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Call Updates

Advance Auto Parts - AAP - cls: 40.09 chg: +0.09 stop: 37.95

AAP is still struggling to keep its upward momentum going. However, if you're feeling optimistic, the bounce from this morning's lows was encouraging. The overall trend remains bullish but short-term technicals look tired. We are growing more concerned about the health of the market's rally and readers may want to reconsider opening any new positions. 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: + 0.04
Earnings Date 05/17/07 (unconfirmed)
Average Daily Volume = 854 thousand

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Apple Inc. - AAPL - cls: 90.27 chg: -0.13 stop: 89.45 *new*

So far support at the $90.00 level is holding. Yet we remain concerned that the next move will be down for AAPL. More conservative traders may want to bail out now. We're re-adjusting our stop loss back to $89.45. There is a chance that AAPL will bounce or trade sideways ahead of next week's earnings report. At this point we wouldn't count on it too much, thus our suggestion to exit early. The breadth numbers for the wider market have continued to come in negative, which suggests a correction is coming. Give our time frame with earnings on April 25th we are not suggesting new plays.

Picked on March 19 at $ 91.01
Change since picked: - 0.74
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 35 million

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Allegheny Tech. - ATI - cls: 113.64 chg: -0.46 stop: 109.85

Early morning market weakness inspired by concerns overseas sparked a gap down in ATI at $113.00 and a dip to $111.60. Traders were relatively quick to buy the dip and the stock has maintained its bullish trajectory. However, we do want to note that short-term technicals are growing bearish. We would hesitate to launch new call positions with such a short time frame. We plan to exit ahead of the April 25th earnings report. Our target is the $117.00-120.00 range.

Picked on April 03 at $110.26
Change since picked: + 3.38
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 2.6 million

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Boeing - BA - close: 92.99 change: -0.89 stop: 89.35

News that CIT had ordered five more plans from BA helped keep the rally alive for a few minutes this morning. Shares hit an intraday high of $94.75 before investors decided to do some profit taking. Unfortunately, the action today looks like a short-term top and failed rally under round-number resistance at $95.00. A bounce in the $91.75-92.25 region could be used as a new entry point but we hesitate to open new plays this close to BA's upcoming earnings report. Our target is the $97.50-100.00 range.

Picked on April 18 at $ 92.35
Change since picked: + 0.64
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 4.1 million

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Cigna - CI - close: 150.03 chg: -1.96 stop: 144.95

We warned readers that earnings news from rival UnitedHealth (UNH) could impact shares of CI. UNH reported earnings that beat the estimates but traders still sold the news and UNH lost almost 4% today. CI slipped 1.2% in association with UNH. A bounce from here (or above $147.50) could be used as a new entry point but we're growing more and more cautious about any new bullish plays given the market's internals lately. Our target is the $154.50-155.00 range. We do not want to hold over CI's earnings report in early May.

Picked on April 05 at $147.75
Change since picked: + 2.28
Earnings Date 05/02/07 (confirmed)
Average Daily Volume = 910 thousand

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Core Labs - CLB - cls: 84.78 chg: -2.21 stop: 83.45

Oil stocks were weak today. Concerns that China might cut back on its consumption to slow down its economy and some profit taking in crude oil one day ahead of the May contract's expiration left the commodity sliding over 2%. Shares of CLB suffered a 2.5% decline on above average volume, which is a concern for the bulls. Support near $84.00 held for the moment but the MACD on the daily chart has produced a new sell signal. More conservative traders may want to exit early or tighten their stops toward $84.00. I bounce over $86.00 would look like a new entry point but unfortunately we are out of time. Currently we plan to exit on Monday at the closing bell to avoid the company's earnings report.

Picked on April 08 at $ 87.25
Change since picked: - 2.47
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 275 thousand

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Chicago Merc.Exc. - CME - cls: 553.85 chg: -4.75 stop: 544.75

Our play in CME is not working out. The breakout over its trendline of resistance looked like a good entry point to buy calls. Unfortunately there has been no follow through. The stock has been stuck trading sideways and now we're running out of time. Traders may want to consider an early exit now or an any bounce back toward $563-565. We are not suggesting new plays and plan to exit ahead of the April 24th earnings report.

Picked on April 16 at $557.50
Change since picked: - 3.65
Earnings Date 04/24/07 (confirmed)
Average Daily Volume = 733 thousand

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ConocoPhillips - COP - cls: 69.28 chg: -0.56 stop: 66.19

Weakness in crude oil and concerns over a possible cut back by China to slow its economy left the oil stocks sinking. COP is rolling over and cutting into our unrealized gains. We reiterate our early suggestions to exit early and lock in a profit. We're not suggesting new positions at this time and if COP doesn't bounce tomorrow we'll probably drop it. We do not want to hold over the late April 25th earnings report.

Picked on March 20 at $ 66.31
Change since picked: + 2.97
Earnings Date 04/25/07 (confirmed)
Average Daily Volume = 12.1 million

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HESS Corp. - HES - cls: 56.16 chg: -0.05 stop: 54.75

HES is another oil stock that is seeing its gains evaporate. We are not suggesting new positions and plan to exit ahead of the April 25th earnings report. More conservative traders may want to cut their losses now.

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: 47.00 chg: -0.65 stop: 44.75 *new*

JOYG dipped to short-term support near its rising 10-dma and the $46.00 level. Traders bought the dip and the afternoon bounce looks like a new entry point. We are raising our stop loss to $44.75. 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: 60.04 chg: +0.02 stop: 57.99

MCK displayed some volatility this morning but traders bought the dip near its rising 10-dma. Unfortunately, the bounce really wasn't that inspiring. Readers may want to wait for a new relative high (60.51) before considering new positions. Our target is the $64.00-65.00 range.

Picked on April 19 at $ 60.15
Change since picked: - 0.11
Earnings Date 05/07/07 (unconfirmed)
Average Daily Volume = 1.7 million

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TEREX - TEX - close: 76.59 chg: -0.36 stop: 69.89

TEX is still churning sideways. Lack of movement in the major averages has left TEX without any wind in its sails. The trend is definitely bullish but shares might need to rest first. 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: + 2.64
Earnings Date 04/25/07 (unconfirmed)
Average Daily Volume = 1.4 million

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Wynn Resorts - WYNN - cls: 102.01 chg: -1.33 stop: 97.49

Traders did some profit taking in WYNN after yesterday's big gain. The stock lost 1.2% but managed to bounce from its intraday lows near its rising 10-dma, which is somewhat bullish. 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: - 0.43
Earnings Date 05/05/07 (unconfirmed)
Average Daily Volume = 1.4 million
 

Put Updates

None
 

Strangle Updates

None
 

Dropped Calls

Amgen - AMGN - cls: 62.32 change: +2.31 stop: 55.74

Target exceeded. Some positive analyst comments for the company's upcoming earnings report and more importantly some positive press for AMGN's Aranesp drug helped launch the share price higher. The stock gapped open at $63.53 and quickly surged to $64.40 before paring its gains for a 3.8% rally. Our suggested target to exit was the $62.40-62.50 range so we should have been taken out at the open.

Picked on April 12 at $ 57.64
Change since picked: + 4.68
Earnings Date 04/23/07 (confirmed)
Average Daily Volume = 16.6 million

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Seacor - CKH - cls: 96.31 chg: -1.53 stop: 96.49

We would have been stopped out at $96.49 today. CKH continued to slip and broke down under technical support at its 100-dma. The MACD on its daily chart has rolled over into a new sell signal.

Picked on April 12 at $100.15
Change since picked: - 3.84
Earnings Date 04/30/07 (unconfirmed)
Average Daily Volume = 227 thousand
 

Dropped Puts

None
 

Dropped Strangles

None
 

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