BULLISH Play Updates

Patterson Companies - PDCO - close: 28.63 change: -0.58 stop: 27.95

Watch out! More conservative traders may want to abandon ship. Today's breakdown in the S&P 500 suggest the index is headed for 1050 to 1035. That could be enough to push PDCO under support near $28.00 and its 50-dma. I am not suggesting new positions at this time. PDCO gave up 1.9% and managed to hold the 40-dma. I do think it's headed for the 50-dma near $28.00. Cautious traders not willing to jump ship could raise their stops toward $28.40 instead.

Our first target to take some money off the table is $30.90. Our second target is $32.45. We do not want to hold over the February 18th earnings report so PDCO may not reach our second target in time.

Entry on  February 02 at $29.16 /gap down entry
Change since picked:     - 0.53   			
Earnings Date          02/18/10 (unconfirmed)    
Average Daily Volume:       1.3 million 
Listed on  February 02, 2009    


BEARISH Play Updates

Atlas Air Worldwide - AAWW - close: 38.18 change: +0.58 stop: 39.10

It was a volatile morning for AAWW. The company guided Q4 earnings higher toward $1.10 a share. Wall Street was only expecting $0.79. AAWW doesn't actually report earnings for another couple of weeks. The stock initially gapped open higher on the news, quickly plunged to its 50-dma and then bounced. If we do not see some relative weakness in AAWW tomorrow I will probably close the play early. Our first target is $32.60.

Entry on   January 23 at $37.66 /gap open entry
Change since picked:     + 0.52   			
Earnings Date          02/24/10 (unconfirmed)    
Average Daily Volume:       291 thousand
Listed on   January 23, 2009    


American Tower Corp. - AMT - close: 41.02 change: -1.77 stop: 43.75

AMT has broken down from its sideways consolidation and fell under support near $42.00 and its 50-dma again. I was suggesting a move under $41.80 as a new entry point.

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:     - 0.88   			
Earnings Date          02/24/10 (unconfirmed)    
Average Daily Volume:       2.8 million 
Listed on   January 26, 2009    


Ameritrade - AMTD - close: 16.71 change: -0.56 stop: 18.60 *new*

Financials were some of the worst performers on Thursday and AMTD lost 3.2% to close at new multi-month lows. I am lowering our stop loss to $18.60. 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:     - 1.17   			
Earnings Date          04/21/10 (unconfirmed)    
Average Daily Volume:       6.1 million 
Listed on   January 28, 2009    


Best Buy - BBY - close: 35.59 change: -1.44 stop: 39.55 *new*

Now would be a good time to start taking profits in BBY. Shares gave up 3.8% setting new five-month lows. Several retailers offered positive sales news this morning but it didn't help the retail sector. Odds look good that BBY will hit our first target at $35.25 tomorrow. Readers may want to go ahead and start taking some money off the table now. Please note our new stop loss at $39.55. Our second and final target is $32.25.

Entry on   January 12 at $38.95 (small positions)
Change since picked:     - 3.36
Earnings Date          03/25/10 (unconfirmed)    
Average Daily Volume:       8.0 million      
Listed on   January 02, 2009    


Companhia Brasileira de Distribuicao - CBD - cls: 63.81 chg: -5.60 stop: 72.65 *new*

Foreign markets were plunging fast on European debt fears. The Brazilian market was unable to avoid the worldwide sell-off. Shares of CBD lost 8.0% and broke down under technical support at the 100-dma. Tuesday's high was $72.58. I am lowering our stop loss down to $72.65. We wanted 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:     - 5.59 
Earnings Date          03/03/10 (unconfirmed)    
Average Daily Volume:       261 thousand
Listed on   January 23, 2009    


DSW Inc. - DSW - close: 25.47 change: -0.99 stop: 25.55

DSW gave up 3.7% as traders take profits on the recent bounce. If the stock does not continue to retreat tomorrow we'll drop DSW as a bearish candidate. At the moment our trigger to open bearish positions is 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: 48.36 change: -2.10 stop: 52.55

The oversold bounce has reversed and FFIV lost 4.1% on Thursday. More conservative traders may want to adjust their stops down toward Wednesday's high. Our first target is $46.10. Our second target is $44.00.

Entry on   January 29 at $49.45 
Change since picked:     * 1.09   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       1.2 million 
Listed on   January 28, 2009    


Life Technologies - LIFE - close: 47.65 change: -1.60 stop: 52.01

LIFE is accelerating lower and shares are now testing their January lows. I don't see any changes from my prior comments. 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:     - 2.06   			
Earnings Date          01/28/10 (confirmed)    
Average Daily Volume:       2.6 million 
Listed on   January 30, 2009    


SBA Communications - SBAC - close: 31.82 change: -1.34 stop: 35.05 *new*

The sell-off in SBAC accelerated with a 4.0% drop toward its 100-dma. I am adjusting our stop loss down to $35.05. Our target is $30.15. More aggressive traders could aim for the 200-dma.

Entry on   January 28 at $33.45
Change since picked:     - 1.63   			
Earnings Date          02/25/10 (unconfirmed)    
Average Daily Volume:       1.5 million 
Listed on   January 26, 2009    


J.M.Smucker CO - SJM - close: 60.30 change: -1.57 stop: 61.51

SJM gave up 2.5% and closed under its 50-dma. We're still waiting for a breakdown under its January lows. The plan is to open bearish positions with a trigger at $59.49. Our target is $55.15.

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: 25.75 change: -0.49 stop: 29.31

It was a relatively quiet session for WCRX. Shares only lost 1.8% versus the 3.1% decline in the S&P 500. I'm not suggesting new positions at these levels. We still have a second target at $22.25.

Entry on   January 30 at $26.65 /gap down entry point
Change since picked:     - 0.90
                             /1st target hit @ 25.00 (-6.1%)
Earnings Date          02/26/10 (unconfirmed)    
Average Daily Volume:       1.3 million 
Listed on   January 30, 2009    


WIPRO Ltd - WIT - close: 19.78 change: -1.12 stop: 23.55

More aggressive traders may want to go ahead and jump in now with today's close under the 100-dma and the $20.00 level. I would rather wait. I'm suggesting readers stick to the plan and use a trigger at $21.75 to open bearish positions. If triggered our first target is $20.00. Our second target is $18.05.

Entry on  February xx at $xx.xx <-- TRIGGER @ 21.75
Change since picked:     + 0.00   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       934 thousand
Listed on  February 00, 2009    


CLOSED BULLISH PLAYS

CVR Energy - CVI - close: 8.12 change: -0.26 stop: 7.95

On Wednesday night we turned cautious on CVI and raised the stop to $7.95. This morning CVI broke support at $8.00 and hit our stop loss closing this trade. I would keep CVI on your watch list. The 50-dma could offer more support. Or you could wait for a breakout past the 200-dma.

chart:

Entry on   January 19 at $ 8.20 
Change since picked:     - 0.25 <-- stopped @ 7.95 (-3.0%)
Earnings Date          03/10/10 (confirmed)         
Average Daily Volume:       411 thousand     
Listed on   January 17, 2009    


Wyndham Worldwide - WYN - close: 20.73 change: -0.83 stop: 20.80

The widespread market weakness was too much for WYN. Investors started taking profits and shares lost 3.8%. The stock edged under its 50-dma and hit our stop loss at $20.80 in the process.

chart:

Entry on  February 03 at $21.71 /gap down entry
Change since picked:     - 0.91 <-- stopped $ 20.80 (-4.1%)
Earnings Date          02/10/10 (confirmed)    
Average Daily Volume:       3.0 million 
Listed on  February 02, 2009    


CLOSED BEARISH PLAYS

Children's Place - PLCE - close: 35.55 change: +1.15 stop: 35.05

It has been somewhat shocking to see the relative strength in PLCE these last few days. Today's rally actually had a reason behind it. Several retailers reported same store sales figures for January this morning. Analysts were expecting PLCE to announce +1.2% same-store sales growth. The company surprised to the upside with +12% sale growth. If that wasn't enough management also raised their earnings forecast for $0.99-1.04/a share versus estimates for $0.81. Now you can see why the stock gapped open higher at $35.34. Our play was closed at the opening print.

chart:

Entry on   January 23 at $32.41 
Change since picked:     + 2.93<-- stopped @ 35.34 (+9.0%)
Earnings Date          03/18/10 (unconfirmed)    
Average Daily Volume:       598 thousand
Listed on   January 23, 2009