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Call Updates

Google - GOOG - close: 381.54 chg: -5.03 stop: 384.50

As expected GOOG continued to consolidate lower toward the $380 level. If the markets continue to fall then GOOG may break down below its 200-dma and then its four-week trend of higher lows soon. We are still on the sidelines with a trigger to buy calls at $401.00. We see no changes from our weekend update.

Picked on June xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/20/06 (unconfirmed)
Average Daily Volume = 9.8 million

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United Tech. - UTX - close: 59.62 chg: -0.43 stop: 58.75

Shares of UTX appear to at least be trying to resist the market sell-off. Unfortunately, it was another down day for the DJIA and UTX closed under round-number support at $60.00 and technical support at the 100-dma. More conservative traders, if you hold calls, may want to exit early right here! Almost any follow through on today's market weakness will probably drag UTX through our stop loss at $58.75.

Picked on June 08 at $ 60.13
Change since picked: - 0.69
Earnings Date 07/19/06 (unconfirmed)
Average Daily Volume = 3.7 million

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VF Corp. - VFC - close: 63.54 change: -1.44 stop: 62.45 *new*

As the market sell-off picks up speed investors will be looking for targets to lock in profits and VFC is a big target with shares closing at new highs on Friday. The stock lost 2.2% today. We are raising our stop loss to $62.45. More conservative types may want to put their stops closer to $63.00 (maybe last Thursday's low near $62.96). We are not suggesting new positions at this time.

Picked on June 01 at $ 63.51
Change since picked: + 0.03
Earnings Date 07/25/06 (unconfirmed)
Average Daily Volume = 545 thousand
 

Put Updates

Amgen Inc. - AMGN - close: 66.89 chg: -0.75 stop: 69.55

The BTK biotech index lost 1.69%, which appears to confirm last Friday's failed rally in the index. Meanwhile AMGN lost 1.1% in spite of positive news that the FDA has granted priority review status for AMGN's panitumumab drug. We continue to suggest buying puts in AMGN although more conservative traders may want to wait for a move under $66.75 as confirmation. Our target is the $62.65-62.50 range. The P&F chart for AMGN points to a $60 target.

Picked on June 05 at $ 67.48
Change since picked: - 0.59
Earnings Date 07/18/06 (unconfirmed)
Average Daily Volume = 8.9 million

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Franklin Res. - BEN - close: 83.86 chg: -3.10 close: 88.55 *new*

Look out below! The XBD index lost 3.2% as investors "sold the news" after Lehman Brothers (LEH) reported earnings today. Shares of BEN fell 3.5% and broke down under the $85.00 level. The MACD indicator on BEN has produced a new sell signal. Our first target at $85.25 has been achieved. Over the weekend we suggested that readers sell half or more of their position at $85.25 and then sell the rest at our second target in the $82.50-81.50 range, which is closer to the bottom edge of BEN's bearish channel. We are lowering our stop loss to $88.55.

Picked on May 14 at $ 89.30
Change since picked: - 5.44
Earnings Date 07/27/06 (unconfirmed)
Average Daily Volume = 1.1 million

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Burlington Nrth.SntFe - BNI - cls: 71.25 chg: -1.03 stop: 77.55

BNI lost 1.4%, which was a little better than the 1.8% decline in the Dow Jones Transportation average. Shares of BNI are nearing support at its 200-dma and the $70.00 level. The P&F chart's bearish target has grown from $62 to $60. We would hesitate to buy new put positions here as BNI is likely to bounce near $70 again. Our strategy with BNI involves two targets. We suggested readers sell part of their position at $70.50 (already hit) and then sell the rest of your position at $67.00 near the bottom edge of its bearish channel. Be advised that BNI is due to present at the upcoming transportation conference next week (June 15th).

Picked on June 05 at $ 75.64
Change since picked: - 4.39
Earnings Date 07/25/06 (unconfirmed)
Average Daily Volume = 2.1 million

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Barr Pharma - BRL - close: 50.51 chg: -1.25 stop: 54.25

BRL lost 2.4% and its MACD indicator is nearing a new sell signal. Keep a wary eye on the $50.00 level where BRL might try and bounce. We don't see any changes from our weekend update. Our target is the $48.00-47.50 range.

Picked on June 05 at $ 52.20
Change since picked: - 1.69
Earnings Date 08/03/06 (unconfirmed)
Average Daily Volume = 1.1 million

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Dril Quip - DRQ - close: 69.79 chg: -4.96 stop: 77.55 *new*

Oil service stocks were crushed again today. The OSX index lost 4.6% but shares of DRQ lead the way lower with a 6.6% sell-off. Our conservative target at $70.25 has been hit for the second time. Right now our aggressive target is the $67.50-67.00 range. We are lowering our stop loss to $77.55. More conservative traders may want to use a tighter stop.

Picked on June 07 at $ 74.77
Change since picked: - 4.98
Earnings Date 08/02/06 (unconfirmed)
Average Daily Volume = 390 thousand

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Express Scripts - ESRX - close: 67.44 chg: -1.90 stop: 72.65

It was another down day for ESRX. Shares lost 2.7% to confirm Friday's close under support near $70.00. We were suggesting two targets at $65.25 and at $60.50. The P&F chart's target has fallen from $62 to $60.

Picked on June 08 at $ 69.59
Change since picked: - 2.15
Earnings Date 07/26/06 (unconfirmed)
Average Daily Volume = 1.8 million

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Group 1 Auto - GPI - close: 56.47 chg: -1.99 stop: 60.65

GPI gave up 3.4% today. Shares closed under technical support at their simple 50-dma, which is a bearish development. We do not see any changes from our new play description this past weekend. Our target is the $51.50-50.00 range. Look for a short-term bounce near $55.00.

Picked on June 11 at $ 58.46
Change since picked: - 1.99
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume = 498 thousand

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Garmin Ltd. - GRMN - close: 89.60 chg: -0.87 stop: 95.01

Our put play in GRMN has been triggered. The stock lost 0.96% to close under the $90.00 level. Our suggested entry point to buy puts was at $88.90. The low today was $88.81. While we remain bearish we're a little concerned by the failure to close at a new relative low and under its 50-dma. More conservative traders should seriously consider waiting for a decline under today's low near $88.80 before initiating new put positions.

Picked on June 12 at $ 88.90
Change since picked: + 0.70
Earnings Date 08/002/6 (unconfirmed)
Average Daily Volume = 1.0 million

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Intl. Bus. Mach. - IBM - cls: 77.02 chg: -0.61 stop: 81.05

IBM tried to produce an oversold bounce this morning but it failed near $78.00 for the second day in a row. We do not see any changes from our weekend update. The P&F chart points to $73.00 target. Our target is the $73.50-73.00 range.

Picked on June 06 at $ 78.75
Change since picked: - 1.73
Earnings Date 07/18/06 (unconfirmed)
Average Daily Volume = 5.2 million

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IDEXX Labs - IDXX - close: 77.31 chg: -1.27 stop: 80.05

Our put play in IDXX is now open. Shares broke down under short-term support at $78.00 to hit our trigger to buy puts at $77.95. The stock closed near its lows for the day, which is bearish for tomorrow. The MACD is nearing a new sell signal. We don't see any changes from our new play description on Sunday. We are suggesting two targets. Consider selling half or more of your position at $75.25, which is above potential support at $75.00 and its simple 200-dma. We would then try and sell the rest of your position in the $72.00-70.00 range, near the bottom of its descending channel. The P&F chart is bearish and points to a $64.00 target.

Picked on June 12 at $ 77.95
Change since picked: - 0.64
Earnings Date 07/28/06 (unconfirmed)
Average Daily Volume = 144 thousand

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Oshkosh Truck - OSK - close: 49.60 chg: -1.00 stop: 52.05

Wow! Believe it or not we are still sitting on the sidelines here. Shares of OSK lost 1.97% to close under the $50.00 level for the first time since January 2006. The stock also closed under technical support at the simple 200-dma but shares have not yet hit our trigger to buy puts at $49.49. More aggressive traders may want to open positions now. We'll stick to our published plan. Our target would be the $45.50-45.00 range.

Picked on June xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume = 737 thousand

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Schlumberger - SLB - close: 56.58 chg: -2.64 stop: 65.01

SLB is another oil-service stock that was hammered today. Shares lost 4.4% and closed near their lows for the session. We would expect almost any follow through lower to hit our target in the $55.75-55.50 range.

Picked on June 07 at $ 60.51
Change since picked: - 3.93
Earnings Date 07/21/06 (unconfirmed)
Average Daily Volume = 10.0 million

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Wynn Resorts - WYNN - close: 67.47 chg: -1.79 stop: 73.51

WYNN lost 2.58% on Monday but volume came in pretty low. The low volume sparks a warning flag for us. More conservative traders may want to tighten their stops. We are suggesting two targets. Consider selling half your position in the $65.25-65.00 range and then sell the rest of your position in the $61.00-60.00 range. The simple 200-dma near $60 could be support. The P&F chart is bearish and points to a $60 target.

Picked on June 05 at $ 69.11
Change since picked: - 1.64
Earnings Date 08/02/06 (unconfirmed)
Average Daily Volume = 1.2 million
 

Strangle Updates

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Dropped Calls

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Dropped Puts

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Dropped Strangles

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