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Call Updates

Apple Inc. - AAPL - cls: 93.75 chg: +0.51 stop: 88.85

Traders bought the dip in AAPL near $92.20 and the afternoon rebound looks like a new bullish entry point to buy calls. More conservative traders may want to tighten their stops toward the $90 level. Our target is the $97.50-100.00 range.

Picked on March 19 at $ 91.01
Change since picked: + 2.74
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Allegheny Tech. - ATI - cls: 107.69 chg: +2.59 stop: 105.75

Some M&A activity in the steel sector helped lift shares of ATI. The stock closed up 2.4%. The intraday bounce from the $106 level looks like an aggressive entry point to buy calls. We're waiting for a breakout over resistance at the $110 level. We're suggesting a trigger to buy calls at $110.26. If triggered our target is the $117.00-120.00 range. FYI: The P&F chart points to a $123 target. We do not want to hold over the late April earnings report. Caution, we do see a bearish divergence between price and the MACD on the daily chart.

Picked on March xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 2.6 million

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Boeing - BA - close: 89.76 chg: +0.31 stop: 88.95

We don't see any changes from our previous comments on BA. News that another airline has placed a big order for BA's new 787 dreamliner failed to move the stock price. Currently we are still waiting for a breakout over resistance near $92.00. We've been suggesting a trigger to buy calls at $92.15. If triggered our target is the $99.50-100.00 range. We do not want to hold over the late April earnings report. The P&F chart is already bullish and points to a $107 target.

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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Bunge Ltd. - BG - cls: 82.24 chg: +0.63 stop: 77.95

BG continues to show relative strength. The stock rose another 0.77% and broke through short-term resistance near $82.00. We remain optimistic but hesitate to suggest new bullish positions. Our target is the $85.00-85.50 range. We do not want to hold over the late April earnings report.

Picked on March 26 at $ 80.75
Change since picked: + 1.47
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 990 thousand

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CACI Intl - CAI - cls: 47.49 chg: +0.29 stop: 46.84

It doesn't get much closer. Last night we adjusted our stop loss to $46.84. This morning the intraday low in CAI was $46.85. Traders bought the dip and shares closed up 0.6% but it remains under a short-term trend of lower highs. Aggressive traders may want to buy today's bounce. More conservative traders can wait for a new move over $48.50. Our target is the $52.50 mark. We do not want to hold over the late April earnings. FYI: The P&F chart is still bearish from the big drop in January.

Picked on March 21 at $ 48.36
Change since picked: - 0.87
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 517 thousand

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Chaparral Steel - CHAP - cls: 58.59 chg: +1.21 stop: 54.95 *new*

M&A activity in the steel sector helped fuel the rally in shares of CHAP. The news today was that of United States Steel (X) making a bid for Lone Star Tech (LSS). Both stocks were up on the news. Shares of CHAP surged to an intraday high of $59.16 before closing lower with a 2.1% gain. Our target is the $59.50-60.00 range. We are raising our stop loss to $54.95. The P&F chart has a triple-top breakout buy signal with a $72 target.

Picked on March 25 at $ 55.73
Change since picked: + 2.86
Earnings Date 03/20/07 (confirmed)
Average Daily Volume = 627 thousand

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Celgene - CELG - close: 52.70 chg: -0.17 stop: 49.95

This looks like another entry point in CELG. Traders bought the dip near support around $52.00. We are suggesting new call positions now. More conservative traders may want to see a move over the 50-dma first. 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: + 0.05
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 3.5 million

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ConocoPhillips - COP - cls: 69.17 chg: -0.07 stop: 64.85

We are disappointed that COP is not showing more strength. Crude oil surges to $66 a barrel and the stock remains stuck under resistance at the $70 level. We will be looking for new bullish candidates in the oil sector. If COP provides another dip near its 10-dma we'd use it as another entry point to buy calls or wait for a breakout over $70.00 as a potential entry point. We're aiming for 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: + 2.86
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 12.1 million

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Holly Corp. - HOC - cls: 59.73 chg: -0.28 stop: 56.45

HOC also under performed the market and crude oil today. We are not suggesting new positions at this time. Our target is the $62.00-62.50 range.

Picked on March 14 at $ 57.87
Change since picked: + 1.86
Earnings Date 05/14/07 (unconfirmed)
Average Daily Volume = 651 thousand

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Accredited Home Lenders - LEND - cls: 9.93 chg: -0.04 stop: n/a

We are reiterating our warnings from yesterday. LEND continues to look vulnerable. The stock closed very close to its lows for the day and looks poised to move lower tomorrow. We strongly suggest that conservative traders who took a chance on this aggressive, high-risk play consider an early exit now. We are not suggesting new positions. We were planning to exit on any take-out news or a rally into the $14-15 range.

Picked on March 14 at $ 6.04
Change since picked: + 3.89
Earnings Date 05/16/07 (unconfirmed)
Average Daily Volume = 3.0 million

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Lockheed Martin - LMT - cls: 98.10 chg: +0.92 stop: 97.49

LMT almost completely reversed yesterday's losses. Currently, we are still on the sidelines waiting for a breakout over resistance at the $100 mark. Our suggested trigger to buy calls is at $100.25. Our target is the $104.85-105.00 range. More aggressive traders may want to aim higher since the P&F chart aims at a $128 target. 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 04/26/07 (unconfirmed)
Average Daily Volume = 1.8 million

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Millicom - MICC - cls: 78.46 chg: +1.06 stop: 72.75

MICC continues to show relative strength. The stock broke out over short-term resistance at the $78.00 level. Shares closed up 1.3% on the session. Our target is the $80.00-81.00 range. The Point & Figure chart is bullish with an $88 target. We do not want to hold over the late April earnings report.

Picked on March 27 at $ 76.01
Change since picked: + 2.45
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 616 thousand

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New Century - NEWC - close: 1.03 chg: -0.08 stop: n/a

We see no change from our previous updates on NEWC. Shares of NEWC continue to implode. The stock lost another 7% today. We're not suggesting new positions at this time. Odds are rising quickly that NEWC will eventually file bankruptcy before someone else makes a bid for the company.

Picked on March 11 at $ 3.21
Change since picked: - 1.70
Earnings Date 11/02/06 (confirmed)
Average Daily Volume = 6.7 million

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Sunoco - SUN - close: 70.31 chg: +0.29 stop: 65.65

Yet again the gains in crude oil failed to influence the trading in SUN. We remain cautiously optimistic. A rebound from here might be used as a new entry point but bulls will have to contend with short-term resistance near $72.00. Our target is the $74.00-75.00 range.

Picked on March 20 at $ 68.15
Change since picked: + 2.16
Earnings Date 05/02/07 (unconfirmed)
Average Daily Volume = 2.8 million
 

Put Updates

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Strangle Updates

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Dropped Calls

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Dropped Puts

Bausch Lomb - BOL - cls: 50.17 change: +1.05 stop: 51.26

We are suggesting an early exit in BOL. Shares of BOL unexpectedly rallied higher on Thursday. We could not find the cause for the stock's sudden strength. Something had to scare the shorts into covering so quickly. The intraday high was $51.16, which is getting pretty close to our stop loss at $51.26. Volume behind today's move was very big too, which is a surprise without any news behind it. Shares failed to close over its 200-dma but they did close over the $50.00 mark, which should have held as resistance. We'd rather exit now.

Picked on March 18 at $ 49.51
Change since picked: + 0.66
Earnings Date 00/00/07 (unconfirmed)
Average Daily Volume = 678 thousand
 

Dropped Strangles

None
 

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