BULLISH Play Updates

Ameron Intl. - AMN - close: 74.36 change: +0.30 stop: 69.95 *new*

AMN is still ticking higher and looks poised to breakout over resistance at $75.00 soon. I'm inching up our stop loss to $69.95. We want to take profits at $74.70. Our second target is $79.50. 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:     + 3.56   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       150 thousand
Listed on  July 15, 2009    


Aegean Marine Petrol. - ANW - close: 17.88 change: +0.10 stop: *varies*

Over the weekend I suggested a breakout trigger to buy ANW at $18.25. Keep in mind that ANW could breakout over resistance at $18.00 just as the S&P 500 rallies to resistance near 1,000. If the S&P 500 reverses under 1,000, and it should since it's overbought, then ANW's breakout over $18.00 will probably reverse too. It could be a bull-trap sort of entry point. I would only buy 1/2 or 1/4 of my normal position if ANW does hit our breakout trigger at $18.25.

Our buy the dip entry point is at $16.50. If triggered at $16.50 our first target is $18.20 and our second target is $19.75. If trigged at $18.25 then our first target is $19.75.

Entry on      July xx at $xx.xx <-- two triggers
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: 35.92 change: +0.03 stop: 34.20

HRL is still struggling with the $36.00 level. Yet the action today was bullish with a bounce from the $35.50 region. I still expect HRL to contract if the market corrects so I'm not suggesting new positions at this time. 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:     + 0.52   			
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       486 thousand
Listed on  July 20, 2009    


IDEX Corp. - IEX - close: 27.33 change: -0.26 stop: 24.75

Nothing has changed from our weekend comments. I'm suggesting a trigger to buy IEX at $26.10 but readers could use a $26.25-25.00 zone as an entry range. The Point & Figure chart is bullish and points to a $39.00 target. If we are triggered near $26.00 our first target is $29.85. My time frame is six to eight weeks.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


J.P.Morgan Chase - JPM - close: 38.13 change: +0.21 stop: 33.90

JPM spiked higher this morning but the rally didn't last and the stock hovered around $38.00 all day. The plan is to buy JPM on a dip at $35.50. Our first target is 38.75. Our time frame is four to six weeks. FYI: JPM's P&F chart is bullish with a $51 target.

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    


LDK Solar Co. - LDK - close: 11.99 change: +0.18 stop: 9.49

LDK posted another 1.5% gain as it grows even more overbought. We want to jump in on a dip at $10.25. The $10.00 level should offer support and the level is underpinned by the 50-dma. We'll start with a stop loss at $9.45 but more conservative traders could try a tighter stop. If triggered our first target is $11.80. We won't have a lot of time. Earnings are due out around August 12th.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          08/12/09 (unconfirmed)    
Average Daily Volume:       4.0 million 
Listed on  July 25, 2009    


Morgan Stanley - MS - close: 28.05 change: -0.20 stop: 24.90

We continue to wait for MS to dip back toward its trendline of support. We want to buy MS on a dip at $26.25. Our first target is $29.20. Our second target is $31.00.

Note: We might want to consider a buy the breakout entry point at $29.35.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          07/22/09 (confirmed)    
Average Daily Volume:        24 million 
Listed on  July 23, 2009    


Microsoft - MSFT - close: 23.11 change: -0.34 stop: 21.99

MSFT slipped to $22.90 this afternoon. We had raised the entry point to $23.00 so the trade is open. The stock is still honoring its bullish channel. Our new stop loss is $21.99, which doesn't give MSFT much room. More aggressive traders may want to widen their stop loss to under $21.00 or under $20.00 depending on your risk tolerance. If the market corrects MSFT could easily dip toward $22.00. We may want to increase our position on a dip near $22. Our ten to twelve week target will be $27.75.

Entry on      July 27 at $23.00
Change since picked:     + 0.11   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


NATCO Group - NTG - close: 37.01 change: -0.10 stop: 33.90

The rally ran out of steam at $37.35 today. I am still suggesting readers take profits here. Our final exit is the $37.50 mark. More aggressive traders may want to let this play run and just keep raising your stop loss but you'll need to raise it significantly to protect any profits. An alternative exit would be the June highs near $38.40. Readers may want to exit near there. I'm not suggesting new positions.

Entry on      July 15 at $32.56 *triggered/gap higher entry
Change since picked:     + 4.45   			
                              /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: 26.98 change: -0.04 stop: 26.75

I strongly suspect that our aggressive play on the QID, an inverse ETF on the NASDAQ 100, will be stopped out tomorrow. AMGN is a big component of the NDX and the company just reported better than expected earnings and raised guidance. The QID could actually gap open lower tomorrow morning.

I am not suggesting new bullish positions in the QID right now but we may want to launch new positions as the NASDAQ composite nears resistance at the 2,000 level. Currently the NASDAQ-100 index is testing resistance at the 1600 level.

We knew this was a very aggressive, contrarian play and suggested readers only trade small positions.

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

Entry on      July 22 at $28.75 
Change since picked:     - 1.77   			
Earnings Date          00/00/00 
Average Daily Volume:        19 million 
Listed on  July 21, 2009    


Ross Stores - ROST - close: 44.06 change: -0.43 stop: 41.60 *new*

ROST is holding up reasonably well but I'm turning more cautious and raising our stop loss to $41.60 (breakeven). If you haven't taken any profits yet I strongly suggest you do so now (at least 1/2). I'm not suggesting new bullish positions at this time. Our next target is $45.75. Our final target is $49.45. My time frame is about six weeks.

Entry on      July 13 at $41.60 
Change since picked:     + 2.46
                              /sell half @ 44.00 (+5.7%)
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       2.4 million 
Listed on  July 13, 2009    


SBS - close: 33.34 change: +2.49 stop: 28.75

It looks like we weren't the only ones who noticed the bullish breakout in SBS on Friday. The stock gapped open higher today and soared over 8% on strong volume. We certainly can't blame it on the Brazilian Bovespa index, which barely closed in positive territory.

Right now I'm sticking to our buy the dip entry at $30.00 but we might want to up our trigger to the $31.15-31.00 zone. I'm raising the stop loss to $28.75. Our first target is $34.50. Earnings are due out in early August but the date is not confirmed.

Entry on      July xx at $xx.xx <-- see TRIGGER  
Change since picked:     + 0.00   			
Earnings Date          08/07/09 (unconfirmed)    
Average Daily Volume:       249 thousand
Listed on  July 25, 2009    


BEARISH Play Updates

Charles River Labs - CRL - close: 31.25 chg: -0.08 stop: 32.15

Today's action is hinting that the bounce is about over but readers may want to wait before launching new positions. More conservative traders could lower their stops toward today's high (31.60). I'm not suggesting new positions at this time. More conservative traders could try and lower their stops toward $31.60. Our first target is $26.25.

Entry on      July 23 at $30.94 *new entry point
Change since picked:     + 0.31   			
Earnings Date          08/04/09 (confirmed)    
Average Daily Volume:       459 thousand
Listed on  July 22, 2009    


Gen-Probe - GPRO - close: 41.41 change: +0.38 stop: 42.01

GPRO is still marching higher. There is no change from my weekend comments. I'm suggesting more conservative traders exit early right now. I'm not suggesting new bearish positions. The market is so overbought and due for a correction and that's the only reason I'm keeping this play open. Our first target is $38.05. Our second target is $35.25.

Entry on      June 23 at $42.03 /gap higher entry
                             /originally listed at $41.64
Change since picked:     - 0.62   			
Earnings Date          07/30/09 (confirmed)    
Average Daily Volume:       449 thousand
Listed on  June 23, 2009    


Intl. Speedway - ISCA - close: 25.15 chg: +0.09 stop: 26.15

ISCA is still consolidating sideways. I am not suggesting new positions at this time but readers could wait for a decline under $24.00. 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:     + 0.40   			
Earnings Date          07/07/09 (confirmed)    
Average Daily Volume:       342 thousand
Listed on  July 08, 2009    


Usana Health Sciences - USNA - close: 27.99 chg: -0.55 stop: 28.21

The oversold bounce in USNA continues. I'm concerned that USNA is going to temporarily rise over resistance at $28.00, hit our stop loss at $28.21 and then reverse lower again. We have to put our stop loss somewhere. More aggressive traders could raise theirs a little bit to just over the 200-dma near $28.28. I'm not suggesting new positions at this time.

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:     + 2.70   			
Earnings Date          07/28/09 (confirmed)    
Average Daily Volume:        54 thousand
Listed on  July 20, 2009    


CLOSED BEARISH PLAYS

Arkansas Best - ABFS - close: 27.17 change: +0.81 stop: 27.05

The rally in transports continued and ABFS broke through short-term resistance at $27.00 hitting our stop loss.

chart:

Entry on      July 22 at $24.44 
Change since picked:     + 2.61<-- stopped out @ 27.05 (+10.6%)
Earnings Date          07/22/09 (confirmed)    
Average Daily Volume:       800 thousand
Listed on  July 22, 2009