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Call Updates

AGCO Corp. - AG - close: 59.09 change: +1.58 stop: 57.75

AG is bouncing sharply from yesterday's seemingly bearish reversal. AG ended the day up 2.7%. More aggressive traders might want to jump in early now with a stop under yesterday's low. We're sticking to our plan with a suggested entry point to buy calls at $60.40. 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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CNOOC - CEO - close: 193.70 change: +5.89 stop: 183.49 *new*

The rally in CEO continues. The stock added 3.1% and vaulted past potential resistance near $190. We're raising our stop loss to $183.49. Our target is the $199.00-200.00 range. More aggressive traders might want to aim for the highs near $215. 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: +10.23
Earnings Date 04/28/08 (confirmed)
Average Daily Volume = 548 thousand

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CF Ind. - CF - close: 138.73 chg: +2.46 stop: 129.90

CF continues to bounce around its trading range. The stock was up 1.8% today. It might be less stomach churning to just wait for a rally over $142 before considering new positions. Our target is the $155.00-160.00 range.

Picked on May 05 at $137.50 *triggered
Change since picked: + 1.23
Earnings Date 04/27/08 (unconfirmed)
Average Daily Volume = 3.1 million

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Carbo Ceramics - CRR - close: 48.54 change: +0.76 stop: 44.89

Investors bought the dip in CRR and shares closed up almost 1.6%. We don't see any changes from our previous comments in CRR. We're aiming for the $52.00-52.50 zone.

Picked on May 11 at $ 47.45
Change since picked: + 1.09
Earnings Date 04/24/08 (confirmed)
Average Daily Volume = 303 thousand

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Cytec Ind. - CYT - close: 63.00 change: +0.78 stop: 59.49 *new*

CYT is still in rally mode and shares set another new relative high today. We're adjusting our stop loss to $59.49. We have 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: + 2.36
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 556 thousand

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Express Scipts - ESRX - close: 72.17 chg: -0.73 stop: 68.19

ESRX under performed the market today but traders did buy the dip near $71.00. We've been suggesting that readers use a dip as a new entry point to buy calls. 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: + 1.21
Earnings Date 04/29/08 (confirmed)
Average Daily Volume = 2.8 million

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Fortune Brands - FO - close: 71.18 change: +0.27 stop: 67.95

FO spent the day trading sideways as it digests yesterday's breakout over resistance near $70.00. We're still bullish but look for a dip near $70.00 as a new entry point. Broken resistance at $70 should be new support. 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: + 1.13
Earnings Date 04/24/08 (confirmed)
Average Daily Volume = 971 thousand

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Foster Wheeler - FWLT - cls: 78.63 chg: +4.59 stop: 71.46 *new*

Wow! FWLT really out performed on Thursday. Wednesday's performance suggested we'd see more profit taking but FWLT shot to new two-month highs and closed up 6.19%. The intraday high was $78.88. Our secondary target is the $79.50-80.00 range, which could be hit tomorrow. We are raising our stop loss to $71.46.

Picked on May 13 at $ 71.46 *gap higher entry/1st target hit
Change since picked: + 7.17
Earnings Date 05/07/08 (confirmed)
Average Daily Volume = 3.4 million

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Harsco - HSC - close: 62.89 change: +0.75 stop: 59.85

HSC continues to look strong. Shares made another attempt at a breakout over resistance near $63.00 today. Our target is the $64.50-65.00 range but more aggressive traders may want to aim higher.

Picked on May 01 at $ 60.38
Change since picked: + 2.51
Earnings Date 04/22/08 (confirmed)
Average Daily Volume = 613 thousand

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Intl.Bus.Mach. - IBM - cls: 128.46 chg: +0.94 stop: 120.75

The rally in IBM continues. Shares posted another gain, their 7th in the last 8 trading days. IBM looks poised to challenge the $130 level soon. Our target is the $129.50 mark so prepare to exit.

Picked on April 30 at $120.75 */1st target achieved 124.90
Change since picked: + 7.71
Earnings Date 04/16/08 (confirmed)
Average Daily Volume = 8.8 million

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iShares Russ.2000 - IWM - cls: 73.55 chg: +0.15 stop: 69.85

Hmm... it is interesting that the IWM Russell 2000 ETF only rose 0.2% while the Russell 2000 rose about 1%. Something doesn't look right. The trend in the IWM is still bullish but we're not suggesting new positions at this time. We would seriously consider raising the stop loss closer to $71.00, which should be short-term support. 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: + 1.00
Earnings Date 00/00/00
Average Daily Volume = 84.6 million

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Joy Global - JOYG - close: 80.30 chg: +3.30 stop: 74.99

Bulls were back in charge with JOYG. The stock soared 4.2% and closed near all-time highs. We're not suggesting new positions at this time. 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: + 7.75
Earnings Date 05/29/08 (confirmed)
Average Daily Volume = 2.3 million

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Mosaic - MOS - close: 128.93 change: +3.77 stop: 119.75

Like most of the fertilizer stocks shares of MOS produced a nice bounce but remain in their trading range. We would consider new positions here but honestly readers may want to wait for a new rise over $130.00 before initiating positions. Our first target is the $138.00-140.00 range.

Picked on May 05 at $126.75 *triggered/gap higher entry
Change since picked: + 2.18
Earnings Date 07/30/08 (unconfirmed)
Average Daily Volume = 7.4 million

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Nucor - NUE - close: 81.44 change: +1.45 stop: 75.95

NUE added another 1.8% but the trend has been a sideways consolidation the last few days. We don't see any changes from our previous comments. NUE has exceeded our target near $80 several times but can't quite get to our second target at $84.00 - at least not yet.

Picked on April 22 at $ 74.63 /1st target exceeded 79.50
Change since picked: + 6.81
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 5.6 million

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Oil Services HOLDRs - OIH - close: 209.24 chg: +6.62 stop: 199.00

Wow! The OIH had not one but two $6 swings today. Bulls bought the dip at $202.45 and the OIH ended at new three-week highs. Our current target is $219.00-220.00. FYI: The Point & Figure chart is forecasting a staggering $306 price target.

Picked on May 13 at $206.78
Change since picked: + 2.46
Earnings Date 00/00/00
Average Daily Volume = 7.1 million

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Reliance Steel - RS - close: 67.68 chg: +1.44 stop: 59.99

Steel stocks were strong again on Thursday and RS bounced from the $66.00 level. This might be a case where the stock is going to run away from us. Right now we're waiting for a dip. If we don't see signs of a dip soon we'll drop RS and move it to our internal watch list. Our suggested entry point is a pull back into the $64.75-64.00 zone. If triggered we're setting two targets. Our first target is the $69.50-70.00 range. Our secondary, more aggressive target is the $73.00-75.00 range. The P&F chart is bullish with a $73 target.

Picked on May xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 04/17/08 (confirmed)
Average Daily Volume = 851 thousand
 

Put Updates

None
 

Strangle Updates

None
 

Dropped Calls

Aracruz Celulose - ARA - cls: 87.30 chg: +0.94 stop: 79.45

Target achieved. Intraday strength lifted ARA to $88.59. Our secondary target was the $88.50-90.00 zone. We remain bullish on ARA and will watch it for another potential entry point down the road.

Picked on April 28 at $ 80.25 *2nd target hit $88.50
Change since picked: + 8.39
Earnings Date 04/07/08 (confirmed)
Average Daily Volume = 481 thousand

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Gilead Sciences - GILD - close: 52.95 chg: +0.39 stop: 51.90

GILD bounced from its lows today but we're still concerned about waning momentum. Yesterday we said that if GILD bounced we'd exit. It's possible we're being overly cautious here but there are other candidates to play that look stronger.

Picked on May 04 at $ 53.63
Change since picked: - 0.68
Earnings Date 04/16/08 (confirmed)
Average Daily Volume = 8.9 million

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POSCO - PKX - close: 143.90 change: +11.90 stop: 122.35

Target exceeded. A strong day in the South Korean stock market helped fuel a huge 9% rally in shares of PKX. The stock gapped open higher at $137.35 and soared to $144.08 by the day's end. Our target was the $139.00-140.00 range.

Picked on May 05 at $125.55 *target exceeded 139.00
Change since picked: +18.35
Earnings Date 07/16/08 (unconfirmed)
Average Daily Volume = 907 thousand
 

Dropped Puts

None
 

Dropped Strangles

None
 

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