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Call Updates

Amazon.com - AMZN - cls: 77.49 chg: +2.79 stop: 69.95

Shares of AMZN continued trading sideways for about an hour this morning and then suddenly shot higher. The breakout over the $75 level is definitely bullish and technical indicators are improving. More conservative traders may want to raise their stop loss. We have two targets. Our conservative target is the $79.50-80.00 range. Our more aggressive target is the $84.00-85.00 zone.

Picked on August 19 at $ 75.02
Change since picked: + 2.47
Earnings Date 10/23/07 (unconfirmed)
Average Daily Volume = 10.1 million

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Freeport McMoran - FCX - cls: 81.29 chg: +1.33 stop: 74.45*new*

FCX continued to rally on Tuesday. The stock hit an intraday high of $83.13. Our target is the $83.50-85.00 range. Unfortunately, FCX pared its gains and looks poised to dip back toward $80 again. If you're a glass is half empty sort of trader then today's session looks like a bearish failed rally near the 10-dma. We are raising our stop loss to $74.45.

Picked on August 19 at $ 76.90
Change since picked: + 4.39
Earnings Date 10/17/07 (unconfirmed)
Average Daily Volume = 10.3 million

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L.B.Foster Co. - FSTR - cls: 36.99 chg: -1.76 stop: 34.59*new*

Warning! FSTR has produced a bearish reversal pattern today. The stock spiked toward $39.50 early this morning and then quickly reversed course. The move has produced a bearish engulfing candlestick pattern and did so on big volume. This is very negative and more conservative traders may want to abandon the play early to cut their losses. There is potential support near $35.00 so we're raising our stop loss to $34.59 but it's still a wide (aggressive) stop. We're not suggesting new positions at this time. We're not exiting early because FSTR still has a bullish pattern of higher lows. We have two targets. Our first target is the $39.90-40.00 range. Our second target is the $42.00-42.50 zone. Please note that this remains an aggressive, higher-risk play.

Picked on August 14 at $ 37.33
Change since picked: - 0.34
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume = 148 thousand

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Goldman Sachs - GS - cls: 175.48 chg: +2.72 stop: 167.45

Financial stocks held their ground today. The XBD broker-dealer index managed a 1% gain. GS out performed its peers with a 1.5% bounce. We're encouraged to see the $170 level hold as support again. Yet we're puzzled by the volume today. Volume dried up to less than half the daily average. Looking at the intraday chart for GS the move today looks like a new bullish entry point to buy calls. While we are suggesting new plays today more conservative traders may want to wait for another rise over $180 or $181. Overall we don't see any big changes from our weekend comments. We have two targets. Our first target is the $184.75-185.00 range. Our second target is the $194.00-195.00 range. One of our biggest risks is the intraday swings that could easily stop us out.

Picked on August 19 at $175.00
Change since picked: + 0.48
Earnings Date 09/12/07 (unconfirmed)
Average Daily Volume = 11.6 million

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DJ Transports iShares - IYT - cls: 86.35 chg: -0.37 stop: 82.45

Transportation stocks spent the day trading flat to down. If you look at the IYT and the TRAN index you'll see that both failed to rally past their 10-dma, which is potentially bearish. At this point we'd probably look for the IYT to dip back toward the $85 level, which should be short-term support. Our target is the $89.75-90.00 range.

Picked on August 19 at $ 85.43
Change since picked: + 0.92
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 600 thousand

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Sears - SHLD - cls: 141.25 chg: +1.77 stop: 134.85

SHLD turned in a bullish session with a breakout over resistance in the $140-141 zone. Shares hit an intraday high of $143.69. Our suggested trigger to buy calls was at $141.50 so the play is now open. We have two targets. Our first target is the $149.50-150.00 range. Our more aggressive target is the $157.00-160.00 zone. We do not want to hold over the very late August earnings report (unconfirmed date). The only information we found was a press release saying SHLD plans to report earnings on or before August 30th.

Picked on August 21 at $141.50
Change since picked: - 0.25
Earnings Date 08/30/07 (unconfirmed)
Average Daily Volume = 2.1 million
 

Put Updates

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Strangle Updates

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Dropped Calls

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Dropped Puts

Intuitive Surgical - ISRG - cls: 205.59 chg: +7.09 stop: 205.51

We have been warning readers to expect a lot of volatility in ISRG. The rebound in ISRG continued and shares hit our stop loss at $205.51 this afternoon. The breakout over its 10-dma and the $205 level is short-term bullish and we would not be surprised to see ISRG re-challenge the $213-215 levels soon.

Picked on August 15 at $194.50
Change since picked: +11.09
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume = 1.2 million
 

Dropped Strangles

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