BULLISH Play Updates

America Movil - AMX - close: 46.78 change: +0.02 stop: 44.75

AMX found support again at its rising 10-dma. The trend is up but AMX is still overbought. I am suggesting small positions on dips close to $46.00 or better yet the $45.00 mark. Our first target to take profits is at $49.75.

Annotated chart:

*Breakout Trade*
Entry on    August 20 at $46.51 (small 1/4 sized position)
Change since picked:     + 0.42   			
Earnings Date          07/21/09 (confirmed)    
Average Daily Volume:       4.3 million 
Listed on  August 01, 2009    


Bank of America - BAC - close: 17.98 change: +0.06 stop: 16.80 *new*

The trend is up but BAC remains very overbought. Shares are up more than 50% from their July lows and volume has been steadily falling over the last few weeks. Chartists could argue that BAC is forming a bear-wedge like pattern over the last three or four weeks. I am not suggesting new positions at current levels and I'm raising our stop loss to $16.80. Currently our target to take profits is at $19.75.

Annotated chart:

*Aggressive, buy-the-breakout strategy*
Entry on    August 21 at $17.50 *triggered (small positions)
Change since picked:     + 0.48   			
Earnings Date          07/17/09 (confirmed)    
Average Daily Volume:       310 million 
Listed on  August 01, 2009    


Bristow Group - BRS - close: 29.74 change: -0.35 stop: 28.80

Nothing has changed for us with BRS. The short-term action is still bearish and I'm expecting a dip toward $29.00. At this time I'd wait for a bounce from $29.00 or a new move over $31.00 before initiating new bullish positions. Our target is $33.90. The Point & Figure chart is much more bullish with a $49 target.

Annotated chart:

Entry on    August 24 at $31.00 /gap higher entry
                              /originally listed at $30.77
Change since picked:     - 1.26   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       289 thousand
Listed on  August 24, 2009    


Chicago Bridge - CBI - close: 15.51 change: -0.24 stop: 14.80 *new*

CBI is still consolidating and looks like it will retest the $15.00 level soon. We don't want to be stopped out on a minor intraday spike lower so I'm adjusting the stop loss to $14.80. It's your choice to either buy the dip near $15.00 or wait for the bounce from $15.00. More aggressive traders might want to consider a wider stop under $14.00, which should be stronger support. Our upside target is $17.75. I remain cautiously bullish and suggest readers only trade small position sizes to limit risk (1/2 to 1/4 normal size).

Annotated chart:

Entry on    August 27 at $15.75 (small positions)
Change since picked:     - 0.24   			
Earnings Date          10/28/09 (unconfirmed)    
Average Daily Volume:       1.3 million 
Listed on  August 27, 2009    


Ford Motor Co. - F - close: 7.73 change: +0.06 stop: 7.39

Ford popped higher at the open on Friday but the rally stalled at $7.80. We are still waiting for the breakout higher with a trigger to buy Ford at $7.85. More aggressive traders may want to jump in now. Our first target is just under the old highs at $8.80. Our second target is $9.40.

Annotated chart:

Entry on    August xx at $xx.xx <-- TRIGGER @ 7.85
Change since picked:     + 0.00   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:        90 million 
Listed on  August 27, 2009    


Fomento Economico Mexicano - FMX - close: 38.32 chg: +0.25 stop: 35.90

FMX continues to consolidate sideways. The stock should find additional support at its rising 30-dma currently near $37.50 so I'm raising our trigger to buy the stock from $37.00 to $37.50. 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.

Annotated chart:

Entry on    August xx at $xx.xx <-- TRIGGER @ 37.50
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: 27.18 change: +0.11 stop: 25.40

We've been expecting another dip toward $26.00 and it looked like the stock was heading lower when the Friday morning rally failed. IEX managed to recover and close in positive territory. I am not suggesting new positions at this time. Our first target is $29.85. My time frame is six to eight weeks.

Annotated chart:

Entry on    August 17 at $26.10 *triggered         
Change since picked:     + 1.08   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


Imperial Oil - IMO - close: 36.42 change: +0.05 stop: 34.49

IMO has technical support at its 200-dma near $35.00 and a virtual cloud of moving averages above it between $37.50 and $38.00, which is likely to be a zone of resistance. I am suggesting new positions on another bounce from $35.00. We want to trade small position sizes. Our target is the $39.90 mark.

Annotated chart:

Entry on    August 19 at $36.75 /gap higher entry point
                               /originally listed at $36.08
Change since picked:     - 0.33   			
Earnings Date          10/30/09 (unconfirmed)    
Average Daily Volume:       291 thousand
Listed on  August 19, 2009    


Jacobs Engineering - JEC - cls: 44.80 chg: -0.30 stop: 41.90

JEC is still consolidating sideways near $45 and its exponential 200-dma. We can open bullish positions in the $43.00-45.00 zone but I'd prefer to buy bounces at this point. More conservative traders may want to raise their stops toward $43.00. Our first target is $49.75. Our second target is $53.00. Our time frame is four to six weeks.

Annotated chart:

Entry on    August 26 at $45.25 *triggered         
Change since picked:     - 0.45   			
Earnings Date          11/17/09 (unconfirmed)    
Average Daily Volume:       1.8 million 
Listed on  August 22, 2009    


J.P.Morgan Chase - JPM - close: 42.92 change: -0.53 stop: 39.99

JPM is still sliding sideways and I still expect a dip toward $42.00. More conservative trades may want to use a tighter stop near $42.00 that way if you get stopped out you can re-enter on a bounce from $40.00. Our target is $47.40. My time frame is about six weeks.

Annotated chart:

Entry on    August 21 at $43.50 *triggered (1/2 to 1/4 normal size)
Change since picked:     - 0.58   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Lindsay Corp. - LNN - close: 43.20 change: -0.94 stop: 41.95

Ouch! The last few sessions have been a painful correction for LNN. I have cautioned readers to look for a dip toward the $43.00-42.50 zone. We may need to focus on the $42.50-42.00 region instead. Wait for the bounce before launching new positions. Our first target is $49.95. FYI: The point & figure chart is bullish with a $56.00 target.

Annotated chart:

Entry on    August 25 at $46.25 *(small position sizes)
Change since picked:     - 3.05   			
Earnings Date          10/07/09 (unconfirmed)    
Average Daily Volume:       256 thousand
Listed on  August 17, 2009    


Morgan Stanley - MS - close: 29.51 change: -0.33 stop: 27.90

MS has spent the last week consolidating sideways. Friday's session looks like a bearish reversal but the longer-term trend is still up. MS should find strong support in the $28.50-29.00 zone, which is where I would buy the dip. Or you could wait for a new move over 30.50 to launch positions.

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.

Annotated chart:

Entry on    August 04 at $29.50 *triggered (1/2 position)  
Change since picked:     + 0.01
                              /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: 24.68 change: -0.01 stop: 22.75

Yuck! The action in MSFT on Friday was terrible. DELL and INTC had great news and yet the early morning rally in technology stocks quickly faded. Investors sold the pop in MSFT and the move looks like a short-term bearish reversal. I would expect a dip back toward the $24.00-23.00 zone. Wait for a bounce from this region before launching new positions. Currently our target is $27.75.

Annotated chart:

Entry on      July 27 at $23.00
Change since picked:     + 1.68   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Oil States Intl. - OIS - close: 30.15 change: -0.13 stop: 27.95

OIS is still hovering around the $30.00 level. As broken resistance this should be support and represents an entry point to buy the stock. Our first target is $34.00. Our second target is $38.00. My time frame is six to eight weeks.

Annotated chart:

Entry on    August 21 at $30.20 *triggered          
Change since picked:     - 0.05   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       738 thousand
Listed on  August 13, 2009    


Raytheon Co. - RTN - close: 47.32 change: -0.44 stop: 46.40

The defense sector indices managed to post new gains last week. RTN has under performed its peers. Yet if the market continues to climb I expect it to catch up. The stock has been consolidating sideways under resistance. We're still waiting for a breakout over resistance. 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.

Annotated chart:

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: 12.77 change: -0.40 stop: 11.70

The action on Friday looks bearish. The stock gave up its gains from Thursday's bounce off its lows. SFL looks like it's about to retest the exponential 200-dma again. The relative weakness on Friday is a warning sign. I would wait and watch for another bounce from current levels before launching new positions. An alternative entry point would be to wait for a new rise over $13.50. Our first target is $14.80. Our second target is $17.00. Our time frame is several weeks.

Annotated chart:

Entry on    August 27 at $12.80 *triggered
Change since picked:     - 0.03   			
Earnings Date          11/27/09 (unconfirmed)    
Average Daily Volume:       499 thousand
Listed on  August 25, 2009    


Superior Energy - SPN - close: 18.54 change: +0.12 stop: 17.70

The plan is to buy the bounce from Thursday's low. I would still open positions at current levels. Our first target to take profits is at $19.90. Our second and final target is at $21.75. I fully expect SPN to find resistance near $20.00 and its exponential 200-dma so the second target could take a while.

Annotated chart:

*New entry point*
Entry on    August 27 at $18.42 *new entry       
Change since picked:     + 0.12   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       927 thousand
Listed on  August 24, 2009    


TEVA Pharmaceuticals - TEVA - close: 51.80 change: +0.42 stop: 48.95

TEVA continues to rebound from its rising 40-dma. I've been suggesting readers wait for another dip near $50.00 to launch new positions but if you're looking for an entry point consider adding partial positions now. More conservative traders may want to inch up their stops toward the $50 level. Our first target is $54.75. Our second target is $59.50. Our time frame is eight to ten weeks.

Annotated chart:

Entry on    August 17 at $50.50 *triggered                
Change since picked:     + 1.30   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Titan Machinery - TITN - close: 12.53 change: -0.13 stop: 11.90

TITN has been consolidating lower the last three days. I would use the dip into the $12.50-12.00 region as a new entry point to buy the stock. Our upside targets are $14.75 and $15.85. FYI: The Point & Figure chart is bullish with a $19.00 target.

Annotated chart:

Entry on    August 15 at $12.55 /gap down entry
                              /originally listed at $13.12
Change since picked:     - 0.02   			
Earnings Date          09/15/09 (unconfirmed)    
Average Daily Volume:       248 thousand
Listed on  August 15, 2009    


Weatherford Intl. - WFT - close: 20.54 change: +0.03 stop: 19.65

WFT is still bouncing near $20.00 and Friday's action still represents an entry point for bullish positions. We want to trade small position sizes (at least 1/2 to 1/4 our normal trade size). Our target to take profits is at $22.45.

Annotated chart:

*2nd Try as of August 27*
Entry on    August 27 at $20.51 *new entry
Change since picked:     + 0.00   			
Earnings Date          10/19/09 (unconfirmed)    
Average Daily Volume:        11 million 
Listed on  August 26, 2009    


World Accept. Corp. - WRLD - cls: 26.35 chg: -0.32 stop: 25.45

The market's rally higher on Friday was enough to push WRLD above resistance near $27.00. The stock hit $27.18 before giving back its early morning gains. I am suggesting that readers wait for another move over $27.00 before initiating new positions. Our first target to take profits is at $29.95. Our second target is $33.50. More aggressive traders may want to use a wider stop and place their stop under $25.00 or its 30-dma.

If WRLD sees another short squeeze it could move fast. The most recent data listed short interest at 36% of the very small 15-million share float.

Annotated chart:

Entry on    August 28 at $27.05
Change since picked:     - 0.70   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:       320 thousand
Listed on  August 26, 2009    


BEARISH Play Updates

Akamai Tech. - AKAM - close: 18.11 chg: +0.08 stop: 19.11

AKAM's sideways dance continues. Traders are still buying dips near the simple 200-dma. I am not suggesting new positions at this time. Our first target is $16.25.

Annotated chart:

Entry on    August 11 at $18.44 
Change since picked:     - 0.33   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:      10.4 million 
Listed on  August 11, 2009    


CLOSED BULLISH PLAYS

Cardinal Health - CAH - close: 34.26 change: -0.09 stop: 32.90

The bounce from $34.00 on Friday looks like another entry point. However, I'm suggesting an early exit as we don't know how the CareFusion spin-off is going to affect CAH's stock price. Exit now at $34.26 and just keep CAH on your watch list as a potential candidate. The spin-off is expected on Sept. 1st.

chart:

Entry on    August 19 at $34.98 
Change since picked:     - 0.72 <-- exit early (-2.0%)
Earnings Date          11/17/09 (unconfirmed)    
Average Daily Volume:       2.8 million 
Listed on  August 19, 2009    


Continental Airlines - CAL - close: 13.60 change: +0.24 stop: 11.95

I'm pruning CAL off the play list tonight. Shares still offer potential but we'll watch from the sidelines. Look for a dip back toward $12.50 or $12.00. A bounce from this area could be seen as a bullish entry point but keep an eye on crude oil. If oil breaks out over $75 a barrel it could be bad news for the airlines. CAL never hit our trigger to buy it at $12.55 so the play was never opened.

chart:

Entry on    August xx at $xx.xx <-- TRIGGER @ 12.55 
Change since picked:     + 0.00   			*never opened*
Earnings Date          10/15/09 (unconfirmed)    
Average Daily Volume:       7.2 million 
Listed on  August 22, 2009