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Call Updates

Kerr Mcgee - KMG - close: 85.67 chg: -1.05 stop: 81.99

Oil stocks felt some profit taking today in spite of another up tick in crude oil prices. KMG slipped back toward the $85 level before seeing a minor bounce. If you're a trader looking for a new entry point it might pay off to wait and see if KMG dips again toward the $84.00-84.50 region and look for a bounce there. Our short-term target is the $89.50-90.00 range.

Picked on August 21 at $ 85.99
Change since picked: - 0.32
Earnings Date 07/27/05 (confirmed)
Average Daily Volume = 2.4 million

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Sierra Health Svs. - SIE - cls: 68.24 chg: -0.07 stop: 66.95

There is no change yet with our SIE play. The stock is still consolidating sideways under resistance at $70.00 but above support at its 100-dma. Our suggested entry point to buy calls is at $70.11. If triggered our target is the $75.00-75.25 range.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/25/05 (confirmed)
Average Daily Volume = 426 thousand
 

Put Updates

Best Buy Co - BBY - close: 46.97 chg: -0.48 stop: 51.01

We were actually expecting a bit of a bounce today in BBY but the stock continued to slip and hit another new eight-week low today. We're not suggesting new positions at current levels. If BBY bounces watch for resistance near $49. Our target is the $45.50-45.00 range.

Picked on August 08 at $ 49.31
Change since picked: - 2.34
Earnings Date 09/13/05 (unconfirmed)
Average Daily Volume = 5.0 million

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Building Materials - BMHC - cls: 73.55 chg: -1.13 stop: 75.01

Good news! The BMHC play is still alive. Watching yesterday's rally toward resistance the stock look poised to breakout. Today's weakness in the cyclicals and the less than expected existing home-sales numbers this morning inspired a pause from the bulls. We are not suggesting new plays at this time. Look for a decline under the $70.00 level or at least the $71 level before considering buying puts. Our target is the 100-dma, currently at the $65.00 level.

Picked on August 16 at $ 71.33
Change since picked: + 2.22
Earnings Date 07/26/05 (confirmed)
Average Daily Volume = 289 thousand

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Carnival Corp - CCL - close: 51.33 chg: +0.20 stop: 52.51

CCL is still trying to bounce but the upward momentum is slowing. We've been suggesting that readers can watch the $52 level with the 100-dma and exponential 200-dma to act as overhead resistance. We're not suggesting new plays at this time, especially with the MACD indicator producing a new buy signal.

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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Federated Dept. Stores - FD - cls: 71.79 chg: -0.11 stop: 75.75

Shares of FD slipped to the $71 level before bullish traders bought the dip. We remain bearish but our readers might want to watch for a bounce back toward the $72.00-72.50 region and watch for a failed rally there as a new bearish entry point. Our target is the $67-65 range but we are expecting a bounce at the $70 level on the way down.

Picked on August 22 at $ 71.99
Change since picked: - 0.20
Earnings Date 08/10/05 (confirmed)
Average Daily Volume = 2.2 million

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Fedex Corp - FDX - close: 82.51 chg: -1.33 stop: 86.01

This is it! After days of waiting for the consolidation in FDX to finally break down it's happening. A sharp 1.7% sell-off in the Dow transportation index was mirrored by a 1.58% decline in shares of FDX, which have broken down through the bottom of its trading range. Our trigger to buy puts was at $82.99 so the play is now open. Our target is the $76.00-75.00 range but we do expect a bounce near the $80.00 level on the way down.

Picked on August 23 at $ 82.99
Change since picked: - 0.48
Earnings Date 09/22/05 (unconfirmed)
Average Daily Volume = 2.0 million

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F5 Networks - FFIV - close: 38.20 chg: +0.30 stop: 40.01

We're still in wait mode here with FFIV. We're waiting to see if the current oversold bounce will turn into a full-scale rally. It's worth noting that today is the first close over the $38 level in several days. We're not suggesting new plays here and more conservative traders may want to keep one eye on the exits. If the NWX networking index pushes higher through the 225 level we may choose to exit early with FFIV.

Picked on August 03 at $ 38.76
Change since picked: - 0.56
Earnings Date 07/20/05 (confirmed)
Average Daily Volume = 1.4 million

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Google - GOOG - close: 279.58 chg: +5.57 stop: 290.51*new*

GOOG is solidifying its position as a main rival with the likes of Yahoo (YHOO) and Microsoft (MSFT) after the new announcement that GOOG will provide a new online chat function. This news combined with more bullish analyst comments from RBC (GOOG target $340) and UBS (GOOG target $300) have helped push shares of GOOG to a two-percent bounce. We remain short-term bearish on the stock and this may prove to be a new bearish entry point for brave traders. Our biggest concern is probably the imminent announcement that the S&P 500 will add GOOG to its 500 index. The problem is we don't know if or when that announcement will occur. Until then the technical trend is down. Look for short-term overhead resistance at GOOG's 10-dma. We are lowering our stop loss to $290.51. Our target is the simple 100-dma and we're adjusting the exit range to $263.50-262.00.

Picked on August 11 at $284.50
Change since picked: - 4.92
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 13.6 million

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Ingersoll Rand - IR - close: 77.85 chg: -1.13 stop: 80.61

Fasten those safety belts. The IR ride could be about to begin. The failed rally at the $80.00 mark on Monday is seeing some follow through today and IR lost 1.4% to breakdown below price support at the $78.00 mark and technical support at its simple 200-dma. We are suggesting a trigger to buy puts at $77.49. If triggered our target is the $72.60-72.40 range. Just remember that we plan to exit before IR's September 2nd stock split, making this a very short-term play. If IR doesn't hit our trigger tomorrow we're closing the play.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 1.1 million

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KOS Pharma - KOSP - close: 68.47 chg: +0.62 stop: 72.51

We see no change from our previous update on KOSP. The stock has broken through multiple levels of support and the new short-term trend is bearish. Our target is the $62-60 range or the 100-dma, whichever is closer.

Picked on August 22 at $ 68.25
Change since picked: + 0.22
Earnings Date 08/04/05 (confirmed)
Average Daily Volume = 642 thousand

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3M Co. - MMM - close: 70.99 change: -0.93 stop: 74.46

MMM is doing its part to pull the DJIA lower. The stock lost 1.29% on decent volume for this time of year. Shares also hit a new relative low and MMM looks poised to move lower. Our target is the $70.00-68.00 range but the Point & Figure chart currently points to a $63 target.

Picked on July 19 at $ 74.29
Change since picked: - 3.30
Earnings Date 07/18/05 (confirmed)
Average Daily Volume = 3.4 million

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Simon Prpty Grp - SPG - close: 75.61 chg: +0.18 stop: 77.26

Hmm... traders may want to take a more cautious approach here with SPG. The stock has found itself stuck in a narrow trading range between $74.80 and $76.00. We would not suggest new bearish positions until SPG trades under $74.75. Our target is the $70.75-70.00 range near the 100-dma.

Picked on August 18 at $ 75.24
Change since picked: + 0.37
Earnings Date 07/28/05 (confirmed)
Average Daily Volume = 946 thousand

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United Parcel Svc - UPS - cls: 72.11 chg: -0.24 stop: 74.21

UPS held up better than many of its peers in the transportation sector but the short-term trend still looks bearish. We would not suggest new plays until UPS trades back below the $72 level or even $71.80. Our target is the $68-67 range.

Picked on August 17 at $ 71.99
Change since picked: + 0.12
Earnings Date 07/21/05 (confirmed)
Average Daily Volume = 2.6 million

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Wynn Resorts - WYNN - close: 47.83 chg: -1.17 stop: 54.01

Some positive broker comments helped send WYNN surging higher at the open this morning. Fortunately, the rally very quickly failed near the $51 region. The whole move is just another lower high in the current bearish trend. Our target is the $45.25-45.00 range.

Picked on August 19 at $ 49.95
Change since picked: - 2.12
Earnings Date 08/01/05 (confirmed)
Average Daily Volume = 2.0 million
 

Dropped Calls

None
 

Dropped Puts

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