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Call Updates

Advance Auto Parts - AAP - cls: 40.20 chg: -0.05 stop: 37.95

Aside from the DJIA the major market averages struggled to build on yesterday's gains. Shares of AAP also turned in a lackluster performance. We remain bullish with shares above $40.00 but volume has been coming in pretty low this week. 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: + 0.15
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume = 854 thousand

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Apple Inc. - AAPL - cls: 90.35 chg: -1.08 stop: 87.45

Danger! AAPL reversed yesterday's gains and produced a failed rally at the $92.00 level this morning. Today's move also comes close to producing a new bearish engulfing candlestick pattern. The only reason we could not abandon the play right here is that shares are holding above the $90.00 level and traders bought the initial dip toward its rising 50-dma midday. More conservative traders will want to strongly consider an early exit now or maybe a tighter stop loss. We are very concerned and we're not suggesting new positions until we see a rally past $92.00 again. Our target is the $97.50-100.00 range. We do not want to hold over the April 25th earnings report. FYI: One firm reiterated their "buy" rating on AAPL and raised their price target for the stock.

Picked on March 19 at $ 91.01
Change since picked: - 0.66
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Amgen - AMGN - cls: 60.10 change: +0.45 stop: 55.74

The rebound in AMGN continued on Tuesday. Shares rose 0.75% and closed over round-number, psychological resistance at the $60.00 level. AMGN continues to look bullish but shares appear to be having trouble with the 40-dma near $60.20. 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: + 2.46
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 16.6 million

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Allegheny Tech. - ATI - cls: 114.34 chg: -1.79 stop: 109.85

ATI suffered some profit taking on Tuesday after hitting new all-time highs yesterday. We remain bullish on the stock. If you're looking for a new entry point then watch for a dip (or a bounce) near its rising 10-dma around $112.60. Our target is the $117.00-120.00 range. More conservative traders may want to consider taking some money off the table right now with an early exit. 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: + 4.08
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 2.6 million

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Boeing - BA - close: 90.45 change: +0.14 stop: 89.35

We do not see any changes from our previous updates on BA. 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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Cigna - CI - close: 152.05 chg: +0.69 stop: 144.95

CI is still in rally mode and gained another 0.45%. Volume came in at healthy levels. We don't see any changes from our previous comments and we're not suggesting positions at this time. 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: + 4.30
Earnings Date 05/02/07 (confirmed)
Average Daily Volume = 910 thousand

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Seacor - CKH - cls: 97.95 chg: -0.76 stop: 96.49

Warning! This is a pivotal test for CKH. The stock broke down under its 50-dma but traders bought the dip at its rising 100-dma. The three-day consolidation in CHK has turned the short-term indicators negative. However, traders were buying the dip this afternoon. A rebound from here could be used as a new entry point. More conservative traders may want to wait for a new move over $100 and they might also want to tighten their stops toward today's low. 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: - 2.20
Earnings Date 04/30/07 (unconfirmed)
Average Daily Volume = 227 thousand

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Core Labs - CLB - cls: 88.10 chg: -1.17 stop: 83.45

CLB is still consolidating under the $90.00 level and shares are slipping toward the bottom of its recent trading range. We'd like to see a bounce from its rising 10-dma but more conservative traders may want to protect themselves and raise their stop loss toward $85.50-86.00, which should be short-term support. 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: + 0.85
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 275 thousand

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Chicago Merc.Exc. - CME - cls: 558.20 chg: -0.54 stop: 544.75

The major averages didn't go anywhere and CME followed suit. The stock consolidated sideways and closed virtually unchanged. Readers can watch for a bounce near $550 or a new relative high as a new entry point. 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: + 0.70
Earnings Date 04/24/07 (confirmed)
Average Daily Volume = 733 thousand

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ConocoPhillips - COP - cls: 70.43 chg: -0.17 stop: 66.19

Oil stocks also suffered some profit taking on Tuesday but it turned out to be mild. Traders bought the dip near $70.00 in COP, which is bullish. 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: + 4.12
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 12.1 million

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HESS Corp. - HES - cls: 56.93 chg: -1.07 stop: 54.75

The profit taking in HES was a bit more serious. Shares lost 1.8%. Yet the selling stalled at its rising 10-dma. We would watch for a new relative high over $58.35 before considering new positions. More nimble traders could buy a bounce from here and just tighten their stops toward the $56.50 level. Bear in mind that we do not want to hold over the April 25th earnings report and we plan to exit on the 24th at the closing bell.

Picked on April 15 at $ 57.87
Change since picked: - 0.94
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 3.0 million

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Joy Global - JOYG - cls: 47.12 chg: +0.12 stop: 43.89

We don't see any changes from our previous comments on JOYG. A slow day in the markets contributed to a slow day with JOYG. 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: + 0.64
Earnings Date 05/30/07 (unconfirmed)
Average Daily Volume = 2.5 million

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McKesson Corp. - MCK - cls: 59.63 chg: -0.28 stop: 57.99

There is no change from our previous update on MCK. We're still waiting for a breakout over 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: 66.73 chg: -0.75 stop: 65.74

NUE hit a new all-time high just before lunchtime today. Unfortunately, shares failed to maintain those gains and the move looks like a potential bull trap and failed rally. A breakdown under its 10-dma near $66 would be bad news. 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: 77.03 chg: +0.70 stop: 69.89

It looks like TEX posted another new high but shares pared their gains. The stock might dip back toward the $75.00 level, which could be used as another entry point. More conservative traders may want to tighten their stops! 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: + 3.08
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.4 million

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Wynn Resorts - WYNN - cls: 100.79 chg: -1.21 stop: 97.49

WYNN pulled back toward short-term support near $100.00 and its 10-dma. This looks like a new entry point to buy calls. More conservative traders may want to wait for a bounce first. 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: - 1.65
Earnings Date 05/05/07 (unconfirmed)
Average Daily Volume = 1.4 million
 

Put Updates

F5 Networks - FFIV - cls: 66.07 chg: -1.17 stop: 70.55

FFIV lost another 1.7% as it continues to under perform the market and its peers in the tech sector. Today's loss looks like a bearish breakdown under its exponential 200-dma. 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: - 0.61
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 1.0 million
 

Strangle Updates

None
 

Dropped Calls

Boston Properties - BXP - cls: 117.36 chg: +1.49 stop: 114.49

BXP is still trying to bounce and the stock rose 1.2% today. Aggressive traders might want to try and scalp a move toward resistance near $120 and its 50-dma. We have reconsidered and given our very short time frame we're dropping BXP as a candidate. It was our plan to exit ahead of earnings on April 24th.

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
 

Dropped Puts

MDC Holdings - MDC - cls: 51.15 chg: +1.38 stop: 50.05

A positive report on housing starts sparked some short covering and bargain buying in the sector. MDC broke out over resistance near $50 and its 200-dma. We are dropping it as a bearish candidate. It was our plan to buy puts on a breakdown under $47.00, which did not occur.

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
 

Dropped Strangles

None
 

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