The market had plenty of reasons to be a lot higher on Wednesday. Today's action did see one bullish candidate hit our trigger and one bearish candidate hit our stop.


BULLISH Play Updates

America Movil - AMX - close: 46.91 change: -0.75 stop: 44.75 *new*

AMX contracted a bit but volume was below average on the pull back. If you're looking for a new entry point I'd wait for a dip near $46.00 or $45.00. Our first target to take profits is at $49.75.

Please note the new stop loss at $44.75.

*Breakout Trade*
Entry on    August 20 at $46.51 (small 1/4 sized position)
Change since picked:     + 0.40   			

*Buy the dip Trade*
Entry on    August xx at $xx.xx <-- TRIGGER @ 42.25, stop 39.95
Change since picked:     + 0.00   		
	
Earnings Date          07/21/09 (confirmed)    
Average Daily Volume:       4.3 million 
Listed on  August 01, 2009    


Bank of America - BAC - close: 17.79 change: +0.04 stop: 16.35

Banks traded sideways and BAC eked out a 4-cent gain. A dip near $17.00 may be another (aggressive) entry point. Currently our target to take profits is at $19.75.

*Aggressive, buy-the-breakout strategy*
Entry on    August 21 at $17.50 *triggered (small positions)
Change since picked:     + 0.29   			
Earnings Date          07/17/09 (confirmed)    
Average Daily Volume:       310 million 
Listed on  August 01, 2009    


Bristow Group - BRS - close: 30.37 change: -0.12 stop: 28.80

BRS dipped to the $30.00 level (actually 29.73) and bounced. This looks like another entry point to buy the stock. Our target is $33.90. The Point & Figure chart is much more bullish with a $49 target.

Entry on    August 24 at $31.00 /gap higher entry
                              /originally listed at $30.77
Change since picked:     - 0.63   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       289 thousand
Listed on  August 24, 2009    


Cardinal Health - CAH - close: 34.00 change: -0.50 stop: 32.90

The correction in CAH continues. The stock lost 1.4% and is still under performing its peers this week. The $34 level was previous resistance so it should offer some support. Thus this pull back should be a new entry point. Our first short-term target to take profits is at $37.45. Our second is $39.85.

Entry on    August 19 at $34.98 
Change since picked:     - 0.98   			
Earnings Date          11/17/09 (unconfirmed)    
Average Daily Volume:       2.8 million 
Listed on  August 19, 2009    


Continental Airlines - CAL - close: 13.60 change: -0.05 stop: 11.79

CAL continues to show a lot of volatility. The stock gapped open higher only to reverse under the $14.00 level. Currently our plan is to buy CAL on a dip at $12.20. We want to trade small position sizes. Our target is $15.50.

Entry on    August xx at $xx.xx <-- TRIGGER @ 12.20 *new*
Change since picked:     + 0.00   			
Earnings Date          10/15/09 (unconfirmed)    
Average Daily Volume:       7.2 million 
Listed on  August 22, 2009    


Corn Products - CPO - close: 30.19 change: -0.06 stop: 29.85

Lack of any real follow through after yesterday's bearish move is good news for bulls in CPO. The stock is still drifting lower and looks like it wants to breakdown under support at $30.00. I am not suggesting new positions at this time. Our first target is $33.90.

Entry on    August 25 at $31.15 breakout trigger hit (small positions)
Change since picked:     - 0.96   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:       687 thousand
Listed on  August 15, 2009    


Fomento Economico Mexicano - FMX - close: 38.55 chg: -0.24 stop: 35.90

FMX traded sideways for another session. The plan is to buy the stock at $37.00. Our first target to take profits is $40.00. Our second target to exit is $42.40. Currently the Point & Figure chart is bullish with a $66.00 target.

Entry on    August xx at $xx.xx <-- TRIGGER @ 37.00
Change since picked:     + 0.00   			
Earnings Date          10/26/09 (unconfirmed)    
Average Daily Volume:       766 thousand
Listed on  August 20, 2009    


IDEX Corp. - IEX - close: 27.30 change: -0.32 stop: 25.40

IEX dipped toward $27.00 and its 30-dma before trying to bounce. I am not suggesting new positions at current levels. There is still a chance IEX will retest the $26.00 level. Our first target is $29.85. My time frame is six to eight weeks.

Entry on    August 17 at $26.10 *triggered         
Change since picked:     + 1.20   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


Imperial Oil - IMO - close: 36.16 change: -0.52 stop: 34.49

IMO is still contracting. Weakness in oil and the oil sector didn't help us today. Readers may want to wait for a dip or a bounce near $35.00 and its 200-dma before launching new bullish positions. Shares do have potential resistance near $38.00 and a rather large cloud of moving averages. Our target is the $39.90 mark.

Entry on    August 19 at $36.75 /gap higher entry point
                               /originally listed at $36.08
Change since picked:     - 0.59   			
Earnings Date          10/30/09 (unconfirmed)    
Average Daily Volume:       291 thousand
Listed on  August 19, 2009    


Jacobs Engineering - JEC - cls: 45.10 chg: -1.30 stop: 41.90

Our play on JEC is now open. The stock was downgraded this morning, which explains the spike lower. Our trigger to buy the stock was at $45.25. Readers can open bullish positions anywhere in the $43.00-45.50 zone now. Our first target is $49.75. Our second target is $53.00. Our time frame is four to six weeks.

chart:

Entry on    August 26 at $45.25 *triggered         
Change since picked:     - 0.15   			
Earnings Date          11/17/09 (unconfirmed)    
Average Daily Volume:       1.8 million 
Listed on  August 22, 2009    


J.P.Morgan Chase - JPM - close: 43.30 change: -0.28 stop: 39.99

JPM is still consolidating sideways. Don't be surprised to see a dip back toward $42.00. Our target is $47.40. My time frame is about six weeks.

Entry on    August 21 at $43.50 *triggered (1/2 to 1/4 normal size)
Change since picked:     - 0.20   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Lindsay Corp. - LNN - close: 43.95 change: -2.67 stop: 41.95

Ouch! LNN erased three days of gains with a 5.7% sell-off today. I couldn't find any company-specific news to account for the relative weakness. Shares had just broken out yesterday and hit our aggressive trigger to get long the stock. I would wait for signs of a bounce near $43.00-42.50 before considering new positions. Our first target is $49.95. FYI: The point & figure chart is bullish with a $56.00 target.

Entry on    August 25 at $46.25 *breakout trigger
Change since picked:     - 2.30   			
Earnings Date          10/07/09 (unconfirmed)    
Average Daily Volume:       256 thousand
Listed on  August 17, 2009    


Morgan Stanley - MS - close: 29.53 change: -0.66 stop: 27.90

MS contracted with a 2% decline. If the pull back continues readers can look for a new entry point on a dip near $29.00 or $28.50. I'm tempted to raise the stop loss closer to the 50-dma near 28.45 but I'll wait and leave it at $27.90 for now. MS has exceeded our first target at $31.50. We're currently aiming for our second target at $34.90 but MS has to breakout over resistance at $32.00 first.

Entry on    August 04 at $29.50 *triggered (1/2 position)  
Change since picked:     + 0.03
                              /1st target hit @ 31.50 (+6.7%)
Earnings Date          09/16/09 (unconfirmed)    
Average Daily Volume:        24 million 
Listed on  July 23, 2009    


Microsoft - MSFT - close: 24.55 change: -0.09 stop: 22.75

There is no change from my previous update.

I would use dips near $24.00 or $23.50 as an entry point. Currently our target is $27.75. FYI: I do have to offer one word of caution. MSFT is now testing the bottom edge of its previous bullish channel. This might actually be resistance, which should facilitate the next dip.

Entry on      July 27 at $23.00
Change since picked:     + 1.55   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Oil States Intl. - OIS - close: 30.87 change: -0.56 stop: 27.95

Energy stocks were weak and OIS gave up 1.7%. Volume was light on the session. Readers can use a dip near $30.00 as a new bullish entry point. Our first target is $34.00. Our second target is $38.00. My time frame is six to eight weeks.

Entry on    August 21 at $30.20 *triggered          
Change since picked:     + 0.67   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       738 thousand
Listed on  August 13, 2009    


Raytheon Co. - RTN - close: 47.60 change: -0.09 stop: 46.40

It was another quiet day for RTN. We're still waiting for a breakout higher. Our trigger to buy the stock is at $48.65. We'll use a stop loss under the recent low. If triggered our first target is $52.50. Our second target is $54.85.

Entry on    August xx at $xx.xx <-- TRIGGER 48.65
Change since picked:     + 0.00   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:       2.7 million 
Listed on  August 22, 2009    


Ship Finance Intl. - SFL - close: 13.42 change: -0.12 stop: 11.70

SFL pulled back but found support near $13.25 most of the day. I am suggesting readers buy SFL on a dip at $12.80. More aggressive traders may want to jump in a little early above $13.00 instead. I'm using a wide stop at $11.70, which is just under the August lows. If triggered at $12.80 our first target is $14.80. Our second target is $17.00. Our time frame is several weeks.

Entry on    August xx at $xx.xx <-- TRIGGER @ 12.80
Change since picked:     + 0.00   			
Earnings Date          11/27/09 (unconfirmed)    
Average Daily Volume:       499 thousand
Listed on  August 25, 2009    


Superior Energy - SPN - close: 18.48 change: -0.56 stop: 17.80

Readers should note that today's decline (-2.9%) follows yesterday's bearish reversal candlestick. While I expect SPN to find support near $18.00 I believe the risk level of this trade just jumped. I'm suggesting readers open bullish positions on a dip into the $18.25-18.00 zone. You can always wait for SPN to dip toward $18.00 and then buy the bounce instead of buying the dip.

We'll sell half our position (1st target) at $19.95. We'll sell the rest (2nd target) at $21.75. Time frame is about six to eight weeks.

Entry on    August xx at $xx.xx <-- TRIGGER 18.25
Change since picked:     + 0.00   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       927 thousand
Listed on  August 24, 2009    


TEVA Pharmaceuticals - TEVA - close: 51.65 change: -0.87 stop: 48.95

TEVA stumbled a bit. The action over the last two days has turned more bearish. I would expect a dip toward the $51.00-50.00 zone. More conservative traders may want to use a stop loss closer to $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 17 at $50.50 *triggered                
Change since picked:     + 1.15   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Titan Machinery - TITN - close: 13.04 change: -0.40 stop: 11.90

Profit taking in TITN produced a 2.9% decline and a dip back to the rising 10-dma. Our upside targets are $14.75 and $15.85.

Entry on    August 15 at $12.55 /gap down entry
                              /originally listed at $13.12
Change since picked:     + 0.49   			
Earnings Date          09/15/09 (unconfirmed)    
Average Daily Volume:       248 thousand
Listed on  August 15, 2009    


BEARISH Play Updates

Akamai Tech. - AKAM - close: 18.10 chg: +0.26 stop: 19.11

I warned readers to watch for a bounce from the 200-dma. I am not suggesting new positions at this time. Our first target is $16.25.

Entry on    August 11 at $18.44 
Change since picked:     - 0.34   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:      10.4 million 
Listed on  August 11, 2009    


CLOSED BEARISH PLAYS

St. Jude Medical - STJ - close: 38.65 change: +0.63 stop: 38.75

Low volume days can exacerbate a stock's movement. STJ was upgraded this morning and the stock gapped open higher at $38.78 and rallied to $39.63 before trimming most of its gains. Our stop was at $38.75 so the play was closed immediately.

chart:

Entry on    August 04 at $38.32 
Change since picked:     - 0.46 <-- stopped out @ 38.78 (+1.2%)
                            /gap open exit 
Earnings Date          10/15/09 (unconfirmed)    
Average Daily Volume:       4.4 million 
Listed on  August 04, 2009