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Call Updates

Apple Inc. - AAPL - cls: 94.27 chg: -0.23 stop: 89.49 *new*

Shares of AAPL failed to make any progress even as tech stocks helped lead the rally today. Technical indicators are a mixed bag at this point but it looks like shares are poised to slip toward the $93 level soon. A bounce near $93 could be used as an entry point but please note that we are adjusting the stop loss to $89.49. Our target is the $97.50-100.00 range.

Picked on March 19 at $ 91.01
Change since picked: + 2.52
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Allegheny Tech. - ATI - cls: 110.80 chg: +0.89 stop: 105.75

Traders bought the dip near $109 this morning. The rebound in ATI looks like a new bullish entry point to buy calls. 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.

Picked on April 03 at $110.26
Change since picked: + 0.54
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 2.6 million

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Boston Properties - BXP - cls: 118.57 chg: -0.90 stop: 114.49

REITs were a sore spot in the market today. Shares of BXP slipped toward the $118 level and its rising 100-dma. Aggressive traders might want to consider buying a bounce from here. We are sticking to our plan to wait for a breakout over $120.00. Our suggested trigger to open positions is $120.75. More conservative traders may want to put their trigger above the 50-dma near $121.40. If triggered at $120.75 our target is the $127.00-130.00 range. We do not want to hold over the April 24th earnings report.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/24/07 (confirmed)
Average Daily Volume = 1.3 million

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Caterpillar - CAT - cls: 67.48 chg: +0.24 stop: 65.45

Dow-component CAT inched higher on Wednesday but remains under resistance near $68.00. We're suggesting a trigger to buy calls at $68.55. That way CAT will have to clear resistance near $68.00, the February highs and the multi-month trend of lower highs (see the weekly chart). We'll use a stop loss under the recent lows. If triggered at $68.55 our target is the $73.00-74.00 range under the August 2006 highs. We do not want to hold over the late April earnings report.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/20/07 (unconfirmed)
Average Daily Volume = 6.3 million

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Celgene - CELG - close: 55.50 chg: -0.13 stop: 51.49

Biotech stocks continued to rally on Wednesday but the action in CELG looks bearish. Before the bell this morning news arrived that CELG's Revlimid drug might offer better odds for survival on patients fighting multiple myeloma. Some of the analyst firms took the opportunity to reiterate their bullish views on the stock, but shares spiked to an intraday high of $56.90 before giving it all back. This sort of short-term failed rally might suggest more profit taking ahead. 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: + 2.85
Earnings Date 04/26/07 (unconfirmed)
Average Daily Volume = 3.5 million

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Cigna - CI - close: 147.46 chg: +0.76 stop: 141.39

CI continued to show relative strength on Wednesday. The stock rose 0.5% and traded above resistance near $147.50 on an intraday basis. The high today was $147.62. Our suggested trigger to buy calls is at $147.75 so we're still on the sidelines. More aggressive traders might want to jump the gun and open plays now. If triggered at $147.75 our target is the $154.50-155.00 range. We do expect some resistance near $150 but CI should be able to plow through it. We do not want to hold over the May 2nd earnings report.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 05/02/07 (confirmed)
Average Daily Volume = 910 thousand

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ConocoPhillips - COP - cls: 67.74 chg: -0.10 stop: 64.85

It was a busy day for oil. News that Iran was willing to release the 15 captured Britons sent crude oil lower, but the oil inventory numbers out this morning, with the unexpected five million draw down in gasoline stockpiles sent oil higher. Meanwhile COP issued some earnings guidance and said that its first quarter might not come in as advertised due to lower oil prices, and higher costs. The intraday bounce from COP's lows near the 50-dma looks like a potential buying opportunity but we would wait. The stock is still trading under a short-term trend of lower highs. We remain cautiously optimistic and readers can watch for a move over $68.50 before considering new bullish positions. 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: + 1.43
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 12.1 million

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Holly Corp. - HOC - cls: 61.20 chg: +2.21 stop: 57.45 *new*

It looks like the oil and gasoline inventory numbers lit a fire under shares of HOC today. The stock spiked higher and broke out over the $60 level and its 10-dma again. This looks like a new bullish entry point and we're raising our stop loss to $57.45. Currently our target is the $62.00-62.50 range. We are adding a more aggressive target in the $64.75-65.00 range. Readers can choose whether they want to exit completely at the first target or just take a partial exit or whatever else suits their trading style.

Picked on March 14 at $ 57.87
Change since picked: + 3.33
Earnings Date 05/14/07 (unconfirmed)
Average Daily Volume = 651 thousand

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Infosys - INFY - cls: 52.09 chg: +0.40 stop: 49.79

INFY managed a 0.77% gain today on above average volume thanks to some generally positive analyst comments about the upcoming earnings report. Today's move is a technical breakout past the simple 10-dma. The MACD on the daily chart produced a new buy signal. We do not see any changes from our new play description from Tuesday night and would continue to open new positions here. This remains an aggressive, higher-risk play. Our target is the $54.75-55.00 range, where we expect shares to encounter resistance with the 50-dma and 100-dma overhead. We plan to exit on Thursday, April 12th to avoid earnings on Friday the next day.

Picked on April 03 at $ 51.69
Change since picked: + 0.40
Earnings Date 04/13/07 (confirmed)
Average Daily Volume = 1.6 million

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Lockheed Martin - LMT - cls: 97.05 chg: -0.23 stop: 97.49

There is still no change from our previous comments on LMT. Currently, we are still on the sidelines waiting for a breakout over resistance near $100. Our suggested trigger to buy calls is at $100.25. However, we're going to keep a close eye on the $95 level and if LMT produces a convincing bounce near $95 we might suggest aggressive positions there (obviously with an adjusted stop loss). 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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Sunoco - SUN - close: 73.22 chg: +2.16 stop: 68.15 *new*

Positive comments from two analyst firms and an unexpected draw down in gasoline inventories lifted SUN and shares broke out from its trading range over resistance near $72.00. We also heard some rumors that SUN might be a takeover target. Volume on today's move was strong, which is a positive sign for the bulls. The stock is up over $5.00 from our picked price and more conservative traders may want to take some money off the table. Our target is the $74.00-75.00 range. Please note that we're adjusting the stop loss to $68.15.

Picked on March 20 at $ 68.15
Change since picked: + 5.07
Earnings Date 05/02/07 (unconfirmed)
Average Daily Volume = 2.8 million
 

Put Updates

F5 Networks - FFIV - cls: 65.93 chg: -1.29 stop: 71.01

FFIV continues to under perform. The stock lost 1.9% on above average volume today. We remain bearish and would still consider new put positions here. Our target is the $60.50-60.00 range. We do not want to hold over the late April earnings report. FYI: FFIV can be volatile so expect a lot of up and downs in the option prices.

Picked on April 01 at $ 66.68
Change since picked: - 0.75
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.0 million

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MDC Holdings - MDC - cls: 48.06 chg: -0.92 stop: 50.05

There was no follow through in the homebuilder bounce from Tuesday. The action in MDC looks like a failed rally. Aggressive traders might want to consider put positions now. We are sticking to our plan with a suggested trigger to buy puts at $46.95. If triggered our target is the $41.00-40.00 range. Prepare for some support near $45.00. The P&F chart looks very bearish with a $35 target. We do not want to hold over the mid-April earnings report so our target might be a little optimistic. Then again, stocks tend to drop faster than they rise.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/19/07 (unconfirmed)
Average Daily Volume = 870 thousand
 

Strangle Updates

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Dropped Calls

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Dropped Puts

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Dropped Strangles

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