Banking stocks were some of the best performers today and biotech maintain their bullish trend. Neither trend bodes well for our BEN, AMTD, or LIFE trades.


BULLISH Play Updates

UltraShort Europe - EPV - close: 24.39 change: -0.57 stop:21.75

Shares of EPV saw a little volatility this morning. The ETF gapped open at $24.82 and spiked over $26.00 before reversing. I don't see any changes from my Tuesday night comments. Europe still looks vulnerable and the protests going in Greece certainly don't help.

I do consider this somewhat aggressive since we're trading a double ETF, which tends to be volatile. Our first target to take profits is at $29.50.

Entry on  February 23 at $24.82 /gap open entry
Change since picked:     - 0.43   			
Earnings Date          --/--/-- 
Average Daily Volume:        98 thousand
Listed on  February 23, 2010    


Ford Motor Co. - F - close: 11.73 change: +0.13 stop: 10.99

Ford posted a 1.1% gain. Unfortunately most of it was at the open when shares gapped higher at $11.72. I've adjusted our entry point. I'd still consider new positions now but nimble traders could wait and try buying a dip in the $11.50-11.40 zone. There is potential resistance at the January highs but our first target is $12.50. Our second, longer-term target is $13.40. Our time frame is several weeks.

Entry on  February 23 at $11.72 /gap higher entry
Change since picked:     + 0.01   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:        96 million 
Listed on  February 23, 2010    


Lennox Intl. - LII - close: 42.80 change: -0.14 stop: 39.75

LII continues to contract. We just need to be patient and wait for the dip toward support. The plan is to buy LII on a dip at $41.00. More aggressive traders could use a stop under $39.00. If triggered our first target is $44.95. LII doesn't move super fast so be patient.

Entry on  February xx at $xx.xx <-- TRIGGER @ 41.00
Change since picked:     + 0.00   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       591 thousand
Listed on  February 18, 2009    


NUCOR - NUE - close: 42.09 change: +0.09 stop: 39.95

It's really good news to see that NUE did not continue much lower. Yesterday's decline looked ugly. That doesn't mean the pull back is over. I would want to see a new bounce over $43.00 before considering new positions.

Our first target to take profits is at $46.75. Our second and final target is $49.85. Our time frame is about four to six weeks.

Entry on  February 16 at $42.98 (small positions)/gap higher entry
Change since picked:     - 0.89   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       6.1 million 
Listed on  February 16, 2009    


Patterson Companies - PDCO - close: 30.09 change: +0.44 stop: 27.99

PDCO is still inching higher. I don't want to chases it. Odds are in our favor that shares will see another small dip toward the 40 or 50-dma. Our plan is to buy PDCO on a dip at $29.00. More conservative traders may want to up their stop toward the $28.50 region. If we are triggered at $29.00 our first target is $32.50. Our time frame is four to six weeks.

Entry on  February xx at $xx.xx <-- TRIGGER @ 29.00
Change since picked:     + 0.00   			
Earnings Date          05/20/10 (unconfirmed)    
Average Daily Volume:       1.4 million 
Listed on  February 20, 2009    


ROSS Stores - ROST - close: 48.14 change: +1.12 stop: 44.85

It's about time! It looks like our patience will be rewarded with ROST out performing the market today. Shares rallied 2.3% and broke out over short-term resistance near $47.50. Our target to exit is $49.75.

Entry on  February 13 at $46.43 (small positions)
Change since picked:     + 1.87   			
Earnings Date          03/18/10 (unconfirmed)    
Average Daily Volume:       2.4 million 
Listed on  February 13, 2009    


Raytheon Co - RTN - close: 56.17 change: +0.66 stop: 52.75

There is no change from my prior comments. Be patient and wait for your entry point. I'm suggesting a trigger at $54.25. If triggered at $54.25 our first target is $59.00. Our time frame is four to six weeks.

Entry on  February xx at $xx.xx <-- TRIGGER @ 54.25
Change since picked:     + 0.00   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       2.9 million 
Listed on  February 20, 2009    


BEARISH Play Updates

Ameritrade - AMTD - close: 17.45 change: +0.05 stop: 18.26

Financials were some of the best performers on Wednesday so it's not surprising to see AMTD bounce a little bit. Our first target is $16.10. Our second target is $15.05. Our time frame is about six weeks.

Entry on   January 28 at $17.88 
Change since picked:     - 0.43   			
Earnings Date          04/21/10 (unconfirmed)    
Average Daily Volume:       6.1 million 
Listed on   January 28, 2009    


Life Technologies - LIFE - close: 50.26 change: +0.76 stop: 52.01

Uh-oh! Yesterday looks like a great failed rally at resistance and thus an entry point. Yet there was no follow through lower today. Instead shares gapped open higher (see note below) and posted a 1.5% gain. The close over $50.00 doesn't help us either. More conservative traders may want to lower their stops down toward $51.00. If shares close over $50.75 we might just close this play early. Our first target to take profits is $46.50. Our second, more aggressive target is $44.00.

FYI: This morning before the bell LIFE announced the Applied Biosystems SOLiD PI system, "a new highly accurate, flexible, and easy-to-use genomic analysis platform that will bring the next-generation sequencing within the grasp of all science research laboratories worldwide." The "list" price for this device is $230,000.

Entry on   January 30 at $49.71 
Change since picked:     + 0.55   			
Earnings Date          01/28/10 (confirmed)    
Average Daily Volume:       2.6 million 
Listed on   January 30, 2009    


LuLuLemon - LULU - close: 28.40 change: +0.47 stop: 29.51

Hmmm... lack of follow through lower on LULU's recent bearish reversal is a but discouraging. Traders bought the dip at LULU's 100-dma. More conservative traders may want to wait and watch to see if the bounce rolls over again under the $29.00-29.50 zone before initiating new positions. Our first target to take profits is at $25.10. Our second target is $22.75.

Entry on  February 23 at $27.93 
Change since picked:     + 0.47   			
Earnings Date          03/25/10 (unconfirmed)    
Average Daily Volume:       668 thousand
Listed on  February 23, 2010    


PACCAR Inc. - PCAR - close: 35.71 change: +0.81 stop: 36.65

Warning! PCAR produced a volatile morning with shares surging higher. I couldn't find any specific news to account for the stock's relative strength. Look to see if this bounce rolls over under $36.00 or its 50-dma before launching new positions. Our first target is $32.00. Our second target is $30.50. Our time frame is several weeks. FYI: It is worth noting that the most recent data listed short interest at 7.5% of the 321-million share float.

Entry on  February 23 at $34.90
Change since picked:     + 0.81   			
Earnings Date          04/28/10 (unconfirmed)    
Average Daily Volume:       3.1 million 
Listed on  February 20, 2009    


WIPRO Ltd - WIT - close: 21.01 change: +0.22 stop: 21.65 *new*

It's hard to see but WIT is working on a short-term trend of lower highs and lower lows. I am turning a bit more cautious and we're lowering the stop loss down to $21.65. The $21.50 level should be resistance. Our target is $18.05.

Entry on  February 17 at $21.35
Change since picked:     - 0.34   			
Earnings Date          04/22/10 (unconfirmed)    
Average Daily Volume:       934 thousand
Listed on  February 00, 2009    


Yum Brands - YUM - close: 33.71 change: +0.13 stop: 34.15

Our entry point on YUM has changed. The stock gapped open higher at $33.73 this morning. Shares struggled to build on its morning strength. I'm still bearish with YUM trading under $33.85 but more conservative traders may want to wait for a little more weakness before launching positions. Our first target is $30.15. Our longer-term target is $28.00.

Entry on  February 23 at $33.73 /gap open entry
Change since picked:     - 0.02   			
Earnings Date          02/24/10 (unconfirmed)    
Average Daily Volume:       4.3 million 
Listed on  February 23, 2010    


CLOSED BEARISH PLAYS

SBA Communications - SBAC - close: 34.89 change: +0.51 stop: 35.05

I am giving up and throwing in the towel on SBAC. Shares have been showing way too much relative strength. Now the stock looks poised to breakout over resistance at $35.00. We were going to exit early ahead of earnings anyway.

chart:

Entry on   January 28 at $33.45
Change since picked:     + 1.44 <-- exit early @ 34.89 (+4.3%)
Earnings Date          02/25/10 (confirmed)    
Average Daily Volume:       1.5 million 
Listed on   January 26, 2009