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Call Updates

Advance Auto Parts - AAP - cls: 40.25 chg: +0.60 stop: 37.95

The markets turned in a broad-based rally with the S&P 500 hitting new seven-year highs. Shares of AAP participated in the rally with a 1.5% gain albeit on below average volume. While the lack of volume concerns us the move today, back above $40.00, does look like another entry point to buy calls. Our target is the $44.50-45.00 range. We do not want to hold over the mid-May earnings report. FYI: The P&F chart points to a $48 target.

Picked on April 11 at $ 40.05
Change since picked: + 0.20
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume = 854 thousand

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Apple Inc. - AAPL - cls: 91.43 chg: +1.19 stop: 87.45

A bullish market is just what AAPL needed to keep shares from cracking under support at the $90.00 level. The stock rebounded with a 1.3% gain and the bounce from the $90 region is looking like a new entry point for bullish positions. More conservative traders may want to tighten their stop loss toward $90.00 (again). Our target is the $97.50-100.00 range. We do not want to hold over the April 25th earnings report.

Picked on March 19 at $ 91.01
Change since picked: + 0.42
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Amgen - AMGN - cls: 59.65 change: +0.62 stop: 55.74

An early morning upgrade for AMGN helped launch the stock to gap open higher on Monday. Unfortunately, shares struggled to maintain their gains especially after a negative report on AMGN's Aranesp drug. AMGN closed up 1% but closed off its highs and the move today might be a short-term failed rally near $60.00. We're not suggesting new positions at this time. If you are looking for a new entry point we'd watch for a dip back towards $58.00, which might be short-term support. Our target is the $62.40-62.50 range, which is very close to the 38.2% Fibonacci retracement of the January-April decline. We do not want to hold over the earnings report so we plan to exit at the closing bell on April 23rd if AMGN hasn't hit our target by then.

Picked on April 12 at $ 57.64
Change since picked: + 2.01
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 16.6 million

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Allegheny Tech. - ATI - cls: 116.13 chg: +2.37 stop: 109.85*new*

Steel stock ATI continues to show relative strength. The stock rallied to another new all-time high with today's 2% gain. Shares are quickly approaching our target in the $117.00-120.00 range. The high today was $116.68. More conservative traders may want to consider taking some money off the table right now with an early exit. We're are raising our stop loss to $109.85. 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: + 5.87
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 2.6 million

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Boeing - BA - close: 90.31 change: -0.72 stop: 89.35

Uh-oh! The market turns in a big rally and the S&P 500 hits new multi-year highs but shares of BA fail to participate. That's not a good sign for the bulls. Fortunately, at this time we are still on the sidelines. BA remains under resistance near $92.00 and we're waiting for a breakout to open positions. Our suggested trigger to buy calls is at $92.35. If triggered our target is the $97.50-100.00 range. More aggressive traders might want to consider jumping the gun if BA can trade over short-term resistance near $91.00.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 4.1 million

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Boston Properties - BXP - cls: 115.87 chg: -0.45 stop: 114.49

BXP's relative weakness on a broad market rally like today is not a positive sign. Yet if you look at the intraday chart it still looks like shares are trying to bottom. Aggressive traders might want to speculate on positions now with a tight stop. We're sticking to our plan for now, which is to wait for a breakout over $120.00 with a trigger to buy calls at $120.75. Unfortunately, we're running out of time. If BXP doesn't show some strength soon we'll drop it. 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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Cigna - CI - close: 151.36 chg: +2.43 stop: 144.95 *new*

CI turned in another strong session following Friday's rally. Today's gain was significant given the breakout past potential round-number resistance at the $150.00 mark. We are adjusting our stop loss to $144.95. Our target is the $154.50-155.00 range. Don't forget that CI could see some volatility following earnings from rival UNH on April 19th before the market open that day. We do not want to hold over CI's earnings report in early May.

Picked on April 05 at $147.75
Change since picked: + 3.61
Earnings Date 05/02/07 (confirmed)
Average Daily Volume = 910 thousand

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Seacor - CKH - cls: 98.71 chg: -0.56 stop: 96.49

Traders might want to turn more defensive on CKH. Monday marked another day or relative weakness in the stock price. The larger pattern of higher lows is still bullish but short-term momentum is beginning to struggle. We would wait for a bounce near $98.00 or another high over $100.22 before considering new positions. We want to caution traders again that this is probably an aggressive entry point with clear overhead resistance in the $102.50-103.25 range. It would not surprise us to see CKH fail on its first try to breakout past $103. Our target is the $107.00-110.00 range. The P&F chart points to a $115 target. We do not want to hold over the late April or early May earnings report.

Picked on April 12 at $100.15
Change since picked: - 1.44
Earnings Date 04/30/07 (unconfirmed)
Average Daily Volume = 227 thousand

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Core Labs - CLB - cls: 89.27 chg: +0.96 stop: 83.45

Traders bought the dip in CLB again and shares closed up over 1% but the stock is still fighting with resistance at the $90.00 level. We remain bullish on CLB but we're not suggesting new plays with the stock right under round-number resistance at $90.00. Our target is the $92.00 level. We plan to exit ahead of the April 23rd earnings report.

Picked on April 08 at $ 87.25
Change since picked: + 2.02
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 275 thousand

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Chicago Merc.Exc. - CME - cls: 558.74 chg: +7.25 stop: 544.75

An early rally in CME today pushed the stock through significant resistance at its three-month trendline of lower highs. Shares traded to an intraday high of $565.00 before paring its gains. We were suggesting a trigger to buy calls at $557.50 so the play is now open. If you missed the entry point this morning then readers can choose to buy at current levels or look for a dip toward what should be short-term support near $555.00. Our short-term target is $574.00-575.00. If we had more time we could aim for the January highs. Remember, this is a high-risk play and we don't have a lot of time but if the market moves higher then CME could really run. One of the biggest challenges for the bulls would occur if investors suddenly decided to wait and see ahead of CME's earnings report and the stock just bounced around sideways.

Picked on April 16 at $557.50
Change since picked: + 1.24
Earnings Date 04/24/07 (confirmed)
Average Daily Volume = 733 thousand

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ConocoPhillips - COP - cls: 70.60 chg: +0.06 stop: 66.19

Crude oil futures didn't move much on Monday and oil stocks seemed to take a backseat to the widespread rally in the rest of the market. Shares of COP posted a very minor gain. The only significant event today was another bounce from the $70 region (actually 69.86). More conservative traders might want to think about doing some profit taking right here. We're aiming for the $74.00-75.00 range in COP. We do not want to hold over the late April earnings report.

Picked on March 20 at $ 66.31
Change since picked: + 4.29
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 12.1 million

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HESS Corp. - HES - cls: 58.00 chg: +0.13 stop: 54.75

Traders bought the dip in HES as well but overall the oil stocks lagged the rest of the market. We don't see any changes from our weekend comments on HES. We are suggesting call positions in the $56.00-59.00 range. There is potential round-number, psychological resistance near $60.00 but our target is the $62.00-63.00 range. We do not want to hold over HES' earnings report coming up on April 25th before the market open. That means we plan to exit on the 24th at the closing bell.

Picked on April 15 at $ 57.87
Change since picked: + 0.13
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 3.0 million

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Joy Global - JOYG - cls: 47.00 chg: +0.81 stop: 43.89

JOYG displayed some relative strength on Monday. The stock opened higher and then consolidated sideways throughout the rest of the session. Shares ended up 1.75% We noticed that volume came in pretty low, which is normally a warning sign for the bulls. More conservative traders might want to tighten their stops a bit. There is potential resistance near $47.00 at the bottom of its February gap down. However, we are suggesting two targets. Our conservative target is $49.85-50.00. Our aggressive target is the $52.25-55.00 range.

Picked on April 12 at $ 46.48
Change since picked: + 0.52
Earnings Date 05/30/07 (unconfirmed)
Average Daily Volume = 2.5 million

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McKesson Corp. - MCK - cls: 59.91 chg: +0.34 stop: 57.99

MCK continued to rally on Monday following Friday's breakout from its trading range. Overall the pattern remains bullish but we're sticking to our plan, which is to wait for a breakout over round-number resistance at $60.00. Our suggested trigger to buy calls is at $60.15. If triggered at $60.15 our target will be the $64.00-65.00 range.

Picked on April xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 05/07/07 (unconfirmed)
Average Daily Volume = 1.7 million

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Nucor - NUE - cls: 67.48 chg: +0.69 stop: 65.74

Monday's rebound in NUE looks like a new entry point to buy calls. However, we're almost out of time and we're not suggesting new positions. We want to exit on Wednesday, April 18th at the closing bell to avoid earnings on the 19th. Our target is the $72.50-75.00 range.

Picked on April 09 at $ 67.55
Change since picked: - 0.07
Earnings Date 04/19/07 (confirmed)
Average Daily Volume = 3.8 million

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TEREX - TEX - close: 76.33 chg: +2.38 stop: 69.89

TEX is off to a strong start. The widespread market rally powered the already bullish moves in TEX. Shares surged to a 3.2% gain on Monday. We do not want to hold over the April 25th earnings report. Our target is the $79-80.00 range.

Picked on April 15 at $ 73.95
Change since picked: + 2.38
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.4 million

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Wynn Resorts - WYNN - cls: 102.00 chg: -0.44 stop: 97.49

We are surprised that WYNN under performed the broader market on Monday. The stock really looks poised to mover higher but traders sold the initial rally this morning and again just before noon today. It might pay off to wait for a dip or a bounce near the $100 level before initiating positions. We plan to exit ahead of the early May earnings report. Therefore we are setting our target in the $108.00-110.00 range. More conservative traders may want to exit early near the late February highs around $106.60.

Picked on April 15 at $102.44
Change since picked: - 0.44
Earnings Date 05/05/07 (unconfirmed)
Average Daily Volume = 1.4 million
 

Put Updates

F5 Networks - FFIV - cls: 67.24 chg: +0.38 stop: 70.55

FFIV is still under performing the markets but given the market strength the last couple of days we would not suggest new bearish positions at this time. Our target is still the $60.50-60.00 range but more conservative traders may want to exit near the 200-dma around $62.50. Don't forget that we want to exit ahead of earnings.

Picked on April 01 at $ 66.68
Change since picked: + 0.56
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 1.0 million

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MDC Holdings - MDC - cls: 49.77 chg: +0.52 stop: 50.05

There is no change from our previous comments on MDC. The stock is stuck in the $48.00-50.00 trading range. It is starting to look like it wants to breakout higher. Nimble traders may want to switch directions and buy calls if MDC can trade over $50.25 or $50.50 - just watch out for potential technical resistance at the 50-dma overhead. We are waiting for a breakdown under $48.00. Our suggested trigger to buy puts is actually at $46.95, which is under the March low. If triggered at $46.95, our target is the $41.00-40.00 range. If MDC closes over $50.00 we'll drop it as a bearish candidate. Please note that 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 04/26/07 (confirmed)
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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