Editor's Note:

The market looks fragile here. The S&P 500 has failed to truly breakout over resistance at the 1100 level. The Dow Industrials has failed multiple times at the 10,100 level. The Russell 2000 and the Transports appear to have produced a bearish double top.

We are suggesting an early exit for many of our bullish plays. If you are feeling cautious here I would seriously consider exiting all of your bullish plays. At the very least consider raising your stops or reducing the size of your positions.


BULLISH Play Updates

Airgas Inc. - ARG - close: 49.34 change: -1.08 stop: 48.49

ARG failed to see any follow through on Thursday's bounce. More conservative traders may want to exit early right now to lock in a gain. I am not suggesting new bullish positions at this time. We plan to exit ahead of the October 29th earnings report.

Our first target is $52.45. Our second target is $54.85. More aggressive traders could aim higher. The Point & Figure chart is bullish and predicting a $77 target.

Annotated chart:

Entry on September 25 at $47.25
Change since picked:     + 2.09  			
Earnings Date          10/29/09 (confirmed)    
Average Daily Volume:       1.5 million 
Listed on September 19, 2009    


Sotheby's - BID - close: 17.60 change: -0.58 stop: 16.80

Thus far BID has been able to hold support near the $17.50 level. However, the short-term trend is now bearish with a pattern of lower highs. On top of that Friday's session failed at its 10-dma and produced a bearish engulfing candlestick pattern. More conservative traders may want to exit early right here. I view the rising 50-dma near $17.00 as additional support so I'm willing to hang on a little bit longer although I'm not suggesting new bullish positions at this time.

The plan was to use small position sizes to limit our risk. Our first target is $19.95 since the $20.00 mark could be round-number resistance. Our second target is $22.00. Currently the Point & Figure chart is bullish with a $30 target. We do not want to hold over the early November earnings report.

Annotated chart:

Entry on   October 13 at $18.21 (small pos 1/2 to 1/4)
Change since picked:     - 0.61   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       861 thousand
Listed on   October 13, 2009    


Gold Fields Ltd - GFI - close: 14.16 change: -0.02 stop: 13.80 *new*

The long-term trend for the dollar is down while gold's trend is up. That should be bullish for the gold miners like GFI. Unfortunately as a stock GFI is going to see a lot of volatility associated with the ups and downs in the market.

We are down to our last three days. GFI is due to report earnings on Thursday morning, October 29th. That means we'll plan to exit on Wednesday at the closing bell to avoid holding over the announcement. I am raising our stop loss to $13.80 and I'm not suggesting new bullish positions at this time. I am reducing our target to exit to $15.50.

Annotated chart:

Entry on September 30 at $13.78 
Change since picked:     + 0.38   			
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       7.7 million 
Listed on September 30, 2009    


HMS Holdings - HMSY - close: 40.84 change: -0.44 stop: 39.90 *new*

HMSY is still finding support near $40.50 but I would suggest more conservative traders consider an early exit anyway. I'm not suggesting new positions. We only have four days left. The plan is to exit on Thursday at the closing bell to avoid holding over earnings on Friday morning.

Please note I am raising our stop loss to $39.90. Our upside target is still $44.90.

Annotated chart:

Entry on   October 17 at $41.55 /gap open higher 
                           /originally listed at $41.30
Change since picked:     - 0.71   			
Earnings Date          10/30/09 (confirmed)    
Average Daily Volume:       227 thousand
Listed on   October 17, 2009    


Jacobs Engineering - JEC - close: 46.92 change: -0.23 stop: 44.75

JEC displayed relative strength last week with a breakout to new three-week highs. I remain bullish here but I hesitate to suggest new positions with the market looking vulnerable. Our first target is $49.50. Our second target is $53.00 but we'll plan to exit ahead of the mid November earnings report.

Annotated chart:

Entry on   October 15 at $45.88 
Change since picked:     + 1.02   			
Earnings Date          11/17/09 (unconfirmed)    
Average Daily Volume:       1.2 million 
Listed on   October 15, 2009    


Petrobras - PBR - close: 49.59 change: -0.75 stop: 45.95

Crude oil and the oil stocks both look short-term overbought and due for a correction. I full expect PBR to pull back toward $47-46 before bouncing again. More conservative traders not interested in enduring that sort of volatility will want to exit early now. I'm not suggesting new positions at this time.

Our first target is $52.50. Our second target is $59.00. The P&F chart is bullish with a $63 target.

Annotated chart:

Entry on   October 08 at $46.80
Change since picked:     + 2.79  			
Earnings Date          11/13/09 (unconfirmed)    
Average Daily Volume:      12.8 million 
Listed on   October 07, 2009    


Patriot Coal - PCX - close: 11.57 change: -0.75 stop: 10.90

We are nearing the moment of truth. I've been warning readers to expect a dip toward $11.00 in PCX. Thus far the pull back is right on track. I'm looking at the 50-dma and exponential 200-dma to act as potential support. Unfortunately we're out of time. PCX is due to report earnings on Tuesday morning (Oct. 27th) and we don't like to hold over an earnings report (too many risks). I am suggesting we exit on Monday at the closing bell. We'll take another look at PCX later in the week after its earnings report.

Annotated chart:

Entry on   October 05 at $12.14 /gap open higher
                            /originally listed at $11.78
Change since picked:     - 0.57   	
                          /1st target hit @ 13.90 (+14.5%)
Earnings Date          10/27/09 (confirmed)    
Average Daily Volume:       6.4 million 
Listed on   October 05, 2009    


Pride Intl. Inc. - PDE - close: 32.95 change: -0.96 stop: 31.15 *new *

Uh-oh! PDE has produced a bearish engulfing candlestick pattern. Combine that with Wednesday's failed rally and last week suddenly has a bearish look to it. I would expect a dip back toward $32.00 and potentially the $31.00 area. We only have a few days left before PDE reports earnings so I am raising our stop loss to $31.15. Furthermore I'm suggesting readers exit half their position now! Our final target remains $34.75. I am not suggesting new positions at this time.

Annotated chart:

Entry on   October 08 at $31.15
Change since picked:     + 1.80
                         /sell half @ 32.95 (+5.7%)
Earnings Date          10/29/09 (confirmed)    
Average Daily Volume:       3.7 million 
Listed on September 12, 2009    


Playboy Ent. - PLA - close: 3.68 change: -0.10 stop: 3.35

Don't wait! Instead of waiting for PLA to hit our second target at $3.95 I'm suggesting readers sell half their remaining position now (if not more than half). That should leave us a very small position with a third and final target of $4.35.

We'll keep our stop loss at $3.35. I'm not suggesting new positions at this time.

Annotated chart:

Entry on September 01 at $ 2.65
Change since picked:     + 1.03 
                            /take profits 09/16/09 (+17.7%)
                           /take profits 10/24/09 (+38.8%)
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       370 thousand
Listed on  August 29, 2009    


NYSE Euronext - NYX - close: 29.15 change: -0.18 stop: 28.49

I remain cautiously bullish on the NYX but if the S&P 500 does roll over we can expect to get stopped out. We only have four days left. The plan is to exit on Thursday at the closing bell to avoid holding over Friday's earnings report. Right now our exit target is $31.95. I labeled this an aggressive trade and suggested small positions.

Annotated chart:

Entry on   October 22 at $29.33 (small pos 1/2 to 1/4)
Change since picked:     - 0.18   			
Earnings Date          10/30/09 (confirmed)    
Average Daily Volume:       2.8 million 
Listed on   October 22, 2009    


VisionChina Media - VISN - close: 10.27 change: +0.05 stop: 8.65 *new*

Take profits now! VISN has been somewhat resistant to any serious profit taking. Shares are currently testing resistance near $10.50. The stock looks extremely overbought and due for a correction. I am suggesting traders take profits now. Sell at least half if not more of our position at current levels. I'm inching our stop loss to $8.65. I'm reducing our second target from $13.75 down to $12.45.

I'm not suggesting new positions at this time. This is a very aggressive trade and we wanted to keep our positions small.

Annotated chart:

Entry on   October 07 at $ 8.53 
Change since picked:     + 1.74
                          /take profits 10/24/09 (+20.3%)
Earnings Date          10/29/09 (unconfirmed)    
Average Daily Volume:       407 thousand
Listed on   October 07, 2009    


BEARISH Play Updates

Avis Budget Group - CAR - close: 10.37 change: -0.59 stop: 12.05 *new*

CAR continues to under perform. The stock lost 5.3% on Friday. The $10.00 level might be round-number support so don't be surprised to see an oversold bounce. We need to keep an eye on the 100-dma, which is probably technical support. Currently the 100-dma is at $9.12. I am raising our target to take profits from $9.25 to $9.55. I am lowering our stop loss to $12.05. I'm not suggesting new positions at this time.

NOTE: CAR has a high amount of short interest, about 9% of the 101 million-share float. That raises the risk of a short squeeze. Readers may want to consider using put options to limit risk. A stop loss doesn't always work.

Annotated chart:

Entry on   October 20 at $11.25
Change since picked:     - 0.88   			
Earnings Date          11/02/09 (confirmed)    
Average Daily Volume:       3.8 million 
Listed on   October 17, 2009    


Exide Tech - XIDE - close: 7.16 change: -0.15 stop: 8.05

XIDE gave up 2% on Friday but my comments from Thursday still stand. Readers may want to wait for a new failed rally in the $7.50-7.80 zone before considering new bearish positions.

Our target is $6.10. I'm considering a second target at $5.55. The stock can be a little volatile so we'll use a stop loss above resistance at $8.00. The set up makes this an aggressive, higher-risk trade. We want to exit ahead of the early November earnings report.

Annotated chart:

Entry on   October 21 at $ 7.21 
Change since picked:     - 0.05   			
Earnings Date          11/05/09 (unconfirmed)    
Average Daily Volume:       545 thousand
Listed on   October 21, 2009    


CLOSED BULLISH PLAYS

Apartment Investment & Mgmt - AIV - cls: 14.41 chg: -0.45 stop: 14.19

There was no follow through on AIV's bounce from Thursday. I view this failure as a warning sign so I'm suggesting an early exit now to cut our losses early.

chart:

Entry on   October 07 at $14.72 /gap open higher
                            /originally listed at $14.52
Change since picked:     - 0.31 <-- early exit @ 14.41 (-2.1%)
Earnings Date          10/30/09 (confirmed)    
Average Daily Volume:       3.6 million 
Listed on   October 07, 2009    


BE Aerospace - BEAV - close: 20.07 change: -0.89 stop: 19.75

BEAV has produced a bearish reversal type of move on Friday. The company is due to report earnings on Tuesday morning. I am suggesting an early exit now.

chart:

Entry on September 12 at $19.19 
Change since picked:     + 0.88 -exit @ 20.07 (+4.5%)
Earnings Date          10/27/09 (confirmed)    
Average Daily Volume:       834 thousand
Listed on September 12, 2009    


Cracker Barrel - CBRL - close: 35.02 chg: -0.51 stop: 34.40

I am giving up on CBRL. The stock looks poised to correct. I would rather cut our losses early. Consider keeping CBRL on your watch list for a dip toward $32.00.

chart:

Entry on   October 10 at $36.00 
Change since picked:     - 0.98 <-- exit @ 35.02 (-2.7%)
Earnings Date          11/24/09 (unconfirmed)    
Average Daily Volume:       322 thousand
Listed on   October 10, 2009    


Compania Cervecerias - CCU - close: 35.87 change: -0.25 stop: 34.90

I think CCU still has potential. Shares are still consolidating sideways but I'd rather cut our losses early given the market's recent weakness.

chart:

Entry on   October 17 at $36.39 
Change since picked:     - 0.52 <-- early exit @ 35.87 (-1.4%)
Earnings Date          10/26/09 (unconfirmed)    
Average Daily Volume:        56 thousand
Listed on   October 17, 2009    


Capstone Turbine - CPST - close: 1.35 change: -0.05 stop: 1.24

I am giving up on CPST too. I'm suggesting an early exit now given last week's bearish reversal. Consider keeping CPST on your watch list for a breakout over $1.50 or a new bounce from $1.20.

chart:

Entry on   October 10 at $ 1.40 
Change since picked:     - 0.05 <-- early exit @ 1.35 (-3.5%)
Earnings Date          11/09/09 (unconfirmed)    
Average Daily Volume:       3.7 million 
Listed on   October 10, 2009    


Diana Shipping - DSX - close: 14.37 change: -0.46 stop: 13.90

The action last week looks like a bull trap with the breakout over resistance at $15.00 and the reversal lower. I'm suggesting an exit now to cut our losses early.

chart:

Entry on   October 21 at $15.25
Change since picked:     - 0.88<- early exit @ 14.37 (-5.7%)
Earnings Date          11/10/09 (unconfirmed)    
Average Daily Volume:       1.9 million 
Listed on   October 20, 2009