CALL Play Updates

Apollo Group - APOL - close: 64.41 change: +0.06 stop: 62.85

APOL spent Tuesday trading sideways but the morning spike and failure at $66.00 is bearish. There are no changes from my Monday comments. Traders should be defensive here. More conservative traders may want to exit early.

I am not suggesting new positions at this time. Our first target to take profits is $69.95. Our second target is $74.00. The Point & Figure chart is forecasting an $82 target. We do not want to hold over the June 29 earnings report. We will plan to exit on Friday, June 26th or Monday, June 29th.

Picked on     June 17 at $ 66.10 *triggered  
Change since picked:      - 1.69
Earnings Date           06/29/09 (unconfirmed)
Average Daily Volume =       3.4 million  
Listed on  June 08, 2009         


Becton Dickinson - BDX - close: 68.25 change: -0.92 stop: 67.75

BDX is still churning sideways too. The stock bounced along the $68.00 level most of the session. We're still waiting for a breakout higher. Our trigger to buy calls is at $70.51.

If triggered our first target to take profits is $74.90. Our second target is $79.00. Currently the Point & Figure chart is bullish and forecasts an $86 target. We don't want to hold over the late July earnings report. Note: I'll admit that our second target at $79 is a little aggressive considering our time frame. Be sure to take some money off the table at $74.90.

Picked on     June xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       1.8 million  
Listed on  June 18, 2009         


Express Scripts - ESRX - close: 64.74 change: -0.16 stop: 59.99

Traders are buying the dip near $64.00 again. The low was $63.85. Volume remains pretty light on the pull back. I would buy calls on this afternoon bounce in ESRX but readers may want to adjust their stops significantly higher. Our first target is $69.90. Our second target is $74.75. FYI: The P&F chart is bullish with a $77 target.

Picked on     June 22 at $ 65.25
Change since picked:      - 0.51
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       3.7 million  
Listed on  June 18, 2009         


Teva Pharma. - TEVA - close: 46.43 change: -0.32 stop: 45.40

The dip to $46.14 this morning was a new bullish entry point to buy calls on TEVA. Broken resistance at $46.00 should hold as new support. Our exit target is $49.85. My time frame is very late July.

Picked on     June 03 at $ 46.49
Change since picked:      - 0.06
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       5.0 million  
Listed on  June 03, 2009         


PUT Play Updates

L-3 Comm. - LLL - close: 69.99 change: -0.80 stop: 75.55

Our put play was looking pretty good this morning with LLL breaking down under $70.00. The afternoon bounce back above support could be suggesting LLL will see an oversold rebound soon. I'm not suggesting new put positions at this time. Watch for a failed rally somewhere under $73.00. Our first target is $66.00. Our second target is $61.00.

Picked on     June 16 at $ 71.75
Change since picked:      - 1.76
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       976 thousand  
Listed on  June 16, 2009         


MDC Holdings - MDC - close: 29.52 change: +0.28 stop: 31.05

Somehow MDC managed another bounce even though the homebuilders were fading lower into the closing bell. At the moment it looks like MDC wants to produce a larger oversold bounce. The rest of the sector looks weak. I'm not suggesting new positions at this time.

More conservative traders may want to lower their stop toward $30.50 or just start taking profits now. I'm not suggesting new positions. Our first target is $27.75. Our second target is $25.15.

Picked on      May 20 at $ 32.31 /gap down entry
                               /originally listed at $32.87
Change since picked:      - 2.79
Earnings Date           07/30/09 (unconfirmed)
Average Daily Volume =       1.1 million  
Listed on   May 20, 2009         


POSCO - PKX - close: 78.50 change: +0.15 stop: 84.05

PKX did not see much follow through on its breakdown from Monday but the outlook still looks bearish. I would buy puts now or look for a bounce or failed rally near $80 to $82.00. Our target is the $71.00-70.00 range.

Picked on     June 22 at $ 78.35
Change since picked:      + 0.15
Earnings Date           07/09/09 (unconfirmed)
Average Daily Volume =       541 thousand 
Listed on  June 22, 2009         


Symantec - SYMC - close: 15.13 change: +0.06 stop: 16.10

It was a forgettable day for SYMC. The stock traded sideways in a narrow range near $15.00 and its 20-dma. I am not suggesting new positions at this time. Our first exit target is $14.10.

Picked on     June 16 at $ 15.73
Change since picked:      - 0.60
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =      16.8 million  
Listed on  June 16, 2009         


United Parcel Serv. - UPS - close: 47.20 change: +0.36 stop: 52.51

UPS managed a meager bounce thanks to an analyst upgrade. Rival FDX was also upgraded this morning. We are still sitting on the sidelines. The plan is to buy puts on a bounce at $49.50.

If triggered our first target to take profits is $45.50. We do not want to hold over the late July earnings report.

Picked on     June xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       5.2 million  
Listed on  June 17, 2009         


Wynn Resorts - WYNN - close: 33.99 change: -0.29 stop: 37.65

WYNN continues to sink. Shares broke support near $34.00 and hit $32.71 intraday. The afternoon bounce carried it back toward $34.00, which should now be new resistance. I would still consider new bearish positions here. Our first target is $30.25. Our second target is $26.00.

Picked on     June 22 at $ 34.28
Change since picked:      - 0.29
Earnings Date           07/30/09 (unconfirmed)
Average Daily Volume =       3.4 million  
Listed on  June 22, 2009         


CLOSED BULLISH PLAYS

Apple Inc. - AAPL - close: 134.01 change: -3.36 stop: 134.45

Shares of AAPL suffered another morning sell-off for a second day in a row. Today's decline confirms yesterday's bearish reversal candlestick pattern. The stock broke down under last week's lows and hit our stop loss at $134.45. It might be worth watching for AAPL to test its 50-dma near $130. Otherwise I'd watch for a correction toward the $120 region.

Chart:

Picked on     June 20 at $140.67 /gap higher entry
                               /originally listed at $139.48
Change since picked:      - 6.22<-- stopped out @ 134.45 (-4.4%)
Earnings Date           07/21/09 (unconfirmed)
Average Daily Volume =        20 million  
Listed on  June 20, 2009         


CLOSED BEARISH PLAYS

Toll Brothers - TOL - close: 16.34 change: -0.09 stop: 17.75

Target achieved. TOL finally hit our exit point at $16.25. The low today was $16.17. The trend is still down. TOL might offer another bearish entry point on a failed rally near $18.00.

Chart:

Picked on      May 20 at $ 18.98
Change since picked:      - 2.73<-- target hit @ 16.25 (-14.3%)
Earnings Date           06/03/09 (unconfirmed)
Average Daily Volume =       4.7 million  
Listed on   May 20, 2009         


CLOSED STRANGLE & SPREAD PLAYS

Walgreen - WAG - close: 29.65 change: +0.01 stop: n/a

Lack of follow through on WAG's post-earnings move is a big warning sign! I'm closing this play early. More aggressive traders may want to let it run. You still have almost four weeks before July options expire. Monday's move is a break of is bullish pattern of higher lows. I'd rather cut our losses early and exit now.

The options I suggested were the July $35 calls (WAG-GG) and the July $27.50 puts (WAG-SY). Our estimated cost was .50. We wanted to sell if either option hits $1.25 or higher. Currently the July $27.50 puts are in the .25-0.30 range.

Chart:

Picked on     June 18 at $ 31.72 
Change since picked:      - 2.07  
Earnings Date           06/22/09 (confirmed)
Average Daily Volume =       6.3 million  
Listed on  June 18, 2009