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Call Updates

AstraZeneca - AZN - close: 63.02 change: -0.10 stop: 59.95

The markets produced another day of sideways trading and that left shares of AZN to consolidate sideways for the fourth day in a row. We see no changes from our previous updates. We're still suggesting that traders consider waiting for a dip toward $62 or $60 as a new bullish entry point. Our target is the $68.00-69.00 range but our time frame is mid-October.

Picked on August 20 at $ 62.99
Change since picked: + 0.03
Earnings Date 10/26/06 (unconfirmed)
Average Daily Volume = 1.1 million

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Cameco - CCJ - close: 39.24 change: -1.06 stop: 37.95

CCJ lost 2.6% on no news today. The stock was probably trading lower in sympathy with the XAU gold and silver index, which lost 1.7%. The breakdown below the $40 level is discouraging but shares stalled their descent near its 50-dma. The move over the last two days looks like a short-term bearish reversal. More conservative traders might want to cut their losses early and look for another move over $40 or $41 as a new entry point. We're not suggesting new bullish positions with CCJ under $40.00. Our target is the $44.50-45.00 range.

Picked on August 22 at $ 40.33
Change since picked: - 1.09
Earnings Date 07/28/06 (confirmed)
Average Daily Volume = 1.9 million

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Cymer Inc. - CYMI - close: 39.12 chg: +0.15 stop: 39.95

The SOX semiconductor index finally posted a gain this week and CYMI followed with a minor bounce. We are still on the sidelines. Traders might want to switch directions and buy puts if CYMI trades under the $38.00 level, which was support in early August. Right now we're suggesting a trigger at $42.55 to buy calls.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/24/06 (unconfirmed)
Average Daily Volume = 1.0 million

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Freeport McMoran - FCX - close: 56.64 chg: -0.03 stop: 52.95

There is no change from our previous updates on FCX. The stock is still trading sideways in the $56-58 range with technical support (short-term) at the 200-dma. More aggressive traders might want to try and catch a bounce from the $55.00-54.00 region. More conservative traders may want to wait for a new relative high over $58.00. Our target is the $62.50-63.00 range. Traders should also note that we do expect some short-term resistance near $60.00 and a retest of the 100-dma, once broken as resistance, should act as support.

Picked on August 23 at $ 57.51
Change since picked: - 0.87
Earnings Date 10/17/06 (unconfirmed)
Average Daily Volume = 5.1 million

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Goldman Sachs - GS - close: 151.40 chg: -1.30 stop: 149.40

The technicals continue to deteriorate on GS and the broker-dealer sector. The MACD on GS' daily chart just produced a new sell signal. More conservative traders may want to exit early right here instead of risking a breakdown under $150, which is where we expect short-term support bolstered by its rising 50-dma. We're not suggesting new positions. Our conservative target is $160.00. Our secondary target is the $164.50 level. Consider selling half your position at $160 and the rest at $164.50. We do not want to hold over the late September earnings report. FYI: The P&F chart points to a $190 target.

Picked on August 16 at $154.99
Change since picked: - 3.59
Earnings Date 09/21/06 (unconfirmed)
Average Daily Volume = 5.3 million

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MicroStrategy - MSTR - close: 90.98 chg: +0.13 stop: 85.99

MSTR bounced from the $90.00 level again but failed to see much follow through. This sort of action looks bearish and suggests the stock may be in for a deeper consolidation. We're not suggesting new plays and more conservative traders might want to tighten their stops. The technical picture is definitely getting worse.

Picked on August 16 at $ 92.05
Change since picked: - 1.07
Earnings Date 10/27/06 (unconfirmed)
Average Daily Volume = 431 thousand

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Piper Jaffray - PJC - close: 53.06 change: -2.09 stop: 49.99

Technicals definitely took a turn for the worse with PJC's 3.7% sell-off today. The stock broke down under support at the bottom of its short-term trading range near $54.00 and technical support at its 50-dma. The next stop looks like the 200-dma near $52.00. More conservative traders might want to raise their stops toward the 200-dma. We're not suggesting new plays at this time.

Picked on August 20 at $ 55.70
Change since picked: - 2.64
Earnings Date 10/18/06 (unconfirmed)
Average Daily Volume = 300 thousand

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Children's Place - PLCE - cls: 54.93 chg: -1.28 stop: 56.95

We are giving PLCE one more day to show some signs of life before we drop it as a bullish candidate. The stock has been anything but bullish this week. Shares are down four days in a row after a failed rally at the $60.00 level. More aggressive traders might want to try and buy a bounce near $54 and its 200-dma. Currently our trigger to buy calls is at $60.35.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/17/06 (confirmed)
Average Daily Volume = 588 thousand

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FreightCar Amer. - RAIL - close: 56.31 chg: -0.61 stop: 53.99

Transportation stocks traded lower again following an uptick in crude oil prices. The railroads and airlines really under performed today. Shares of RAIL lost 1% and closed under its 10-dma and 200-dma, which is bad news. We're not suggesting new plays at this time. More conservative traders might want to tighten their stops.

Picked on August 20 at $ 59.13
Change since picked: - 2.79
Earnings Date 10/26/06 (unconfirmed)
Average Daily Volume = 475 thousand

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Ryland Group - RYL - close: 42.42 change: +1.13 stop: 39.95

Surprisingly the homebuilders bounced on Thursday. The DJUSHB index rose 1.98% and RYL out performed its peers with a 2.7% bounce. We're still on the sidelines. At the moment we're suggesting a trigger to buy calls on RYL at $45.15. Our short-term target is the $49.90-50.00 range, which might also see resistance at its descending 100-dma.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/18/06 (unconfirmed)
Average Daily Volume = 1.7 million

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United Ind. - UIC - close: 50.75 change: -0.69 stop: 47.49

There is no change yet from our previous updates on UIC. Bulls are still defending UIC near the $50.50 region. We're waiting for a deeper pull back. Our suggested trigger to buy calls is at $50.25 and we're looking for a dip into the $50.25-50.00 region. A dip back toward the 200-dma, just under $50 could also be used as an entry point. If triggered our target is the $54.75-55.00 range. More aggressive traders might want to aim higher. The bullish P&F chart points to a $64 target.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 08/01/06 (confirmed)
Average Daily Volume = 198 thousand

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VF Corp. - VFC - close: 67.76 change: -0.63 stop: 68.45

VFC is slipping farther away from a breakout over resistance at $70.00. We are suggesting a trigger to buy calls at $70.25. If triggered we're targeting a short-term rally into the $74.00-75.00 range. More aggressive traders may want to aim higher.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/18/06 (unconfirmed)
Average Daily Volume = 567 thousand

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Valero - VLO - close: 62.57 change: +0.79 stop: 59.99

A rise in crude oil helped support a bounce in oil stocks today. VLO added 1.2% and shares produced a new higher low. Unfortunately, the stock is still under its descending 10-dma. Today does look like a new entry point to buy calls but readers might want to wait for a move over $62.75 or $63.00 before initiating positions. Our target is the $66.00-67.00 range.

Picked on August 20 at $ 61.84
Change since picked: + 0.73
Earnings Date 10/31/06 (unconfirmed)
Average Daily Volume = 9.1 million
 

Put Updates

Boeing - BA - close: 75.24 change: -1.12 stop: 80.45

BA displayed relative weakness on Thursday with a 1.4% decline and a breakdown below its 200-dma. Shares are near round-number support at the $75.00 mark. We are still suggesting that readers wait for a drop under $75 before initiating new positions. Our target is the $70.50-70.00 range. The P&F chart currently points to a $70 target.

Picked on August 10 at $ 75.75
Change since picked: - 0.51
Earnings Date 10/25/06 (unconfirmed)
Average Daily Volume = 4.2 million

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Burlington Nor.SantaFe - BNI - cls: 65.20 chg: -0.69 stop: 70.25

Transports traded lower hindered by a rise in oil futures on Thursday. The airlines and the railroads were big under performers in the transports. Shares of BNI lost another 1% and the stock is nearing what appears to be support near $64. Our target remains the $62.50-60.00 range. The P&F chart currently points to a $49 target.

Picked on August 08 at $ 68.06
Change since picked: - 2.86
Earnings Date 10/24/06 (unconfirmed)
Average Daily Volume = 2.7 million

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Chipotle Mex Grill - CMG - close: 49.17 chg: -0.99 stop: 54.01

CMG continues to display relative weakness. The stock lost 1.9% today but volume came in below average on the move. What is notable is the breakdown under round-number support at $50.00 and what appears to be a new sell signal on the MACD indicator (daily chart). The Point & Figure chart points to a $39 target. We are targeting a decline into the $45.50-45.00 range.

Picked on August 09 at $ 50.28
Change since picked: - 1.11
Earnings Date 10/30/06 (unconfirmed)
Average Daily Volume = 414 thousand

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Intuitive Surgical - ISRG - cls: 93.83 chg: +1.88 stop: 101.55

Traders bought the dip near $90.00 in ISRG on Thursday. At the moment we're not suggesting new positions and more conservative traders may want to tighten their stops. Remember that this is an aggressive, higher-risk play due to ISRG's volatility. Our target is the $87.75-87.50 range.

Picked on August 10 at $ 94.90
Change since picked: - 1.07
Earnings Date 10/25/06 (unconfirmed)
Average Daily Volume = 1.1 million

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Johnson Controls - JCI - close: 71.09 chg: -0.90 stop: 76.51

JCI is still sinking. Shares are starting to look a little oversold so don't be surprised to see a bounce from the $70.00 region. We're not suggesting new plays at the moment. Our target is the $68.50-67.50 range.

Picked on August 22 at $ 72.96
Change since picked: - 1.87
Earnings Date 10/19/06 (unconfirmed)
Average Daily Volume = 1.3 million

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NII Holdings - NIHD - close: 51.18 chg: +0.06 stop: 52.51

NIHD is going nowhere. It was down 6 cents yesterday and up 6 cents today. The stock has been stuck in a narrow range for the last several days. A breakout is imminent but it could go either direction. We'd wait for a decline under $49.90 before considering new positions. Our target is the $45.50-45.00 range.

Picked on August 07 at $ 49.90
Change since picked: + 1.27
Earnings Date 07/27/06 (confirmed)
Average Daily Volume = 2.2 million

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Transocean Inc. - RIG - cls: 67.80 chg: +0.76 stop: 70.25

RIG is still trying to bounce and the lack of follow through on yesterday's drop could be a warning sign for the bears. We're not suggesting new positions. The stock has already hit our conservative target at $65.25. Our secondary, aggressive target is the $61 level. Currently the P&F chart points to a $49 target.

Picked on August 07 at $ 69.49
Change since picked: - 1.83
Earnings Date 08/03/06 (confirmed)
Average Daily Volume = 6.4 million
 

Strangle Updates

None
 

Dropped Calls

Bucyrus - BUCY - close: 47.64 chg: -1.02 stop: 47.69

We have been stopped out of BUCY at $47.69. The stock posted its fourth decline in a row and broke down under the $48.00 level on below average volume. The move over this past few days has reversed the mid August buy signal and bullish breakout although it would appear that BUCY has not yet completely broken down under its three-month pattern of higher lows yet. We are a little surprised by the sell-off in BUCY since other stocks in this industry group (DE and JOYG) are not seeing the same slide lower.

Picked on August 16 at $ 51.87
Change since picked: - 4.23
Earnings Date 10/19/06 (unconfirmed)
Average Daily Volume = 697 thousand

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Carpenter Tech - CRS - close: 93.82 chg: -0.33 stop: 94.99

We are dropping CRS as a bullish candidate. It was our plan to buy calls if CRS hit $100.26 or higher. The stock never broke out past resistance at the $100 level and now shares look poised to breakdown under its 200-dma. Traders might want to consider puts if CRS trades under $90.00.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/25/06 (unconfirmed)
Average Daily Volume = 921 thousand
 

Dropped Puts

None
 

Dropped Strangles

None
 

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