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Call Updates

Danaher - DHR - close: 54.51 chg: -0.42 stop: 53.99

Heads up! If bullish traders were not defensive already they should be now. DHR has slipped below technical support at its simple 200-dma. If we do not see a rebound tomorrow we will close the play this weekend.

Picked on August 03 at $ 56.67
Change since picked: - 2.16
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 1.5 million
 

Put Updates

Best Buy Co - BBY - close: 48.70 chg: -0.39 stop: 52.51

Retail stocks were in the news today as several retailers guided lower for their October quarter. Evidently the back-to-school sales season is not panning out as expected. Shares of BBY fell quickly at the open but there were bulls waiting to buy the dip at its 50-dma. We remain bearish and continue to target the $45.50-45.00 range.

Picked on August 08 at $ 49.31
Change since picked: - 0.61
Earnings Date 09/13/05 (unconfirmed)
Average Daily Volume = 5.0 million

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Building Materials - BMHC - cls: 72.09 chg: +0.80 stop: 75.01

Thursday proved to be a volatile session for BMHC. The stock gapped lower, hit $68.52 and then rebounded. The bounce was fueled by an analyst upgrade to "neutral". You'll notice on the daily chart that today's rally failed to touch overhead resistance at the simple 50-dma. We remain bearish and continue to suggest buying puts here under the $74 level but more conservative players can wait for a decline back under $70. Our target is the 100-dma now at 64.22.

Picked on August 16 at $ 71.33
Change since picked: + 0.76
Earnings Date 07/26/05 (confirmed)
Average Daily Volume = 289 thousand

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Carnival Corp - CCL - close: 50.93 chg: +1.34 stop: 52.51

Unfortunately, we cannot find any catalyst to explain CCL's unusual relative strength today. The stock added 2.7% on above average volume. This sort of bullish reversal could spook some shorts into covering positions. We are not suggesting new positions and put holders should turn defensive. Watch the $52.00 level, with the exponential 200-dma and the 100-dma and 21-dma to act as overhead resistance.

Picked on August 10 at $ 51.79
Change since picked: - 0.46
Earnings Date 09/15/05 (unconfirmed)
Average Daily Volume = 2.5 million

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Eastman Chemical - EMN - close: 50.92 chg: -0.14 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: - 2.98
Earnings Date 07/28/05 (confirmed)
Average Daily Volume = 872 thousand

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Federated Dept. Stores - FD - cls: 74.20 chg: +0.89 stop: 75.75

Shares of retailer FD bucked the trend today. Retail was mostly weak after more than one company in the sector guided lower for their third quarter earnings. The back-to-school season has not been as strong as predicted. Some are blaming rising energy prices much like Wal-Mart. We are still on the sidelines with FD. Our suggested trigger to buy puts is at $71.99.

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: 84.69 chg: +0.49 stop: 86.01

Both the Dow transportation index and FDX look poised for more weakness but the tug-of-war between bulls and bears continues. We are sitting on the sidelines with FDX waiting for the stock to breakdown from its recent trading range and hit our trigger at $82.99.

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: 37.79 chg: +0.29 stop: 40.01

There is no change in FFIV. The stock did out perform its peers in the networking sector today. We suspect that this oversold bounce from the $35 level could reach the 38.50-39.00 region before it runs out of steam. We're not suggesting new plays at this time. Readers may want to consider taking profits anywhere under the $36 mark.

Picked on August 03 at $ 38.76
Change since picked: - 0.97
Earnings Date 07/20/05 (confirmed)
Average Daily Volume = 1.4 million

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Google - GOOG - close: 279.99 chg: -5.11 stop: 300.01

GOOG was one of the main stories of the day. The company has filed to sell another 15 million shares of stock that would be worth about $4 billion at current prices. Investors were unhappy with the news and GOOG gapped down to open at $275.91 before bouncing. There has been a lot of speculation about what GOOG would do with the money and many are predicting acquisitions. There was also new talk of GOOG's probable addition to the S&P 500 index, which remains a big risk for bears. At this time we remain bearish. We'd probably bet on a bounce back toward $285 to fill this morning's gap and then we'll look for GOOG to roll over and turn lower again under its simple 10-dma. Our target is the 100-dma now at $259.

Picked on August 11 at $284.50
Change since picked: - 4.51
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

We have some good news here. KOSP under performed its peers in the biotech sector and lost 1.9% to break round-number support at the $70.00 level. More aggressive players might want to consider this a new bearish entry point. We're still suggesting that traders wait for a decline to our trigger at $68.25, which is underneath possible technical support at its simple 50-dma (68.75). 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: 104.89 chg: +0.19 stop: 107.01

There is no change from our previous update. LEH continues to consolidate under a four-week trend of lower highs. We're planning on exiting this play this Friday.

Picked on July 21 at $105.13
Change since picked: - 0.24
Earnings Date 06/14/05 (confirmed)
Average Daily Volume = 2.7 million

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3M Co. - MMM - close: 71.92 change: +0.58 stop: 75.11

There is nothing new to report on for MMM. Our target is the $70-68 range. We are not suggesting new positions at MMM tests the July lows and its 200-week moving average. More conservative traders may want to exit here.

Picked on July 19 at $ 74.29
Change since picked: - 1.95
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Neurocrine Bio. - NBIX - cls: 46.19 chg: +0.45 stop: 48.51

NBIX continues to try and bounce from support near the $45.00 level and now its rising 50-dma. We are not suggesting new plays at this time. If NBIX can breakout over the $48 level again we might look for the stock to make another run for the $52 region.

Picked on August 07 at $ 47.30
Change since picked: - 1.11
Earnings Date 08/03/05 (confirmed)
Average Daily Volume = 543 thousand

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United Parcel Svc - UPS - cls: 71.78 chg: -0.20 stop: 74.21

UPS gapped down this morning but the stock still has some support near its 50-dma. Fortunately, the afternoon bounce failed and the pattern does point lower. Our target for UPS is the $68-67 range.

Picked on August 17 at $ 71.99
Change since picked: - 0.21
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 2.6 million

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Wynn Resorts - WYNN - close: 50.93 chg: -1.32 stop: 54.01

WYNN has been displaying a little bit of volatility lately. Today the stock erased yesterday's gain and the intraday picture looks like a failed rally near the $52 level. Aggressive traders might think about new bearish positions here. We are suggesting 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

None
 

Dropped Puts

None
 

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