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Call Updates

Allegheny Tech. - ATI - cls: 60.18 chg: -0.41 stop: 56.95

The market profit taking hit its second day in a row on Thursday. Shares of ATI dipped to $59.44 before traders stepped in to buy the pull back. A bounce from here or above today's high near $61 might be used as a new entry point to buy calls. However, more conservative traders may want to wait for a new move over the 50-dma, currently near 61.31. Our target is the $67.50-70.00 range but we do expect some resistance near $65 and its 100-dma (64.71).

Picked on September 05 at $ 62.32
Change since picked: - 2.14
Earnings Date 10/25/06 (unconfirmed)
Average Daily Volume = 3.3 million

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AstraZeneca - AZN - close: 62.16 change: -1.11 stop: 61.95

AZN lost another 1.75% as profit taking in the stock and the drug sector marked its third session in a row. The sell-off in AZN has wiped out about three weeks of gains in the last three sessions. The selling did stall near support at the $62 level but we were almost stopped out on an intraday dip to $61.97. Traders might want to use a bounce back above the $63 mark as a new entry point to buy calls but we would only do so cautiously.

Picked on August 20 at $ 62.99
Change since picked: - 0.83
Earnings Date 10/26/06 (unconfirmed)
Average Daily Volume = 1.1 million

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Cameco - CCJ - close: 40.84 change: -0.33 stop: 38.75

Another day of market weakness weighed on shares of CCJ but the stock did manage to rebound from its worst levels of the session. A bounce from here could be used as a new bullish entry point to buy calls but traders entering new positions might want to tighten their stops toward the $40 level. Our target is the $44.50-45.00 range.

Picked on August 22 at $ 40.33
Change since picked: + 0.51
Earnings Date 07/28/06 (confirmed)
Average Daily Volume = 1.9 million

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Carpenter Tech. - CRS - cls: 99.71 chg: -0.14 stop: 97.45

CRS ended the day relatively unchanged but the stock dipped to $97.88 (about 30 cents above the rising 10-dma) before bouncing. We would look for another move above today's high (100.74) or the 50-dma before considering new positions. Our target is the $107.50-108.00 range.

Picked on September 05 at $101.10 *gap higher*
Change since picked: - 1.39
Earnings Date 10/23/06 (unconfirmed)
Average Daily Volume = 847 thousand

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Cymer Inc. - CYMI - close: 41.85 chg: +0.55 stop: 39.95

Shares of CYMI displayed relative strength on Thursday. The stock bounced from a test of short-term support at its rising 10-dma. CYMI closed the session with a 1.3% gain, which out performed the broad market indices and the SOX semiconductor index. What worries us is the action in the SOX, which appeared to produce a failed-rally type pattern and looks poised to head lower. If the SOX continues to sink then CYMI could struggle making any headway higher. We are not suggesting new plays at this timg.

Picked on September 06 at $ 42.55
Change since picked: - 0.70
Earnings Date 10/24/06 (unconfirmed)
Average Daily Volume = 1.0 million

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Emerson Elec. - EMR - close: 81.80 chg: -0.20 stop: 79.99

Traders bought the dip in EMR. Shares slipped to $80.65 near its 200-dma before bouncing back to close with a minor loss. This looks like a new entry point to buy calls but more conservative traders may want to see a bit more confirmation (strength) before opening new plays. Our target is the $89.00-90.00 range.

Picked on September 05 at $ 83.55
Change since picked: - 1.75
Earnings Date 10/31/06 (unconfirmed)
Average Daily Volume = 1.5 million

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Freeport McMoran - FCX - close: 59.31 chg: -1.04 stop: 55.95

FCX continued to consolidate lower on Thursday. We told readers to expect a "fill the gap" move and so far that's what FCX has provided. Watch for a bounce from $58.00 or its rising 10-dma (near 58.35) as a new entry point to consider buying calls. Our target is the $62.50-63.00 range.

Picked on August 23 at $ 57.51
Change since picked: + 1.80
Earnings Date 10/17/06 (unconfirmed)
Average Daily Volume = 5.1 million

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Phelps Dodge - PD - close: 92.50 change: -0.06 stop: 87.75

The early morning weakness on Thursday may have been enough to satisfy the "fill the gap" requirement in PD. Shares dipped to $91.20 before bouncing and almost closing in the green. Some positive analyst comments didn't hurt. We would cautiously consider new bullish positions here but be ready for another dip toward $90.00, which should offer some support. Our target is still the $97.50-100.00 range.

Picked on September 01 at $ 90.55
Change since picked: + 1.95
Earnings Date 10/25/06 (unconfirmed)
Average Daily Volume = 6.7 million

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United Ind. - UIC - close: 53.46 change: -0.86 stop: 49.99

UIC continues to consolidate lower, which is what we told readers to expect. A bounce from the $52 level might offer another entry point but we would only enter new plays cautiously. The stock has already hit our primary target in the $54.75-55.00 range. Our secondary target is the $57.50 level.

Picked on August 27 at $ 51.77
Change since picked: + 1.69
Earnings Date 08/01/06 (confirmed)
Average Daily Volume = 198 thousand

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VF Corp. - VFC - close: 70.10 change: +0.51 stop: 68.45

VFC displayed some surprising relative strength on Thursday. Traders stepped in and bought the dip at $69.00 and the stock rebounded back above the $70 mark on decent volume. This looks like a new entry point to buy calls but we've seen so many false starts already we'd be careful about opening plays right here.

Picked on August 30 at $ 70.25
Change since picked: - 0.15
Earnings Date 10/18/06 (unconfirmed)
Average Daily Volume = 567 thousand
 

Put Updates

Boeing - BA - close: 72.87 change: -1.57 stop: 78.05

The sell-off in BA continues and the stock lost another 2.1% on Thursday with volume rising toward normal levels. Shares closed at a new five-month low. We're going to adjust our stop loss to $76.26. Our target is the $70.50-70.00 range.

Picked on August 10 at $ 75.75
Change since picked: - 2.88
Earnings Date 10/25/06 (unconfirmed)
Average Daily Volume = 4.2 million

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Chipotle Mex Grill - CMG - close: 49.85 chg: -0.24 stop: 52.55

The close under $50.00 in CMG looks like a new entry point to buy puts but traders entering new positions might want to use a tighter stop loss near $51.50. Our target is the $45.50-45.00 range. The P&F chart is still bearish and points to a $39 target.

Picked on August 09 at $ 50.28
Change since picked: - 0.43
Earnings Date 10/30/06 (unconfirmed)
Average Daily Volume = 414 thousand

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EOG Resources - EOG - close: 63.00 chg: -0.15 stop: 66.55

We do not see any changes from yesterday's update. The breakdown under support at $64.00 was an entry point to buy puts. If the stock bounces tomorrow then look for a failed rally under $65 and preferably under $64 as a new entry point. Our target is the $57.50-55.00 range. Remember, the biggest risk we see to this play is any escalation with the U.S. and Iran.

Picked on September 06 at $ 63.85
Change since picked: - 0.85
Earnings Date 10/31/06 (unconfirmed)
Average Daily Volume = 3.3 million

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Johnson Controls - JCI - close: 69.37 chg: -0.42 stop: 75.51

JCI is almost there! The stock dipped to $68.67 this morning. Our target is the $68.50-67.50 range. Chart readers will find it interesting that the afternoon bounce failed at the $70.00 level. We're not suggesting new plays at this time and more conservative traders might want to tighten their stops toward $73.00.

Picked on August 22 at $ 72.96
Change since picked: - 3.59
Earnings Date 10/19/06 (unconfirmed)
Average Daily Volume = 1.3 million

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Radian Group - RDN - close: 59.10 chg: +0.02 stop: 61.51

RDN dipped to $57.95 before bouncing back. Shares produced a relatively volatile session and volume spiked strongly. The afternoon bounce made it back toward technical resistance at the 200-dma before fading lower again. Wait and watch for another decline under $59 before entering new put plays. Our target is the $55.15-55.00 range.

Picked on September 06 at $ 58.99
Change since picked: + 0.11
Earnings Date 10/18/06 (unconfirmed)
Average Daily Volume = 722 thousand
 

Strangle Updates

None
 

Dropped Calls

The Andersons - ANDE - close: 38.74 chg: -0.94 stop: 38.90

There should be no surprises here. We warned readers yesterday that ANDE's bearish reversal on Wednesday was pretty dramatic and we expected the stock to hit our stop loss if the markets continued lower today. ANDE lost another 2.3% and hit our stop loss at $38.90 closing the play.

Picked on August 28 at $ 40.26
Change since picked: - 1.52
Earnings Date 10/27/06 (unconfirmed)
Average Daily Volume = 900 thousand

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Cognizant Tech. - CTSH - close: 68.91 chg: -0.90 stop: 68.45

We have been stopped out of CTSH at $68.45. The stock produced a relatively volatile session with another failed rally near its 10-dma but that was after shares dipped to an intraday low of $68.44.

Picked on August 29 at $ 71.55
Change since picked: - 2.64
Earnings Date 11/01/06 (unconfirmed)
Average Daily Volume = 1.4 million
 

Dropped Puts

None
 

Dropped Strangles

None
 

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