25.26 change: +0.65 stop: 26.51

DD is finally starting to bounce from the $24.00 level. Look for resistance near $26.00 and its 200-dma. Our first target $22.25. Our second target is $20.25. Don't forget that we plan to exit ahead of the earnings report.

Entry on      June 16 at $25.20 
Change since picked:     + 0.06   			
Earnings Date          07/21/09 (confirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 34.97 change: +0.44 stop: 38.05

With most of the world in bounce mode the Mexico ETF gained 1.2%. Wait for another failed rally near $36.00 before considering new bearish positions. 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:     + 0.05   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Gamestop - GME - close: 21.03 change: +0.59 stop: 22.65 *new*

GME scored a nice oversold bounce but the trend is still down. I am not suggesting new positions at this time but a failed rally under $22.00 could work as another entry point. I am lowering the stop loss to $22.65.

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:     - 3.29
                              /1st target hit @ 22.05 (-9.3%)
                             /2nd target hit @ 20.25 (-16.7%)
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  June 02, 2009    


Gen-Probe - GPRO - close: 39.87 change: +0.53 stop: 43.55

GPRO is also seeing a little oversold bounce. Watch for a bounce back toward the $41-42 zone. 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:     - 2.16   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


Intl. Speedway - ISCA - close: 24.56 chg: +0.47 stop: 27.05

ISCA gained 1.9% but volume was light. Wait and watch for a bounce near $25.00 as a new entry point for bearish positions.

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.

Entry on      July 09 at $24.75 *triggered       
Change since picked:     - 0.19   			
Earnings Date          07/07/09 (confirmed)    
Average Daily Volume:       342 thousand
Listed on  July 08, 2009    


Liberty Global - LBTYA - close: 15.35 change: +0.10 stop: 16.20

LBTYA is churning sideways under technical resistance at its 200-dma. More conservative traders might want to consider inching their stop down toward $16.00 or even toward $15.75. 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:     + 0.45   			
Earnings Date          08/08/09 (unconfirmed)    
Average Daily Volume:       2.5 million 
Listed on  July 07, 2009    


Medtronic Inc. - MDT - close: 33.44 change: +0.64 stop: 35.20

If the oversold bounce in MDT continues consider new bearish positions in the $34.00-35.00 zone. More conservative traders may want to wait for a new decline under $32.00, which was support in mid June. I don't see any changes from my weekend comments. Our first target to take profits is $30.10. Our second target is $28.25.

Entry on      July 11 at $32.80 
Change since picked:     + 0.64   			
Earnings Date          08/18/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  July 11, 2009    


iShares Materials - MXI - close: 44.06 change: +0.72 stop: 47.50

The MXI looks poised to bounce toward the $46.00 level. More conservative traders may want to lower their stops toward $46.00. I'm not suggesting new bearish positions at this time. 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:     - 3.49
                              /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: 29.99 change: +0.49 stop: 31.26 *new*

PCAR gained 1.6% but shares failed to reclaim the $30.00 level, which is good news for the bears. I am adjusting our stop loss to $31.26. If we're going to get stopped out let's make sure it's for real and not an oversold bounce. Let's see what happens tomorrow before launching new positions. 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:     + 1.09   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       4.1 million 
Listed on  July 07, 2009    


Raytheon - RTN - close: 43.58 change: +0.90 stop: 45.75

RTN is rebounding back toward what should be resistance near $44.00. More conservative traders could lower their stop toward breakeven at $44.22. 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:     - 0.64  			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       3.5 million 
Listed on  June 24, 2009    


Steel Index - SLX - close: 39.23 change: +0.91 stop: 42.65

If this bounce in the material stocks can continue then we have a good shot at being triggered. Our plan is to open bearish plays on a bounce into the $41.50-42.50 zone. 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    


TTM Tech. - TTMI - close: 8.52 change: +0.27 stop: 9.01

I'm still bearish and would still short TTMI here but readers may want to wait for TTMI's bounce to fail or stall near the $8.90-9.00 zone before launching new positions. Our first target to take profits is $7.05. Our second target is $6.15.

Entry on      July 11 at $ 8.25 
Change since picked:     + 0.27   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       378 thousand
Listed on  July 11, 2009    


Walgreen Co. - WAG - close: 29.32 change: +0.48 stop: 30.51

Nothing has changed for us with WAG. I'm still bearish with WAG under $30.00. I'm suggesting new bearish positions now with a stop loss at $30.51. More conservative traders may want to consider a stop loss closer to $30.00 (like 30.05). Our first target is $26.10.

Entry on      July 11 at $28.84 
Change since picked:     + 0.48   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       8.4 million 
Listed on  July 11, 2009    


Homebuilders ETF - XHB - close: 11.09 change: +0.16 stop: 12.10

This sector might see some volatility on individual earnings reports or the building permits and housing starts data this coming Friday. I am not suggesting new positions at this time. 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:     - 0.87   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009    


S&P Retail SPDRs - XRT - close: 27.32 change: +0.73 stop: 28.45

The XRT is bouncing and it looks like we'll get a chance to launch new bearish positions in the $27.50-28.00 region soon.

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:     + 1.25   			
Earnings Date          00/00/00 
Average Daily Volume:        19 million 
Listed on  July 07, 2009    


CLOSED BULLISH PLAYS

Dell Inc. - DELL - close: 13.22 change: +0.07 stop: 12.75

DELL was weak this morning and has continued to weaken after hours. The stock hit our stop loss at $12.75 early on and eventually drifted back above the $13.00 level. Then after the closing bell DELL had positive things to say about sequential revenue growth and stabilizing demand but they also said margins would be hurt and the consumer was still struggling. The stock dropped another 3% in after hours. Watch for support near its 50-dma or the $12.00 level.

chart:

Entry on      June 09 at $12.55 
Change since picked:     + 0.20<-- stopped out @ 12.75 (+1.5%)
Earnings Date          08/27/09 (unconfirmed)    
Average Daily Volume:        29 million 
Listed on  June 06, 2009    


CLOSED BEARISH PLAYS

Carpenter Tech. - CRS - close: 17.30 chg: +0.43 stop: 18.55 *new*

Target achieved. CRS dipped to $16.29 before bouncing. If you did not exit you might be in trouble. CRS looks poised to rebound from here. Our second target to exit was $16.55.

chart:

Entry on      July 04 at $19.62 /gap down entry
                              /originally listed at $20.06
Change since picked:     - 2.32   		
                              /1st target hit @ 18.05 (-8.0%)
                              /2nd target hit @ 16.55 (-15.6%)
Earnings Date          07/28/09 (unconfirmed)    
Average Daily Volume:       586 thousand
Listed on  July 04, 2009