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Call Updates

Danaher - DHR - close: 54.93 chg: -0.27 stop: 53.99

We have been expecting a dip in DHR to $54.50 and its 200-dma for days now. That dip occurred today and traders bought the initial dip. The question now is whether or not there is any follow through on the morning's bounce. We are still not suggesting new positions yet. We're watching for a rebound back over $56.00.

Picked on August 03 at $ 56.67
Change since picked: - 1.74
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 1.5 million
 

Put Updates

Best Buy Co - BBY - close: 49.09 chg: -0.01 stop: 52.51

The RLX retail index managed a minor bounce today but not so for BBY. Actually BBY did bounce but it failed this morning and the stock looks poised for more weakness ahead. If you missed yesterday as an entry point this still looks like an entry for new bearish positions. Our target is the $45.50-45.00 range.

Picked on August 08 at $ 49.31
Change since picked: - 0.22
Earnings Date 09/13/05 (unconfirmed)
Average Daily Volume = 5.0 million

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Building Materials - BMHC - cls: 71.29 chg: -0.04 stop: 75.01

We see no change from our Tuesday update on BMHC. We would still open new bearish positions with BMHC under its simple 10-dma but more conservative traders may want to wait for a decline under the $70.00 level. Our target is the 100-dma (currently 63.95).

Picked on August 16 at $ 71.33
Change since picked: - 0.04
Earnings Date 07/26/05 (confirmed)
Average Daily Volume = 289 thousand

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Carnival Corp - CCL - close: 49.79 chg: +0.68 stop: 52.51

CCL produced a bit of an oversold bounce today. We watch for the bounce to run out of momentum in the 50.50-51.00 region. Our target is the $47.75-47.00 range.

Picked on August 10 at $ 51.79
Change since picked: - 1.80
Earnings Date 09/15/05 (unconfirmed)
Average Daily Volume = 2.5 million

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Eastman Chemical - EMN - close: 51.06 chg: -0.29 stop: 54.01

We see no change from our previous update. Our target is the $50.50-50.00 range.

Picked on August 05 at $ 53.90
Change since picked: - 2.84
Earnings Date 07/28/05 (confirmed)
Average Daily Volume = 872 thousand

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Federated Dept. Stores - FD - cls: 73.31 chg: +0.75 stop: 75.75

The RLX retail index managed a meager bounce today led strongly by a sharp rally in Nordstrom. Shares of FD tried to bounce but failed at their simple 50-dma. We remain on the sidelines waiting for FD to trade at $71.99 to open the play.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/10/05 (confirmed)
Average Daily Volume = 2.2 million

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Fedex Corp - FDX - close: 84.20 chg: -0.16 stop: 86.01

FDX displayed some relative weakness this morning when shares fell through the bottom of its recent trading range near $84.00. More aggressive players could have used the move as a new entry point to buy puts. We are still waiting for FDX to hit our trigger at $82.99. 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: 37.50 chg: +1.87 stop: 40.01

An analyst upgrade to a "buy" rating this morning must have spooked some bears into covering their shorts. FFIV rallied very sharply at the open and the stock added 5.2%, which erased a large chunk of our paper gains in the play. We're not suggesting new positions at this time. Our target remains the $35.00 level but traders may want to exit anywhere under $36.

Picked on August 03 at $ 38.76
Change since picked: - 1.26
Earnings Date 07/20/05 (confirmed)
Average Daily Volume = 1.4 million

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Google - GOOG - close: 285.10 chg: -0.55 stop: 300.01

We see no change from our Tuesday update on GOOG. We remain bearish with the stock under its 50-dma. Our target is the 100-dma now at $258.00.

Picked on August 11 at $284.50
Change since picked: + 0.60
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 13.6 million

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KOS Pharma - KOSP - close: 70.86 chg: +0.73 stop: 72.51

There is no change from our previous updates on KOSP. We're suggesting that traders buy puts if KOSP trades at or below $68.25. 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: 104.70 chg: +1.67 stop: 107.01

Bulls just refuse to give up on LEH. We're not suggesting new positions and we considering an exit this weekend. It's not uncommon for the brokers to see small rallies ahead of their earnings report and LEH is due to report in mid-September.

Picked on July 21 at $105.13
Change since picked: - 0.43
Earnings Date 06/14/05 (confirmed)
Average Daily Volume = 2.7 million

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3M Co. - MMM - close: 71.76 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: - 2.53
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Neurocrine Bio. - NBIX - cls: 45.74 chg: -0.34 stop: 48.51

It looks like the recent oversold bounce from the $45.00 level has already run out of steam. Our target is the simple 200-dma near $43.00.

Picked on August 07 at $ 47.30
Change since picked: - 1.56
Earnings Date 08/03/05 (confirmed)
Average Daily Volume = 543 thousand

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United Parcel Svc - UPS - cls: 72.31 chg: +0.17 stop: 74.21

Coming out with a big vote of confidence CSFB started coverage on UPS with a "neutral" (why bother?). UPS did show some relative weakness this morning and traded under the $72.00 level, which has been the bottom of its recent trading range. The stock hit our trigger to buy puts at $71.99 opening the play. In other news UPS announced it was ordering eight new planes from Boeing. Our target for UPS is the $68-67 range.

Picked on August 17 at $ 71.99
Change since picked: + 0.32
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 2.6 million

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Wynn Resorts - WYNN - close: 52.25 chg: +1.33 stop: 54.01

There is no change from our strategy discussed on Tuesday. We're suggesting that traders wait for confirmation of the new breakdown with a trigger to buy puts at $49.95. If triggered our target is the $45.25-45.00 range.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/01/05 (confirmed)
Average Daily Volume = 2.0 million
 

Dropped Calls

Anadarko Petrol. - APC - close: 85.34 chg: -2.24 stop: 85.98

The oil bulls were plowed over by a sharp sell-off in crude oil prices today. Traders locked in some profits in APC too and the stock lost 2.55% on above average volume. The stock fell through its 40-dma and 50-dma before pausing near the $85 level. We have been stopped out at $85.98. We will be watching for the bounce in oil as the longer-term run is not yet over.

Picked on August 11 at $ 90.51
Change since picked: - 5.17
Earnings Date 07/29/05 (confirmed)
Average Daily Volume = 2.0 million
 

Dropped Puts

None
 

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