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Call Updates

Apple Inc. - AAPL - cls: 93.87 chg: +2.39 stop: 88.85*new*

It was a strong day for tech stocks and AAPL helped lead the way with a 2.6% rally albeit on below average volume. Shares also got a boost from positive reviews for the company's new product AppleTV. The next challenge for AAPL is potential resistance near $95. We are adjusting our stop loss to $88.85. Our target is the $97.50-100.00 range.

Picked on March 19 at $ 91.01
Change since picked: + 2.86
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Allegheny Tech. - ATI - cls: 108.58 chg: +2.59 stop: 99.99*new*

Prepare to exit! The rally in ATI continued and the stock rose another 2.4%. Volume remains light and shares are nearing resistance at the $110 level. ATI hit an intraday high of $108.83. Our target is the $109-110 range. More conservative traders may want to strongly consider an early exit right here to lock in a gain. We're inching up our stop to $99.99.

Picked on March 14 at $101.50
Change since picked: + 7.08
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 2.6 million

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Celgene - CELG - close: 54.64 chg: +1.73 stop: 49.95 *new*

Biotech stocks enjoyed a strong day with the BTK index surging 2.6%. CELG out performed its peers with a 3.2% gain and a bullish breakout over the $54 level and its simple 50-dma. The next challenge is potential resistance at $100 and its $55 level. If you're looking for a new entry point wait for a dip. We are adjusting the stop loss to $49.95. Our target is the $57.50-60.00 range. We do not want to hold over the late April earnings report.

Picked on March 19 at $ 52.65
Change since picked: + 1.99
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 3.5 million

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ConocoPhillips - COP - cls: 67.17 chg: +0.86 stop: 64.85

Oil stocks continued to rally although crude oil turned in a very lackluster session. Shares of COP continued to bounce after testing support earlier this week. The next hurdle for COP is resistance near $69.00. More conservative traders can remain on the sidelines and wait for a breakout over the $69.00 level. Our target is unchanged at $74.00-75.00. We do not want to hold over the late April earnings report.

Picked on March 20 at $ 66.31
Change since picked: + 0.86
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 12.1 million

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ESSEX Prop. - ESS - cls: 133.37 chg: +1.82 stop: 127.49 *new*

ESS continued to rally following its recent breakout over $130. Volume was relatively low on today's session, which should be a cautious sign for the bulls. The stock stalled right at potential resistance at its 100-dma. If you're looking for a new entry point wait for a dip. We're going to adjust our stop loss to $127.49. Our target is the $137-140 zone.

Picked on March 12 at $130.26
Change since picked: + 3.11
Earnings Date 02/07/07 (confirmed)
Average Daily Volume = 196 thousand

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Holly Corp. - HOC - cls: 60.25 chg: +1.61 stop: 54.95

HOC helped lead the rally in the oil stocks. The stock rose more than 2.7% and broke out over the $60.00 level, which could have been round-number resistance. Volume on today's rally was above average, which is bullish. Our target is the $62.00-62.50 range. The P&F chart is bullish with a $74.00 target.

Picked on March 14 at $ 57.87
Change since picked: + 2.38
Earnings Date 05/14/07 (unconfirmed)
Average Daily Volume = 651 thousand

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Accredited Home Lenders - LEND - cls: 11.97 chg: +1.20 stop: n/a

LEND is still seeing a short squeeze with the sub-prime sector escaping any bad news today. The stock rose 11.1%. We're not suggesting new positions since our exit range is $14.00-15.00. This remains a very high-risk play. More conservative traders may want to exit any call positions early to lock in a gain.

Picked on March 14 at $ 6.04
Change since picked: + 5.93
Earnings Date 05/16/07 (unconfirmed)
Average Daily Volume = 3.0 million

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New Century - NEWC - close: 1.67 chg: -0.02 stop: n/a

NEWC managed to avoid the widespread market rally today. We are not suggesting new positions since the odds look greater that the company may fold versus someone stepping in to buy them out, which was part of our (speculative) exit plan

Picked on March 11 at $ 3.21
Change since picked: - 1.54
Earnings Date 11/02/06 (confirmed)
Average Daily Volume = 6.7 million

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Sunoco - SUN - close: 69.39 chg: +0.90 stop: 63.95

Oil stocks remain strong and SUN broke past its November and December highs to challenge resistance at the $70 level. Volume came in above average on the rally, which is bullish. Given the test of potential resistance at $70 we would not be surprised to see a dip tomorrow toward $68, which readers could use as a new entry point. The P&F chart is very bullish with an $82 target. As a refiner, SUN, should do very well over the summer driving season and investors should eventually begin buying ahead of the summer quarter.

Picked on March 20 at $ 68.15
Change since picked: + 1.24
Earnings Date 05/02/07 (unconfirmed)
Average Daily Volume = 2.8 million

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Molson Coors - TAP - cls: 90.75 chg: -0.08 stop: 84.95

TAP experienced some profit taking this morning but traders bought the dip at $89.78 and the stock almost turned green by the closing bell. We're not suggesting new positions. More conservative traders may want to exit early. Our target is the $92.50-95.00 range. We're adjusting the stop loss to $84.95. The P&F chart is very bullish with a bullish triangle breakout buy signal that forecasts a $134 price target.

Picked on March 14 at $ 87.15
Change since picked: + 3.60
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume = 782 thousand
 

Put Updates

Bausch Lomb - BOL - cls: 49.55 change: +0.49 stop: 52.51

BOL could not avoid the market-wide rally and shares rose almost 1%. Watch for a failed rally near $50.00 or its 200-dma as a new entry point to buy puts. More conservative traders can tighten their stops. Our target is the $44.00-42.50 range but we want to warn readers that BOL may find some support near $47.50 and its December 2006 low.

Picked on March 18 at $ 49.51
Change since picked: + 0.04
Earnings Date 00/00/07 (unconfirmed)
Average Daily Volume = 678 thousand

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Beazer Homes - BZH - close: 33.99 chg: +1.29 stop: 36.25

The FOMC policy announcement not only sparked a rally across the markets but it fueled some heavy short covering in the homebuilders. Shares of BZH were quiet until the FOMC decision was announced and then shares shot higher to close up almost 4%. This looks like a bullish reversal and we expect the bounce to carry BZH toward $35.00 and probably higher. Currently broken support near $35.00 is the next level of resistance. More conservative traders may want to exit now to avoid or limit any losses or consider tightening your stops toward $35. We're not suggesting new positions at this time. Our target is the $30.50-30.00 range. FYI: Traders should note that BZH does have a relatively high amount of short interest (17% of the float) and that does raise the risk of a short squeeze.

Picked on March 12 at $ 34.20
Change since picked: - 0.21
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 1.2 million

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Electronic Arts - ERTS - cls: 50.66 chg: +1.33 stop: 51.55

It might be time to run for the exits in ERTS. The market rally fueled a big move in the tech stocks and ERTS managed a 2.69% gain. Shares broke out above the $50 level and its 50-dma and are now challenging technical resistance at the 200-dma. More conservative traders may want to exit early or tighten their stops toward $51. We're not suggesting new positions at this time.

Picked on March 18 at $ 48.92
Change since picked: + 1.74
Earnings Date 05/03/07 (unconfirmed)
Average Daily Volume = 4.0 million

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Harman Intl - HAR - close: 99.67 change: +1.31 stop: 102.01

The positive market environment helped lift HAR to a 1.3% gain but shares failed to breakout over the $100 level and its 50-dma. The stock certainly looks poised to breakout higher tomorrow and we're not suggesting new positions at this time. More conservative traders may want to exit early or tighten their stops.

Picked on March 04 at $ 97.49
Change since picked: + 2.18
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 614 thousand

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MarineMax - HZO - close: 21.59 change: +0.14 stop: 22.26

We do not see any change from our previous comments on HZO. More conservative traders may want to exit now. We're not suggesting new positions at this time. FYI: It may be worth noting that HZO has a high amount of short interest. The latest data (February) puts short interest at almost 24% of the stock's 16.8 million-share float. That definitely increases the risk of a short squeeze should the stock unexpectedly rally and breakout higher.

Picked on February 11 at $ 22.59
Change since picked: - 1.00
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 300 thousand

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Ryland Group - RYL - close: 46.10 chg: +1.13 stop: 46.77

The short covering in the homebuilders following the FOMC news helped lift RYL past short-term resistance at its 10-dma. The stock closed up 2.5% and on strong volume. The MACD indicator on its daily chart has produced a new buy signal. More conservative traders may want to exit immediately. We're not suggesting new positions. The stock does have a high amount of short interest at 24% of the float and that raises the risk of a short squeeze.

Picked on March 13 at $ 44.75
Change since picked: + 1.35
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.1 million
 

Strangle Updates

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Dropped Calls

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Dropped Puts

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Dropped Strangles

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