BULLISH Play Updates

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

Oil tried to rally this morning but traders sold into strength. The DXO made it to $3.57 before fading. I would expect another dip toward the rising 100-dma. Look for a dip near that 100-dma (3.35) as another entry point to buy the DXO. Oil will bounce eventually.

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: 25.00 change: -1.08 stop: 23.30

Oil stocks continues to bounce even though crude oil itself is struggling to rebound. The ERY is contracting thanks to strength in oil stocks. 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:     + 1.70
                              /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: 42.66 change: +0.36 stop: 41.40

MD is still trying to bounce. Readers might want to buy the stock here but consider a tight stop under Monday's low or the $42.00 level. It is worth noting that the daily chart's MACD indicator is nearing a new sell signal. Our first target is $47.40.

Entry on      July 01 at $43.01 *triggered       
Change since picked:     - 0.35   			
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       367 thousand
Listed on  June 30, 2009    


Morgan Stanley - MS - close: 27.88 change: -0.03 stop: 25.25 *new*

Goldman's earnings results were indeed better than anyone expected and yet there was no sell-off and no rally on the news. MS also traded sideways with volume coming in below average. I'm not suggesting new positions at this time. MS has exceeded our first target at $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.

--New Trade, buy dip @ 25.25 --
Entry on      July 08 at $25.25 *triggered       
Change since picked:     + 2.63
                              /1st target hit @ 27.75 (+9.9%)
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


Ross Stores - ROST - close: 41.84 change: +0.24 stop: 39.40

ROST continue to inch higher. The stock set a new all-time closing high today. If you don't want to launch positions here then I would either buy dips near $40.50 or a breakout over $42.00. If you want to play it safer consider a stop closer to $40.00 or Monday's low of $40.24. Our first target is $45.75. Our second target is $49.45. My time frame is about six weeks.

Entry on      July 13 at $41.60 
Change since picked:     + 0.24   			
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       2.4 million 
Listed on  July 13, 2009    


Western Digital - WDC - close: 26.28 chg: -0.19 stop: 24.60

Intel's positive earnings report after the closing bell on Tuesday should help lift the rest of the tech sector on Wednesday. Our first WDC target is $29.75.

Entry on      June 25 at $26.10 *triggered       
Change since picked:     + 0.18   			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       4.6 million 
Listed on  June 24, 2009    


BEARISH Play Updates

DuPont - DD - close: 25.55 change: +0.29 stop: 26.26

DD is still slowly bouncing toward resistance in the $26.00-26.25 zone. I'm lowering our stop loss to $26.26. I'm not suggesting new bearish positions at this time. 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:     + 0.35   			
Earnings Date          07/21/09 (confirmed)    
Average Daily Volume:       9.1 million 
Listed on  June 16, 2009    


iShares Mexico - EWW - close: 35.44 change: +0.47 stop: 38.05

The oversold bounce in EWW is reaching the exponential 200-dma. 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:     + 0.52   			
Earnings Date          00/00/00 
Average Daily Volume:       3.9 million 
Listed on  June 22, 2009    


Gamestop - GME - close: 21.63 change: +0.60 stop: 22.65

The bounce in GME is nearing resistance at the $22.00 level. 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:     - 2.69
                              /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: 39.79 change: -0.08 stop: 43.55

GPRO looks poised to bounce toward resistance in the $41.00-42.00 zone. More conservative traders may want to tighten stops toward $42.50 or $42.00. 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:     - 2.24   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


Intl. Speedway - ISCA - close: 24.64 chg: +0.08 stop: 27.05

ISCA has provided yet another entry point to open bearish positions near $25.00. The stock tried to rally this morning but pared its gains. I would still consider new bearish positions anywhere in the $24.50-25.50 zone.

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:     - 0.11   			
Earnings Date          07/07/09 (confirmed)    
Average Daily Volume:       342 thousand
Listed on  July 08, 2009    


Medtronic Inc. - MDT - close: 33.75 change: +0.31 stop: 35.20

Warning! MDT has broken through technical resistance at both its 50-dma and its 200-dma. Volume was light, which is somewhat bearish but the price action today is bullish. I'm not suggesting new positions at this time. We'll wait and watch for a failed rally in the $34.00-35.00 zone. More conservative traders may want to just exit early right now and step to the sidelines to wait for a new entry point. 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:     + 0.95   			
Earnings Date          08/18/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  July 11, 2009    


iShares Materials - MXI - close: 44.99 change: +0.93 stop: 47.50

We were expecting an oversold bounce in the MXI. Shares are testing round-number resistance at $45.00. I expect the rebound to reach the $46.00 level. 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:     - 2.26
                              /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: 30.34 change: +0.35 stop: 31.26

PCAR did rally back above round-number resistance at $30.00 but volume has been sliding lower on the bounce. I'm not suggesting new positions at this time. More conservative traders may want to cut their losses early. We can expect PCAR to test the $31.00 level. If the stock continues to rally then the breakdown will look like a bear-trap pattern. 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:     + 1.44   			
Earnings Date          07/21/09 (unconfirmed)    
Average Daily Volume:       4.1 million 
Listed on  July 07, 2009    


Raytheon - RTN - close: 44.23 change: +0.65 stop: 45.75

The oversold bounce in RTN is starting to pick up speed. Shares just rallied past potential resistance at $44.00. This should put bears on the defensive even though the six-week trend is bearish. We want to see a failed rally near $45.00 or its 200-dma before considering new positions. 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:     + 0.01  			
Earnings Date          07/23/09 (unconfirmed)    
Average Daily Volume:       3.5 million 
Listed on  June 24, 2009    


Steel Index - SLX - close: 39.91 change: +0.68 stop: 42.65

I'm expecting another bounce tomorrow. 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: 8.58 change: +0.06 stop: 9.01

It looks like the bounce in TTMI stalled near $8.70 but I suspect that we could be in trouble tomorrow. Intel's positive earnings report could fuel a widespread rally in tech stocks. I would hesitate to launch positions tomorrow unless we saw a very clearly defined failed rally pattern. 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:     + 0.33   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       378 thousand
Listed on  July 11, 2009    


Walgreen Co. - WAG - close: 29.40 change: +0.08 stop: 30.51

Nothing has changed for WAG. The stock is still consolidating sideways under resistance. 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:     + 0.56   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       8.4 million 
Listed on  July 11, 2009    


Homebuilders ETF - XHB - close: 11.39 change: +0.30 stop: 12.10

The XHB is nearing potential resistance at $11.50. If it can rise past $11.50 the $12.00 level should be even tough resistance. 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:     - 0.57   			
Earnings Date          00/00/00
Average Daily Volume:        10 million 
Listed on   May 23, 2009    


S&P Retail SPDRs - XRT - close: 27.80 change: +0.48 stop: 28.45

The XRT has bounced into our entry zone (27.50-28.00) to launch new bearish plays. The early July high was $28.40. Readers might want to wait for a failed rally under this level before initiating positions. 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:     + 1.73   			
Earnings Date          00/00/00 
Average Daily Volume:        19 million 
Listed on  July 07, 2009    


CLOSED BULLISH PLAYS

Wellpoint Inc. - WLP - close: 49.70 change: -0.08 stop: 48.75

I'm dropping WLP as a bullish candidate. The stock just isn't moving. It failed to participate in yesterday's market rally and failed to participate again today. The trend is still up but momentum is waning. We're suggesting an early exit.

chart:

Entry on      June 22 at $49.25 *triggered       
Change since picked:     + 0.45 <-- exit early @ 49.70 (+0.0%)
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  June 20, 2009    


CLOSED BEARISH PLAYS

Broadcom - BRCM - close: 25.43 change: +0.51 stop: 25.51

I am giving up on BRCM as a bearish candidate. The stock's bounce has cleared the $25.00 level and its 30-dma. Shares are poised to breakout over resistance near $25.50 and the MACD is about to turn bullish on its daily chart. We'll exit early.

chart:

Entry on      July 07 at $23.59 
Change since picked:     + 1.84<-- exit early @ 25.43 (+7.7%)
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:       9.8 million 
Listed on  July 07, 2009    


Liberty Global - LBTYA - close: 15.72 change: +0.37 stop: 16.20

LBTYA broke out over resistance at its 200-dma and the $15.50 level. The stock continues to have overhead resistance near $16.00 but I'm suggesting an early exit following today's breakout.

chart:
P>

Entry on      July 07 at $14.90 
Change since picked:     + 0.82 <-- early exit @ 15.72 (+5.5)
Earnings Date          08/08/09 (unconfirmed)    
Average Daily Volume:       2.5 million 
Listed on  July 07, 2009