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Call Updates

Allegheny Tech - ATI - cls: 106.48 change: -1.14 stop: 102.49

Many steel and metal-related stocks experienced some profit taking following yesterday's big rally. Shares of ATI slipped 1% but not before hitting a new high at $108.25 this morning. We do not see any changes from our previous comments. Our target remains the $109.00-110.00 range.

Picked on February 18 at $102.59
Change since picked: + 3.89
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 2.8 million

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Boeing - BA - close: 90.58 change: -0.38 stop: 87.99

Unfortunately, BA continues to bounce around the $90-92 range. We are still waiting for a breakout over resistance near $92.00. Our suggested trigger to buy calls is at $92.51. If triggered our target is the $99.50-100.00 range. More aggressive traders may want to jump in early on a bounce near $90 or a move over $92.00. FYI: The P&F chart shows a fresh triple-top breakout buy signal with a $107 target.

Picked on February xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 05/02/07 (unconfirmed)
Average Daily Volume = 3.9 million

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Diageo - DEO - close: 81.42 change: -0.02 stop: 78.45

There is no change from our previous comments on DEO. The stock continues to digest last week's gains. Readers may want to wait and watch for a pull back near the $80.00 level or at least near its simple 10-dma (around 80.45) before considering new bullish call positions. Our short-term target is the $84.75-85.00 range although more aggressive traders may want to aim higher. FYI: The P&F chart points to an $89 target.

Picked on February 14 at $ 81.04
Change since picked: + 0.38
Earnings Date 02/15/07 (confirmed)
Average Daily Volume = 452 thousand

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Freeport McMoran - FCX - cls: 59.56 chg: +1.08 stop: 55.85

Our new bullish call play in FCX is now open. The mining stocks continued to rally on Thursday. Gold futures saw very little profit taking following yesterday's big rally. Meanwhile Newmont Mining (NEM) reported stronger than expected earnings, which may have boosted the sector today. Shares of FCX gapped open higher at $59.12 and traded just over $60 before pulling back and closing with a 1.8% gain. Our suggested trigger to buy calls was at $59.25. If you missed it we would still consider new positions now. Today's rally produced a new triple-top breakout buy signal on the P&F chart with a $75 target. Our target is the $64.00-65.00 range.

Picked on February 22 at $ 59.25
Change since picked: + 0.31
Earnings Date 04/17/07 (unconfirmed)
Average Daily Volume = 6.5 million

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Chinese iShares - FXI - close: 108.00 chg: +0.01 stop: 103.99

The Chinese markets posted another gain today but strength back home failed have any affect on the ishares traded in the U.S. market. Overall the trend continues to look bullish and we would still consider new positions. Our target is the $114.00-115.00 range. We do expect some resistance near $110 so expect a short-term pull back after testing the $110 region.

Picked on February 18 at $106.90
Change since picked: + 1.10
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 1.9 million

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OM Group - OMG - close: 53.17 change: +0.17 stop: 49.75

OMG is still showing relative strength and shares posted another gain today. We are not suggesting new positions with OMG so close to our $54.00-55.00 target range. More conservative traders may want to strongly consider an early exit to lock in a gain.

Picked on January 25 at $ 48.05
Change since picked: + 5.12
Earnings Date 03/02/07 (unconfirmed)
Average Daily Volume = 770 thousand

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Research In Motion - RIMM - cls: 140.30 chg: -1.68 stop: 132.39

Big strength in the semiconductors helped keep the NASDAQ in positive territory but strength in technology was not that widespread and Blackberry-producer RIMM experienced some profit taking today. The stock dipped to $138.82 before bouncing back above the $140 level. We would use the afternoon bounce as a new entry point to buy calls but more conservative traders might want to tighten their stops. There is potential resistance near $142.50 and $145.00 at the November and January highs but we suspect that given the current bullishness for stocks that RIMM can trade higher. Our target is the $149.00-150.00 range. The P&F chart has reversed into a buy signal and points to a $176 target.

Picked on February 20 at $140.51
Change since picked: - 0.21
Earnings Date 03/22/07 (unconfirmed)
Average Daily Volume = 9.1 million

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Rio Tinto - RTP - cls: 225.58 chg: +2.96 stop: 212.45

Australian markets rose over 1% to a new record high on Thursday. Meanwhile here in the states, shares of Australian miner RTP gapped open higher and closed with a 1.3% gain. This is a new three-month high for RTP and a breakout over potential resistance near $225. RTP will probably have some resistance at its November 2006 highs near $230 but our target is the $237.50-240.00 range. FYI: RTP is a high-dollar stock and is bound to see some bigger swings (volatility) and this makes the options somewhat "expensive". Consider this a more aggressive play.

Picked on February 14 at $221.15
Change since picked: + 4.43
Earnings Date 02/01/07 (confirmed)
Average Daily Volume = 437 thousand

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Sears Holding - SHLD - cls: 189.97 chg: +1.19 stop: 179.89

A mixed earnings result from J.C.Penney (JCP) this morning prompted some profit taking in retail today. Another rise in crude oil didn't help the sector. JCP reported earnings that were better than expected but issued mixed guidance with a warning for the first quarter but raised guidance for the year. Shares of SHLD continued to show relative strength and spent the first part of the day trading sideways before suddenly surging higher in the late afternoon to close right at round-number resistance at the $190 level. We remain bullish but we're not suggesting new positions at this time. More conservative traders may want to seriously consider taking some profits here since SHLD is looking a little short-term overbought. Our target is the $195.00-200.00 range. The Point & Figure chart has seen its bullish price target rise from $228 to $234.

Picked on February 14 at $183.64
Change since picked: + 6.33
Earnings Date 03/15/07 (unconfirmed)
Average Daily Volume = 1.2 million
 

Put Updates

MarineMax - HZO - close: 23.08 change: -0.16 stop: 24.25

HZO slipped another 0.6% but bulls are still trying to buy the dips. We are not suggesting new positions. Our target is the $20.25-20.00 range.

Picked on February 11 at $ 22.59
Change since picked: + 0.49
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 300 thousand

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Meritage - MTH - close: 41.77 change: -1.07 stop: 45.26

Investors did not react well to this morning's earnings report from homebuilder Toll Brothers (TOL). Comments coming from TOL's management were still too cautious for investors and the DJUSHB home construction index lost 1.89%. Shares of MTH fell 2.49% on above average volume. The breakdown under $42.00 in MTH looks like a new entry point to buy puts. More conservative traders might want to tighten their stops. The P&F chart has produced a triple-breakdown sell signal with a $37.00 target. We are aiming for the $37.50-37.00 range.

Picked on February 11 at $ 41.99
Change since picked: - 0.22
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 473 thousand
 

Strangle Updates

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Dropped Calls

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Dropped Puts

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Dropped Strangles

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