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Call Updates

Advance Auto Parts - AAP - cls: 40.00 chg: -0.20 stop: 37.95

The DJIA may have hit a new high thanks to several components with good news today but the rest of the market was undecided. Shares of AAP are still consolidating sideways. A bounce from here or above the $39.50 level can be used as a new bullish 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: - 0.05
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume = 854 thousand

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Apple Inc. - AAPL - cls: 90.40 chg: +0.05 stop: 87.45

We continue to grow concerned over the lack of strength in AAPL. Shares are just barely holding on to support near $90.0 0and its 50-dma. 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.

Picked on March 19 at $ 91.01
Change since picked: - 0.61
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Amgen - AMGN - cls: 60.01 change: -0.09 stop: 55.74

Thus far AMGN is holding on to the $60.00 level but momentum is stalling. 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: + 2.57
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 16.6 million

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Allegheny Tech. - ATI - cls: 114.10 chg: -0.24 stop: 109.85

Bulls are buying the dip near ATI's simple 10-dma for now. We suspect that shares will dip toward the $112-111 range if the broader market doesn't show some new strength soon. 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: + 3.84
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 2.6 million

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Boeing - BA - close: 93.88 change: +3.43 stop: 89.35

Our new play in BA is now open. A Reuters story that BA was the only company to bid on a twenty-plane, $2.5 billion deal to build fighters for S. Korea helped shares of BA breakout higher. BA rocketed higher and broke through resistance near $92.00 on big volume. Our trigger to buy calls was at $92.35. Now that the play is open our target is the $97.50-100.00 range.

Picked on April 18 at $ 92.35
Change since picked: + 1.53
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 4.1 million

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Cigna - CI - close: 151.99 chg: -0.06 stop: 144.95

It was a quiet day for CI. The stock traded sideways and closed virtually unchanged on the session. 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: + 4.24
Earnings Date 05/02/07 (confirmed)
Average Daily Volume = 910 thousand

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Seacor - CKH - cls: 97.84 chg: -0.11 stop: 96.49

Technical indicators continue to look bearish for CKH. More conservative traders may want to cut their losses early. Technically, a bounce from here near the 100-dma, could be used as a new entry point. You might want to wait for a breakout over $100 again before buying calls. 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: - 2.31
Earnings Date 04/30/07 (unconfirmed)
Average Daily Volume = 227 thousand

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Core Labs - CLB - cls: 86.99 chg: -1.11 stop: 83.45

Caution! CLB slipped 1.2% and broke down under its rising 10-dma. That's a bearish development. It looks like broken resistance and what should be support near $86.00 is holding for now. Given what's left of our time frame more conservative traders may want to exit early if CLB breaks down under $86.00. 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: - 0.26
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 275 thousand

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Chicago Merc.Exc. - CME - cls: 558.60 chg: +0.40 stop: 544.75

Our aggressive, high-risk play in CME isn't moving much. Shares have spent the last couple of days churning sideways. A bounce near $554 and its simple 10-dma could be used as a new entry point. However, we are feeling a bit more cautious given the market's technicals. The DJIA might be at new highs but the rest of the market seems unsure of itself. Our short-term target for CME 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: + 1.10
Earnings Date 04/24/07 (confirmed)
Average Daily Volume = 733 thousand

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ConocoPhillips - COP - cls: 69.84 chg: -0.59 stop: 66.19

We reiterate our previous suggestions that more conservative traders may want to lock in gains now with an early exit. COP has broken down under the $70.00 level and it might see more weakness before it attempts a new relative high. 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: + 3.53
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 12.1 million

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HESS Corp. - HES - cls: 56.23 chg: -0.72 stop: 54.75

Today's 1.2% decline in HES is a technical breakdown under its simple 10-dma. We suspect that shares are headed for the $55.00 level. More conservative traders may want to exit early right here. We do not want to hold positions over the April 25th earnings report.

Picked on April 15 at $ 57.87
Change since picked: - 1.64
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 3.0 million

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Joy Global - JOYG - cls: 47.65 chg: +0.53 stop: 43.89

JOYG continues to show relative strength. The stock rose 1.1% and hit another new relative high. Yet volume continues to come in light, which is somewhat worrisome. 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: + 1.17
Earnings Date 05/30/07 (unconfirmed)
Average Daily Volume = 2.5 million

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McKesson Corp. - MCK - cls: 60.02 chg: +0.39 stop: 57.99

Our bullish play in MCK is now open. Traders bought the dip near $59 and its rising 10-dma. The move was fueled by positive analyst comments on the stock. The close over $60 is positive and volume came in at a healthy level. Our suggested trigger to buy calls was at $60.15. Our target is 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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TEREX - TEX - close: 76.95 chg: -0.08 stop: 69.89

We do not see any changes from our previous comments on TEX. 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: + 3.00
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.4 million

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Wynn Resorts - WYNN - cls: 103.24 chg: +2.45 stop: 97.49

The casino stocks were up today. News that gaming revenue in Macau surged 45 percent fueled the sector's strength. The rebound from the $100 level looks like a new entry point. We plan to exit ahead of the early May earnings report. Our target is 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: + 0.80
Earnings Date 05/05/07 (unconfirmed)
Average Daily Volume = 1.4 million
 

Put Updates

None
 

Strangle Updates

None
 

Dropped Calls

Nucor - NUE - cls: 65.78 chg: -0.95 stop: 65.74

We would have been stopped out of NUE at $65.74. The stock opened lower and broke down under its simple 10-dma before closing with a 1.4% loss. The intraday low was $65.50. We had already planned to exit today but at the closing bell to avoid tomorrow morning's earnings report. Wall Street expects NUE to report earnings of $1.24 a share.

Picked on April 09 at $ 67.55
Change since picked: - 1.77
Earnings Date 04/19/07 (confirmed)
Average Daily Volume = 3.8 million
 

Dropped Puts

F5 Networks - FFIV - cls: 69.55 chg: +3.48 stop: 70.55

It's time to go and go quickly. Shares of FFIV should still have some resistance near $70.00 but today's rally was very strong. News that an analyst firm started coverage on FFIV with a "buy" and a $100 target must have spooked the shorts into a short squeeze. The stock posted a 5.2% gain and a 7.9% rally from its lows of the session on the news. This looks like a bullish reversal and we're suggesting an early exit before we're stopped out.

Picked on April 01 at $ 66.68
Change since picked: + 2.87
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 1.0 million
 

Dropped Strangles

None
 

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