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Call Updates

Apache - APA - close: 68.46 chg: -0.45 stop: 67.95

Oil stocks failed to see a bounce on Wednesday and that is discouraging. Shares of APA spent most of the session consolidating sideways above support near $68.00 and its 50-dma. The intraday low actually tested the $68.00 mark. More conservative traders may want to strongly consider an early exit right here to cut their losses. We would definitely wait for a new bounce over the $70 level before considering new positions. Our target is the $74.50-75.00 range.

Picked on February 22 at $ 70.40
Change since picked: - 1.94
Earnings Date 05/03/07 (unconfirmed)
Average Daily Volume = 3.3 million
 

Put Updates

MarineMax - HZO - close: 22.78 change: +0.24 stop: 23.75 *new*

HZO is still not moving much and lack of movement is not good news for a directional option play. Please note we're adjusting the stop loss to $23.75. More conservative traders might just want to bail out now and look for new candidates elsewhere. We would not consider new put positions until HZO broke down under short-term support near $22.00. If shares don't move soon we'll drop it. The P&F chart continues to point to a $2.00 target. Our target is the $20.25-20.00 range.

Picked on February 11 at $ 22.59
Change since picked: + 0.19
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 300 thousand

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Meritage - MTH - close: 38.76 change: -0.12 stop: 42.55

The homebuilders were still under performing the broader market. The DJUSHB home construction index dropped 1.2%. Shares of MTH slipped 0.3%. More conservative traders may want to exit early to try and lock in a gain. Our target is the $37.50-37.00 range.

Picked on February 11 at $ 41.99
Change since picked: - 3.23
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 473 thousand
 

Strangle Updates

None
 

Dropped Calls

Diageo - DEO - close: 79.43 change: -0.28 stop: 78.95

We have been stopped out of DEO at $78.95. Yesterday's weakness was not enough and shares continued lower this morning hitting an intraday low of $78.80. Volume on today's session was very high. It may be noteworthy that DEO failed to close under technical support at its 50-dma. We would keep an eye on the stock for a breakdown or a rebound as a potential entry point for put or call plays, respectively.

Picked on February 14 at $ 81.04
Change since picked: - 1.61
Earnings Date 02/15/07 (confirmed)
Average Daily Volume = 452 thousand
 

Dropped Puts

None
 

Dropped Strangles

None
 

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