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Call Updates

Freeport McMoran - FCX - cls: 77.77 chg: +1.93 stop: 71.95 *new*

The widespread market rally on Wednesday kept the rally going in FCX. The stock rose another 2.5% to another new high. We are raising our stop loss to $71.95. More cautious traders might want to do a little bit of profit taking here. Our target is the $79.50-80.00 range.

Picked on May 27 at $ 74.61
Change since picked: + 3.16
Earnings Date 07/25/07 (unconfirmed)
Average Daily Volume = 12.3 million

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OM Group - OMG - cls: 62.24 chg: +0.30 stop: 59.85

OMG managed to post a 0.48% gain but the rebound in the stock lagged behind the broader markets. The overall trend is still positive but it's struggling to keep the upward momentum going. Volume continues to come in below average. We're still tempted to open new call positions here but a dip back toward the 10-dma or the $60 zone would not be a surprise to us. Our target is the $68.50-70.00 range. The P&F chart is bullish with an $86 target.

Picked on May 27 at $ 62.44
Change since picked: - 0.20
Earnings Date 08/02/07 (unconfirmed)
Average Daily Volume = 801 thousand

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Vangard Emergy Mkts ETF -VWO- cls: 87.00 chg: +0.85 stop: 83.95

Renewed investor optimism today fueled a 0.98% gain in the VWO, which also produced a bullish engulfing candlestick pattern. Volume continues to come in low, which is a surprise. Our target is the $89.85-90.00 range.

Picked on May 16 at $ 86.15
Change since picked: + 0.85
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 416 thousand

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XTO Energy - XTO - cls: 58.51 chg: +1.34 stop: 54.99

Oil stocks rebounded strongly on Wednesday. Shares of XTO rose 2.3% and on decent volume. The move today looks like a new entry point to buy calls. The P&F chart is very bullish with a $76 target. We are aiming for the $62.50-65.00 range. More conservative traders may want to use a tighter stop loss under the 50-dma or under $56.00. FYI: Readers should note that XTO is due to present at a conference on May 31st. It's an opportunity for news to move the stock.

Picked on May 27 at $ 57.63
Change since picked: + 0.88
Earnings Date 07/25/07 (unconfirmed)
Average Daily Volume = 3.2 million

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Put Updates

Anixter Intl. - AXE - cls: 71.95 chg: +1.31 stop: 72.05

Hmm... the action in AXE is starting to look more bullish. Traders bought the dip at its 50-dma yet again. Short-term technical indicators are improving with the bounce. We have to admit that the stock now looks more poised to rally to the $75 region than breakdown. We'll keep AXE on the newsletter for now. Our suggested plan was to buy puts on a breakdown with a trigger at $68.49. If triggered we have two targets. Our conservative target is the $65.15-65.00 range. Our more aggressive target is the $62.00-60.00 range.

Picked on May xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/24/07 (unconfirmed)
Average Daily Volume = 520 thousand

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Gilead Sciences - GILD - cls: 82.26 chg: +0.30 stop: 82.55

Biotech stocks were green today but they under performed the S&P 500. Shares of GILD also fell behind the rally but shares are starting to look more bullish with a bounce from the bottom of their trading range. The stock looks ready to rally toward the $84.40-85.00 zone. We'll keep GILD on the newsletter for now. Our suggested plan was to buy puts on a breakdown with a trigger at $79.90. If triggered we will have two targets. Our conservative target is $75.25-75.00. Our aggressive target is the $72.50-70.00 range. Readers should note that GILD is due to present at a conference on May 30th. Plus. the stock is set to split 2-for-1 on June 25th. FYI: The P&F chart is still bullish with a $97 target but a drop under $80 should reverse it into a new sell signal.

Picked on May xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/27/07 (unconfirmed)
Average Daily Volume = 4.1 million

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Las Vegas - LVS - cls: 76.91 change: +0.28 stop: 81.15

LVS struggled to join the rest of the market's bullish tone today but the stock did post a minor gain. Downward momentum is stalling a bit and will continue to struggle with the market making new highs. More conservative traders may want to tighten their stops toward the $80.00 level. Our target is the $71.50-70.00 range.

Picked on May 07 at $ 79.85
Change since picked: - 2.94
Earnings Date 05/02/07 (confirmed)
Average Daily Volume = 2.1 million

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Vital Images - VTAL - cls: 28.06 chg: +0.05 stop: 30.05

VTAL under performed the market most of the day, stuck under the $28.00 level. Yet bulls made a last ditch rally late in the session. A bounce toward the $29.00 level would not be a surprise. More conservative traders may want to adjust their stop closer to the $29.00 level. Our target is the $25.15-25.00 range. The Point & Figure chart displays a descending triple-bottom breakdown pattern with a $23 target.

Picked on May 16 at $ 27.99
Change since picked: + 0.07
Earnings Date 04/26/07 (confirmed)
Average Daily Volume = 191 thousand

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Strangle Updates

None Today.

Dropped Calls

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Dropped Puts

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Dropped Strangles

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