The intraday rebound Thursday could be an entry point but we'll have to wait on reaction to the non-farm payrolls data.


BULLISH Play Updates

China Mobile Ltd. - CHL - close: 48.63 chg: +0.43 stop: 47.90

CHL is still trying to bounce from the $48.00 level. I am still suggesting new bullish positions here. However, if the jobs report is negative the stock could gap open lower under our stop and close the play. Our first target is $54.00. Our second target is $58.00. Our time frame is several weeks.

Entry on    August 31 at $48.73 /gap down entry point
Change since picked:     - 0.10   			
Earnings Date          00/00/?? (unconfirmed)    
Average Daily Volume:       2.3 million 
Listed on  August 29, 2009    


Capstone Turbine - CPST - close: 1.33 change: -0.02 stop: 0.94

CPST is still sliding sideways. Currently our plan is to buy the stock on a dip at $1.05.

CPST's P&F chart is bullish with a $2.88 target. I'm setting our first target to take profits at $1.50. We'll tentatively set a second target at $1.85. Remember, just because the stock is "cheap" don't go overboard.

Entry on    August xx at $xx.xx <-- TRIGGER @ 1.05
Change since picked:     + 0.00   			
Earnings Date          11/09/09 (unconfirmed)    
Average Daily Volume:       4.8 million 
Listed on  August 29, 2009    


Ford Motor Co. - F - close: 7.48 change: +0.45 stop: 7.39

The bounce in Ford from the $7 level and its 50-dma looks good but shares have short-term resistance at $7.50 and $7.75-7.80. We have two different entry points.

We have a breakout trigger to buy F at $7.85 with a stop at $7.39.

We have a buy the dip trigger at $6.50 with a stop at $5.99. We want to trade small positions no matter what trigger F hits.

If triggered at $7.85 our first target is just under the old highs at $8.80. Our second target is $9.40.

Entry on    August xx at $xx.xx <-- TRIGGER @ 7.85 or $6.50
Change since picked:     + 0.00   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:        90 million 
Listed on  August 27, 2009    


IDEX Corp. - IEX - close: 27.31 change: +0.90 stop: 25.40

It was a nice day for IEX with the stock out performing thanks to a 3.4% rally. Shares are now challenging the trend of lower highs. A breakout from here could portend the next leg higher. 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:     + 1.21   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


J.P.Morgan Chase - JPM - close: 42.11 change: +1.25 stop: 39.90

Banks did well as investors bought the dip. If the employment numbers come in strong tomorrow the financials could rally soar. Our plan was to use smaller position sizes (1/2 to 1/4 our normal size). 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:     - 1.39   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Microsoft - MSFT - close: 24.11 change: +0.25 stop: 22.75

MSFT is trying to hold the $24.00 region and its rising 50-dma. If the jobs numbers is interpreted as positive tomorrow we can buy the bounce in MSFT instead of waiting for a dip near $23.00. MSFT moves slowly so there's no big rush to jump in. Currently our target is $27.75.

Entry on      July 27 at $23.00
Change since picked:     + 1.11   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Playboy Ent. - PLA - close: 2.55 change: -0.02 stop: 2.45

Bingo! PLA provided a much better entry point with a dip toward support near $2.50 today. I would buy this late afternoon bounce to $2.55.

Our first target to take profits is at $3.30. Our second target is $3.95. FYI: The Point & Figure chart is bullish with a $7.50 target.

Entry on September 01 at $ 2.65
Change since picked:     - 0.10   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       370 thousand
Listed on  August 29, 2009    


Raytheon Co. - RTN - close: 45.88 change: -0.40 stop: 46.40

Uh-oh. RTN is still under performing. The stock broke short-term support near $46.00 and its 50-dma. The only positive today was the bounce from its 100-dma and 200-dma.

Currently the plan is to buy a breakout. 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.

FYI: If RTN breaks down under $45.00 we may want to consider bearish trades.

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: 12.02 change: +0.16 stop: 11.70

SFL is trying to bounce and managed a 1.3% gain. If the investors buy the jobs number tomorrow then we can buy this pull back in SFL. Our first target is $14.80. Our second target is $17.00. Our time frame is several weeks.

Entry on    August 27 at $12.80 *triggered
Change since picked:     - 0.78   			
Earnings Date          11/27/09 (unconfirmed)    
Average Daily Volume:       499 thousand
Listed on  August 25, 2009    


TEVA Pharmaceuticals - TEVA - close: 50.39 change: -0.14 stop: 48.95

TEVA is still slipping toward the $50.00 level. Shares hit $50.14 this afternoon. There was not much of an afternoon rebound. Readers may want to wait for a new bounce over $51.00 to launch positions. 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:     - 0.11   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


BEARISH Play Updates

Akamai Tech. - AKAM - close: 17.31 chg: +0.19 stop: 18.60

AKAM is trying to recover. If the market rallies on a good jobs number I would expect AKAM to retest the $18.00-18.50 zone in a hurry. I am not suggesting new positions at this time. Our first target is $16.25. More aggressive traders may want to aim lower.

Entry on    August 11 at $18.44 
Change since picked:     - 1.32   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:      10.4 million 
Listed on  August 11, 2009    


Electronic Arts - ERTS - close: 18.09 change: -0.12 stop: 19.55

ERTS spiked higher this morning probably due to better than expected same-store sales numbers for many retailers this morning. The strength in ERTS quickly faded and the trend is still down. Our first target to take profits is at $17.05. Our second and final target is at $16.15. FYI: The P&F chart is currently bearish with a $14 target.

Entry on    August 29 at $18.31 /gap down entry
                              /originally listed at $18.76
Change since picked:     - 0.22   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       9.3 million 
Listed on  August 29, 2009    


Goodrich Petrol. - GDP - close: 21.48 change: +0.05 stop: 25.26

The bounce attempt in GDP was pretty small. However, if the market rallies on better economic data Friday morning we can expect GDP to participate. Look for a failed rally near $24.00 as a potential entry point. The Point & Figure chart is bearish with a $10 target. I'm setting our first target at $20.25. Our second target is $18.50.

Warning - Readers need to be aware that I'm not the only one that thinks GDP is going lower. The most recent data listed short interest at more than 25% of the 24 million share float. That's a lot of interest and a small float, which equals high-risk! Instead of trying to short GDP you might want to consider put options, which have limited risk.

Entry on September 01 at $22.44 
Change since picked:     - 0.96   			
Earnings Date          11/04/09 (unconfirmed)    
Average Daily Volume:       524 thousand
Listed on September 01, 2009    


Northwest Pipe Co. - NWPX - close: 32.08 change: +1.30 stop: 33.55

After an eight-day decline it wasn't surprising to see an oversold bounce in NWPX. Watch for this rebound to fail and roll over in the $33.00-33.50 zone. We can use a move near $33.00 as a new entry point for bearish positions. More aggressive traders may want to put their stop loss above $34.00 and its 200-dma. Our first target is $28.00. Our second target is $25.50. The P&F chart is bearish with a $25 target. FYI: Instead of trying to short NWPX readers may want to consider buying put options, which have limited risk.

Entry on September 01 at $31.42 /gap down entry
                             /originally listed at $31.73
Change since picked:     + 0.66   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:        57 thousand
Listed on September 01, 2009    


CLOSED BULLISH PLAYS

Costco - COST - close: 54.99 change: +4.34 stop loss: 47.90

It looks like we were one day too late on COST. We added the stock last night. This morning several major retailers reported their August same-store sales numbers. Analysts were expecting COST to see a -5.7% drop in same-store sales. The company surprised with a -2.0% drop. The news had COST gapping open at $54.22 this morning and closing with a 8.5% gain. That's too much too fast. I'm suggesting an early exit and we'll reconsider new bullish positions on a dip back toward the $52-50 zone. Our first bullish target was the $54.90 mark.

chart:

Entry on September 02 at $54.22 /gap open entry
                               /originally listed at $50.65
Change since picked:     + 0.77 <-- early exit (+1.4%)
Earnings Date          10/07/09 (unconfirmed)    
Average Daily Volume:       4.0 million 
Listed on September 02, 2009    


Superior Energy - SPN - close: 18.12 change: +0.48 stop: 17.59

Our stop loss may have been a little too tight on SPN. The stock dipped to $17.56 and then rallied closing with a 2.7% gain. Readers may want to go ahead and buy this bounce if the jobs report comes in strong on Friday.

chart:

*New entry point*
Entry on    August 27 at $18.42 *new entry       
Change since picked:     - 0.83<-- stopped @ 17.59 (-4.5%)
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       927 thousand
Listed on  August 24, 2009