We are updating five stop losses and noting that two bullish plays hit our targets today. I'm also suggesting readers take profits on another stock up more than 17%.


BULLISH Play Updates

Agrium Inc. - AGU - close: 52.32 change: +1.16 stop: 47.40

The chemical fertilizer names are still bouncing. AGU closed at new three-month highs with a 2.2% gain. 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:     + 1.66   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       1.9 million 
Listed on September 05, 2009    


BE Aerospace - BEAV - close: 19.90 change: +0.68 stop: 17.45

BEAV rallied to new 2009 highs and it's testing round-number, psychological resistance at $20.00. I am not suggesting new positions at this moment. Our first target is $22.25.

Entry on September 12 at $19.19 
Change since picked:     + 0.72   			
Earnings Date          10/27/09 (unconfirmed)    
Average Daily Volume:       834 thousand
Listed on September 12, 2009    


China Mobile Ltd. - CHL - close: 50.97 chg: +1.24 stop: 47.90

CHL is looking better with a bounce back above $50.00. 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:     + 2.24  			
Earnings Date          00/00/?? (unconfirmed)    
Average Daily Volume:       2.3 million 
Listed on  August 29, 2009    


Carpenter Tech. - CRS - close: 25.66 change: +1.02 stop: 21.45

When the rally starts to get too hot I get nervous but CRS' close over $25.00 is bullish. CRS has already hit our first target. I'm not suggesting new positions at this time. Our secondary target is $27.40.

Entry on September 05 at $21.45 /gap higher entry
                             /originally listed at $20.92
Change since picked:     + 4.21
                             /1st target hit @ 24.90 (+16.0%)
Earnings Date          10/28/09 (unconfirmed)    
Average Daily Volume:       536 thousand
Listed on September 05, 2009    


Changyou.com Ltd - CYOU - close: 41.03 change: -0.25 stop: 38.80

My enthusiasm for CYOU is cooling quickly. There are too many bullish candidates to see this one under perform. Readers may want to start scaling out of positions now. If we don't see some more strength by the end of the week I'll drop it. Our first target is $45.75.

Entry on September 10 at $41.69 
Change since picked:     - 0.66   			
Earnings Date          10/26/09 (unconfirmed)    
Average Daily Volume:       408 thousand
Listed on September 10, 2009    


Darden Restaurants - DRI - close: 36.36 chg: +1.41 stop: 32.95 *new*

Wow! The 4% rally in DRI was unexpected but when shares finally broke out past the $35.00 level it could have sparked some short covering. Volume was strong on the move. I am upping our stop loss to $32.95 and more conservative traders may want to raise their stops even higher. Our first target is the $39.40 mark.

Entry on September 05 at $34.82 
                              /originally listed at $34.41
Change since picked:     + 1.54   			
Earnings Date          09/29/09 (unconfirmed)    
Average Daily Volume:       2.6 million 
Listed on September 05, 2009    


E M C Corp. - EMC - close: 17.02 change: +0.12 stop: 15.24

Nothing has changed for us. We're still waiting for a dip 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    


General Electric - GE - close: 17.00 change: +1.00 stop: 14.45 *new*

GE continues to shine. The stock rallied another 6.2% on even strong volume of 269 million shares. This has been a big move on truly massive volume for this stock. Our first target is $17.25. I'm setting a second target at $18.50. We're raising the stop loss to $14.45. I do consider this an aggressive trade so we want to keep our positions small.

Entry on September 14 at $15.49 /gap higher entry
                             /originally listed at $15.35
Change since picked:     + 1.51   			
Earnings Date          10/16/09 (confirmed)    
Average Daily Volume:        83 million 
Listed on September 14, 2009    


Goldcorp Inc. - GG - close: 42.93 change: +0.66 stop: 37.75

Gold rallied to new relative highs thanks to another drop in the dollar. GG only gained 1.5%. Unfortunately as the stock reacted to the rise in gold shares gapped open higher. Our entry point was affected with the open at $43.10. More conservative traders may want to use a stop closer to $39 instead. The P&F chart is bullish with a $54 target. Our first target is $47.00. Our second target is $49.85.

Entry on September 15 at $43.10 /gap higher entry
                            /originally listed at $42.28
Change since picked:     - 0.17   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       8.1 million 
Listed on September 15, 2009    


IDEX Corp. - IEX - close: 28.70 change: -0.81 stop: 26.75 *new*

IEX was downgraded to a neutral this morning and shares gapped open lower on the news. Traders did buy the dip at $28.00. I am raising our stop loss to $26.75. Officially our first target to exit is $29.85. We have a secondary target at $32.00. The P&F chart is forecasting a $39 target.

Entry on    August 17 at $26.10 *triggered         
Change since picked:     + 2.60   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


J.P.Morgan Chase - JPM - close: 44.65 change: +1.46 stop: 39.90

Banks led the rally on Wednesday and JPM closed at new 2009 highs. The MACD is nearing a new buy signal.

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:     + 1.15   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Kirby Corp. - KEX - close: 38.77 change: +0.26 stop: 35.25

KEX continues to trade in its 38-39 trading range. 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:     + 1.07   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       310 thousand
Listed on September 05, 2009    


Microsoft - MSFT - close: 25.20 change: +0.00 stop: 22.95

It was a quiet day for MSFT with the stock closing unchanged. Odds are pretty good that MSFT will close near the $25.00 level for the September options expiration on Friday. 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:     + 2.20   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Pride Intl. Inc. - PDE - close: 32.01 change: +1.31 stop: 26.40

PDE is growing more and more overbought. 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:       3.7 million 
Listed on September 12, 2009    


Playboy Ent. - PLA - close: 3.12 change: -0.01 stop: 2.45

Take profits now! The action in PLA was a little worrisome. Shares hit $3.24 and then reversed to close in the red. I didn't see any news to account for this relative weakness. I'm suggesting readers take profits now instead of waiting for our first target at $3.30. We'll still keep our second target at $3.95. FYI: The Point & Figure chart is bullish with a long-term $7.50 target.

chart:

Entry on September 01 at $ 2.65
Change since picked:     + 0.47
                            /take profits 09/16/09 (+17.7%)
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       370 thousand
Listed on  August 29, 2009    


Rockwell Automation - ROK - close: 44.51 change: +0.45 stop: 39.95

ROK reaffirmed its earnings guidance and shares spiked toward round-number resistance at $45.00. I would expect a dip back toward the $43.00-42.50 zone before moving much higher. 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:     + 0.80   			
Earnings Date          11/10/09 (unconfirmed)    
Average Daily Volume:       1.4 million 
Listed on September 10, 2009    


Schlumberger - SLB - close: 62.41 change: +2.58 stop: 54.95

Target hit. A bigger than expected drop oil inventories and another drop in the dollar boosted crude oil. That gave oil stocks a pop and SLB gained 4.3%. Shares of SLB hit our first target at $62.50. I am raising our stop loss to $56.95. Our second target is $67.50.

chart:

Entry on September 05 at $56.93 /gap higher entry
                             /originally listed at $55.87
Change since picked:     + 5.48
                             /1st target hit @ 62.50 (+9.7%)
Earnings Date          10/23/09 (unconfirmed)    
Average Daily Volume:       8.7 million 
Listed on September 05, 2009    


TEVA Pharmaceuticals - TEVA - close: 51.39 change: +0.61 stop: 49.75

As expected TEVA is bouncing from support. I would still consider new positions here.

The $50.00 level is support so I'd still buy the dip. 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:     + 0.89   			
Earnings Date          11/03/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Ultra(Long) Financials - UYG - close: 6.17 change: +0.38 stop: 5.40 *new*

Target achieved. Financial stocks led the rally today and the UYG hit $6.17. Our first target was $6.00. I am raising our second target to $7.00. I'm also raising our stop loss to $5.40.

This can be a very volatile security. It's not for the faint of heart.

chart:

Entry on September 03 at $ 5.29 
Change since picked:     + 0.88
                             /1st target hit @ 6.00 (+13.4%)
Earnings Date          00/00/00 
Average Daily Volume:      47.8 million 
Listed on September 03, 2009    


BEARISH Play Updates

Electronic Arts - ERTS - close: 18.85 change: +0.80 stop: 19.15 *new*

The stock market is in full-fledged rally mode and it's going to be tough to find bearish plays. ERTS gained 4.4% and is challenging short-term resistance at $19.00. I am lowering our stop loss from $19.55 to $19.15, which is just above the simple 200-dma. I'm not suggesting new positions at this time. More conservative traders may want to exit early right now.

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:     + 0.54   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       9.3 million 
Listed on  August 29, 2009    


CLOSED BULLISH PLAYS

Hornbeck Offshore - HOS - close: 27.64 change: +1.75 stop: 21.75

It looks like HOS will turn out to be another fish that got away. We were waiting for a dip toward $23.00 and shares never really broke the $24.00 mark. Now shares are soaring to new relative highs. I'm dropping HOS as a bullish candidate for now.

chart:

Entry on September xx at $xx.xx <-- TRIGGER @ 23.25
Change since picked:     + 0.00   			*NEVER OPENED*
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       344 thousand
Listed on September 12, 2009