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Call Updates

Apache - APA - close: 75.35 change: -0.36 stop: 72.49

Oil stocks churned sideways on Tuesday as crude oil futures drifted lower. We remain bullish on both but more conservative types may want to watch for more strength following today's bounce from the $74 level. Our target is the $79-80 range.

Picked on September 18 at $ 73.42
Change since picked: + 1.93
Earnings Date 10/27/05 (unconfirmed)
Average Daily Volume = 2.6 million

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Apollo Group - APOL - close: 66.81 chg: +0.48 stop: 64.65

Tuesday produced more positive broker comments on APOL and this helped push the stock higher but gains seemed muted. The $66.25 region acted as short-term support for most of the day. We see no changes from our previous updates. Our target is the $69-70 range.

Picked on September 25 at $ 66.09
Change since picked: + 0.72
Earnings Date 10/04/05 (confirmed)
Average Daily Volume = 1.8 million

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Broadcom - BRCM - close: 45.09 chg: -0.60 stop: 42.85

The SOX semiconductor index was the worst performing group in the technology sector with a 1.2% decline. BRCM helped lead the group lower with a 1.3% slide toward the $45 level. If BRCM continues to see profit taking we would watch for the $44 level and the 50-dma (43.25) act as support. Our target is the $49-50 range.

Picked on September 25 at $ 45.05
Change since picked: + 0.04
Earnings Date 10/21/05 (unconfirmed)
Average Daily Volume = 7.0 million

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Cardinal Health - CAH - close: 62.20 chg: +0.94 stop: 59.85

Good news! CAH rallied again from support near $61.00 and this is turning its short-term oscillators higher. We would use today's move as another bullish entry point. Our target is the $66-67 range.

Picked on September 25 at $ 61.95
Change since picked: + 0.25
Earnings Date 11/04/05 (unconfirmed)
Average Daily Volume = 2.0 million

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Cameco Corp - CCJ - close: 52.70 chg: -0.77 stop: 49.49

Hmm... lack of follow through on yesterday's rebound from the $50.00 level is not a good sign. Conservative traders may want to point one foot toward the exit. The bearish MACD doesn't improve the outlook. However, the recent trading action could just be a messy bull flag pattern. We're not giving up yet. Our target is the $58-60 range.

Picked on September 18 at $ 53.30
Change since picked: - 0.60
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume = 862 thousand

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Altria Group - MO - close: 73.49 change: +0.97 stop: 69.90

MO turned in a strong day today. The stock tagged a new all-time high on an intraday basis and closed with a 1.33% gain. Our target is the $78-79 range.

Picked on September 18 at $ 73.14
Change since picked: + 0.35
Earnings Date 10/19/05 (unconfirmed)
Average Daily Volume = 6.7 million

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Noble Energy - NBL - close: 46.16 chg: -0.61 stop: 43.24

Oil stocks spent most of the session sideways and many, like shares of NBL, closed in the red. There looks like a normal pause on the way up. Our target is the $49-50 range.

Picked on September 11 at $ 44.90 *post-split price
Change since picked: + 1.26
Earnings Date 11/02/05 (unconfirmed)
Average Daily Volume = 796 thousand
 

Put Updates

Adobe Sys. - ADBE - close: 28.40 chg: +0.25 stop: n/a

Software stocks closed in the green today and ADBE out performed most of its peers with a 0.8% gain. The next hurdle is the exponential 200-dma near $28.50. 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: + 1.58
Earnings Date 09/15/05 (confirmed)
Average Daily Volume = 6.2 million

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Black & Decker - BDK - close: 81.50 chg: -0.18 stop: 85.05

So far so good. BDK continues to move according to plan. Our target is the $78-77 range.

Picked on September 14 at $ 83.31
Change since picked: - 1.81
Earnings Date 10/25/05 (unconfirmed)
Average Daily Volume = 636 thousand

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Hershey Co. - HSY - close: 56.32 change: +0.26 stop: 58.01

The oversold bounce continues. We expected the $57.50 level to act as overhead resistance. Our target is the $54-53.50 range.

Picked on September 14 at $ 57.90
Change since picked: - 1.58
Earnings Date 10/20/05 (unconfirmed)
Average Daily Volume = 760 thousand

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MBIA Inc. - MBI - close: 57.82 chg: +0.45 stop: 58.75

The financial indices closed the session essentially unchanged but not so for shares of MBI. The stock tested resistance near $58.00 twice on Tuesday. Furthermore its afternoon rally seemed to have a lot of volume behind it. This does not bode well for the bears. More conservative traders may want to tighten their stops closer to the 200-dma near $58.35.

Picked on September 13 at $ 57.75
Change since picked: + 0.07
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume = 1.2 million
 

Dropped Calls

None
 

Dropped Puts

Hovnanian - HOV - close: 50.71 chg: -0.39 stop: 55.01

Target achieved. News this morning that August new home sales fell by 9.9% pushed the homebuilding sector lower. Shares of HOV hit a low of $50.20 inside our target zone of $50.25-50.00. We're closing the play.

Picked on September 18 at $ 54.75
Change since picked: - 4.04
Earnings Date 09/07/05 (confirmed)
Average Daily Volume = 1.2 million

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Itron - ITRI - close: 45.89 change: +0.45 stop: 46.51

Shares of ITRI slowly climbed higher throughout the session and hit an intraday high of $46.62 before sliding lower into the close. We are not convinced the sell-off is over yet for ITRI but we've been stopped out at $46.51. Keep an eye on it for another decline under $44.50 as a new bearish entry point or a failed rally under $48.00.

Picked on September 22 at $ 44.24
Change since picked: + 1.65
Earnings Date 11/02/05 (unconfirmed)
Average Daily Volume = 435 thousand

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WellChoice - WC - close: 75.27 change: +4.67 stop: 71.65

When a stock gaps against you it's tough to keep your emotions out of the way. The merger-inspired gap higher in WC today certainly produced a flare up of emotion in us! This morning before the opening bell WellPoint (WLP) announced it would buy WC for $6.5 billion in cash and stock. Shares of WC gapped open at 74.10, well above our stop loss at $71.65. Killing our play with a big loss.

Picked on September 22 at $ 69.54
Change since picked: + 5.73
Earnings Date 10/27/05 (unconfirmed)
Average Daily Volume = 248 thousand
 

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