Editor's Note:
Metals like gold and copper both saw a dip today. Meanwhile equities were consolidating sideways. I would be cautious on bullish positions. Stocks look overbought.

-James

Current Portfolio:


BULLISH Play Updates

Bristol-Myers Squibb - BMY - close: 32.96 change: +0.13

Stop Loss: 30.75
Target(s): 33.50
Current Gain/Loss: +5.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
10/11 update: BMY continues to climb. Shares traded over $33.00 for the first time since 2002. Shares do look short-term overbought here. More conservative traders may want to take profits early right here, especially if you have the call option. Our final target is $33.50.

current Position: Long BMY stock @ $31.15

- or -

Long 2012 Jan. $30 call (BMY1221A30) Entry $2.26

10/10 new stop loss @ 30.95
10/04 new stop loss @ 30.75
09/27 new stop loss @ 29.90
09/26 trade opened

Entry on September 26 at $31.15
Earnings Date 10/26/11 (unconfirmed)
Average Daily Volume = 13.6 million
Listed on September 22, 2011


PowerShares Gold Double Long - DGP - close: 55.25 change: -0.70

Stop Loss: 50.50
Target(s): 60.00
Current Gain/Loss: -0.0%
Time Frame: 8 to 10 weeks
New Positions: see below

Comments:
10/11 update: There was no follow through on yesterday's bullish breakout over $55 and its 100-dma. That's disappointing but a little profit taking on yesterday's big move is not out of the ordinary. More cautious traders might want to raise their stop loss. I am not suggesting new positions in the DGP at this time.

- Small Positions -

current Position: long the DGP @ $55.26

10/08 adjusted exit target to $60.00
10/04 new stop loss @ 50.50
09/27 trade opened
09/26 reload this trade. Buy the open tomorrow, new stop 49.40
09/26 Trade opened on gap down at $51.96.
Trade stopped out at $51.45 (-0.9% loss)

Entry on September 27 at $55.26
Earnings Date --/--/--

1st Attempt:

Entry on September 26 at $51.96
Exit on September 26 at $51.45 (-0.9%)


Average Daily Volume = 1.3 million
Listed on September 24, 2011


Copper ETF - JJC - close: 42.60 change: -1.12

Stop Loss: see below
Target(s): 47.50
Current Gain/Loss: - 1.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
10/11 update: After a big four-day bounce copper hit some profit taking today. Shares of the JJC gapped open lower at $42.07 but quickly pared its losses. Personally, I would use this dip as a new entry point launch bullish positions.

current Position: Long JJC (ETF) @ $43.25

- or -

Long NOV $45 call (JJC1119K45) Entry $1.90

10/10 JJC hit our upside trigger at $43.25, stop 41.25

Entry on October 10 at $43.25
Earnings Date --/--/--
Average Daily Volume = 461 thousand
Listed on October 08, 2011


Lowe's Companies - LOW - close: 20.53 change: -0.33

Stop Loss: 19.75
Target(s): 22.85
Current Gain/Loss: - 1.0%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
10/11 update: LOW hit some profit taking today as well. Shares pulled back toward prior resistance and what should be short-term support near $20.50. Investors can use this dip as a new entry point. More conservative traders might want to consider a tighter stop loss.

Earlier Comments:
The $22.00 level might be resistance but I'm listing our exit target at $22.85. I would keep our position size small.

current Position: Long LOW stock @ 20.75

- or -

Long NOV $21 call (LOW1119K21) Entry $0.85

Entry on October 10 at $20.75
Earnings Date 11/14/11 (unconfirmed)
Average Daily Volume = 16.7 million
Listed on October 08, 2011


EnPro Industries - NPO - close: 30.73 change: +0.03

Stop Loss: 29.80
Target(s): 34.50
Current Gain/Loss: - 0.4%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
10/11 update: After rebounding off its morning dip shares of NPO drifted sideways in a narrow range again. Readers may want to look for a move past $31.15 before considering new bullish positions.

Earlier Comments:
We want to keep our position small to limit risk.

(Small Positions)

current Position: Long NPO stock @ $30.87

- or -

Long Oct $30 call (NPO1122J30) Entry $1.75

10/10 new stop loss at $29.80

Entry on October 07 at $30.87
Earnings Date 11/03/11 (unconfirmed)
Average Daily Volume = 282 thousand
Listed on October 06, 2011


BEARISH Play Updates

None. We do not have any active bearish trades.