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Call Updates

AGCO Corp. - AG - close: 60.05 change: +1.69 stop: 57.75

The bounce in AG is starting to look a lot more healthy here. Shares really began to gain some momentum heading into the closing bell and actually closed above round-number resistance at $60.00. Our suggested entry point to buy calls is at $60.40 but we would strongly consider jumping in right here. If triggered at $60.40 our short-term target is the $64.90-65.00 range. FYI: The P&F chart is bullish with a $71 target.

Picked on May xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/28/08 (confirmed)
Average Daily Volume = 1.8 million

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Aracruz Celulose - ARA - cls: 87.03 chg: +0.41 stop: 79.45

We don't see any changes from our previous comments on ARA. Honestly, we're surprised that ARA did not see more profit taking today after yesterday's big gain. The fact that ARA did not trend lower is bullish but we would still strongly suggest readers take some profit off the table here. ARA has exceeded our target in the $84.50 zone and is nearing our second target at $88.50-90.00. The intraday high today was $87.22. Volume came in above average on the rally for the second day in a row, which is bullish.

Picked on April 28 at $ 80.25 *1st target hit $84.50
Change since picked: + 6.78
Earnings Date 04/07/08 (confirmed)
Average Daily Volume = 481 thousand

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CNOOC - CEO - close: 184.75 change: +4.39 stop: 174.75

The path of least resistance is still up for CEO. The stock added 2.4% and is challenging short-term resistance near $185.00. We would still consider new positions now or on a dip anywhere between $185 and $180. Our target is the $199.00-200.00 range. FYI: We have to label this a more aggressive play because the option spreads are so wide!

Picked on May 06 at $183.47
Change since picked: + 1.28
Earnings Date 04/28/08 (confirmed)
Average Daily Volume = 548 thousand

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CF Ind. - CF - close: 137.04 chg: -2.31 stop: 129.90

Most of the fertilizer stocks were all trending down today. The group is essentially consolidating sideways and today just happened to be a tick lower. We remain bullish on CF but more conservative traders might want to wait for another rally over $140 or $141 before initiating positions. You might also want to raise your stop loss. Our target is the $155.00-160.00 range. FYI: CF announced that its annual shareholder meeting will be held on Tuesday, May 13th. We didn't see any significant headlines arise from the meeting.

Picked on May 05 at $137.50 *triggered
Change since picked: - 0.46
Earnings Date 04/27/08 (unconfirmed)
Average Daily Volume = 3.1 million

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Carbo Ceramics - CRR - close: 49.14 change: +1.14 stop: 44.89

CRR continues to show relative strength. The stock rallied again marking its fourth gain in a row. CRR is nearing potential resistance at the $50.00 level. We're aiming for the $52.00-52.50 zone.

Picked on May 11 at $ 47.45
Change since picked: + 1.69
Earnings Date 04/24/08 (confirmed)
Average Daily Volume = 303 thousand

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Cytec Ind. - CYT - close: 61.77 change: +0.11 stop: 58.45

With the major market averages churning sideways today CYT didn't make much progress. The trend is still bullish but the stock has to push past potential resistance near $62.00. More conservative traders could inch up their stops. We're listing two targets. Our first target is the $64.75-65.00 range. Our second target is the $68.00-70.00 zone. We have to label this a more aggressive play because the spreads on the options are pretty wide. There isn't much we as traders can do about that except try to minimize its impact with good entry and exit strategy.

Picked on April 27 at $ 60.64
Change since picked: + 1.13
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 556 thousand

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Express Scipts - ESRX - close: 72.49 chg: +1.03 stop: 68.19

ESRX continues to rebound from the bottom of its bullish channel. We would still consider new positions here. We do expect some resistance at $74.25 but our target is the $77.00-80.00 range. More conservative traders will want to consider taking some profits off the table near $75.00. The Point & Figure chart is bullish with a $81 target.

Picked on May 08 at $ 70.96
Change since picked: + 1.53
Earnings Date 04/29/08 (confirmed)
Average Daily Volume = 2.8 million

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Fortune Brands - FO - close: 70.10 change: +0.26 stop: 67.95

FO is still inching higher. The good news today is that shares closed over round-number resistance at $70.00. This looks like a new entry point to buy calls. Our target is the $74.00-75.00 range. The 200-dma is technical resistance near $75.00. The P&F chart is bullish with a $95 target.

Picked on May 07 at $ 70.05 *triggered
Change since picked: + 0.05
Earnings Date 04/24/08 (confirmed)
Average Daily Volume = 971 thousand

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Foster Wheeler - FWLT - cls: 68.90 chg: -0.07 stop: 69.45 *new*

Target exceeded. Shares of FWLT soared higher as the entire construction industry reacted to positive earnings from FLR and MDR. FLWT actually gapped open at $71.46 and ended the session up 9.2%. We had been suggesting a trigger to buy calls at $70.51 but today's gap higher would have triggered us at the open. Our short-term target was the $74.90-75.00 range. We're not suggesting new positions at this time. Our secondary target is the $79.50-80.00 range. Please note that we're adjusting the stop loss to $69.45. The P&F chart is bullish with an $84 target.

Picked on May 13 at $ 71.46 *gap higher entry/1st target hit
Change since picked: + 0.00
Earnings Date 05/07/08 (confirmed)
Average Daily Volume = 3.4 million

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Gilead Sciences - GILD - close: 53.47 chg: -1.01 stop: 49.99

The biotech sector was weak today and GILD slipped 1.9% following yesterday's all-time closing high. If you're looking for a new entry point then a dip near $52.00 might work. Our target is the $57.50-60.00 range. Don't forget that any time we play a biotech company it should be considered an aggressive, higher-risk trade. There is always risk of some FDA decision or clinical trial result surprising the market and sending the stock gapping one direction or the other.

Picked on May 04 at $ 53.63
Change since picked: - 0.16
Earnings Date 04/16/08 (confirmed)
Average Daily Volume = 8.9 million

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Harsco - HSC - close: 62.57 change: +0.57 stop: 59.85

We don't see any changes from our previous comments on HSC. The stock continues to bounce. Shares are nearing previous resistance around $63.00. If you're looking for a new entry point then wait for a dip near $61.00. Our four-week target is the $64.50-65.00 range.

Picked on May 01 at $ 60.38
Change since picked: + 2.19
Earnings Date 04/22/08 (confirmed)
Average Daily Volume = 613 thousand

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Intl.Bus.Mach. - IBM - cls: 126.58 chg: +1.34 stop: 119.75

IBM continues to show relative strength. The stock closed at new multi-year highs today. We're raising our stop loss to $120.75. IBM has already hit our early target at $124.90. Currently our secondary target is the $129.50-130.00 zone.

Picked on April 30 at $120.75 */1st target achieved 124.90
Change since picked: + 5.83
Earnings Date 04/16/08 (confirmed)
Average Daily Volume = 8.8 million

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iShares Russ.2000 - IWM - cls: 73.49 chg: +0.42 stop: 69.85

Small caps were out performing today. The IWM rallied to its exponential 200-dma and closed at a new three-month high. More conservative traders might want to raise their stop loss closer to $71.00. Our multi-week target is the $77.50-80.00 zone. The P&F chart is bullish with an $87 target.

Picked on April 28 at $ 72.55 *triggered
Change since picked: + 0.94
Earnings Date 00/00/00
Average Daily Volume = 84.6 million

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Joy Global - JOYG - close: 79.28 chg: -0.68 stop: 74.99

After hitting our target near $80.00 yesterday JOYG hit some profit taking today. We're not suggesting new positions at this time. Readers are encouraged to do some profit taking of their own. Our secondary, more aggressive target is the $84.00-85.00 range. We will plan to exit ahead of the late May earnings report. The P&F chart is already bullish with an $88 target.

Picked on April 16 at $ 72.55 */ fist target exceeded
Change since picked: + 6.73
Earnings Date 05/29/08 (confirmed)
Average Daily Volume = 2.3 million

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Mosaic - MOS - close: 125.25 change: -1.74 stop: 119.75

Hmmm... the general trend in MOS is still bullish but we're seeing some bearish signals develop in the short-term momentum indicators. That really shouldn't be a surprise. Momentum has stalled over the last week as the entire group of fertilizer stocks trend sideways. We would still consider new call positions on dips or better yet bounces near $122-120. Our first target is the $138.00-140.00 range.

Picked on May 05 at $126.75 *triggered/gap higher entry
Change since picked: - 1.50
Earnings Date 07/30/08 (unconfirmed)
Average Daily Volume = 7.4 million

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Nucor - NUE - close: 81.39 change: +0.05 stop: 75.95

NUE is still trading near its highs. Traders bought the dip near $80.00 this morning. We're not suggesting new positions at this time but the stock's relative strength is certainly a positive. The stock has already surpassed our target in the $79.50-80.00 range. If you haven't done any profit taking yet we suggest you do so now. Our second target remains the $84.00-85.00 range. FYI: NUE made some headlines this morning. The company announced it was investing about $655 million for a 50% stake in a new joint venture with Italian steelmaker Duferco.

Picked on April 22 at $ 74.63 /1st target exceeded 79.50
Change since picked: + 6.76
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 5.6 million

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POSCO - PKX - close: 131.31 change: +1.49 stop: 119.75

PKX continues to drift higher. The U.S. traded ADR shares of PKX just broke through technical resistance at their 100-dma today. If PKX sees any profit taking we'd buy a dip in the $127-125 zone. Our target is the $139.00-140.00 range. More conservative traders may want to raise their stop loss toward $122.25 under last week's low. NOTE: We would consider this a slightly more aggressive play for two reasons. First, PKX is prone to gap openings as the U.S. traded shares adjust to trading overseas the night before. Second, the spreads on the options are pretty wide and that immediately puts us, as option traders, at a disadvantage.

Picked on May 05 at $125.55 *triggered
Change since picked: + 5.76
Earnings Date 07/16/08 (unconfirmed)
Average Daily Volume = 907 thousand
 

Put Updates

None
 

Strangle Updates

None
 

Dropped Calls

Deere & Co. - DE - close: 90.19 change: +0.82 stop: 86.45

Target exceeded. DE continued to rally and actually broke through resistance at the $90.00 level. Our short-term target was the $89.95-90.00 zone. We had planned to exit anyway since DE reports earnings tomorrow morning. Wall Street is expecting a profit of $1.75 a share.

Picked on May 06 at $ 86.08 *target hit $89.95
Change since picked: + 4.11
Earnings Date 05/14/08 (confirmed)
Average Daily Volume = 5.3 million

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Arcelor Mittal - MT - close: 97.23 chg: +1.34 stop: 92.45

Target exceeded. MT continued to rally up into its earnings report. Shares added another 1.3% and set a new all-time high at $97.47. Our target was the $96.50 mark. We already had plans to exit if MT didn't hit our target. The company is due to report earnings tomorrow. Wall Street is looking for a profit of $1.82 a share.

Picked on May 05 at $ 90.25 *target exceeded
Change since picked: + 6.98
Earnings Date 05/14/08 (confirmed)
Average Daily Volume = 3.7 million
 

Dropped Puts

None
 

Dropped Strangles

None
 

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