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Call Updates


Put Updates

Lamar Advertising - LAMR - cls: 35.89 chg: +0.19 stop: 38.01

LAMR is still inching lower. The bounce failed to make a new relative high and shares under performed the broader market. We remain bearish and would still consider new bearish positions. However, readers need to realize that the whole market could be set to rebound if the VIX is any clue. This may not be a good atmosphere to open new bearish positions. Our target is 31.50 mark. More aggressive traders could aim for a new relative low.

Picked on September 15 at $ 35.90 *triggered
Change since picked: - 0.01
Earnings Date 11/06/08 (unconfirmed)
Average Daily Volume = 1.4 million


Roper Industries - ROP - cls: 58.57 chg: +1.42 stop: 59.15

The action in ROP today has me thinking it might be time for an early exit. The recent double bounce from $55.00 is arguably a short-term bottom. Yet the overall trend remains bearish and ROP is still under resistance. The $60.00 level is stronger resistance and more aggressive traders may want to leave their stop above $60.00. Yesterday we lowered our stop to $59.15 to reduce our risk. Any sort of market bounce tomorrow could be enough to push ROP to our stop loss and close this play. We're not suggesting new positions. Our target is $54.25. Readers might want to exit early on another dip near $55.00. FYI: The Point & Figure chart is bearish with a $45 target but the P&F chart also shows some support near $53.00.

Picked on September 03 at $ 58.19
Change since picked: + 0.38
Earnings Date 10/23/08 (unconfirmed)
Average Daily Volume = 664 thousand

Strangle Updates


Dropped Calls

Black & Decker - BDK - close: 66.40 chg: +0.04 stop: 63.75

The market continues to be very volatile. The market weakness this morning was enough to pressure BDK to an intraday low of $63.65. Our stop loss was $63.75 so the play is closed. It looks like BDK wants to go higher if only the market would cooperate instead of the dramatic intraday swings.

Picked on September 14 at $ 67.65 /stopped out 63.75
Change since picked: - 1.25
Earnings Date 10/23/08 (unconfirmed)
Average Daily Volume = 1.0 million


UltraShort Russell2000 - TWM - cls: 69.75 chg: -4.74 stop: 67.75

The markets spiked lower this morning. This sent the Russell 2000 small cap index to a low of 679.24. The TWM spiked to $77.44. Then everything reversed. Stocks bounced and the TWM plunged. Today's session in the TWM looks like a big bearish reversal with its bearish engulfing candlestick pattern. Our first target on TWM was $77.50. We're suggesting readers exit early given today's reversal.

Picked on September 09 at $ 71.37 /early exit 69.75, high 77.44
Change since picked: - 1.62
Earnings Date 00/00/00
Average Daily Volume = 7.4 million

Dropped Puts

Hartford Fincl. - HIG - cls: 57.72 chg: +0.63 stop: 62.25

Target achieved. HIG plunged to $53.38 before bouncing back into the green as stocks rebounded from yesterday's beating. Our first target was $54.00. The short-term fate of HIG is probably linked to the rescue efforts for AIG. My concern about keeping bearish positions alive here is the move in the VIX. The VIX hit 33.70 before paring its gains. Stocks in general are very oversold and due for a bounce. It's certainly possible that AIG will file bankruptcy and HIG could trade much lower as investors over react. At the moment I feel it's best to exit early right here.

Picked on September 15 at $ 57.20 *gap down entry/1st target hit
Change since picked: + 0.52
Earnings Date 10/29/08 (unconfirmed)
Average Daily Volume = 3.5 million


Intuitive Surgical - ISRG - cls: 277.77 chg: +8.10 stop: 280.55

Up $8.00 one day, down $8.00 the next... that's what we can expect from a volatile $270 stock. We are giving up on ISRG as a short-term bearish play. The stock is building on a short-term trend of higher lows as it appears to build up steam for a bullish breakout over resistance near $280.00. More nimble traders could switch to buying calls over $280 with a $295-300 target. We are hitting the eject button and suggest readers do the same.

Picked on September 09 at $268.11 /early exit 277.77
Change since picked: + 9.66
Earnings Date 10/16/08 (unconfirmed)
Average Daily Volume = 655 thousand


Unibanco - UBB - close: 99.11 chg: +0.57 stop: 108.82

Target Achieved. Aggravated worries over the financial markets sent UBB much lower this morning. The stock gapped open at $90.34 but eventually closed up about 0.5%. The opening print of $90.34 looks like a bad tick. We don't see UBB trading under $91.07 today. Fortunately, that is enough. Our second target was the $92.50 mark. UBB is very short-term oversold and due for another bounce.

Picked on September 04 at $108.82 /1st target hit 9/10/08
Change since picked: - 9.71
Earnings Date 11/06/08 (unconfirmed)
Average Daily Volume = 1.5 million

Dropped Strangles


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