BULLISH Play Updates

Ameron Intl. - AMN - close: 73.29 change: -0.39 stop: 69.95

The $70.00 level really should be support but I am going to raise our stop loss above this level to significantly limit our risk. AMN has a new short-term trend of lower highs as it consolidates sideways. It's very possible that AMN dips to $70.00 and bounces but I don't want to risk it so I'm raising the stop loss to $70.50. I'm not suggesting new bullish positions at this time. 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:     + 2.79   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       150 thousand
Listed on  July 15, 2009    


Aegean Marine Petrol. - ANW - close: 16.60 change: -0.83 stop: 14.90

Crude oil collapsed today thanks to a sharp rise in the dollar and a surprisingly bearish weekly inventory report. This sparked some profit taking in the energy-related names and ANW gave up 4.75. The stock has hit our trigger to go long at $16.50. Our stop loss is now $14.90. Our first target is $18.20 and our second target is $19.75. Our stop loss will be $14.90.

FYI: If you're patient we might get a better entry point on a dip near $16.00 and its 50-dma.

chart:

Entry on      July 29 at $16.50 *triggered      
Change since picked:     + 0.10   			
Earnings Date          08/12/09 (unconfirmed)    
Average Daily Volume:       284 thousand
Listed on  July 18, 2009    


Electronic Arts - ERTS - close: 20.75 change: -0.35 stop: 20.49.

ERTS pulled back 1.6% but it's still above that trendline of higher lows. I would use the dip as an entry point. I do expect some resistance near $22.00 but we're going to aim for the $22.95 mark. This is a short-term plan and we'll exit before the August 4th earnings.

Entry on      July 28 at $21.10 
Change since picked:     - 0.35   			
Earnings Date          08/04/09 (confirmed)    
Average Daily Volume:       6.5 million 
Listed on  July 28, 2009    


Hormel Foods - HRL - close: 36.04 change: +0.00 stop: 34.20

HRL closed unchanged on the session after traders bought the dip near $35.60. Nothing has changed from my prior comments. 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:     + 0.64   			
Earnings Date          08/20/09 (unconfirmed)    
Average Daily Volume:       486 thousand
Listed on  July 20, 2009    


IDEX Corp. - IEX - close: 27.20 change: +0.21 stop: 24.75

IEX is still clinging to its bullish trend but momentum is definitely waning. 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: 37.77 change: -0.31 stop: 33.90

I wouldn't blame you for falling asleep here. The action in JPM has been very boring and volume is drying up as investors wait for something, possibly the GDP report on Friday.

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: 11.07 change: -0.22 stop: 9.49

LDK is still flirting with the $11.00 level and its 200-dma. We're still waiting for a correction toward support near $10.00.

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 (confirmed)    
Average Daily Volume:       4.0 million 
Listed on  July 25, 2009    


Morgan Stanley - MS - close: 27.16 change: -0.22 stop: 25.75 *new*

MS came very close to our trigger this morning. The stock was downgraded by Goldman Sachs (GS) from a "buy" to a "neutral". Shares of MS dipped to $26.44 and almost hit the rising 100-dma near our trigger at $26.25. I am raising our trigger to buy MS to $26.55 and I'm raising our stop loss to $25.75 since a breakdown under $26.00 would be a breakdown under the bullish trendline of support.

Our first target is $29.20. Our second target is $31.00.

Entry on      July xx at $xx.xx <-- TRIGGER @ 26.55
Change since picked:     + 0.00   			
Earnings Date          07/22/09 (confirmed)    
Average Daily Volume:        24 million 
Listed on  July 23, 2009    


Microsoft - MSFT - close: 23.80 change: +0.33 stop: 21.99

After more than a year of negotiating MSFT has finally come up with a deal with YHOO. The news was announced this morning. The two companies will join forces in a 10-year search engine advertising partnership. MSFT wants to dethrone GOOG and grab a larger slice of the search ad revenues and gaining access to YHOO's search audience should help. Investors who own YHOO were very disappointed there was no sale of the search business and no up front payment. Shares of YHOO collapsed falling 12% toward the $15.00 level. It's a long way from the $47 billion/ $33 a share offer from MSFT over a year ago. MSFT gained 1.4% but stalled under the $24.00 level.

Overall I don't see any changes from my prior comments. More aggressive traders could buy dips near the rising 50-dma. I'd prefer to wait for a dip near support around $22.00. Our 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. Our ten to twelve week target will be $27.75.

Entry on      July 27 at $23.00
Change since picked:     + 0.80   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


NATCO Group - NTG - close: 34.61 change: -0.92 stop: 33.90

NTG is slipping closer toward support near $34.00. If the market wasn't so overbought I'd be tempted to use this correction as a new entry point but I'm not suggesting new bullish positions at this time. We want to exit at $37.50.

Entry on      July 15 at $32.56 *triggered/gap higher entry
Change since picked:     + 2.05   			
                              /sell 1/2 @ 36.65 (+12.5%)
Earnings Date          08/03/09 (unconfirmed)    
Average Daily Volume:       270 thousand
Listed on  July 14, 2009    


Ross Stores - ROST - close: 44.40 change: +0.23 stop: 41.60

ROST is drifting higher and tested new all-time highs again. Nothing has changed from my cautious comments on Tuesday. Falling consumer confidence is not a bullish development for the retailers. I'm not suggesting new positions at this time.

If you haven't taken any profits yet I strongly suggest you do so now (at least 1/2). 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:     + 2.80
                              /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: 32.45 change: -1.05 stop: 28.75

SBS experienced some profit taking today. I am sticking to our plan to buy the stock at $30.00. More aggressive traders might want to consider positions near $31.00. Our first target is $34.50. Earnings are due out in early August but the date is not confirmed.

FYI: Readers who buy SBS will want to keep an eye on the Brazilian Bovespa index.

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

*We currently do not have any bearish play updates*


CLOSED BULLISH PLAYS

Steel Dynamics - STLD - close: 15.72 change: -1.29 stop: 15.90

Our aggressive play on STLD didn't last long. I warned readers that ArcelorMittal's (MT) earnings report this morning could have an affect on STLD. MT's report this morning not only missed estimates but guided lower for the third quarter. Shares of MT lost 6.3% but STLD lost 7.5% and broke down from its sideways consolidation. The stock hit our stop loss at $15.90 after gapping open lower at $16.69. Just a couple of days earlier the markets ignored negative comments from U.S. Steel (X). Why investors did not ignore comments out of MT would suggest the tone of the market is definitely getting more nervous.

chart:

Entry on      July 28 at $16.69 *gap down entry
                              /originally listed at $17.01
Change since picked:     - 0.79 <-- stopped out @ 15.90 (-4.7%)
Earnings Date          07/22/09 (confirmed)    
Average Daily Volume:       9.5 million 
Listed on  July 28, 2009