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Call Updates

Baker Hughes - BHI - cls: 82.83 change: -1.06 stop: 79.95

Another rise in crude oil on Thursday was not enough to save the oil sector from the widespread sell-off in equities. Shares of BHI lost 1.2% and closed near their lows on above average volume. Odds look good for BHI to trade toward the $81-80 level. We strongly suggest that more conservative traders consider an early exit here to limit any losses.

Picked on June 04 at $ 84.26
Change since picked: - 1.43
Earnings Date 07/25/07 (unconfirmed)
Average Daily Volume = 4.3 million

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Global SantaFe - GSF - cls: 68.54 chg: -1.12 stop: 65.90

The OSX oil service index lost over 2% on today's market sell-off. Shares of GSF slipped 1.6%. Furthermore today's action in GSF looks like a short-term failed rally. We would expect a dip toward $68.00, probably lower. We would hesitate before opening new positions.

Picked on June 03 at $ 68.86
Change since picked: - 0.32
Earnings Date 08/01/07 (unconfirmed)
Average Daily Volume = 4.8 million

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Vangard Emergy Mkts ETF -VWO- cls: 85.53 chg: -1.54 stop: 84.99

It doesn't look good for the VWO. The emerging markets ETF sank 1.7% and came within 10 cents of our stop loss. We are suggesting that readers strongly consider an early exit here.

Picked on May 16 at $ 86.15
Change since picked: - 0.62
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 416 thousand

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XTO Energy - XTO - cls: 59.50 chg: -0.30 stop: 56.74

Shares of XTO weathered today's stock market massacre pretty well. The early rally failed but XTO only lost 0.5%. Some bullish analyst comments probably didn't hurt today. We would expect a dip toward the $59.00-58.50 range. More conservative traders may want to tighten their stops toward $58.00. Our target is the $62.50-65.00 range. Aggressive traders may want to aim higher.

Picked on May 27 at $ 57.63
Change since picked: + 1.87
Earnings Date 07/25/07 (unconfirmed)
Average Daily Volume = 3.2 million
 

Put Updates

Anixter Intl. - AXE - cls: 68.70 chg: -2.00 stop: 71.55

Our put play in AXE is now open. The market's broad-based sell-off sparked a technical breakdown in AXE. The stock lost 2.8% and broke support near $70.00 and its 50-dma. We were suggesting a trigger to buy puts at $68.99. Our target is the $65.25-65.00 range.

Picked on June 07 at $ 68.99
Change since picked: - 0.19
Earnings Date 07/24/07 (unconfirmed)
Average Daily Volume = 520 thousand

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Gilead Sciences - GILD - cls: 78.58 chg: -2.83 stop: 82.55

It was a very rough day for GILD. The stock lost 3.4% and broke down under support at its 50-dma and the bottom of its trading range near $80.00. Furthermore GILD displayed a lot of weakness backed by strong volume. Our suggested trigger to buy puts was at $79.90 so the play is now open. Our target is the $75.25-72.50 range. FYI: The stock is set to split 2-for-1 on June 25th.

Picked on June 07 at $ 79.90
Change since picked: - 1.32
Earnings Date 07/18/07 (unconfirmed)
Average Daily Volume = 4.1 million

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Vital Images - VTAL - cls: 26.02 chg: -0.92 stop: 29.05

Weakness in software and tech stocks helped move VTAL to a 3.4% loss. Shares closed near their lows for the session, which is bearish. We're not suggesting new positions at this time. Our target is the $25.15-25.00 range.

Picked on May 16 at $ 27.99
Change since picked: - 1.97
Earnings Date 04/26/07 (confirmed)
Average Daily Volume = 191 thousand
 

Strangle Updates

None
 

Dropped Calls

Chaparral Steel - CHAP - cls: 68.55 chg: -4.25 stop: 69.95

Shares of CHAP hit our stop loss at $69.95 just after 11:00 a.m. today. The market sell-off sparked some serious profit taking in CHAP and the stock sank 5.8% on strong volume. This looks like a sell signal even though shares stalled at the rising 50-dma. CHAP might have support near $65 and then again near $60.00.

Picked on May 30 at $ 73.69
Change since picked: - 5.14
Earnings Date 07/10/07 (unconfirmed)
Average Daily Volume = 801 thousand

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Carpenter Tech - CRS - cls: 129.15 chg: -3.99 stop: 129.90

CRS is another steel-related stock that suffered some serious profit taking. The stock lost almost 3% today on top of yesterday's pull back. CRS dipped under the $130 level and hit our stop loss at $129.90.

Picked on June 03 at $135.67
Change since picked: - 6.52
Earnings Date 07/27/07 (unconfirmed)
Average Daily Volume = 429 thousand

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F5 Networks - FFIV - close: 77.18 chg: -1.41 stop: 74.95

FFIV lost another 1.79% on Thursday. Today's session also looks like a failed rally under the $80.00 level. FFIV still looks like it will have some support near $75.00 but we're suggesting an early exit now to cut our losses here.

Picked on June 03 at $ 81.54
Change since picked: - 4.36
Earnings Date 07/25/07 (unconfirmed)
Average Daily Volume = 1.3 million

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Altria Group - MO - cls: 69.55 change: -1.26 stop: 69.90

We have been stopped out of MO at $69.90. The stock tried to rally this morning but quickly reversed. Bulls tried to defend MO near $70 this afternoon but the stock eventually plunged toward the 50-dma and closed near its lows for the session.

Picked on June 03 at $ 71.82
Change since picked: - 2.27
Earnings Date 07/19/07 (unconfirmed)
Average Daily Volume = 11.7 million

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Sunoco - SUN - cls: 78.95 chg: -1.25 stop: 79.45

We would have been stopped out of SUN at $79.45. Strength in crude oil initially buoyed shares of SUN but the market sell-off eventually wore down the bulls. SUN has broken down under what should have been support in the $79.50-80.00 zone. The stock hit our initial target in the $84.00-85.00 range on Monday. We would keep an eye on SUN for another entry point down the road.

Picked on June 01 at $ 80.26
Change since picked: - 1.31
Earnings Date 08/01/07 (unconfirmed)
Average Daily Volume = 3.3 million

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Tesoro - TSO - close: 58.92 change: -1.39 stop: 57.99

TSO has not hit our stop loss at $57.99 yet but given the violent sell-off today we're suggesting an early exit here to cut our losses. The stock broke down under the $60 level and looks poised to drop to the rising 50-dma near $57.35. We are bullish on this industry (oil refining) so keep an eye on TSO in the future.

Picked on June 03 at $ 63.74
Change since picked: - 4.82
Earnings Date 07/27/07 (unconfirmed)
Average Daily Volume = 6.2 million
 

Dropped Puts

None
 

Dropped Strangles

None
 

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