Editor's Note:
Our new trades from Thursday night have not been triggered yet. We want to try again and launch new positions on Monday morning.

Please note there is no conditional entry point on the USO and we've lowered the stop loss on the GEF trade.

-James

Current Portfolio:


BULLISH Play Updates

Bristol-Myers Squibb - BMY - close: 30.89 change: +0.27

Stop Loss: 28.90
Target(s): 33.50
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
09/24 update: Our new trade in BMY is not open yet. Both the stock and the S&P 500 index opened lower on Friday. The dip on Friday morning was pretty mild and did not violate the Thursday low. BMY spent most of the day consolidating sideways in the $30.75-31.00 zone. There appears to be a bad tick in the last 30 minutes of trading, which shows the intraday low at $29.66.

Overall I do not see any changes from my Thursday night comments. Not only are big cap drug stocks traditional safe haven trades but BMY has a bullish trend and trading over resistance at $30.00. Plus, BMY offers a 4.3% dividend yield. I am suggesting we try again. The plan is to buy BMY on Monday morning if both the stock and the S&P 500 index open positive.

*See Entry Details Above*

Suggested Position: buy BMY stock @ the open

- or -

buy the 2012 Jan. $30 call (BMY1221A30) current ask $2.24

chart:

Entry on September xx at $ xx.xx
Earnings Date 10/26/11 (unconfirmed)
Average Daily Volume = 13.6 million
Listed on September 22, 2011


Energy XXI Ltd. - EXXI - close: 21.51 change: -0.08

Stop Loss: 20.85
Target(s): 25.00
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
09/24 update: There is no change from my Thursday night comments. EXXI is testing support at its August lows. We want to launch bullish positions now but only if EXXI and the S&P 500 index both open positive on Monday morning. Keep in mind that EXXI can be a volatile stock. Readers may want to keep their position size small.

Earlier Comments:
NOTE: Technically you could argue that EXXI has broken down from a pennant-shaped consolidation pattern. That's bearish and another reason why we want to keep our position size pretty small to limit our risk.

*See Entry Details Above*

Suggested Position: buy EXXI stock @ the open

- or -

buy the OCT $23 call (EXXI1122J23) current ask $1.20

chart:

Entry on September xx at $ xx.xx
Earnings Date 10/26/11 (unconfirmed)
Average Daily Volume = 983 thousand
Listed on September 22, 2011


iShares Russell 2000 ETF - IWM - close: 65.14 change: +0.41

Stop Loss: 62.95
Target(s): 69.75
Current Gain/Loss: +1.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
09/24 update: Our new trade on the IWM is open. This ETF opened at $64.25 on Friday morning and managed to close up +0.6% for the session. I would still consider new bullish positions now. This looks like a chance to buy the small cap ETF near support at its August lows. I'm suggesting a stop loss at $62.95. Last week's low was $63.49 and more conservative traders may want to place their stop closer to $63.50 instead. Our first target is $69.75.

Suggested Position: Long IWM @ $64.25

- or -

Long NOV $68 call (IWM1119K68) Entry $2.69

chart:

Entry on September 23 at $64.25
Earnings Date --/--/--
Average Daily Volume = 76.7 million
Listed on September 22, 2011


U.S. Oil ETF - USO - close: 31.09 change: -0.04

Stop Loss: 29.75
Target(s): 34.50
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
09/24 update: Our new trade on the USO is not open yet. Both the ETF and the S&P 500 opened lower on Friday. Shares of the USO dipped to $30.59 intraday. While concerns over a global slow down produced big losses for oil prices last week the USO did not break below its August lows.

We want to launch new bullish positions now and we're removing any conditions that would prevent us from opening positions. Please note that I am adjusting our stop loss from $29.90 to $29.75.

*See Entry Details Above*

Suggested Position: buy the USO @ the open

- or -

buy the NOV $32 call (USO1119K32) current ask $1.99

09/24 removed conditional entry, adjusted stop to $29.75.

chart:

Entry on September xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 10.7 million
Listed on September 22, 2011


BEARISH Play Updates

5 Greif, Inc. - GEF - close: 43.60 change: +0.33

Stop Loss: 45.60
Target(s): 44.00, 40.50
Current Gain/Loss: +7.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/24 update: GEF managed a minor bounce on Friday but shares struggled with the $44.00 level on Friday morning. The stock looks oversold here. I would not open new positions. Conservative traders might want to exit early since there is a good chance that if the wider market bounces this week then GEF could follow it higher. We are going to adjust our stop loss down to $45.60. I am not suggesting new positions at this time.

Earlier Comments:
FYI: The Point & Figure chart for GEF is bearish with a $34 target. I am not suggesting the options. The spreads are too wide.

*Small Bearish Positions*

Current Position: short GEF stock @ $46.93

09/24 new stop loss @ 45.60
09/22 new stop loss @ 46.25
09/22 1st target hit at $44.00 (+6.2%)
09/21 new stop loss @ 48.55
09/19 new stop loss @ 49.55

chart:

Entry on September 12 at $46.93
Earnings Date 12/07/11 (unconfirmed)
Average Daily Volume = 247 thousand
Listed on September 10, 2011