Editor's Note:

Our tech plays continue to look strong. Our earnings lottery ticket play is shaping up to be a winner.

Current Portfolio:


BULLISH Play Updates

Broadcom Corp. - BRCM - close: 33.06 change: +0.23 stop: 30.70

The rally in semiconductors stalled a bit but traders bought the dip near prior resistance and the sector looks poised to continue higher. BRCM also saw a morning decline. Shares opened at $32.66 and fell to 432.50 before rebounding. This is another new multi-year high. I would still consider new positions at current levels. Our first target is $34.95. I'm setting a second, more aggressive target at $37.40. Our time frame on the second target is several weeks.

Current Position: BRCM stock @ 32.66

Entry on March 11 at $32.66
Earnings Date 04/21/10 (unconfirmed)
Average Daily Volume: 8.0 million
Listed on March 10th, 2010


CITRIX Systems - CTXS - close: 47.26 change: +0.64 stop: 43.75

CTXS is extending its gains with another 1.3% rally to another 52-week high. The late-day spike in the NASDAQ suggests technology stocks should do well tomorrow morning. The question is whether or not investors will buy stocks into the weekend or start selling to lock in a gain ahead of the weekend. Our immediate target is $49.90.

Current Position: CTXS stock @ 46.08

Entry on March 10 at $46.08
Earnings Date 04/29/10 (unconfirmed)
Average Daily Volume: 4.5 million
Listed on March 9th, 2010


Ford Motor Co. - F - close: 12.91 change: +0.09 stop: 12.45

The sideways consolidation continues. If you're feeling optimistic then the good news is the lack of profit taking is a show of strength and suggests Ford is merely building up steam for a new leg higher. I am not suggesting new bullish positions at this time.

Ford has already hit our first target at $12.50. Our second, longer-term target is $13.40. More aggressive traders could aim for $14 or higher.

Current Position: Ford stock @ $11.72

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


FWLT - Foster Wheeler $26.95, change -0.07, stop $24.35

After several days of gains FWLT took the day off. Shares floated sideways after a little bit of volatility this morning. I don't see any changes from my prior comments. The $28.00 level should be overhead resistance and happens to be our target to exit. No new positions at this time.

Current Position: FWLT @ $25.13 with a stop at $23.75.

Option buyers:
Current Position: APR $26.00 CALL (FWLT 10D2600) @ $1.10

Entry on March 04 at $25.13
Earnings Date N/A
Average Daily Volume: 4.5M
Listed on March 3rd, 2010


NUCOR - NUE - close: 45.01 change: -0.02 stop: 42.75

NUE is not making much progress. Shares are churning sideways in the $44-45.50 region. The gap down this morning might have been due to the higher than expected rise of inflation in China. Investors were temporarily worried that rising inflation would force China to raise interest rates, which would slow down their economy and thus reduce demand for materials. Mining stocks took the biggest hit on this news but steel stocks could have been affected as well. I am not suggesting new positions at this time. Our first target is $46.75. Our second and final target is $49.85. Our time frame is several weeks.

Current Position: NUE stock @ $42.98

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


POWR - Powersecure Intl $8.35, Change +0.35, stop $7.45

Tonight is the night that POWR reports earnings. Shares were in rally mode heading into the report with a 4.3% gain today. It looks like the rally might continue tomorrow. POWR reported its Q4 earnings after the closing bell and beat estimates by 5 cents a share. Revenues came in at $30 million compared to estimates at $28.4 million. The stock was trading over $8.65 in after hours.

Option traders might want to exit their positions tomorrow morning on any pop higher. Odds are good that we might exit tomorrow at the close just to lock in a gain.

Current Position: POWR stock with a stop at $7.45

Option buyers:
Current Position: MARCH $7.50 CALL (POWR 10C0750) @ $0.55

Entry on March 03 at $ 7.64
Earnings Date 03/11/10 (confirmed)
Average Daily Volume: 78K
Listed on March 2nd, 2010


ParkerVision Inc. - PRKR - close: 2.45 change: -0.03 stop: 1.99

After a 25% rally in two days it looks like the rally has paused for a moment. Shares dipped to $2.31 intraday before bouncing back. This is a very aggressive trade and I'm not suggesting new positions at this time. PRKR has already hit our first target at $2.49. Our second target is $2.95 but PRKR will face potential resistance at its 200-dma first.

Current Position: PRKR stock @ 2.30

Entry on March 10 at $ 2.30
Earnings Date 03/15/10 (unconfirmed)
Average Daily Volume: 114 thousand
Listed on March 9th, 2010


Wells Fargo - WFC - close: 29.76 change: +0.19 stop: 27.90

WFC is off to a decent start. Shares opened at $29.53 and traders bought the dip twice today in the $29.25-29.30 zone. Banking stocks look poised to rally from current levels and WFC's 0.6% gain today outperformed the S&P 500. After months of consolidating sideways the financials finally look ready to lead the market higher again. Our first target is $31.35. The inverse H&S pattern would suggest at $34 target.

Current Position: WFC stock @ 29.53

Entry on March 11 at $29.53
Earnings Date 04/22/10 (unconfirmed)
Average Daily Volume: 38.1 million
Listed on March 10th, 2010


BEARISH Play Updates

Dragonwave - DRWI - close: 9.39 change: -0.81 stop: 11.05 *new*

Ouch! After yesterday's failed rally at the 100-dma the sell-off continued today in earnest. Shares lost 7.9% and set a new relative low. I am lowering our stop loss to $11.05 for now. Our first target to take profits is at $8.75.

Current Position: (SHORT) DRWI @ $10.48

Entry on March 8th at $10.48
Earnings Date April (unconfirmed)
Average Daily Volume: 1.2 million
Listed on March 6th, 2010


PALM - Palm Inc - close: 5.57 change: -0.14 stop: 6.50

PALM also under performed the market with a 2.4% decline. Volume was a little light but the path of least resistance is definitely down. A drop under $5.40 would definitely reinforce the downtrend. Our first target to take profits is at $4.00.

Current Position: (SHORT) PALM @ $ 5.80

Entry on March 8th at $ 5.80
Earnings Date April (unconfirmed)
Average Daily Volume: 25 million
Listed on March 6th, 2010


CLOSED BULLISH PLAYS

Raytheon Co - RTN - close: 56.99 change: -0.11 stop: 56.35

We have been stopped out of RTN. The entire defense sector spiked lower this morning and RTN slipped to $56.09 before paring its losses. Our stop loss was hit at $56.35. Traders might want to keep RTN on their watch list for a bounce from $55.00, which should be support. However, my concern now is that RTN doesn't seem to move that fast.

Closed Position: RTN stock @ 56.35 (stopped out)
Entry was at $55.85

Chart:

Entry on February 25 at $55.85
Earnings Date 04/22/10 (unconfirmed)
Average Daily Volume: 2.9 million
Listed on February 20, 2009