Stocks had reached short-term oversold levels and the market managed a rebound. All in all a very normal session.


BULLISH Play Updates

CVR Energy - CVI - close: 8.25 change: +0.23 stop: 7.48

The market's bounce allowed CVI to rebound from the $8.00 level. Shares gained 2.8%. Yet I'm still concerned that CVI may dip toward $7.50. There is no change from my weekend comments. I am not suggesting new bullish positions at this time. We want to take profits at $9.90. Our second target is $11.95 (new target).

Entry on   January 19 at $ 8.20 
Change since picked:     - 0.18 
Earnings Date          03/10/10 (confirmed)         
Average Daily Volume:       411 thousand     
Listed on   January 17, 2009    


BEARISH Play Updates

Atlas Air Worldwide - AAWW - close: 37.37 change: +0.70 stop: 40.05

Airline stocks saw a big bounce with the XAL index gaining 3.3%. Shares of AAWW only rose 1.9%. The stock is now testing short-term resistance at the 10-dma. If AAWW Can breakout from here look for additional resistance in the $38-39 zone. If AAWW closes over $39.00 I would consider an early exit. Our first target is $32.60.

Entry on   January 23 at $37.66 /gap open entry
Change since picked:     - 0.29   			
Earnings Date          02/24/10 (unconfirmed)    
Average Daily Volume:       291 thousand
Listed on   January 23, 2009    


American Tower Corp. - AMT - close: 43.08 change: +0.63 stop: 43.75

Our bearish trade on AMT is now shaping up very well. We were triggered on an intraday spike under the 50-dma and $42.00. Now shares are trying to rebound from support in the same area. If there is any follow through tomorrow we could get stopped out. More aggressive traders may want to raise their stops and give AMT more room to maneuver. I'm not suggesting new positions at this time but we will be watching for a failed rally near $43.50. Our first target is $40.10. Our second target is $37.75. We do not want to hold over the late February earnings report.

Entry on   January 27 at $41.90
Change since picked:     + 1.18   			
Earnings Date          02/24/10 (unconfirmed)    
Average Daily Volume:       2.8 million 
Listed on   January 26, 2009    


Ameritrade - AMTD - close: 18.23 change: +0.47 stop: 20.05

AMTD managed to outpace most of the financials with a 2.6% bounce. Watch for resistance near $18.50 and its 200-dma. Look for a failed rally as a new entry point for bearish positions. Our first target is $16.10. Our second target is $15.05. More conservative traders may want to use a stop closer to $19.00. Our time frame is about six weeks.

Entry on   January 28 at $17.88 
Change since picked:     + 0.35   			
Earnings Date          04/21/10 (unconfirmed)    
Average Daily Volume:       6.1 million 
Listed on   January 28, 2009    


Best Buy - BBY - close: 36.76 change: +0.11 stop: 40.26

BBY did not see much participation in the market's rebound on Monday. That's good news for the bears although I still think the stock sees an oversold bounce toward its 200-dma. I am not suggesting new positions at this time. Our first target to exit is $35.25. Our second and final target is $32.25.

Entry on   January 12 at $38.95 (small positions)
Change since picked:     - 2.19   			
Earnings Date          03/25/10 (unconfirmed)    
Average Daily Volume:       8.0 million      
Listed on   January 02, 2009    


Companhia Brasileira de Distribuicao - CBD - cls: 69.12 chg: +2.40 stop: 74.05

CBD had grown every short-term oversold with its drop from $78 to $68 in two weeks. This oversold bounce from the 100-dma is normal. Look for resistance in the $70-72 zone. Remember this is a volatile stock and I'm expecting a bumpy ride lower. We want to use small positions to limit our risk. Our first target is $61.00. Our second target is $56.00. Time frame is several weeks.

Entry on   January 26 at $69.40 (very small positions)
Change since picked:     - 0.28 
Earnings Date          03/03/10 (unconfirmed)    
Average Daily Volume:       261 thousand
Listed on   January 23, 2009    


DSW Inc. - DSW - close: 25.13 change: +1.03 stop: 25.55

DSW's breakout over the $25.00 level is short-term bullish but the larger trend with the mid January breakdown still looks bearish. There is no change from my prior comments. I am suggesting a trigger for bearish positions at $23.75.

If triggered at $23.75 our first target is $21.50 (essentially we're aiming for the 100-dma). Our second target is $20.05.

Entry on   January xx at $xx.xx <-- TRIGGER @ 23.75
Change since picked:     + 0.00   			
Earnings Date          03/24/10 (unconfirmed)    
Average Daily Volume:       387 thousand
Listed on   January 26, 2009    


F5 Networks - FFIV - close: 50.39 change: +0.96 stop: 52.55

FFIV's oversold bounce produced a 1.9% gain and a close back above $50.00. The 50-dma near $51.00 and the $52.00 region should be overhead resistance. Wait for the stock to roll over again. Our first target is $46.10. Our second target is $44.00. Don't be surprised to see an oversold bounce at its rising 100-dma.

Entry on   January 29 at $49.45 
Change since picked:     + 0.94   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       1.2 million 
Listed on   January 28, 2009    


Life Technologies - LIFE - close: 49.46 change: -0.25 stop: 52.01

LIFE's lack of participation in the market-wide bounce is a good sign for the bears. I would still consider bearish positions now or you can wait for a new lower high in the $51 region. Our first target is $45.25, just above possible support at the 200-dma. We will cautiously set a second target at $41.00 but I suggest exit the majority of the position at $45.25.

Entry on   January 30 at $49.71 
Change since picked:     - 0.25   			
Earnings Date          01/28/10 (confirmed)    
Average Daily Volume:       2.6 million 
Listed on   January 30, 2009    


Children's Place - PLCE - close: 32.82 change: +1.02 stop: 35.05

PLCE broke support near $32.00 but traders bought the dip at its 200-dma. By the close shares of PLCE had produced a bullish engulfing candlestick pattern. This is a short-term bullish reversal pattern that normally needs to see some confirmation. I am not suggesting new positions at this time. Let's way and see if shares fail in the $33.50-34.00 zone again. Our target is $28.05. My time frame is about three weeks.

Entry on   January 23 at $32.41 
Change since picked:     + 0.41   			
Earnings Date          03/18/10 (unconfirmed)    
Average Daily Volume:       598 thousand
Listed on   January 23, 2009    


RTI Intl. - RTI - close: 25.61 change: +0.86 stop: 27.01

RTI is still trying to bounce from its rising 40-dma. The $26-27 zone should hold some overhead resistance. I'd consider new positions on a failed rally but we're almost out of time. RTI is due to report earnings on Feb. 4th and we do not want to hold over the announcement. More conservative traders may want to exit early now before this turns into a potential loss. Our target to exit is $23.00.

Entry on   January 25 at $25.83 (small positions)
Change since picked:     - 0.22   			
Earnings Date          02/04/10 (confirmed)    
Average Daily Volume:       720 thousand
Listed on   January 25, 2009    


SBA Communications - SBAC - close: 34.06 change: +0.97 stop: 35.55

SBAC's oversold bounce produced a 2.9% gain. Shares are now back above the 50-dma. Look for resistance near $35.00 and wait for the bounce to roll over before initiating new bearish positions. Our target is $30.15. More aggressive traders could aim for the 200-dma.

Entry on   January 28 at $33.45
Change since picked:     + 0.61   			
Earnings Date          02/25/10 (unconfirmed)    
Average Daily Volume:       1.5 million 
Listed on   January 26, 2009    


J.M.Smucker CO - SJM - close: 61.12 change: +1.05 stop: 61.51

SJM is bouncing from its rising 50-dma. I don't expect the bounce to get very far. Nimble traders could try bearish positions in the $61.50-62.50 zone. I'm suggesting readers wait for a breakdown with a trigger to open positions at $59.49. Our target is $55.15. More nimble traders could try and open positions in the $61.50-52.00 zone.

Entry on   January xx at $xx.xx <-- TRIGGER @ 59.49
Change since picked:     + 0.00   			
Earnings Date          02/24/10 (unconfirmed)    
Average Daily Volume:       698 thousand
Listed on   January 30, 2009    


Warner Chilcott - WCRX - close: 25.46 change: -1.87 stop: 29.31

Target achieved and a lot faster than we expected. There were two broker comments out on WCRX this morning. One firmed raised their price target on WCRX to $35. Another firm downgraded shares of WCRX. You can see who won here. WCRX gapped open lower at $26.65 and hit $24.98 before paring its losses. Our first target to take profits was at $25.00.

I'm not suggesting new positions at this time. Wait for another failed rally in the $27-28 zone. We still have a second target at $22.25. FYI: I've adjusted our entry point to $26.65.

chart:

Entry on   January 30 at $26.65 /gap down entry point
Change since picked:     - 1.19
                             /1st target hit @ 25.00 (-6.1%)
Earnings Date          02/26/10 (unconfirmed)    
Average Daily Volume:       1.3 million 
Listed on   January 30, 2009