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Call Updates

Apache - APA - close: 75.71 change: +1.85 stop: 72.49

News that hurricane Rita did not do as much damage as expected did not stall the climb in shares of crude oil. Oil closed over $66 a barrel and the oil sector rallied sharply with the OIX jumping 1.8% and the OSX services index surging 2.4%. Shares of APA rallied with a 2.5% gain following Friday's dip to fill the gap. Our target is the $79-80 range.

Picked on September 18 at $ 73.42
Change since picked: + 2.29
Earnings Date 10/27/05 (unconfirmed)
Average Daily Volume = 2.6 million

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Apollo Group - APOL - close: 66.33 chg: +0.24 stop: 64.65

APOL tested the $65.00 level again this morning but traders where there to buy the dip. Given the upward tilt throughout Monday's session we remain short-term bullish. Remember, we're just trying to scalp a few points on an oversold bounce back toward resistance near $70. Our target is the $69-70 range.

Picked on September 25 at $ 66.09
Change since picked: + 0.24
Earnings Date 10/04/05 (confirmed)
Average Daily Volume = 1.8 million

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Broadcom - BRCM - close: 45.69 chg: +0.64 stop: 42.85

BRCM continues to display relative strength and out performed the NASDAQ and the SOX with today's 1.4% gain. Today's move also broke through its short-term two-week trend of lower highs. Our target is the $49-50 range.

Picked on September 25 at $ 45.05
Change since picked: + 0.64
Earnings Date 10/21/05 (unconfirmed)
Average Daily Volume = 7.0 million

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Cardinal Health - CAH - close: 61.26 chg: -0.69 stop: 59.85

Uh-oh! CAH displayed some relative weakness today and produced what might be considered a failed rally with this morning's gap higher and sell-off. The selling did pause near support at the $61 level but the trend doesn't look encouraging. Readers thinking about new bullish positions may want to wait and see if CAH pulls back and bounces from the $60 level first. We'll remain bullish on CAH as long as it trades above $60.00 but traders may want to cautiously enter new positions.

Picked on September 25 at $ 61.95
Change since picked: - 0.69
Earnings Date 11/04/05 (unconfirmed)
Average Daily Volume = 2.0 million

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Cameco Corp - CCJ - close: 53.47 chg: +1.25 stop: 49.49

Monday proved to be an interesting session for CCJ. The stock gapped lower and dipped to $50.25 before bulls showed up to buy the dip above round-number, psychological support at the $50 level. The strong rally back above Friday's close looks like a new bullish entry point to buy calls. We would suggest the November calls. Our target is the $58-60 range.

Picked on September 18 at $ 53.30
Change since picked: + 0.17
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume = 862 thousand

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Altria Group - MO - close: 72.52 change: +0.61 stop: 69.90

MO continues to rebound from Thursday's low and volume is picking up as shares trek higher. We see no changes from our previous update. Our target is the $78-79 range.

Picked on September 18 at $ 73.14
Change since picked: - 0.62
Earnings Date 10/19/05 (unconfirmed)
Average Daily Volume = 6.7 million

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Noble Energy - NBL - close: 46.77 chg: +0.94 stop: 43.24

Oil stocks remain strong and shares of NBL added another two percent on Monday. We see no changes from our previous update. Our target is the $49-50 range.

Picked on September 11 at $ 44.90 *post-split price
Change since picked: + 1.87
Earnings Date 11/02/05 (unconfirmed)
Average Daily Volume = 796 thousand
 

Put Updates

Adobe Sys. - ADBE - close: 28.15 chg: +0.07 stop: n/a

ADBE is still showing strength with a minor gain despite a loss for the GSO software index. ADBE tested overhead resistance at its exponential 200-dma today. This was a strangle play on ADBE's 9/15 earnings report so we're not suggesting new positions.

Picked on September 13 at $ 26.82
Change since picked: + 1.33
Earnings Date 09/15/05 (confirmed)
Average Daily Volume = 6.2 million

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Black & Decker - BDK - close: 81.68 chg: -1.39 stop: 85.05

BDK is performing on cue with its failed rally today under the exponential 200-dma. We see no changes from our weekend update. Our target is the $78-77 range.

Picked on September 14 at $ 83.31
Change since picked: - 1.63
Earnings Date 10/25/05 (unconfirmed)
Average Daily Volume = 636 thousand

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Hovnanian - HOV - close: 51.10 chg: -0.13 stop: 55.01

The homebuilders produced some early strength after a report this morning stating that existing home sales came in higher than expected. Unfortunately for shareholders the builder did not hold their gains. Shares of HOV look poised to test support near $50.00 and our target in the $50.25-50.00 range.

Picked on September 18 at $ 54.75
Change since picked: - 3.47
Earnings Date 09/07/05 (confirmed)
Average Daily Volume = 1.2 million

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Hershey Co. - HSY - close: 56.06 change: +0.56 stop: 58.01

No surprises today with an oversold bounce from the $55 region. We see no changes from our weekend update. The 57.50 level should act as resistance. Our target is the $54-53.50 range.

Picked on September 14 at $ 57.90
Change since picked: - 1.84
Earnings Date 10/20/05 (unconfirmed)
Average Daily Volume = 760 thousand

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Itron - ITRI - close: 45.44 change: +0.62 stop: 46.51

Early morning strength in shares of ITRI failed near the $46 region and its simple 100-dma. The rest of the session was spent churning sideways in a narrow range. We'd like to think that today was the extent of its oversold bounce but it may not be over yet. We'd probably look for a new move under $45.00 before considering new bearish positions.

Picked on September 22 at $ 44.24
Change since picked: + 1.20
Earnings Date 11/02/05 (unconfirmed)
Average Daily Volume = 435 thousand

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MBIA Inc. - MBI - close: 57.37 chg: +0.16 stop: 58.75

MBI rallied higher this morning with the markets but failed to hold the majority of its gains. This looks like another failed rally near the top of its descending channel.

Picked on September 13 at $ 57.75
Change since picked: - 0.38
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume = 1.2 million

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WellChoice - WC - close: 70.60 change: -0.01 stop: 71.65

WC failed to participate in today's market bounce and that could spell good news for put holders like us. The stock continues to struggle with resistance near the $71.50 level. We would not suggest new bearish positions until we saw another decline under the $70 mark (or even 69.50).

Picked on September 22 at $ 69.54
Change since picked: + 1.06
Earnings Date 10/27/05 (unconfirmed)
Average Daily Volume = 248 thousand
 

Dropped Calls

None
 

Dropped Puts

None
 

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