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Call Updates

Allegheny Tech. - ATI - cls: 100.68 chg: -1.64 stop: 93.95

ATI almost hit our entry point this morning. The markets spiked lower at the open today and ATI gapped down to open at $98.00 and dipped to $97.55 before bouncing. We are suggesting an entry in the $97.50-96.00 range. Considering how the rebound across the markets was struggling late this afternoon we might get another chance tomorrow. We'll use a trigger at $97.49 to open new plays although we suggest waiting for signs of a bounce first before initiating positions. Our short-term target will be the $104.00-105.00 range. More aggressive traders can aim for the $109-110 zone.

Picked on February xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 2.7 million

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Cigna - CI - close: 142.69 chg: +0.19 stop: 134.35

Buyers were very quick to step in this morning and buy the dip in CI near $140.00 (actually 139.80). We were suggesting an entry point in the $137.50-135.00 range. We're going to stick to our plan for now since the major averages look like they could turn lower again tomorrow. Our suggested trigger to buy calls will be at $137.49. If triggered our target is the $145.00-146.00 range. We are suggesting a stop loss under the 50-dma.

Picked on February xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 05/09/07 (unconfirmed)
Average Daily Volume = 759 thousand

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Freeport McMoran - FCX - cls: 56.22 chg: -1.19 stop: 51.99

Our new call play in FCX is now open. Shares dipped to $55.14 this morning. Our suggested entry range was the $55.25-54.00 zone with a trigger at $55.24. There is still a chance that FCX may see some weakness again tomorrow and we'd still consider new positions in the $55.00-54.00 region. Our target is the $62.50-65.00 range. More conservative traders might want to use a tighter stop loss. We do not want to hold over FCX's mid-April earnings report.

Picked on March 01 at $ 55.24
Change since picked: + 0.98
Earnings Date 04/17/07 (unconfirmed)
Average Daily Volume = 6.5 million
 

Put Updates

MarineMax - HZO - close: 22.83 change: +0.05 stop: 23.75

Traders bought the dip in HZO again but the rebound struggled near the $23.00 level with two intraday failed rallies under $23.05. We remain cautious here. 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: + 0.24
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 300 thousand
 

Strangle Updates

None
 

Dropped Calls

Apache - APA - close: 68.48 chg: +0.02 stop: 67.95

The sharp market weakness was too much for APA. Shares broke down under short-term support near $68.00 and its simple 50-dma and hit our stop loss at $67.95.

Picked on February 22 at $ 70.40
Change since picked: - 1.92
Earnings Date 05/03/07 (unconfirmed)
Average Daily Volume = 3.3 million
 

Dropped Puts

Meritage - MTH - close: 38.73 change: -0.03 stop: 42.55

Target achieved. The homebuilders managed a nice rebound today but shares of MTH under performed its peers. The stock gapped open lower at $37.80 and dipped to $37.00 before bouncing. Our target was the $37.50-37.00 range.

Picked on February 11 at $ 41.99
Change since picked: - 3.26
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 473 thousand
 

Dropped Strangles

None
 

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