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Call Updates

Danaher - DHR - close: 56.36 chg: -0.31 stop: 53.99

No surprises here. With the market trading lower DHR held up relatively well. Our comments yesterday suggested that traders may want to wait for a dip towards the 10-dma near $55.60 or even the $55.00 level before considering new bullish positions.

Picked on August 03 at $ 56.67
Change since picked: - 0.31
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 1.5 million
 

Put Updates

Alliance Res.Part. - ARLP - cls: 89.08 chg: -2.33 stop: 91.01

Ding! The play is now open. The market weakness today helped ARLP produce a bearish engulfing candlestick, which is normally interpreted as a bearish reversal pattern. The drop under $90.00 is good news too and ARLP traded at our suggested entry point at $89.39 to open the play. Our initial target is the $85.00-84.00 range. Some traders may want to target the simple 10-dma instead, which is currently near $83.35.

Picked on August 04 at $ 89.39
Change since picked: - 0.31
Earnings Date 07/27/05 (confirmed)
Average Daily Volume = 60 thousand

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CR Bard - BCR - close: 63.62 chg: -0.83 stop: 67.51

Looks like everyone had the same idea this morning. Following yesterday's breakdown below the 200-dma shares of BCR opened up weak today and dropped to $62.79 on heavy volume. Now there was a bounce this afternoon and we would not be surprised to see the oversold bounce push BCR back toward the $65 level. We would watch for a failed rally under the $65.00 region as a new bearish entry point (failed rally = watch for the bounce to roll over). Our short-term target is the $60.50-60.00 range. FYI: today's weakness has pushed the P&F chart target from $59.00 to $55.00.

Picked on August 03 at $ 64.45
Change since picked: - 0.83
Earnings Date 07/19/05 (confirmed)
Average Daily Volume = 553 thousand

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Fedex Corp - FDX - close: 85.00 chg: 0.35 stop: 86.01

A positive article on Barron's Online may have been the reason FDX displayed relative strength today. However, it's worth noting that FDX remains under technical resistance at its 50-dma and its rally this morning stalled under $85.20 and shares churned sideways for the rest of the session. We are sticking to our strategy to only buy puts if FDX trades at our trigger of $82.85 but more aggressive traders may want to consider new positions if FDX trades under the $84.00 level.

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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F5 Networks - FFIV - close: 38.05 chg: -0.71 stop: 42.51

We are encouraged by FFIV's weakness today (-1.8%) as it confirms yesterday's breakdown below support at the $40.00 mark. However, traders may want to be patient and look for an oversold bounce back toward the $39.00 or $40.00 region. Watch for the bounce to roll over under the $40.00 level to be a new bearish entry point. Our initial short-term target is the $35.00-34.00 range.

Picked on August 03 at $ 38.76
Change since picked: - 0.71
Earnings Date 07/20/05 (confirmed)
Average Daily Volume = 1.4 million

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Fannie Mae - FNM - close: 55.87 chg: 0.47 stop: 59.01

No surprises here. Yesterday we warned readers to watch for a potential bounce from the $55.00 level. FNM hit $55.12 this morning before rebounding. If FNM doesn't fail at the $56.00 mark then we would watch for a bounce back toward its simple 100-dma (also near its 10-dma), which should act as overhead technical resistance near $56.65.

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: 297.73 chg: 0.43 stop: 300.01

No change here. We remain on the sidelines. Our suggested entry point to buy puts is at $284.50. More aggressive traders may want to speculate on new positions if GOOG trades under $295. This is already a very 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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Lehman Brothers - LEH - cls: 105.16 chg: -1.49 stop: 108.01

Good news. The XBD broker-dealer index got hit with some profit taking today and the sector index lost 1.85 percent. This helped pull LEH down 1.39% toward three-week old support at the $105.00 level. We remain bearish and continue to target the $100.00 level but more conservative traders may want to wait for the breakdown under $105.00 before considering new positions.

Picked on July 21 at $105.13
Change since picked: 0.03
Earnings Date 06/14/05 (confirmed)
Average Daily Volume = 2.7 million

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3M Co. - MMM - close: 73.35 change: -0.84 stop: 76.77

MMM is starting to show its true colors again with a new four-week low today. Short-term technical oscillators are bearish. The decline under $74.00 looks like a new entry point. Our short-term target is the $70.00 region.

Picked on July 19 at $ 74.29
Change since picked: - 0.94
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Panera Bread - PNRA - close: 57.58 chg: -0.27 stop: 60.01

No change here. We are not suggesting new plays. We plan to exit on Monday afternoon at the close to avoid holding over Tuesday's earnings report.

Picked on August 1 at $ 57.49
Change since picked: 0.09
Earnings Date 08/09/05 (confirmed)
Average Daily Volume = 601 thousand
 

Dropped Calls

None
 

Dropped Puts

None
 

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