BULLISH Play Updates

America Movil - AMX - close: 44.56 change: -0.62 stop: 37.95

AMX is holding up reasonably well with the stock drifting sideways. We need to see a correction. Short-term indicators are suggesting the pull back is coming. Nimble traders could use a trigger under $44.00 as a bearish entry point and exit near $40.50. We want to buy AMX on a dip. I am suggesting readers buy AMX on a dip in the $40.50-40.00 zone. We'll use a stop loss at $37.95. Our first target is $44.50. Our second target is $47.40. Our time frame is four to six weeks once triggered.

Entry on    August xx at $xx.xx <-- TRIGGER @ 40.50
Change since picked:     + 0.00   			
Earnings Date          07/21/09 (confirmed)    
Average Daily Volume:       4.3 million 
Listed on  August 01, 2009    


Aegean Marine Petrol. - ANW - close: 18.48 change: -0.50 stop: 16.99

The rally may be in trouble here. ANW tends to move with the oil service stocks (normally) and the oil stocks are all rolling over today. I would expect ANW to retest the $18.00 level at a minimum and probably tag the $17.50 region. I am not suggesting new bullish positions at this time. More conservative traders may want to put their stop closer to $17.50ish. ANW has exceeded our first target at $18.20. Our second target is $19.75.

Entry on      July 29 at $16.50 *triggered      
Change since picked:     + 1.98
                               /1st target hit @ 18.20 (+10.3%)
Earnings Date          08/12/09 (unconfirmed)    
Average Daily Volume:       284 thousand
Listed on  July 18, 2009    


Bank of America - BAC - close: 15.85 change: -0.83 stop: 13.40

Financial stocks were some of the worst performers today. An influential analyst, Richard Bove, came out with a bearish call on the group. Essentially Bove believes investors should sell the banking stocks now because earnings are not likely to improve in the third and fourth quarters. The banking indices lost between 4%-5%. Shares of BAC gave up 4.9%.

I'm not complaining since we've been waiting for a correction. We want to buy BAC on a dip at $14.75 although more patient traders may want to wait for a dip closer to $14.00. If triggered at $14.75 our first target is $16.75 and our second target is $17.90. The Point & Figure chart is bullish with a long-term target at $31.00.

Entry on    August xx at $xx.xx <-- TRIGGER @ 14.75
Change since picked:     + 0.00   			
Earnings Date          07/17/09 (confirmed)    
Average Daily Volume:       310 million 
Listed on  August 01, 2009    


Hormel Foods - HRL - close: 38.01 change: -0.20 stop: 35.95

HRL did a pretty good job of holding on to its gains from yesterday. Eventually we can expect HRL to fill this gap but the question is will it rally toward $40.00 first or will we have to exit ahead of the August 20th earnings report?

If you have not taken profits yet I suggest you do so now. I would probably exit 75% of the position. HRL has exceeded our first target but we still have a second and final target at $39.90.

Entry on      July 20 at $35.40 /gap higher entry
                              /originally listed at $35.25
Change since picked:     + 2.61
                            /1st target exceeded @ 38.74 gap (+9.4%)
Earnings Date          08/20/09 (confirmed)    
Average Daily Volume:       486 thousand
Listed on  July 20, 2009    


IDEX Corp. - IEX - close: 27.37 change: -0.76 stop: 24.75

The rally in IEX is beginning to rollover. We want to use 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 <-- TRIGGER @ 26.10
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: 41.24 change: -1.45 stop: 34.90

JPM, another banking stock, sold off on the banking downgrade I discussed in the BAC update. Shares still have a long way to go before we want to jump in. Currently our trigger to buy JPM is at $37.75.

If triggered at $37.75 our first target is $41.75. Our longer-term target is $44.00. Our time frame is eight to ten weeks.

Entry on      July xx at $xx.xx <-- TRIGGER @ 37.75
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: 29.89 change: -0.94 stop: 27.75

MS has cracked under the $30.00 mark and I believe the correction still has further to go. Wait for a dip back toward the $29.00-28.00 zone before considering new bullish positions. MS has exceeded our first target at $31.50. I am raising our second target to $34.90.

Entry on    August 04 at $29.50 *triggered (1/2 position)  
Change since picked:     + 0.49
                              /1st target hit @ 31.50 (+6.7%)
Earnings Date          07/22/09 (confirmed)    
Average Daily Volume:        24 million 
Listed on  July 23, 2009    


Microsoft - MSFT - close: 23.13 change: -0.29 stop: 21.80

MSFT is finally breaking down from its bullish channel and under its 50-dma. I suspect the stock will find support at $22.00. If not at $22.00 then the $21.00 level. I am thinking about adjusting the stop loss under the $21.00 level.

More aggressive traders may want to go ahead and widen their stop loss to under $21.00 or under $20.00 depending on your risk tolerance. Currently our target is at $27.75 but that might be too optimistic. We may have to stretch out our time frame from several weeks to a few months.

FYI: An alternative would be to just exit early now and re-enter on a dip near $22.00 or $21.00. This way your capital isn't tied up and you can use it for other trades while we wait for MSFT to retest support.

Entry on      July 27 at $23.00
Change since picked:     + 0.13   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


UltraShort NASDAQ - QID - close: 27.05 change: +0.52 stop: 25.80 *new*

As the NASDAQ starts to breakdown the QID is breaking out. This looks like a new entry point to buy the QID. I am raising our stop loss to $25.80. More aggressive traders may want to double down on this ETF. This is a very aggressive, counter-trend trade and suggested very small position sizes. Our first target is $29.90.

Entry on      July 30 at $26.63 
Change since picked:     + 0.42   			
Earnings Date          00/00/00 
Average Daily Volume:      23.9 million 
Listed on  July 30, 2009    


TEVA Pharmaceuticals - TEVA - close: 51.47 change: -0.04 stop: 47.95

TEVA slipped to $50.77 and bounced. The low was near the stock's rising 30-dma. I don't see any changes from my previous comments. The plan is to buy TEVA on a pull back into the $50.25-48.00 zone. If triggered at $50.00 our first target is $54.75. Our second target is $59.50. Our time frame is eight to ten weeks.

Entry on    August xx at $xx.xx <-- TRIGGER @ 50.25
Change since picked:     + 0.00   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Grupo Televisa - TV - close: 18.44 change: -0.55 stop: 17.24

We can look at the 2.9% drop in TV in two ways. It's either another entry point to buy the stock or a bearish reversal following yesterday's breakout. The lack of follow through is disappointing but not surprising given a down market. The $18.50 level should have been stronger support. Today's action did produce an "inside day". If TV trends lower tomorrow and closes under today's low more conservative traders will want to consider an early exit to just cut your losses. Our first target is $19.95. Our second target is $21.45. The Point & Figure chart is bullish with a $25 target.

Entry on    August 10 at $18.60 *triggered
Change since picked:     - 0.16   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:       2.2 million 
Listed on  August 01, 2009    


BEARISH Play Updates

Biogen Idec Inc. - BIIB - close: 47.81 change: -0.12 stop: 50.05

I am still suggesting new bearish positions in BIIB. Our first target is $43.00. Our second target is $40.50. My time frame is four to six weeks.

Entry on      July 30 at $47.36 
Change since picked:     + 0.45   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:      3.28 million 
Listed on  July 30, 2009    


Expedia Inc. - EXPE - close: 22.62 change: -0.15 stop: 23.55

EXPE is starting to hint that the rally is running out of gas. I will repeat that this is a very aggressive trade. The plan is to open bearish positions at $21.85. You could short the stock or buy put options, which help limit your risk. If triggered our first target is $19.75. Our second target is $18.00. I suggest traders use smaller than normal position sizes.

Entry on    August xx at $xx.xx <-- TRIGGER 21.85
Change since picked:     + 0.00   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       5.0 million 
Listed on  August 10, 2009    


St. Jude Medical - STJ - close: 38.37 change: +0.14 stop: 40.20

The relative strength in STJ is a warning for the bears just like yesterday's bullish engulfing candlestick pattern. More conservative traders may want to exit early or tighten their stops. I'm not suggesting new positions at this time. Our first target is $35.50 near the simple 200-dma. Our second target is $33.00. The Point & Figure chart is bearish with a $30.00 target.

Entry on    August 04 at $38.32 
Change since picked:     + 0.05   			
Earnings Date          10/15/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  August 04, 2009    


TJX Cos. Inc. - TJX - close: 35.09 change: +0.04 stop: 37.05

The next couple of days could be real exciting for TJX. Investors are going to start digesting some major retail company earnings. Macy's (M) reports tomorrow morning. Wal-Mart (WMT) reports Thursday morning. Their results will have a big influence on TJX.

I am setting our first target to take profits at $32.25 and would exit about 75% of the position at $32.25. Our second target to exit is $30.50. We do not want to hold over the August 18th earnings report.

Entry on    August 08 at $35.48 
Change since picked:     - 0.27   			
Earnings Date          08/18/09 (confirmed)    
Average Daily Volume:       5.4 million 
Listed on  August 08, 2009    


CLOSED BULLISH PLAYS

Ameron Intl. - AMN - close: 71.24 change: -1.74 stop: 71.25

The rally has been looking fragile in AMN, which is why we've been upping our stops. The stock finally hit our stop loss today at $71.25. It's worth noting that volume was exceptionally light today. AMN has pulled back to prior resistance and thus potential support at $70.00. If $70.00 breaks look for a drop toward $66-65, which is where AMN might turn into a bullish candidate again.

chart:

Entry on      July 16 at $70.50 *triggered       
Change since picked:     + 0.75 *stopped out @ 71.25 (+1.0%)
                              /1st target hit @ 74.70 (+5.9%)
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       150 thousand
Listed on  July 15, 2009