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Call Updates

United States Cellular - USM - cls: 69.35 change: -3.39 stop: 67.89

Readers may want to reconsider adding bullish positions on USM. We were expecting a pull back toward $70.00 not a breakdown through $70.00. The U.S. market's reversal lower on Friday does not bode well for stocks. While USM is still holding on to very long-term support (see chart below) it would not take much for USM to break that support at which point this stock might become a bearish candidate in spite of its oversold condition. We would wait for a rally back above $70.50 before considering new call plays. If the market sees any follow through lower on Monday do not be surprised to have USM hit our stop loss at $67.89. Our target is the $74.50-75.00 range. Our entry point was $71.00.

Suggested Options:
If USM provides a new bullish entry point we would suggest the February or March calls.

Picked on January 25 at $ 71.00 *triggered
Change since picked: - 1.65
Earnings Date 02/26/08 (unconfirmed)
Average Daily Volume = 153 thousand

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United States Oil Fund - USO - cls: 71.91 chg: +0.98 stop: 68.59

Crude oil futures have rebounded back above $90 a barrel and the USO exchange traded fund continues to bounce with them. If you're looking for a new entry point consider waiting for another dip near $71. Our short-term target is the $74.50-75.00 range. More aggressive traders could easily aim for the $77.50-79.00 region.

Suggested Options:
We were suggesting the February calls. Strikes are available at every dollar.

Picked on January 24 at $ 70.93
Change since picked: + 0.98
Earnings Date 00/00/00 (unconfirmed)
Average Daily Volume = 3.2 million
 

Put Updates

None
 

Strangle Updates

None
 

Dropped Calls

Blackstone - BX - close: 19.36 chg: -1.61 stop: 17.24

The market's oversold bounce rolled over a lot sooner than we expected it to. Shares of BX, like many of the stocks we saw on Friday, have produced a short-term bearish reversal. We are suggesting an early exit right here to cut our losses! Nimble traders who like BX can wait and see if support near $17.25 holds again.

Picked on January 10 at $19.84 /exit 19.36
Change since picked: - 0.48
Earnings Date 02/11/08 (unconfirmed)
Average Daily Volume: 2.7 million

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Flowserve - FLS - close: 82.39 change: -1.15 stop: 75.49

We are suggesting an early exit on FLS. It still looks like FLS put in a short-term bottom last week near its 200-dma. Unfortunately, the market's rebound came to an abrupt end on Friday. We are now expecting stocks to continue lower this coming week and potentially retest the lows. We would rather exit FLS now and look for a new entry point down the road. We were aiming for $87.50 and FLS hit an intraday high of $86.60 on Friday morning.

Picked on January 23 at $ 82.35
Change since picked: + 0.04
Earnings Date 02/28/08 (unconfirmed)
Average Daily Volume = 736 thousand

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Google Inc. - GOOG - cls: 566.40 chg: - 8.09 stop: 514.00

Target achieved. GOOG served up another volatile day on Friday. The stock gapped open at $591.81 and hit $595.00 before reversing course and to close $30 off its intraday highs. Our target was the $595.00-600.00 range. Investors are nervous over the company's upcoming earnings report on January 31st. We are considering a strangle to hold over earnings. Unfortunately, volatility is so high right now that options are very expensive.

Picked on January 23 at $548.62
Change since picked: +17.78
Earnings Date 01/31/08 (confirmed)
Average Daily Volume = 5.3 million
 

Dropped Puts

None
 

Dropped Strangles

None
 

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