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Call Updates

None
 

Put Updates

AutoZone - AZO - close: 98.76 chg: +0.87 stop: 100.01

The major stock averages just refuse to consolidate lower and its causing grief with our bearish plays. Traders holding puts probably need to be on the defensive here. We would not suggest new bearish positions until AZO traded back under $97.50 or even $97.00.

Picked on July 25 at $ 98.13
Change since picked: + 0.63
Earnings Date 09/20/05 (unconfirmed)
Average Daily Volume = 748 thousand

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Fedex Corp - FDX - close: 85.50 chg: +0.74 stop: 86.01

FDX added another 0.87% following yesterday's rebound from the bottom of its $84-86 short-term trading range. We noticed the rally today stalled at its simple 50-dma near $85.55-85.60. We are surprised that the transports are doing this well with crude oil at yet another new all-time high, this time above $64.00 a barrel. We remain on the sidelines with FDX. Our suggested entry point to buy puts is at $82.85.

Picked on July xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 09/22/05 (unconfirmed)
Average Daily Volume = 2.0 million

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Fannie Mae - FNM - close: 55.87 chg: +0.02 stop: 59.01

No change here today. FNM continues to under perform the market. Our target is the $51.50-50.00 range. If FNM does bounce the $56.50 level should be its first level of overhead resistance.

Picked on July 27 at $ 56.49
Change since picked: - 0.62
Earnings Date 00/00/05 (unconfirmed)
Average Daily Volume = 3.3 million

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Google - GOOG - close: 299.19 chg: +7.58 stop: 300.01

With the NASDAQ breaking out over resistance at the 2200 level we are not surprised to see momentum traders pushing GOOG higher as well. The rally did stall at the $300 mark so it will be interesting to see if there is any follow through tomorrow. Fortunately we are still on the sidelines waiting to see if GOOG will fall in line with its bearish P&F chart sell signal. Our suggested entry point to buy puts on GOOG is at $284.50. Remember, this is a very aggressive, high-risk play.

Picked on July xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 13.6 million

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Infosys Tech. - INFY - cls: 72.28 chg: +1.13 stop: 74.05

A strong day in software stocks helped propel INFY back towards the top of its short-term trading range. We would not suggest new bearish positions until INFY traded under the $70.00 level.

Picked on July 20 at $ 69.92
Change since picked: + 2.36
Earnings Date 07/12/05 (confirmed)
Average Daily Volume = 922 thousand

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Lehman Brothers - LEH - cls: 106.60 chg: +1.07 stop: 108.01

The XBD broker-dealer index turned in a very strong session adding 1.26%. This helped push LEH back towards the top of its two-week trading range. We are not suggesting new positions in this speculative, high-risk play but traders may want to consider buying the August $100 puts if LEH trades under $105.00.

Picked on July 21 at $105.13
Change since picked: + 1.47
Earnings Date 06/14/05 (confirmed)
Average Daily Volume = 2.7 million

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3M Co. - MMM - close: 74.88 change: -0.42 stop: 76.77

How interesting... the DJIA adds 60 points today and MMM can't continue its recent three-day bounce. This could be a failed rally under technical resistance at its simple 50-dma. We remain bearish but traders may want to wait for another decline under the $74.00 level before initiating new positions.

Picked on July 19 at $ 74.29
Change since picked: + 0.59
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Panera Bread - PNRA - close: 57.74 chg: -0.33 stop: 60.01

No change here. PNRA continues to show relative weakness and failed to participate with the market's rally today. This is good news for the bears! Our target is the $52.50-51.00 range.

Picked on August 1 at $ 57.49
Change since picked: + 0.25
Earnings Date 08/09/05 (confirmed)
Average Daily Volume = 601 thousand
 

Dropped Calls

Las Vegas Sands - LVS - close: 40.42 chg: +0.15 stop: 38.25

Per our plan we are exiting LVS ahead of its earnings, which are due out tomorrow. Wall Street is expecting 26 cents a share.

Picked on July 21 at $ 40.31
Change since picked: + 0.11
Earnings Date 08/03/05 (confirmed)
Average Daily Volume = 934 thousand

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Pediatrix Med Group - PDX - cls: 79.60 chg: +0.92 stop: 76.10

Target achieved. PDX managed another strong surge this morning and pierced our target range of $79.50-80.00. We were going to exit today anyway to avoid holding over PDX's earnings, which are due out tomorrow.

Picked on July 11 at $ 76.10
Change since picked: + 3.50
Earnings Date 08/03/05 (confirmed)
Average Daily Volume = 158 thousand
 

Dropped Puts

Nike Inc - NKE - close: 85.83 chg: +2.97 stop: 85.51

Well today was certainly unexpected. NKE spiked down this morning toward the $80.00 level (79.97) and immediately rebounded. The bounce was very volatile and shares powered back through resistance at its exponential 200-dma, its simple 100-dma, its simple 200-dma and the $85.00 mark with a surge of volume. It makes one wonder if someone knows something we don't because we can't find any news whatsoever to account for the sudden show of strength. What's important to us today is the fact that the rebound stopped us out at $85.51.

Picked on August 1 at $ 83.39
Change since picked: - 0.53
Earnings Date 09/26/05 (unconfirmed)
Average Daily Volume = 1.5 million
 

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