Fund managers are still chasing performance and quickly bought the dip this morning.


BULLISH Play Updates

Agrium Inc. - AGU - close: 49.46 change: -0.75 stop: 47.40

AGU dipped toward $49.00. I see the pull back as a new entry point but cautious traders might want to wait for a dip or a bounce closer to $48.00 or even a rebound back above $50.00. Our first target is $54.75. Our second target is $59.75. Currently the Point & Figure chart is bullish with a $59 target.

FYI: Agrium (AGU) is trying to buy rival firm CF Industries (CF) but CF keeps rejecting the offer calling it too low. At the same time CF is trying to buy Terra Industries (TRA) and TRA keeps rejecting the offer calling it too low. Eventually one of these companies is going to give up or they're finally going to make a big enough offer or somebody else might step in and start bidding. There is a risk that someone bids too much and the market could think they overpaid, which might push the stock lower. This M&A dance has been going on for months and it will probably continue for months so I'm not expecting it to have much short-term impact on the stock.

Entry on September 08 at $50.65 /gap higher entry  
Change since picked:     - 1.19   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       1.9 million 
Listed on September 05, 2009    


BE Aerospace - BEAV - close: 19.27 change: +0.08 stop: 17.45

Three days in a row BEAV has spiked lower at the open only to recover. Volume was pretty light today. We want to open small positions here. Our first target is $22.25.

Entry on September 12 at $19.19 
Change since picked:     + 0.08   			
Earnings Date          10/27/09 (unconfirmed)    
Average Daily Volume:       834 thousand
Listed on September 12, 2009    


Citigroup - C - close: 4.52 change: -0.09 stop: 4.29

Citigroup continues to under perform the market and the banking indices. More conservative traders may want to seriously consider an early exit right here. I'm not suggesting new bullish positions at current levels.

You need to be sure you're comfortable with how much volatility you're willing to stomach here. More aggressive traders might want to adjust their stops down to $4.19-4.15.

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.

Entry on September 03 at $ 4.87 /gap higher entry
                             /listed at $4.77
Change since picked:     - 0.35   			
Earnings Date          10/16/09 (unconfirmed)    
Average Daily Volume:       1.0 billion    
Listed on September 03, 2009    


China Mobile Ltd. - CHL - close: 50.36 chg: -0.39 stop: 47.90

CHL gapped open lower but pared its losses by the closing bell. There is no change from my weekend comments. I would still consider bullish positions in the $50-49 region but more conservative traders may want to wait for bounces to enter the stock. 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:     + 2.41  			
Earnings Date          00/00/?? (unconfirmed)    
Average Daily Volume:       2.3 million 
Listed on  August 29, 2009    


Carpenter Tech. - CRS - close: 24.33 change: +0.74 stop: 21.45 *new*

Traders quickly bought the dip in CRS and the stock displayed relative strength with a 3.3% gain. Given the market's strength I'm adding a second target at $27.40. However, we want to exit the majority of our position at $24.90. We're raising the stop loss to $21.45.

Entry on September 05 at $21.45 /gap higher entry
                             /originally listed at $20.92
Change since picked:     + 2.88   			
Earnings Date          10/28/09 (unconfirmed)    
Average Daily Volume:       536 thousand
Listed on September 05, 2009    


Changyou.com Ltd - CYOU - close: 40.54 change: -0.00 stop: 38.80

CYOU closed unchanged on the session but the move today looks like a new bullish entry point. The stock dipped toward technical support near its 50-dma and bounced this morning. Our first target is $45.75.

Entry on September 10 at $41.69 
Change since picked:     - 1.15   			
Earnings Date          10/26/09 (unconfirmed)    
Average Daily Volume:       408 thousand
Listed on September 10, 2009    


Darden Restaurants - DRI - close: 34.90 chg: +0.35 stop: 32.45

DRI bounced from short-term technical support at its 10 and 100-dma. More cautious traders might want to up their stop closer to $33.00. Our first target is the $39.40 mark.

Entry on September 05 at $34.82 
                              /originally listed at $34.41
Change since picked:     + 0.08   			
Earnings Date          09/29/09 (unconfirmed)    
Average Daily Volume:       2.6 million 
Listed on September 05, 2009    


E M C Corp. - EMC - close: 16.92 change: +0.02 stop: 15.24

We are still waiting for a pull back in EMC. Currently the plan is to buy EMC on a dip at $15.75. We'll use a stop loss under the September low. Our target to exit is $18.00. We'll plan to exit ahead of the late October earnings report.

Entry on September xx at $xx.xx <-- TRIGGER @ 15.75
Change since picked:     + 0.00   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:      19.6 million 
Listed on September 09, 2009    


Hornbeck Offshore - HOS - close: 24.75 change: +0.13 stop: 21.75

HOS found support again near $24.00 this morning. We want to see a dip toward $23.00 and currently have a trigger to open positions at $23.25. If triggered our first target is $26.45.

Entry on September xx at $xx.xx <-- TRIGGER @ 23.25
Change since picked:     + 0.00   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       344 thousand
Listed on September 12, 2009    


IDEX Corp. - IEX - close: 29.33 change: +0.21 stop: 25.75

It was a quiet Monday for IEX. I don't see any changes from my weekend comments. Readers can look for a new entry point if IEX bounces in the $27-28 region. More conservative traders may want to take profits right now. I would sell most of our position at $29.85. We do have a second target at $32.00. The P&F chart is forecasting a $39 target.

Entry on    August 17 at $26.10 *triggered         
Change since picked:     + 3.12   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


J.P.Morgan Chase - JPM - close: 43.75 change: +1.25 stop: 39.90

JPM was a market leader today. Traders quickly jumped in on the dip near $42.00 this morning and JPM closed with a 2.9% gain. The move looks like a bullish engulfing candlestick pattern. I would buy JPM on the bounce as today's rise has broken the three-week trend of lower highs.

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:     + 0.25   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Kirby Corp. - KEX - close: 38.64 change: -0.04 stop: 35.25

KEX dipped under $38.00 this morning but quickly pared its losses. I am suggesting readers open new positions on a pullback into the $37.50-37.00 zone. Our first target to take profits is at $39.95. Our second and final target is $42.40. FYI: The P&F chart is bullish with a $57 target.

Entry on September 08 at $37.70 /triggered/gap higher entry
Change since picked:     + 0.94   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       310 thousand
Listed on September 05, 2009    


Altria Group Inc. - MO - close: 17.99 change: -0.15 stop: 17.90

More conservative traders may want to abandon ship in MO. The stock closed under the $18.00 mark, which was support in the past. I'm surprised that shares did not hit our stop loss at $17.90. I am not suggesting new positions at this time. Our first target is $19.90. The P&F chart is bullish with a $23.00 target. Our time frame is several weeks. Make sure you have the patience for this one before jumping in.

Entry on September 05 at $18.50 
Change since picked:     - 0.51   			
Earnings Date          10/22/09 (unconfirmed)    
Average Daily Volume:      15.5 million 
Listed on September 05, 2009    


Microsoft - MSFT - close: 25.00 change: +0.14 stop: 22.95

Bulls bought the dip in MSFT this morning and shares garnered an analyst upgrade but the bell. I'd look for another pull back toward $24.00 and its 50-dma before launching new positions. Currently our target is $27.75.

Entry on      July 27 at $23.00
Change since picked:     + 2.00   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Pride Intl. Inc. - PDE - close: 29.77 change: -0.16 stop: 26.40

The profit taking in PDE was very minor. We need a bigger pull back. The plan is to buy PDE at $27.65. Our first target is $30.45. Our second target is $33.45. We'll plan to exit ahead of the late October earnings report.

Entry on September xx at $xx.xx <-- see TRIGGER @ 27.65
Change since picked:     + 0.00   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:           thousand
Listed on September 12, 2009    


Playboy Ent. - PLA - close: 3.04 change: -0.07 stop: 2.45

After a huge rally last week PLA saw some profit taking. More conservative traders may want to take some money off the table now. Our plan is to take profits at our first target of $3.30. Our second target is $3.95. FYI: The Point & Figure chart is bullish with a long-term $7.50 target.

Entry on September 01 at $ 2.65
Change since picked:     + 0.39   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       370 thousand
Listed on  August 29, 2009    


Rockwell Automation - ROK - close: 43.72 change: +0.22 stop: 39.95

There is no change from my prior comments. I'm still suggesting bullish positions in the $42.00-44.00 zone. Our first target is the $49.00 mark. Our time frame is several weeks. FYI: The Point & Figure chart is bullish with a $61 target.

Entry on September 10 at $43.71 /gap higher entry
                           /originally listed at $43.15
Change since picked:     + 0.01   			
Earnings Date          11/10/09 (unconfirmed)    
Average Daily Volume:       1.4 million 
Listed on September 10, 2009    


Schlumberger - SLB - close: 59.81 change: -0.58 stop: 54.95

Weakness in crude oil weighed on the energy sector. SLB gave into some profit taking and came close to filling the gap from Friday morning. More conservative traders may want a stop closer to $56.00 instead. Our first target is $62.50. Our second target is $67.50. FYI: The P&F chart is bullish with a $73 target.

Entry on September 05 at $56.93 /gap higher entry
                             /originally listed at $55.87
Change since picked:     + 2.88   			
Earnings Date          10/23/09 (unconfirmed)    
Average Daily Volume:       8.7 million 
Listed on September 05, 2009    


TEVA Pharmaceuticals - TEVA - close: 51.69 change: -1.01 stop: 49.75

TEVA suffered some selling pressure on news that the U.S. FDA has accepted the application to review Mylan Labs's generic version of TEVA's multiple sclerosis drug Copaxone. This one drug accounted for nearly 20% of TEVA's $11 billion in revenues last year. Investors can use the dip as an entry point. 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:     + 1.19   			
Earnings Date          11/03/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Ultra(Long) Financials - UYG - close: 5.75 change: +0.14 stop: 4.90

Financials are still slowing marching higher. More conservative traders may want to up their stop loss to breakeven at $5.29. I'm not suggesting new bullish positions at this time.

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.

Entry on September 03 at $ 5.29 
Change since picked:     + 0.46   			
Earnings Date          00/00/00 
Average Daily Volume:      47.8 million 
Listed on September 03, 2009    


BEARISH Play Updates

Electronic Arts - ERTS - close: 18.11 change: -0.07 stop: 19.55

There was no follow through on ERTS' bounce from Friday morning. The trend is down but I'm not suggesting new positions at this time. Our first target to take profits is at $17.05. Our second and final target is at $16.15. 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:     - 0.20   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       9.3 million 
Listed on  August 29, 2009