The widespread rally on Friday produced a wave of bounces that look like a new entry point. We have four new stop losses.


BULLISH Play Updates

Citigroup - C - close: 4.85 change: +0.08 stop: 4.29

Citigroup gapped open like we expected it to. Shares opened at $4.87 and then spent the session trading sideways. Volume was relatively light. I am suggesting bullish positions now but a better entry point would be a dip near $4.60. Due to the volatility I'm suggesting very small position sizes.

Our first target to take profits is at $5.40. Our second target to exit is $5.95.

Annotated chart:

Entry on September 03 at $ 4.87 /gap higher entry
                             /listed at $4.77
Change since picked:     - 0.02   			
Earnings Date          10/16/09 (unconfirmed)    
Average Daily Volume:       1.0 billion    
Listed on September 03, 2009    


China Mobile Ltd. - CHL - close: 50.22 chg: +1.59 stop: 47.90

CHL finally delivered the bounce we've been looking for. Strength in the Chinese markets were a big help. Shares of CHL gained 3.2% and closed over potential resistance at the 100-dma and the $50.00 mark. I would still consider new positions in the $49.00 area. Our first target is $54.00. Our second target is $58.00. Our time frame is several weeks.

Annotated chart:

Entry on    August 31 at $48.73 /gap down entry point
Change since picked:     + 1.49   			
Earnings Date          00/00/?? (unconfirmed)    
Average Daily Volume:       2.3 million 
Listed on  August 29, 2009    


Capstone Turbine - CPST - close: 1.33 change: -0.00 stop: 0.98

CPST continues to hold on to its gains although shares failed to truly rally with the market on Friday. The stock dipped to its 10-dma and then closed with a fractional loss of less than one cent. I am upping our trigger to buy the dip from $1.05 to $1.15 and I'm raising the stop loss to .98. This remains a very aggressive play.

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.

Annotated chart:

Entry on    August xx at $xx.xx <-- TRIGGER @ 1.15
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: 7.43 change: -0.05 stop: 7.39

Hmmm... I find it interesting that shares of Ford really didn't participate in the rally on Friday. The stock struggled with resistance near $7.50. Nimble traders might consider buying another dip near $7.00 and its 50-dma with a tight stop. I'm suggesting we stay with the two strategies already listed.

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.

Annotated chart:

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: 27.66 change: +0.35 stop: 25.75 *new*

The bounce in IEX continues and the stock has now broken the short-term trendline of resistance. The MACD on the daily chart looks like it's about to turn bullish again. Last week's low was $25.81. I'm raising our stop to $25.75. 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:     + 1.56   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


J.P.Morgan Chase - JPM - close: 42.34 change: +0.23 stop: 39.90

If you want to get nitpicky JPM is nearing possible short-term resistance and a failure here would definitely look bearish. However, I strongly suspect that the big banks will be on everyone's buy list when the market returns to normal volume this week. 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.

Annotated chart:

Entry on    August 21 at $43.50 *triggered (1/2 to 1/4 normal size)
Change since picked:     - 1.16   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Microsoft - MSFT - close: 24.62 change: +0.51 stop: 22.95 *new*

MSFT displayed some relative strength on Friday with a 2.1% gain. Investors were buying the bounce from short-term support near $24.00 and its 50-dma. I'm suggesting readers buy the bounce but if you do consider using a stop loss near $23.75. I'm inching our stop up to $22.95. MSFT moves slowly so there's no big rush to jump in. Currently our target is $27.75.

Annotated chart:

Entry on      July 27 at $23.00
Change since picked:     + 1.62   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Playboy Ent. - PLA - close: 2.67 change: +0.12 stop: 2.45

PLA is bouncing like we thought it would. I would use Friday's rebound as another entry point to launch positions.

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.

Annotated chart:

Entry on September 01 at $ 2.65
Change since picked:     + 0.02   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       370 thousand
Listed on  August 29, 2009    


Raytheon Co. - RTN - close: 46.56 change: +0.68 stop: 46.40

RTN has delivered a decent bounce off its Thursday lows but shares stalled near the exponential 200-dma on Friday. On a very short-term basis RTN almost looks bearish and a failed rally here might forecast a new leg lower. Just keep an eye on technical support with the simple 100 and 200-dma near $45.50 before you consider bearish trades.

Given our bullish market bias the plan is to buy RTN on a breakout above 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: 12.39 change: +0.37 stop: 11.70

Shares of SFL are bouncing from a test of support at its 50-dma. I'm suggesting readers use this rebound as a new bullish entry points. Our first target is $14.80. Our second target is $17.00. Our time frame is several weeks. FYI: The Point & Figure chart is bullish with a $28 target.

Annotated chart:

Entry on    August 27 at $12.80 *triggered
Change since picked:     - 0.41   			
Earnings Date          11/27/09 (unconfirmed)    
Average Daily Volume:       499 thousand
Listed on  August 25, 2009    


TEVA Pharmaceuticals - TEVA - close: 51.16 change: +0.77 stop: 48.95

Bingo! We wanted to see a new rise over $51.00 and we got it. Readers can use this move as a new entry point to buy the stock. 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:     + 0.66   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Ultra(Long) Financials - UYG - close: 5.35 change: +0.06 stop: 4.90

UYG is our aggressive short-term bet that investors will still buy the financials if the jobs report wasn't too bad. The 1.1% gain on Friday was a little under whelming but I expect the bounce to continue. I would still buy this ETF here but more conservative traders may want to wait for a rise past the $5.50 level, which could be short-term resistance.

Our first target to take profits is at $6.00. Our second target is $6.50. This can be a very volatile security. It's not for the faint of heart.

Annotated chart:

Entry on September 03 at $ 5.29 
Change since picked:     + 0.06   			
Earnings Date          00/00/00 
Average Daily Volume:      47.8 million 
Listed on September 03, 2009    


BEARISH Play Updates

Akamai Tech. - AKAM - close: 17.47 chg: +0.16 stop: 18.60

AKAM has managed to stretch its oversold bounce to three days in a row. The stock should start to run into resistance in the 17.70-18.00-18.50 region. While the overall trend is still bearish if the market starts to take off we can expect AKAM to follow it higher. I am not suggesting new positions at this time. Our first target is $16.25. More aggressive traders may want to aim lower.

Annotated chart:

Entry on    August 11 at $18.44 
Change since picked:     - 1.16   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:      10.4 million 
Listed on  August 11, 2009    


Electronic Arts - ERTS - close: 18.51 change: +0.42 stop: 19.55

ERTS has bounced toward short-term resistance near $18.50 and its 10-dma. The rebound may not be over yet. Look for the rally to fail here at $18.50 or near $19.00 and use it as a new entry point for bearish positions. 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.

Annotated chart:

Entry on    August 29 at $18.31 /gap down entry
                              /originally listed at $18.76
Change since picked:     + 0.20   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       9.3 million 
Listed on  August 29, 2009    


Goodrich Petrol. - GDP - close: 21.52 change: +0.04 stop: 24.25 *new*

GDP traded down near its July lows and bounced. I suspect the bounce isn't over yet but I'm surprised GDP didn't see a bigger bounce on Friday. I'm adjusting my comments from Thursday. We can look for a failed rally near $23.00 or $24.00 as a new entry point. I'm adjusting our stop loss down to $24.25.

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.

Annotated chart:

Entry on September 01 at $22.44 
Change since picked:     - 0.92   			
Earnings Date          11/04/09 (unconfirmed)    
Average Daily Volume:       524 thousand
Listed on September 01, 2009    


Northwest Pipe Co. - NWPX - close: 32.13 change: +0.05 stop: 34.10 *new*

The oversold bounce in NWPX continued on Friday. Shares should have resistance near $33.00 and again at $34.00. I think our stop at $33.55 is a little tight and I'm adjusting it to $34.10. Wait for the failed rally under the $33 or $34 level before initiating new bearish positions. 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.

Annotated chart:

Entry on September 01 at $31.42 /gap down entry
                             /originally listed at $31.73
Change since picked:     + 0.71   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:        57 thousand
Listed on September 01, 2009