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Call Updates

Amazon.com - AMZN - cls: 77.30 chg: -1.20 stop: 72.45

The stock market hit some profit taking on Thursday and AMZN slipped 1.5%. We remain bullish on AMZN but would not consider new positions at this time. Although we would be tempted to buy calls again if AMZN dipped and bounced near the $75.00 level, which should be support. We have two targets. Our first target is the $79.50-80.00 range. The $80.00 level does look like resistance. Our aggressive target is the $84.00-85.00 range. We would suggest more conservative traders exiting near $80 and aggressive traders also taking some money off the table near $80.

Picked on August 19 at $ 75.02
Change since picked: + 2.28
Earnings Date 10/23/07 (unconfirmed)
Average Daily Volume = 10.1 million

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L.B.Foster Co. - FSTR - cls: 37.90 chg: +0.93 stop: 34.59

Shares of FSTR are holding up. There has not been any follow through on Tuesday's bearish reversal. While the bullish trend of higher lows is holding the stock looks like it could go either way at this point although today's show of relative strength is encouraging. We're not suggesting new positions at this time. 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: + 0.57
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume = 148 thousand

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Goldman Sachs - GS - cls: 177.50 chg: -0.39 stop: 167.45

GS tried to breakout over the $180 level again but a flat to down market short circuited the rally. GS' short-term trend of higher lows looks like it's coiling for a bullish breakout over $180 soon. We would still consider new positions here. More conservative traders may want to wait for another rise over $181 to initiate positions. 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: + 2.50
Earnings Date 09/12/07 (unconfirmed)
Average Daily Volume = 11.6 million

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DJ Transports iShares - IYT - cls: 87.02 chg: -1.20 stop: 83.99

Warning! The IYT just produced a bearish reversal pattern. Weakness in the transports, specifically the railroads, contributed to today's bearish engulfing candlestick pattern and a failed rally at the 200-dma in the IYT. Normally these patterns need to see some follow through. More conservative traders may want to protect themselves and raise their stops toward $85.00. Our target is the $89.75-90.00 range.

Picked on August 19 at $ 85.43
Change since picked: + 1.59
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 600 thousand

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Sears - SHLD - cls: 141.53 chg: -2.10 stop: 134.85

Retail stocks were not exempt from the market-wide profit taking today. SHLD slipped 1.4% but bulls were defending the stock near $141 all day long. A bounce from here or near $140 could be used as a new bullish entry point to buy the stock. 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: + 0.03
Earnings Date 08/30/07 (unconfirmed)
Average Daily Volume = 2.1 million
 

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