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Call Updates

None
 

Put Updates

Alliance Res.Part. - ARLP - cls: 91.41 chg: +1.94 stop: 91.01

There is no change here in ARLP. The stock managed a small bounce from the $90.00 level this morning and then churned sideways. This is a very speculative, high-risk play where we are trying to scalp a few points if ARLP finally succumbs to profit taking. We are suggesting an entry point at $89.39 to open the play. Our initial target is the $85.00-84.00 range.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/27/05 (confirmed)
Average Daily Volume = 60 thousand

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

The momentum in the Dow Transportation index is waning and the TRAN looks poised to breakdown under technical support at its rising 10-dma. That would be good news for our play in FDX, which continues to struggle under its own simple 50-dma. We are suggesting that traders use a trigger at $82.85 to buy puts.

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: 55.40 chg: -0.47 stop: 59.01

FNM continues to move the right direction for us. The relative weakness is a good sign for the bears. Our target is the $51.50-50.00 range. Traders can probably expect an oversold bounce from the $55.00 level but watch for it to fail under its 100-dma.

Picked on July 27 at $ 56.49
Change since picked: - 1.09
Earnings Date 00/00/05 (unconfirmed)
Average Daily Volume = 3.3 million

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Google - GOOG - close: 297.23 chg: -1.96 stop: 300.01

Today's failure to breakout over the $300.00 level may be a clue to GOOG's direction. Very aggressive traders might want to consider bearish plays here. We're feeling aggressive enough with a trigger to buy puts at $284.50, under the recent low and its simple 50-dma.

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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Lehman Brothers - LEH - cls: 106.65 chg: +0.05 stop: 108.01

There is no change in our strategy with LEH. The stock continues to oscillate between $105.00 and $107.00. We would probably not suggest new bearish positions until LEH trades under $105.00. Our target is the $100.00 level before the August $100 puts expire.

Picked on July 21 at $105.13
Change since picked: + 1.52
Earnings Date 06/14/05 (confirmed)
Average Daily Volume = 2.7 million

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3M Co. - MMM - close: 74.19 change: -0.69 stop: 76.77

This could be a new bearish entry point. We've been suggesting that traders wait for MMM to trade under the $74.00 level again before buying puts. Well, MMM hit $73.92 late this afternoon. Listening to CNBC today we heard one of their guests label MMM as a "sell" candidate since the company's earnings are flat.

Picked on July 19 at $ 74.29
Change since picked: - 0.10
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Panera Bread - PNRA - close: 57.85 chg: +0.11 stop: 60.01

We are running out of time here with PNRA. We only have three more trading days. The plan is to exit on Monday afternoon at the close to avoid holding over PNRA's Tuesday morning earnings report. The six-week trend is bearish and if the markets could just give us a decent sell-off then PNRA might really pick up momentum. Our target is the $52.50-51.00 range.

Picked on August 1 at $ 57.49
Change since picked: + 0.36
Earnings Date 08/09/05 (confirmed)
Average Daily Volume = 601 thousand
 

Dropped Calls

None
 

Dropped Puts

AutoZone - AZO - close: 103.80 chg: +5.04 stop: 100.01

We can thank SmithBarney for today's rally in AZO. The analyst firm upgraded the stock to a "buy" and slapped a $115 price target on the stock. Investors responded positively and shares gapped open at $101.00 and then ran higher. This is a significant breakout over what was a potential double-top pattern with resistance at the $100.00 level. We were stopped out at the open at $101.00.

Picked on July 25 at $ 98.13
Change since picked: + 5.67
Earnings Date 09/20/05 (unconfirmed)
Average Daily Volume = 748 thousand

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Infosys Tech. - INFY - cls: 74.52 chg: +2.24 stop: 74.05

We have been stopped out. INFY out performed the U.S. markets and the software sector with its 3% rally today. We suspect this is a reflection of the strength in the Indian stock market, which once again hit another new all-time high with a sharp spike this morning. The move over $74.00 in INFY, which put it back into the gap down, hit our stop loss at $74.05.

Picked on July 20 at $ 69.92
Change since picked: + 4.60
Earnings Date 07/12/05 (confirmed)
Average Daily Volume = 922 thousand
 

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