BULLISH Play Updates

Ameron Intl. - AMN - close: 73.93 change: +2.32 stop: 68.45 *new*

Traders may want to go ahead and take some profits in AMN. The stock hit $74.80 this afternoon but will probably see some profit taking tomorrow. I'm raising our stop loss to $68.45. I'm not suggesting new positions at this time. 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:     + 3.43   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       150 thousand
Listed on  July 15, 2009    


Aegean Marine Petrol. - ANW - close: 17.75 change: +0.30 stop: 14.95

ANW drifted toward the top of its trading range. Overall I don't see any changes from our previous comments.

Our plan is to buy ANW on a dip in the $16.25-16.00 zone. More conservative traders might be able to get away with a stop in the 15.50-16.00 region. If triggered at $16.25 our first target to take profits is at $18.25. Our second target is $19.75.

Entry on      July xx at $xx.xx <-- TRIGGER  16.25
Change since picked:     + 0.00   			
Earnings Date          08/12/09 (unconfirmed)    
Average Daily Volume:       284 thousand
Listed on  July 18, 2009    


Hormel Foods - HRL - close: 36.03 change: +0.71 stop: 34.20

HRL rallied toward resistance near $36.00 and managed to pierce this level but odds are good the stock will see some profit taking tomorrow of the market sells off. Wait for a dip back toward $35.00-34.50. We have a relatively tight stop. More aggressive traders may want to move their stop under the 50-dma or the $34.00 level. My first target is $37.90. My second target is $39.90. My time frame is mid to late August because we need to exit in front of earnings. FYI: The Point & Figure chart is very bullish with a $50 target.

Entry on      July 20 at $35.40 /gap higher entry
                              /originally listed at $35.25
Change since picked:     + 0.63   			
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       486 thousand
Listed on  July 20, 2009    


J.P.Morgan Chase - JPM - close: 38.15 change: +1.32 stop: 33.90

Financials certainly participated in the market's widespread rally. JPM soared 3.5%, a pretty big move for a company this large. Nothing has changed for our game plan. We are still waiting for a pull back in JPM. We want to buy a dip at $35.25. Our first target is 38.75. Our time frame is four to six weeks.

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    


NATCO Group - NTG - close: 36.65 change: +1.27 stop: 32.25 *new*

I am suggesting readers take some profits in NTG right here. Sell at least half of your position. The stock looks overbought. Fortunately, I'm not seeing any after hours weakness. Please note I'm raising the stop loss to $32.25. We will still plan to exit completely at $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:     + 4.09   			
                              /sell 1/2 @ 36.65 (+12.5%)
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       270 thousand
Listed on  July 14, 2009    


UltraShort QQQ - QID - close: 27.01 change: -1.33 stop: 26.75

The market's rally began to pick up speed on Thursday and the NASDAQ made a run towards the 2,000 level. This pushed the QID to a 4.6% loss and it almost hit our stop loss at $26.75. This may end up being the a bottom for the QID. After the closing bell tonight AMZN and MSFT issued disappointing earnings reports and the market is selling off.

We knew this was a very aggressive, contrarian play and suggested traders only play very small position sizes (suggested 25% of normal). Now that we're seeing weakness in the after hours market readers may want to double down on their QID positions while keeping their stop loss at $26.75. Our first target is $31.95.

Don't forget that the QID is a double-short ETF so it should see twice the volatility.

Entry on      July 22 at $28.75 
Change since picked:     - 1.74   			
Earnings Date          00/00/00 
Average Daily Volume:        19 million 
Listed on  July 21, 2009    


Ross Stores - ROST - close: 44.00 change: +0.09 stop: 39.95

The S&P 500 gained 2.3% and the RLX retail index climbed 2.7%. Yet ROST only rose 0.2%. That's a warning sign that momentum is running out of gas. I'm suggesting readers take some profits right here. Go ahead and sell half your position. More conservative traders may want to raise their stops toward $41.00. 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:     + 2.40
                              /sell half @ 44.00 (+5.7%)
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       2.4 million 
Listed on  July 13, 2009    


BEARISH Play Updates

Arkansas Best - ABFS - close: 25.51 change: +1.07 stop: 27.05

ABFS is seeing an oversold bounce but I would use it as a new entry point to open bearish positions. More conservative traders can stick to my previous suggestion and wait for the stock to break its longer-term trendline first. The earnings report from UPS today should have been bearish for the transports. UPS said volumes were down across almost all of its units and that the third quarter continues to look very challenging and UPS management issued an earnings warning. Our first target is $22.10. Our second target is $20.20.

Entry on      July 22 at $24.44 
Change since picked:     + 1.07   			
Earnings Date          07/22/09 (confirmed)    
Average Daily Volume:       800 thousand
Listed on  July 22, 2009    


Charles River Labs - CRL - close: 30.94 chg: +0.57 stop: 32.15 *new*

Yesterday I suggested more nimble traders consider opening positions on a bounce near $31.00. CRL complied and rebounded to $31.22 intraday. Considering the weakness in stocks after the closing bell I'm adjusting our entry point. The new plan is to open bearish positions now with a stop loss at $32.15. More conservative traders may want to stick to the original plan and wait for a drop under $29.75. Our first target is $26.25.

Entry on      July 23 at $30.94 *new entry point
Change since picked:     + 0.00   			
Earnings Date          08/04/09 (confirmed)    
Average Daily Volume:       459 thousand
Listed on  July 22, 2009    


Gen-Probe - GPRO - close: 40.23 change: +0.64 stop: 42.01

If you look at GPRO's 30-minute chart the action over the last two weeks could be interpreted as a bottom. The larger trend is still very bearish. 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:     - 1.21   			
Earnings Date          07/30/09 (unconfirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


Humana Inc. - HUM - close: 30.57 change: +1.19 stop: 31.05

The healthcare sector was not immune to the market's widespread rally. The HMO index gained 2.6%. HUM rose 4.0%. This could might also being seeing a little strength on hopes that the Obama administration will not be able to accomplish any health care reform as it looks like any vote will be postponed until after the August recess.

Today's close over the $30.00 mark is bullish for HUM. Today's close over the small cloud of moving averages is also bullish. More conservative traders may want to abandon ship and exit early right here. However, stocks are selling off after hours due to some disappointing earnings news. I would not give up just yet. More aggressive traders might consider upping their stop loss to above the 200-dma (at 31.45). I would wait for a new drop under $29.50 before launching new bearish positions. Our target is $25.25.

Entry on      July 16 at $29.50 *triggered       
Change since picked:     + 1.07   			
Earnings Date          08/03/09 (confirmed)    
Average Daily Volume:       3.1 million 
Listed on  July 14, 2009    


Intl. Speedway - ISCA - close: 24.95 chg: -0.02 stop: 27.05

Today's action in ISCA looks like another bearish entry point. The stock rallied to the $25.50 level and rolled over. Readers may want to give another thought to lowering their stop loss toward $26.50 or the $26.00 level. 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:     + 0.20   			
Earnings Date          07/07/09 (confirmed)    
Average Daily Volume:       342 thousand
Listed on  July 08, 2009    


Techne Corp. - TECH - close: 61.44 change: +0.43 stop: 63.05

TECH tried to rally but failed again and with a lower high. More conservative traders might be able to get away with a stop loss just above Wednesday's high (62.50). Today's move looks like another entry point for shorts. Our first target is $56.50.

Entry on      July 22 at $61.01 
Change since picked:     + 0.43   			
Earnings Date          08/04/09 (unconfirmed)    
Average Daily Volume:       138 thousand
Listed on  July 22, 2009    


Usana Health Sciences - USNA - close: 27.40 chg: +1.54 stop: 28.21

I warned readers that the light volume in USNA could end up being a challenge and I strongly suspect that's why shares managed a 5.9% gain today. Shorts were covering and the light volume produced a squeeze. Watch for a failed rally under $28.00 or a new drop under $26.00 as potential entry points for new bearish positions.

Please note that I consider this an aggressive, higher-risk trade because shares have very, very low daily volume (54,000) and the stock has above average short interest (about 12%). That's not a great combination should a short squeeze appear. I am suggesting traders only use very small position sizes (at least half or less than your normal trade size). My first target to take profits is $21.00.

Entry on      July 20 at $25.29 /gap higher entry
                              /originally listed at $25.05
Change since picked:     + 2.11   			
Earnings Date          07/28/09 (confirmed)    
Average Daily Volume:        54 thousand
Listed on  July 20, 2009    


CLOSED BULLISH PLAYS

Alcoa - AA - close: 10.80 change: +0.60 stop: 8.94

I am temporarily giving up on AA. Our plan was to buy a dip near $9.00. Shares rallied almost 6% today. For AA to hit our trigger at $9.15 the stock would have to fall 15%. While it could happen it may not happen any time soon. I'm moving AA to my watch list. If the stock finds support again near $10.00 or $9.50 we might want to buy a bounce.

chart:

Entry on      July xx at $xx.xx <-- TRIGGER @ 9.15
Change since picked:     + 0.00   			*never opened*
Earnings Date          07/08/09 (confirmed)    
Average Daily Volume:        41 million 
Listed on  July 16, 2009    


Diana Shipping - DSX - close: 14.18 change: -0.28 stop: 12.70

I'm taking DSX off our play list and moving it to my watch list. I would watch for a bounce in the $13.00-13.50 zone or a breakout over $15.00. Our play was never opened.

chart:

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			*never opened*
Earnings Date          08/06/09 (unconfirmed)    
Average Daily Volume:      1.27 million 
Listed on  July 15, 2009