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Call Updates

Anadarko Petrol. - APC - close: 87.58 chg: -1.82 stop: 85.98

The oil sector failed to escape a market wide sell-off and shares of APC lost 2% on the session. This brings APC closer to perceived support near its 40-dma near 86.75. We would not suggest new positions until we see shares of APC bounce from the 40-dma or worse the $86.00 level.

Picked on August 11 at $ 90.51
Change since picked: - 2.93
Earnings Date 07/29/05 (confirmed)
Average Daily Volume = 2.0 million

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Danaher - DHR - close: 55.20 chg: -0.50 stop: 53.99

There are no surprises here. We've been expecting DHR to dip lower and the bearish day in the market helped push DHR 0.89% lower. There is still some minor support near $55.00 but we expect DHR to test its 200-dma near $54.50. We would not suggest new positions until we see a significant bounce from support.

Picked on August 03 at $ 56.67
Change since picked: - 1.47
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 1.5 million
 

Put Updates

Best Buy Co - BBY - close: 49.10 chg: -1.45 stop: 52.51

WMT's announcement that it was guiding lower for the Q3 sparked a big sell-off in retail and the RLX index lost 2.6%. Shares of BBY under performed its peers with a 2.8% decline and a drop back under the $50.00 mark. This looks like a new bearish entry point for traders. Our target is the $45.50-45.00 range.

Picked on August 08 at $ 49.31
Change since picked: - 0.21
Earnings Date 09/13/05 (unconfirmed)
Average Daily Volume = 5.0 million

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Carnival Corp - CCL - close: 49.31 chg: -0.92 stop: 52.51*new*

Shares of CCL out paced the decline in the S&P 500 with a 1.8% drop through what could have been round-number support at the $50.00 mark. This is good news for the bears and CCL is nearing our target in the $47.75-47.00 range. We are lowering the stop loss to $52.51.

Picked on August 10 at $ 51.79
Change since picked: - 2.48
Earnings Date 09/15/05 (unconfirmed)
Average Daily Volume = 2.5 million

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Eastman Chemical - EMN - close: 51.35 chg: -1.05 stop: 54.01*new*

The market weakness was definitely felt in the chemicals industry and EMN lost two percent to break the $52.00 level, which looked like potential short-term support. Shares of EMN are nearing our target in the $50.50-50.00 range. We are lowering the stop loss to $54.01.

Picked on August 05 at $ 53.90
Change since picked: - 2.55
Earnings Date 07/28/05 (confirmed)
Average Daily Volume = 872 thousand

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Fedex Corp - FDX - close: 84.36 chg: -0.70 stop: 86.01

It may sound like a broken record but we remain on the sidelines with FDX. Shares continue to trade between $84.00 and $86.00. However, all signs appear to point lower and FDX was sinking on rising volume this afternoon. We are suggesting a trigger to buy puts at $82.99 but more aggressive traders may want to open plays under $84.00. If opened our target is the $76-75 range.

Picked on August 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: 35.63 chg: -1.03 stop: 40.01

Technology stocks were definitely the under performers today and FFIV lead the way lower with a 2.8% decline on volume above what we've seen in the past few days. Our target is the $35.00-34.00 range and FFIV hit 35.34 this afternoon. More conservative traders may want to consider taking some profits here. However, if there is any follow through tomorrow in the markets we would expect FFIV to hit our target.

Picked on August 03 at $ 38.76
Change since picked: - 3.13
Earnings Date 07/20/05 (confirmed)
Average Daily Volume = 1.4 million

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Google - GOOG - close: 285.65 chg: +1.65 stop: 300.01

A sudden show of strength for GOOG? GOOG's failure to sell-off with the rest of the market and more specifically the tech sector is a potential concern for us. There has been a lot of chatter as firms analyze GOOG's recent 10Q filing. Rumors abound but we suspect that GOOG's strength might be attributed to its IPO anniversary coming up and a possible announcement of being added to the S&P 500. This is a significant risk we've mentioned before but if the NASDAQ continues to see profit taking we suspect that GOOG will eventually cave in and test its simple 100-dma now at $257. Remember, this is an aggressive, high-risk play.

Picked on August 11 at $284.50
Change since picked: + 1.15
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 13.6 million

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KOS Pharma - KOSP - close: 70.13 chg: -2.77 stop: 72.51

A big sell-off in the biotech sector with the BTK index losing 1.67% helped push KOSP to a sharp decline today. Shares of KOSP lost 3.79% and broke technical support at its simple 40-dma. Currently we remain on the sidelines as KOSP still has round-number support at the $70.00 mark and additional price support near $69.00. Our suggested entry point to buy puts on KOSP is $68.25 (we want to see some confirmation that the trend has indeed changed). If opened our target is the $62-60 range.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/04/05 (confirmed)
Average Daily Volume = 642 thousand

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Lehman Brothers - LEH - cls: 103.03 chg: -2.11 stop: 107.01

LEH's two-percent decline today under performed the weakness in the XBD broker-dealer index. The stock is now testing its 40-dma. We are not suggesting new positions at this time. Our target is the $100 level.

Picked on July 21 at $105.13
Change since picked: - 1.10
Earnings Date 06/14/05 (confirmed)
Average Daily Volume = 2.7 million

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3M Co. - MMM - close: 71.66 change: -0.52 stop: 75.11

There is little new to report on for MMM. The stock continues to show weakness and looks poised to hit our target in the $70-68 range if the market continues to see profit taking.

Picked on July 19 at $ 74.29
Change since picked: - 2.63
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Neurocrine Bio. - NBIX - cls: 46.08 chg: +0.07 stop: 48.51

NBIX tried to rally today but failed under its simple 10-dma. The market weakness didn't help the bulls' efforts. We continue to target the simple 200-dma near $43.00.

Picked on August 07 at $ 47.30
Change since picked: - 1.22
Earnings Date 08/03/05 (confirmed)
Average Daily Volume = 543 thousand

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United Parcel Svc - UPS - cls: 72.14 chg: -0.86 stop: 74.21

Almost there! UPS sold off with the drop in the transportation sector (-1.5%) and shares of UPS are nearing the bottom of its trading range near $72.00. More aggressive traders might want to consider positions here. We are suggesting a trigger at $71.99 to buy puts. If triggered our target is the $68.00-67.00 range.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 2.6 million
 

Dropped Calls

Sears Holdings - SHLD - cls: 137.16 chg: -7.73 stop: 139.99

An earnings warning from larger rival Wal-Mart (WMT) about its upcoming third quarter sent retail stocks reeling. Investors were quick to take profits and high-flying SHLD was hit with a 5.3% sell-off. The breakdown under technical support at its exponential 200-dma and the bottom of its rising channel near $140.00 is very bad news for SHLD. We have been stopped out at $139.99. This might even be a new bearish entry point but watch for a failed rally now under old support now new resistance at the $140.00 region.

Picked on August 14 at $145.92
Change since picked: - 8.76
Earnings Date 09/08/05 (confirmed)
Average Daily Volume = 3.2 million
 

Dropped Puts

None
 

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