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Call Updates

Apple Inc. - AAPL - cls: 93.96 chg: +0.09 stop: 88.85

The markets paused to digest yesterday's big gains and AAPL was no exception. We remain bullish but would not suggest new positions here. A dip toward $91-90 could be used as a new entry point. 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: + 2.95
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Boeing - BA - close: 90.57 chg: -0.23 stop: 88.95

There is no change from our new play description on Wednesday night. BA continues to churn sideways but it looks ready to pop higher. The P&F chart is already bullish and points to a $107 target. We are suggesting a trigger to buy calls at $92.15, to catch a breakout over resistance. If triggered our target is the $99.50-100.00 range. We do not want to hold over the late April earnings report.

Picked on March xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 4.2 million

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CACI Intl - CAI - cls: 48.25 chg: -0.11 stop: 46.64

CAI encountered some profit taking this morning but traders bought the dip at $47.65 and the stock almost turned positive by the closing bell. We see the pull back as another entry point to buy calls. More conservative traders may want to wait for a move over the January 18th high near $48.90 first. Our target is the $52.50 mark. We do not want to hold over the late April earnings.

Picked on March 21 at $ 48.36
Change since picked: - 0.11
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 517 thousand

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Celgene - CELG - close: 54.47 chg: -0.17 stop: 49.95

CELG also experienced some profit taking this morning but bulls bought the dip near $53. Today's intraday bounce looks like another entry point although shares are facing resistance at the 100-dma near $55.00. 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: + 1.82
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 3.5 million

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ConocoPhillips - COP - cls: 68.68 chg: +1.51 stop: 64.85

The markets are worried about gasoline supplies for the upcoming summer driving season. This fueled a 3.5% rally in crude oil and a widespread rally in the energy stocks. COP spike above resistance near $69.00 before paring its gains and closing with a 2.2% gain. Today's intraday strength has produced a brand new quadruple top breakout buy signal on the Point & Figure chart with a $78 target. COP does have potential resistance near $70 but we're aiming for a run into the $74.00-75.00 range. We do not want to hold over the late April earnings report.

Picked on March 20 at $ 66.31
Change since picked: + 2.37
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 12.1 million

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ESSEX Prop. - ESS - cls: 134.22 chg: +0.85 stop: 127.49

ESS displayed relative strength with another solid gain. Shares actually peeked over round-number resistance at the $135.00 mark intraday. Price momentum continues to look strong but we're worried about the lack of volume behind the move. More conservative traders may want to tighten their stops. 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 $130.266
Change since picked: + 3.96
Earnings Date 02/07/07 (confirmed)
Average Daily Volume = 196 thousand

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Holly Corp. - HOC - cls: 60.36 chg: +0.11 stop: 54.95

HOC was already hitting new all-time highs so today's 3.5% surge in crude oil had less impact on the stock. Shares of HOC do look a little short-term overbought and it may be time to look for a dip. We'd use a bounce near the 10-dma as a new entry point. 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: + 2.49
Earnings Date 05/14/07 (unconfirmed)
Average Daily Volume = 651 thousand

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Johnson Controls - JCI - cls: 95.86 chg: -0.17 stop: 93.99

Lack of follow through higher on JCI's technical breakout from Wednesday is a concern. The stock dipped to $94.33 before bouncing back today. We'd look for a new move over $96.00 or a new relative high over $96.40 before initiating new positions. Our short-term target is the $99.75-100.00 range. More aggressive traders may want to aim higher! We do not want to hold over the late April earnings report.

Picked on March 21 at $ 96.03
Change since picked: - 0.17
Earnings Date 04/20/07 (unconfirmed)
Average Daily Volume = million

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Accredited Home Lenders - LEND - cls: 12.57 chg: +0.61 stop: n/a

LEND continues to leap higher most likely on short covering. The stock rose 5.1% on strong volume although volume is tapering off from the massive flows last week. We're not suggesting new positions at this time. More conservative traders may want to exit any call positions early (right now) to lock in a gain. Our goal was to exit on any buyout news but we'll be happy to exit in the $14.00-15.00 range.

Picked on March 14 at $ 6.04
Change since picked: + 6.53
Earnings Date 05/16/07 (unconfirmed)
Average Daily Volume = 3.0 million

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New Century - NEWC - close: 1.56 chg: -0.11 stop: n/a

The air continues to deflate in NEWC. The stock lost 6.6%. 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: 70.31 chg: +0.92 stop: 63.95

Concerns over adequate gasoline supplies helped fuel a 3.5% rally in crude oil. SUN rose 1.3% during today's energy stock rally. The breakout over potential round-number resistance at $70 is positive. The P&F chart is very bullish with an $82 target. Our target is the $74.00-75.00 range. 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: + 2.16
Earnings Date 05/02/07 (unconfirmed)
Average Daily Volume = 2.8 million

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Molson Coors - TAP - cls: 91.03 chg: +0.28 stop: 84.95

TAP hit another new all-time high above the $91.00 level today. Shares are inching higher and volume on today's gain was above average. The stock is nearing our $92.50-95.00 target range so we're not suggesting new positions. The P&F chart is very bullish with a bullish triangle breakout buy signal that forecasts a $134 price target. FYI: More conservative traders may want to consider some profit taking now since TAP does look a bit extended.

Picked on March 14 at $ 87.15
Change since picked: + 3.88
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume = 782 thousand
 

Put Updates

Bausch Lomb - BOL - cls: 49.94 change: +0.39 stop: 52.51

Market strength helped BOL make another rebound attempt but as expected broken support near $50.00 is acting as new resistance. Watch for a failed rally from here (or may be just a dip under $49.50) 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: + 0.43
Earnings Date 00/00/07 (unconfirmed)
Average Daily Volume = 678 thousand

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Beazer Homes - BZH - close: 33.13 chg: -0.86 stop: 36.25

Wow! The oversold bounce in the homebuilders is already running out of gas. That was a lot quicker than we expected. Shares of BZH spiked to $34.77 before rolling over under round-number resistance at the $35.00 level. This could be used as a new bearish entry point but you may want to tighten your stop loss. 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: - 1.07
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 1.2 million

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Electronic Arts - ERTS - cls: 50.26 chg: -0.40 stop: 51.55

The oversold bounce in ERTS is also struggling. Shares reversed near $51.00 and its 200-dma this morning. Aggressive traders might want to consider new put positions here. We'd suggest waiting for a new relative low under $48.70 before initiating new positions.

Picked on March 18 at $ 48.92
Change since picked: + 1.34
Earnings Date 05/03/07 (unconfirmed)
Average Daily Volume = 4.0 million

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MarineMax - HZO - close: 21.83 change: -0.24 stop: 22.26

Any potential gains are quickly melting away as HZO bounces from its recent lows. The $22.00 level should be short-term resistance and more conservative traders may want to tighten their stops (or just exit early). We're not suggesting new positions. Our target has been the $20.25-20.00 range. 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: - 0.76
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 300 thousand

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Ryland Group - RYL - close: 46.23 chg: +0.13 stop: 46.77

RYL is another homebuilder that failed to see much follow through on Wednesday's big bounce. RYL did close in the green but not by much and volume was pretty high on today's session. 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: + 1.48
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.1 million
 

Strangle Updates

None
 

Dropped Calls

Allegheny Tech. - ATI - cls: 108.40 chg: -0.18 stop: 99.99

Target achieved. ATI rose to $109.45 this morning before pulling back modestly. Our target was the $109.00-110.00 range. We would not consider new positions with ATI facing resistance at $110 but we'll keep the stock on our watch list.

Picked on March 14 at $101.50
Change since picked: + 6.90
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 2.6 million
 

Dropped Puts

Harman Intl - HAR - close: 100.26 change: +0.59 stop: 102.01

We are suggesting an early exit in the HAR put play. Shares have been slowly creeping higher but today's rally looks like a bullish breakout from its consolidation pattern and technical resistance at $100 and its 50-dma. Nimble traders may actually want to consider aggressive call positions with a target near $105. We're cutting our losses here.

Picked on March 04 at $ 97.49
Change since picked: + 2.77
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 614 thousand
 

Dropped Strangles

None
 

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