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Call Updates

Google - GOOG - close: 391.00 chg: +6.61 stop: 384.50

It looks like GOOG is trying to bounce again and today's 1.7% gain was decent but it paled compared to the NASDAQ's 2.78% rally. GOOG remains under resistance at its simple 50-dma and the $400.00 level. We're going to stock to our play and wait for a breakout over $400 with a trigger to buy calls at $401.00. More aggressive traders may want to think about going long calls earlier on a move past $395.00. Chart readers will note that GOOG's Point & Figure chart is already bullish and points to a $444 target but a move past $396.00 will produce a new triple-top breakout buy signal. If we are triggered at $401 our target is the $440.00-445.00 range. We do not want to hold over the late July earnings report.

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: 60.81 chg: +1.19 stop: 58.75

A strong rally in the DJIA helped Dow-component UTX added 1.99% on above average volume today. Shares of UTX pushed past the 100-dma and the $60.00 level again. We see today's move as a new bullish entry point to buy calls. We're suggesting the July calls since we plan to exit ahead of the July earnings report. Our target is the $64.00-65.00 range. Please note that UTX will probably encounter some resistance near $62.00 and its 50-dma. Traders should also note that we're cautious on bullish plays right now. For all the market's gusto on the bounce these last two days the major averages are still inside their bearish, descending channels.

Picked on June 08 at $ 60.13
Change since picked: + 0.68
Earnings Date 07/19/06 (unconfirmed)
Average Daily Volume = 3.7 million
 

Put Updates

Amgen Inc. - AMGN - close: 67.44 chg: +0.09 stop: 69.55

Wow! AMGN really under performed the market and its peers in the biotech sector. Shares added just 0.13% and most of that in the last 30 minutes of trading. While the relative weakness is good news for us we would not expect it to last if the markets continue to rebound higher. We're not suggesting new bearish plays at this time. More conservative traders may want to exit early or adjust their stop loss lower toward technical resistance at the simple 50-dma (68.19).

Picked on June 05 at $ 67.48
Change since picked: - 0.04
Earnings Date 07/18/06 (unconfirmed)
Average Daily Volume = 8.9 million

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Barr Pharma - BRL - close: 51.94 chg: +0.75 stop: 53.05 *new*

BRL gapped open higher this morning and spiked to $52.61 after one analyst firm upgraded the stock to an "overweight" rating. BRL pared its gains and produced a lower high later this afternoon. While today's "breakout" doesn't look very inspiring it is a push past its short-term trendline of lower highs. We are going to lower our stop loss to $53.05.

Picked on June 05 at $ 52.20
Change since picked: - 0.26
Earnings Date 08/03/06 (unconfirmed)
Average Daily Volume = 1.1 million

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Express Scripts - ESRX - cls: 66.66 chg: +2.11 stop: 70.10 *new*

ESRX produced a strong oversold bounce today adding 3.2% on very strong volume. This looks like bad news for the bears. The stock hit our initial target at $65.25 yesterday. More conservative traders may just want to exit completely before the stock rallies back toward resistance near $70.00. We're lowering our stop loss to $70.10.

Picked on June 08 at $ 69.59
Change since picked: - 2.93
Earnings Date 07/26/06 (unconfirmed)
Average Daily Volume = 1.8 million

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Group 1 Auto - GPI - close: 58.65 chg: +2.84 stop: 60.15 *new*

The bounce in GPI got a boost this morning after one analyst firm upgraded the stock to an "out perform". Shares added 5% on strong volume today and GPI closed back above its 50-dma. This is bad news for the bears. Conservative traders may want to exit early right here. We're going to lower our stop loss to $60.15. More aggressive traders may want to leave their stop above $60.50, which was resistance several days ago.

Picked on June 11 at $ 58.46
Change since picked: + 0.19
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume = 498 thousand

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Intl. Bus. Mach. - IBM - cls: 78.56 chg: +0.85 stop: 80.05 *new*

It took five tries but IBM finally broke out above the $78.00 level. The $79.00 level is Big Blue's next level of resistance. We're going to inch our stop loss down to $80.05.

Picked on June 06 at $ 78.75
Change since picked: - 0.19
Earnings Date 07/18/06 (unconfirmed)
Average Daily Volume = 5.2 million

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IDEXX Labs - IDXX - close: 77.61 chg: +0.34 stop: 80.05

IDXX under performed the broader markets and the BTK biotech index. Shares of IDXX only added 0.44% and remain under broken support now new resistance at the $78.00 level. We are not suggesting new plays at this time.

Picked on June 12 at $ 77.95
Change since picked: - 0.34
Earnings Date 07/28/06 (unconfirmed)
Average Daily Volume = 144 thousand

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Oshkosh Truck - OSK - close: 50.03 chg: +1.40 stop: 52.05

Be careful here. More conservative traders might want to consider an early exit right now given OSK's bounce back above the $50.00 mark and its simple 200-dma. We are not suggesting new plays. If you're going to hold on to your position be ready for a rally toward the $52.00 level.

Picked on June 13 at $ 49.49
Change since picked: + 0.54
Earnings Date 08/01/06 (unconfirmed)
Average Daily Volume = 737 thousand
 

Strangle Updates

None
 

Dropped Calls

None
 

Dropped Puts

Burlington Nrth.SntFe - BNI - cls: 77.72 chg: +4.41 stop: 77.55

We have been stopped out at $77.55. Some positive comments from executives in the railroad industry today poured fire on the sector's bounce. Shares of BNI have broken out through the top of their two-month bearish, descending channel with volume coming in well above the average. Aggressive traders may want to consider potential bullish plays here but be aware of technical resistance at the 50-dma and 100-dma near the $80.00 level. BNI hit our conservative target at $70.50 several days ago. We had an aggressive target closer to the $67.00 level.

Picked on June 05 at $ 75.64
Change since picked: + 2.08
Earnings Date 07/25/06 (unconfirmed)
Average Daily Volume = 2.1 million

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Wynn Resorts - WYNN - close: 69.87 chg: +2.77 stop: 70.55

We have been stopped out at $70.55. WYNN rallied to $70.99 before paring its gains this afternoon. Shares closed under their 100-dma and the $70.00 level but it was too late for us. The stock hit our conservative target at $65.25 a couple of days ago and we were aiming for a more aggressive target at $61.00.

Picked on June 05 at $ 69.11
Change since picked: + 0.76
Earnings Date 08/02/06 (unconfirmed)
Average Daily Volume = 1.2 million
 

Dropped Strangles

None
 

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