BULLISH Play Updates

Agrium Inc. - AGU - close: 53.29 change: +0.97 stop: 47.40

The chemical-fertilizer industry continues to show relative strength. AGU gained 1.8% and hit new relative highs at $54.43. 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:     + 2.64   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       1.9 million 
Listed on September 05, 2009    


BE Aerospace - BEAV - close: 19.68 change: -0.22 stop: 17.45

BEAV is still testing round-number resistance at $20.00. I am not suggesting new positions at this moment. Look for a dip towards $18.50. Our first target is $22.25.

Entry on September 12 at $19.19 
Change since picked:     + 0.49   			
Earnings Date          10/27/09 (unconfirmed)    
Average Daily Volume:       834 thousand
Listed on September 12, 2009    


China Mobile Ltd. - CHL - close: 50.17 chg: -0.80 stop: 47.90

The Chinese stock markets were up today and yet CHL traded lower. I remain bullish on it with shares above $48.00. I'd prefer to buy bounces at this point instead of dips. 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:     + 1.44  			
Earnings Date          00/00/?? (unconfirmed)    
Average Daily Volume:       2.3 million 
Listed on  August 29, 2009    


Carpenter Tech. - CRS - close: 25.39 change: -0.27 stop: 21.45

CRS produced some much needed profit taking but the pull back today doesn't seem to be enough. A normal correction would probably be a dip back toward $23.75 or $23.00. 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:     + 3.94
                             /1st target hit @ 24.90 (+16.0%)
Earnings Date          10/28/09 (unconfirmed)    
Average Daily Volume:       536 thousand
Listed on September 05, 2009    


Darden Restaurants - DRI - close: 36.64 chg: +0.28 stop: 32.95

DRI displayed relative strength again with another gain but shares failed near $37.00. The stock is due for a little dip. I would consider new positions on a dip near $35.00. Our first target is the $39.40 mark.

Entry on September 05 at $34.82 
                              /originally listed at $34.41
Change since picked:     + 1.82   			
Earnings Date          09/29/09 (unconfirmed)    
Average Daily Volume:       2.6 million 
Listed on September 05, 2009    


E M C Corp. - EMC - close: 16.98 change: -0.04 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: 16.66 change: -0.24 stop: 14.45

Target achieved. GE rallied to $17.52 intraday and then began to see some profit taking. Our first target to take profits was at $17.25. I would not be surprised to see a dip back toward $15.75-15.00. We do have a second target at $18.50. I do consider this an aggressive trade so we want to keep our positions small.

chart:

Entry on September 14 at $15.49 /gap higher entry
                             /originally listed at $15.35
Change since picked:     + 1.17
                            /1st target hit @ 17.25 (+11.3%)
Earnings Date          10/16/09 (confirmed)    
Average Daily Volume:        83 million 
Listed on September 14, 2009    


Goldcorp Inc. - GG - close: 42.12 change: -0.81 stop: 37.75

Mining stocks suffered some profit taking again as gold contracted. I would still consider new bullish positions in the $42.00-40.00 zone. 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:     - 0.98   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       8.1 million 
Listed on September 15, 2009    


IDEX Corp. - IEX - close: 28.66 change: -0.04 stop: 26.75

Hmmm... the action today in IEX was bearish. The bounce failed and the stock looks poised to move lower again. More conservative traders may want to exit completely right here. I'm not suggesting new positions at this time. The $28.00 level is the next level of support. 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:     + 2.56   			
Earnings Date          07/20/09 (confirmed)    
Average Daily Volume:       570 thousand
Listed on  July 25, 2009    


J.P.Morgan Chase - JPM - close: 44.96 change: +0.31 stop: 39.90

JPM displayed relative strength with another gain and another new relative high. Readers looking for a new entry point may want to wait for a dip near $43.50 again.

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:     + 1.46   			
Earnings Date          07/16/09 (confirmed)    
Average Daily Volume:        55 million 
Listed on  July 18, 2009    


Kirby Corp. - KEX - close: 38.00 change: -0.77 stop: 35.25

KEX is back down near the bottom of its short-term trading range. The stock looks ready to drop toward the $37-36 zone. I'm not suggesting new positions at this time. 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:     + 0.30   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       310 thousand
Listed on September 05, 2009    


Koppers Holdings - KOP - close: 32.56 change: +1.36 stop: 27.45

KOP does not have an unusually high amount of short interest but the last two days definitely looks like a short squeeze. We don't want to chase this move, not with the market short-term overbought.

I'm suggesting readers buy a dip at $30.10. We'll use a stop loss at $27.45. Our first target is $34.50. Our second target is $37.50 but it could take several weeks to get there. FYI: The P&F chart has a new triple-top breakout buy signal.

Entry on September xx at $xx.xx <-- TRIGGER @ 30.10
Change since picked:     + 0.00   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       159 thousand
Listed on September 16, 2009    


Microsoft - MSFT - close: 25.30 change: +0.10 stop: 22.95

MSFT is not moving much and I expect it will close near $25.00 for options expiration tomorrow. 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:     + 2.30   			
Earnings Date          07/23/09 (confirmed)    
Average Daily Volume:        58 million 
Listed on  July 23, 2009    


Pride Intl. Inc. - PDE - close: 30.19 change: -1.82 stop: 26.40

PDE finally suffered some profit taking after a huge run from its late August lows. We need to see a little more of a 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:       3.7 million 
Listed on September 12, 2009    


Playboy Ent. - PLA - close: 3.03 change: -0.09 stop: 2.45

PLA is also seeing some profit taking and could be poised to dip back toward $2.80 or the $2.75 levels. I'm not suggesting new positions at this time. Our second target remains the $3.95 level. FYI: The Point & Figure chart is bullish with a long-term $7.50 target.

Entry on September 01 at $ 2.65
Change since picked:     + 0.38
                            /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: 44.12 change: -0.39 stop: 39.95

It was a quiet day for ROK. 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:     + 0.41   			
Earnings Date          11/10/09 (unconfirmed)    
Average Daily Volume:       1.4 million 
Listed on September 10, 2009    


Schlumberger - SLB - close: 61.79 change: -0.62 stop: 56.95

Crude oil pulled back from its intraday highs and the oil service stocks retreated a bit. SLB lost about 1%. The stock has already hit our first target. Our second target is $67.50.

Entry on September 05 at $56.93 /gap higher entry
                             /originally listed at $55.87
Change since picked:     + 4.86
                             /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: 50.81 change: -0.58 stop: 49.75

The bounce in TEVA is struggling, which is not a good sign. Readers may want to wait for another rebound closer to the $50.00 zone.

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:     + 0.31   			
Earnings Date          11/03/09 (unconfirmed)    
Average Daily Volume:       5.3 million 
Listed on  August 05, 2009    


Ultra(Long) Financials - UYG - close: 6.11 change: -0.06 stop: 5.40

The intraday reversal in financials might be seen as a short-term top. I'm not suggesting new positions at this time. UYG has already hit our first target. Our second target is $7.00.

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:     + 0.82
                             /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

*We currently do not have any bearish play updates*


CLOSED BULLISH PLAYS

Changyou.com Ltd - CYOU - close: 39.54 change: -1.49 stop: 38.80

Yesterday I warned that if we didn't see more relative strength in CYOU I'd drop it. We'll shares broke down under $40.00 again. There is still some support near $39.00 and its 50-dma but I would rather cut our losses early here.

chart:

Entry on September 10 at $41.69 
Change since picked:     - 2.15<-- exit early (-5.1%)
Earnings Date          10/26/09 (unconfirmed)    
Average Daily Volume:       408 thousand
Listed on September 10, 2009    


CLOSED BEARISH PLAYS

Electronic Arts - ERTS - close: 18.74 change: -0.11 stop: 19.15

Last night we lowered our stop loss on ERTS to $19.15. What happens today? ERTS spikes to $19.20 and reverses. The play is closed but I'd keep ERTS on your watch list.

chart:

Entry on    August 29 at $18.31 /gap down entry
                              /originally listed at $18.76
Change since picked:     + 0.84 <-- stopped @ 19.15 (+4.5%)
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       9.3 million 
Listed on  August 29, 2009