BULLISH Play Updates

Alcoa - AA - close: 10.22 change: -0.22 stop: 9.35

At this point it would be easy to regret not buying the rally past $10.00 last week. Yet AA and the market itself remains overbought and due for a dip. I still don't want to chase it. Volume in AA has not been very impressive. The plan is to buy AA on a dip at $9.75. Our first target is $10.90. Our second target is $12.25. FYI: The Point & Figure chart is very bullish with a $19.50 target.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/08/09 (confirmed)    
Average Daily Volume:        41 million 
Listed on  July 16, 2009    


Ameron Intl. - AMN - close: 71.88 change: +2.12 stop: 64.95

With the market in rally mode AMN can always get more overbought. Shares spiked higher at the open and then trades sideways the rest of the session. Volume was way below average. I remain concerned that the S&P 500 and AMN are due for a dip. Our target is $79.50. My time frame is six to eight weeks. I do consider this somewhat aggressive because AMN does not trade with a lot of volume.

Entry on      July 16 at $70.50 *triggered       
Change since picked:     + 1.38   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       150 thousand
Listed on  July 15, 2009    


Aegean Marine Petrol. - ANW - close: 17.60 change: +0.01 stop: 14.95

ANW is going to have to dip deeper than that. Shares slipped to $17.16 before rising back to unchanged. The relative strength is great but the stock is short-term overbought.

We want to buy ANW in the $16.60-16.00 zone. We'll start the play with a stop loss at $14.95. More conservative traders might be able to get away with a stop in the 15.50-16.00 region. If triggered at $16.60 our first target to take profits is at $18.25. Our second target is $19.75.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          08/12/09 (unconfirmed)    
Average Daily Volume:       284 thousand
Listed on  July 18, 2009    


Diana Shipping - DSX - close: 14.57 change: +0.36 stop: 12.70

Hmm... DSX is showing a little more strength than expected. We might want to adjust our entry point to the $14.00 level but for now the plan is to wait for a dip in the $13.50-13.00 zone. Our first target is $16.40.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          08/06/09 (unconfirmed)    
Average Daily Volume:      1.27 million 
Listed on  July 15, 2009    


J.P.Morgan Chase - JPM - close: 36.98 change: +0.09 stop: 33.90

JPM spent the session moving sideways. It could just be a pause in the rally or a sign the rally is tired and could back track. Short-term shares look a little overbought. We want to buy a dip at $35.25. Our first target is 38.75.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Morgan Stanley - MS - close: 28.34 change: +0.35 stop: 27.25 *new*

Tomorrow is our last day for this trade. We want to exit at the close on Tuesday to avoid holding over earnings on Wednesday morning. I'm upping our stop loss to $27.25. I'm not suggesting new positions. MS has exceeded our first target at $27.75. Our second target is $29.75.

--New Trade, buy dip @ 25.25 --
Entry on      July 08 at $25.25 *triggered       
Change since picked:     + 3.09
                              /1st target hit @ 27.75 (+9.9%)
Earnings Date          07/22/09 (unconfirmed)    
Average Daily Volume:      29.4 million 
Listed on  June 23, 2009    


NATCO Group - NTG - close: 35.26 change: +1.24 stop: 31.00 *new*

NTG continues to show strength. I'm raising our stop loss to $31.00. The close over $35.00 is very short-term bullish. Our exit target is $37.50. We do not want to hold over the early August earnings report.

Entry on      July 15 at $32.56 *triggered/gap higher entry
Change since picked:     + 2.70   			
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       270 thousand
Listed on  July 14, 2009    


Ross Stores - ROST - close: 43.71 change: +0.29 stop: 39.95

ROST marched back toward new all-time highs. I'm not suggesting new bullish positions at this time. 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:     + 2.11   			
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       2.4 million 
Listed on  July 13, 2009    


BEARISH Play Updates

Gen-Probe - GPRO - close: 39.49 change: -0.12 stop: 42.01

GPRO continues to look bearish with the stock rolling over under $40.00 and ignoring strength in the major indices. 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:     - 1.95   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


Humana Inc. - HUM - close: 29.05 change: +0.07 stop: 31.05

The healthcare sector under performed the rest of the market on Monday. HUM only gained 7 cents. Readers can launch new bearish positions anywhere in the $29.50-30.00 zone. More conservative traders may want to consider a stop loss closer to $30.00. Our target is $25.25.

Entry on      July 16 at $29.50 *triggered       
Change since picked:     - 0.45   			
Earnings Date          08/03/09 (confirmed)    
Average Daily Volume:       3.1 million 
Listed on  July 14, 2009    


Intl. Speedway - ISCA - close: 25.00 chg: -0.03 stop: 27.05

ISCA is also under performing the market. Shares churned sideways all session and closed in the red. More conservative traders may want to lower their stop loss to $26.15. 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:     + 0.25   			
Earnings Date          07/07/09 (confirmed)    
Average Daily Volume:       342 thousand
Listed on  July 08, 2009    


Medtronic Inc. - MDT - close: 34.75 change: +0.08 stop: 35.35

Just as I suspected MDT saw an intraday spike over the $35.00 level. Shares hit $35.11 this morning before immediately reversing. Over the weekend we had raised our stop loss to $35.35. Today's move looks like a failed rally near $35.00 resistance but readers may want to wait for confirmation first before launching positions. A drop under $34.00 should work as 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:     + 1.95   			
Earnings Date          08/18/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  July 11, 2009    


Walgreen Co. - WAG - close: 30.07 change: +0.25 stop: 30.31

I believe our WAG play is in trouble. The stock managed to rally above and close above the $30.00 level. Shares still have technical resistance at their 50-dma but it won't take much for WAG to hit our stop loss at $30.31. I'm not suggesting new positions at this time. Our first target is $26.10.

Entry on      July 11 at $28.84 
Change since picked:     + 1.23   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       8.4 million 
Listed on  July 11, 2009    


CLOSED BULLISH PLAYS

Double-Long Oil ETN - DXO - close: 4.18 change: +0.20 stop: 3.45

Second target achieved. Oil continued to spike higher as traders try to position themselves ahead of August oil futures expiration tomorrow night. The DXO shot to $4.21 intraday. Our second target to exit this trade was $4.20.

chart:

Entry on      July 09 at $ 3.48 /gap down entry
                              /originally listed at $3.60
Change since picked:     + 0.72 <<--2nd target hit @ 4.20 (+20.6%)
                              /1st target hit @ 3.90 (+12.0%)
Earnings Date          00/00/00 
Average Daily Volume:      12.4 million 
Listed on  July 09, 2009    


MEDNAX Inc. - MD - close: 42.33 change: -0.39 stop: 41.99

MD has hit our stop loss at $41.99. The stock failed to participate in the market's strength. MD produced a failed rally at $43.00 this morning and dipped under $42.00. Short-term this stock looks poised to move lower.

chart:

Entry on      July 01 at $43.01 *triggered       
Change since picked:     - 1.02 <-- stopped @ 41.99 (-2.3%)
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       367 thousand
Listed on  June 30, 2009    


Western Digital - WDC - close: 28.92 chg: -0.32 stop: 26.95

Target achieved. WDC gapped open higher at $29.53. Our new target to exit this trade was $29.45. I would keep WDC on your watch list for a new entry point on a pull back toward its 30 or 40-dma but avoid holding over earnings in late July.

chart:

Entry on      June 25 at $26.10 *triggered       
Change since picked:     + 3.43<-- target hit @ 29.53 (+13.1%)
                              /gap higher exit
Earnings Date          07/28/09 (unconfirmed)    
Average Daily Volume:       4.6 million 
Listed on  June 24, 2009    


CLOSED BEARISH PLAYS

Gamestop - GME - close: 22.34 change: +0.38 stop: 22.51

Over the weekend we raised our stop loss on GME to $22.51. Shares managed to hit $22.52 midday so our play is closed. Shares remain in a down trend. Readers may want to keep it on their watch list for another failed rally pattern.

Previously GME had hit our first target at $22.05 and our second target at $20.25.

chart:

Entry on      June 02 at $24.32 
Change since picked:     - 1.81 <-- stopped @ 22.51 (-7.4%)
                              /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