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Call Updates

Apple Inc. - AAPL - cls: 132.25 change: -3.05 stop: 127.75

AAPL suffered some profit taking on Monday. We would watch for a bounce in the $130.00-131.00 zone as a new bullish entry point to buy calls. We're using a stop loss at $127.75 but you could also try a tighter stop just under $130.00. There is potential resistance at $140.00. Our target is the $145.00-148.00 range. The P&F chart has already turned positive again with a $180 target. FYI: AAPL has been volatile and the options are not cheap!

Picked on August 26 at $135.30
Change since picked: - 3.05
Earnings Date 10/18/07 (unconfirmed)
Average Daily Volume = 37.9 million

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Amazon.com - AMZN - cls: 78.65 chg: -0.60 stop: 74.90

Target achieved. Shares of AMZN were upgraded this morning to an "out perform". AMZN reacted by gapping open higher at $80.56 and hitting $80.80 before selling off. Our first target was the $79.50-80.00 range but will have to take the opening trade at $80.56 this morning. We're not suggesting new positions at this time. Our aggressive target is the $84.00-85.00 range.

Picked on August 19 at $ 75.02
Change since picked: + 3.63
Earnings Date 10/23/07 (unconfirmed)
Average Daily Volume = 10.1 million

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Chevron - CVX - cls: 87.00 change: -0.22 stop: 82.45

Crude oil futures rallied again but the energy sector failed to build on it. Shares of CVX just traded sideways all day. Odds are good the stock could see another dip. While we would consider new positions here a preferable entry point would be a dip or bounce near $85.00. The P&F chart has reversed back into a buy signal that now points to a $104 target. Our target is the $94.00-95.00 range.

Picked on August 26 at $ 87.22
Change since picked: - 0.22
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume = 12.3 million

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L.B.Foster Co. - FSTR - cls: 39.34 chg: +0.84 stop: 34.95

FSTR displayed impressive relative strength with today's 2.1% gain. Volume actually came in above average on the rise, which is a good sign. The stock is very close to our first target in 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: + 2.01
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume = 148 thousand

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Goldman Sachs - GS - cls: 177.95 chg: -1.78 stop: 169.45

GS is still coiling sideways and looks poised to breakout over resistance near $180 if the markets can rally again. If you're looking for a new entry point we'd wait for a rise past $181.00 or look for another dip and bounce near its simple 10-dma near $174-175. 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. FYI: We only have about two and a half weeks left as we do not want to hold over the earnings report.

Picked on August 19 at $175.00
Change since picked: + 2.95
Earnings Date 09/12/07 (unconfirmed)
Average Daily Volume = 11.6 million

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Intl. Bus. Mach.- IBM - cls: 113.44 chg: +0.20 stop: 107.49

We do not see any changes from our weekend comments on IBM. We are suggesting calls with IBM above $112 (actually above $110) and readers can choose to open positions now or look for a dip between here and $110. More conservative traders may want to use a tighter stop loss. Our target is the $118.00-120.00 range. We're also setting a secondary, more aggressive target in the $124-125 range but we suggest everyone take some money off the table in the $118-120 zone. The P&F chart is much more optimistic with a forecasted $177 target for IBM.

Picked on August 26 at $113.24
Change since picked: + 0.20
Earnings Date 10/17/07 (unconfirmed)
Average Daily Volume = 9.5 million

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Russell 2000 ishares - IWM - cls: 78.61 chg: -1.02 stop: 77.49

There is no change from our weekend comments for IWM. We're still waiting for a breakout over resistance near $80.00 and its 200-dma. We are suggesting a trigger to buy calls at $80.25. If triggered our target is the $84.50-85.00 range.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = million

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DJ Transports iShares - IYT - cls: 87.15 chg: -0.98 stop: 83.99

The transports also felt some profit taking on Monday. Both the $TRAN index and the IYT look poised for a little more profit taking tomorrow morning but we'd investors to buy the dip. We are not suggesting new positions at this time. The IYT still has resistance near its 200-dma around $89. 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: + 1.72
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 600 thousand

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MicroStrategy - MSTR - cls: 73.25 chg: -2.80 stop: 68.99

MSTR can be a volatile stock and we're seeing that with the big swings over the last couple of sessions. We would wait and look for a bounce in the $72.00-70.00 zone before considering new bullish call positions. There is potential resistance at the 50-dma so we're listing two targets. Our first target is the $82.50-85.00 range. Our second target is the $87.50-90.00 range. The Point & Figure chart has already reversed back into a bullish pattern with a $91 target.

Picked on August 26 at $ 76.05
Change since picked: - 2.80
Earnings Date 10/25/07 (unconfirmed)
Average Daily Volume = 358 thousand

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Transocean - RIG - cls: 102.38 change: -1.56 stop: 99.50

There is no change from our weekend comments for RIG. We want to catch a breakout higher so we're suggesting a trigger to buy calls at $105.75. However, we will also be watching for an alternative entry on a dip and bounce near $100.00. If this secondary entry point occurs we'll make a note of it here in the newsletter. If we are triggered at $105.75 then we'll aim for the $114.00-115.00 range. Be aware that RIG will probably hit some resistance near $110. If the stock can trade over $106.00 it will produce a new P&F chart buy signal.

Picked on August xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 10/31/07 (unconfirmed)
Average Daily Volume = 7.3 million

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Sears - SHLD - cls: 143.54 chg: -2.59 stop: 137.45

After last week's big gain SHLD is seeing some profit taking today. We would not be surprised to see a dip back toward $140 and the 10-dma. A bounce neither the $140 region could be used as a new bullish entry point however there isn't much time left and we don't want to hold over the earnings report later this week. Our target is the $149.50-150.00 range.

Picked on August 21 at $141.50
Change since picked: + 2.04
Earnings Date 08/30/07 (unconfirmed)
Average Daily Volume = 2.1 million
 

Put Updates

Acuity Brands - AYI - cls: 53.99 change: +1.19 stop: 57.11

AYI produced an oversold bounce on Monday and shares posted a 2.2% gain. Volume was pretty light so it's tough to put much emphasis on today's move. A failed rally under $55 could be used as a new bearish entry point for puts. We have two targets. Our first target is the $47.75-47.50 range. Our second target is the $45.25-45.00 zone.

Picked on August 26 at $ 52.80
Change since picked: + 1.19
Earnings Date 10/04/07 (unconfirmed)
Average Daily Volume = 536 thousand
 

Strangle Updates

None
 

Dropped Calls

None
 

Dropped Puts

None
 

Dropped Strangles

None
 

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