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Call Updates

Blackstone - BX - close: 20.97 chg: +0.40 stop: 17.24

BX ended the session with a 2% Gain but the rally continues to struggle with its 50-dma overhead. The stock continues to look bullish, even more so now given the double-bottom pattern formed this month. Another dip to $20.00 could be used as a bullish entry point. Remember, this is a high-risk, speculative play. We do not want to hold over the February earnings report. Our target is the $24.00-25.00 range for now.

Picked on January 10 at $19.84
Change since picked: + 1.13
Earnings Date 02/11/08 (unconfirmed)
Average Daily Volume: 2.7 million

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Flowserve - FLS - close: 83.54 change: +1.19 stop: 75.49

Bulls ran into their first hurdle with FLS. The stock traded near $85.00 and the convergence of its 10 and 100-dma. This is resistance but if market continues to bounce we're expecting FLS to push through it. Short-term the stock could see another dip to $80.00. We would use any bounce near $80 as a new entry point for calls. More conservative traders might want to consider a tighter stop loss. Our short-term target is the $87.50-90.00 range. Unfortunately, due to the stock's volatility we have a very wide stop loss.

Picked on January 23 at $ 82.35
Change since picked: + 1.19
Earnings Date 02/28/08 (unconfirmed)
Average Daily Volume = 736 thousand

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Google Inc. - GOOG - cls: 574.49 chg: +25.87 stop: 514.00

GOOG continues to receive negative comments. Another analyst worried about a slow down and the company's upcoming earnings report downgraded the stock today. The midday swoon in GOOG had me a little bit worried but the stock recovered and closed up 4.7%. We wouldn't chase the move now and the options are still richly priced. Most of the options we listed yesterday are up about 37%. Our short-term target is the $595.00-600.00 range. We do not want to hold over earnings.

Picked on January 23 at $548.62
Change since picked: +25.87
Earnings Date 01/31/08 (confirmed)
Average Daily Volume = 5.3 million
 

Put Updates

None
 

Strangle Updates

None
 

Dropped Calls

Henry Schein - HSIC - cls: 59.89 chg: -1.07 stop: 59.65 *new stop

Our strategy to buy the bounce from support on HSIC did not pan out. Shares under performed the market today and closed under support near $60.00, its 50-dma and its trendline. Our stop loss was hit at $59.65.

Picked on January 23 at $ 60.96 *stopped at $59.65
Change since picked: - 1.07
Earnings Date 02/21/08 (unconfirmed)
Average Daily Volume = 623 thousand
 

Dropped Puts

None
 

Dropped Strangles

None
 

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