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Call Updates

Anadarko Petroleum - APC - cls: 77.17 chg: -1.55 stop: 72.45

Yesterday we suggested that readers be ready for a dip and noted that a bounce from the $75-76 range could be used as a new bullish entry point. Look for more weakness tomorrow, especially if crude pulls back.

Picked on March 31 at $ 76.10
Change since picked: + 1.07
Earnings Date 04/29/05 (unconfirmed)
Average Daily Volume = 2.3 million

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Occidental Petrol. - OXY - cls: 73.09 chg: -0.55 stop: 67.99

OXY pulled back today as well but performed better than many of its peers. Yesterday's comments about watching for a bounce from support as a new entry point still apply.

Picked on April 03 at $ 73.64
Change since picked: - 0.55
Earnings Date 04/26/05 (confirmed)
Average Daily Volume = 2.4 million

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Oil Service Holdrs - OIH - cls: 97.10 chg: -0.75 stop: 92.49

No surprises here. The OIH pulled back a bit but was bouncing by day's end. We would still expect the dip to continue tomorrow. Watch for a bounce from support near $95 as a new entry point.

Picked on April 03 at $ 98.70
Change since picked: - 1.60
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 3.9 million

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PalmOne - PLMO - close: 24.72 chg: -0.67 stop: 23.85*new*

Buckle your seat belt. Larger rival RIMM issued a disappointing earnings report and guidance after the bell tonight. Shares of RIMM were trading lower after hours and PLMO was trading lower in sympathy. We would expect the weakness to carry over into tomorrow. However, PLMO still has support near the $24.00 level with its 40 and 50-dma's. We're going to raise our stop loss to $23.85. We are not suggesting new positions.

Picked on March 23 at $ 25.71
Change since picked: - 0.99
Earnings Date 03/17/05 (confirmed)
Average Daily Volume = 3.2 million

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Red Robin Burger - RRGB - cls: 50.64 chg: +1.18 stop: 47.85

It was a good day for RRGB (now RRGBE). The stock added 2.38 percent to close over the $50.00 level again. This could be used as a new bullish entry point. Our target remains at $54.00.

Picked on March 10 at $ 48.00
Change since picked: + 2.64
Earnings Date 02/14/05 (confirmed)
Average Daily Volume = 199 thousand
 

Put Updates

Allergan - AGN - close: 71.03 chg: +1.96 stop: 72.51

Uh-oh! The DRG drug index soared with a 2.3 percent gain to breakout from its three-week consolidation as investors responded positively to the Pfizer news. Dow-component PFE came out with a much anticipated cost cutting plan. The company said earnings would be bad for 2005 but if they implement these cost savings earnings would be in the double-digit growth for 2006. The rally in drug stocks helped left AGN, which was already oversold, to a 2.8 percent gain. AGN should have resistance near the $72 level but bearish positions are certainly in jeopardy. Conservative traders may want to exit now to protect any remaining gains.

Picked on March 13 at $ 73.09
Change since picked: - 2.06
Earnings Date 04/29/05 (unconfirmed)
Average Daily Volume = 777 thousand

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Beazer Homes - BZH - close: 50.24 chg: -0.66 stop: 53.01

No change from previous update dated 04/03/05. News that BZH cracked the Fortune 500 based on revenues did not power any move in the stock price.

Picked on March 17 at $ 51.43
Change since picked: - 1.19
Earnings Date 04/28/05 (confirmed)
Average Daily Volume = 742 thousand

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Intl Bus. Mach. - IBM - close: 89.57 chg: -0.75 stop 92.15

IBM announced it would begin expensing stock options starting with the first quarter. Plus, the company plans to restate its previous year of earnings to account for the stock options expense. The breakdown under $90.00 and its 200-dma is technically a new bearish entry point. However, we suggest traders be aware that our time is shrinking with earnings coming up soon. We will close the play before the earnings report. It looks like IBM will report on April 18th, at least according to today's press release.

Picked on March 17 at $ 89.86
Change since picked: - 0.29
Earnings Date 04/18/05 (unconfirmed)
Average Daily Volume = 4.8 million

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MGM Mirage - MGG - close: 69.97 chg: -0.56 stop: 72.51

Be ready. It looks like MGG's Monday bounce has already failed at the simple 10-dma under the $72.00 level. Today's close under the $70.00 mark is encouraging. Yet we are still sitting on the sidelines waiting for MGG to trade at or below our trigger of $68.75. Remember that our time frame is very short with MGG's upcoming earnings report.

Picked on March xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/19/05 (confirmed)
Average Daily Volume = 997 thousand

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Mcgraw Hill Cos - MHP - close: 86.82 chg: +0.13 stop: 88.51

No change from previous update dated (04/03/05).

Picked on March 15 at $ 88.40
Change since picked: - 1.58
Earnings Date 04/26/05 (unconfirmed)
Average Daily Volume = 751 thousand

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Millipore - MIL - close: 43.16 chg: +0.56 stop: 45.05

We are seeing a little bit of volatility in MIL. The stock rallied for a 1.3 percent gain on very strong volume. The move on Tuesday produced a bullish engulfing candlestick, which at the bottom of a trend tends to suggest a bullish reversal. The strong volume and the bullish candlestick pattern puts us on the defensive. Watch for MIL to have resistance near the $44 level and/or its 50-dma overhead.

Picked on March 16 at $ 43.95
Change since picked: - 0.80
Earnings Date 04/21/05 (confirmed)
Average Daily Volume = 358 thousand

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Pacificare Health - PHS - cls: 58.56 chg: +2.16 stop: 60.05

Ouch! PHS added 3.8 percent to almost completely erase our hypothetical "gains" after stating some positive news this morning. The company expects Federal Medicare payments to rise 6.5%-7% in 2006. Today's pop put a real crimp on the bearish technicals so much so that they are beginning to look bullish. Resistance at the $60.00 level is holding but we're not suggesting new positions.

Picked on March 20 at $ 59.04
Change since picked: - 0.48
Earnings Date 04/28/05 (confirmed)
Average Daily Volume = 1.1 million

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Wynn Resorts - WYNN - cls: 63.65 chg: -0.02 stop: 70.05

No change from previous updates 04/03/05 and 04/04/05. The stock is short-term oversold and could easily bounce to the $66 level before turning lower again.

Picked on April 03 at $ 66.04
Change since picked: - 2.39
Earnings Date 04/29/05 (unconfirmed)
Average Daily Volume = 1.1 million
 

Dropped Calls

None
 

Dropped Puts

Invitrogen - IVGN - close: 69.72 chg: +0.92 stop: 70.15

Both the biotech sector and the drug sector were empowered by the Pfizer restructuring plan. Strength in the BTK index, up 1.48 percent, helped push IVGN to a 1.33 percent gain. More importantly IVGN pierced the $70.00 level on an intraday basis and traded at our stop loss of $70.15. This could be a case of having our stop loss too tight. Readers may want to keep an eye on IVGN for a failed rally from this level and use a stop loss above $70.50. We're going to close the play per our stop at $70.15.

Picked on April 03 at $ 67.64
Change since picked: + 2.08
Earnings Date 04/21/05 (unconfirmed)
Average Daily Volume = 848 thousand

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Retail Holdrs - RTH - close: 92.70 chg: +0.69 stop: 96.51

We still can't find any news about Monday's adjustment in the RTH. We're choosing to close the play early.

Picked on April 03 at $ 94.13** Needs to be adjusted.
Change since picked: + 1.57
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 1.6 million
 

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