CALL Play Updates

Alcon Inc. - ACL - close: 117.74 change: +1.30 stop: 109.90

Right on cue ACL provides a dip toward $115.00 and an entry point to buy calls again. The stock bounced from this new support and posted a 1.1% gain. Our first target is $119.90. Our second target is $124.50.

Picked on     June 25 at $115.25 *triggered    
Change since picked:      + 2.49
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       688 thousand 
Listed on  June 24, 2009         


Becton Dickinson - BDX - close: 71.71 change: +0.77 stop: 67.75

Perfect! I suggested readers look for a dip near $70.00 as another entry point and BDX delivered. The low today was $70.01.

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 25 at $ 70.51 *triggered     
Change since picked:      + 1.20
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       1.8 million  
Listed on  June 18, 2009         


Bunge Limited - BG - close: 61.84 change: +0.00 stop: 58.49

Traders bought the dip in BG this morning at $60.60 but the stock failed to breakout over resistance at $62.50. I'm suggesting readers buy calls at $62.55. If triggered our first target is $67.45. Our second target is $69.95. More aggressive traders may want to aim for the $74-75 zone but we plan to exit ahead of 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 =       1.7 million  
Listed on  June 27, 2009         


Covance Inc. - CVD - close: 48.78 change: -0.08 stop: 45.49

Bulls bought the dip at $47.84 this morning. I don't see any changes from my weekend comments. I'm suggesting call positions now or on dips near $46.00. Our first target is $52.40. Our second target is $57.00 but we may run out of time.

Picked on     June 25 at $ 48.22
Change since picked:      + 0.56
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       654 thousand
Listed on  June 25, 2009         


Deckers Outdoor - DECK - close: 70.20 change: -3.70 stop: 67.75

DECK slipped on profit taking. Traders shaved off 5% following a new relative high on Friday. As expected short-term support at $70.00 held up. We can use this pull back as a new entry point to buy calls.

Our first target is $78.50. Our second target is $82.50 but traders need to take some profits at our first target! $82.50 is more aggressive.

Picked on     June 25 at $ 71.90
Change since picked:      - 1.70
Earnings Date           08/06/09 (unconfirmed)
Average Daily Volume =       630 thousand 
Listed on  June 25, 2009         


Quest Diagnostic - DGX - close: 56.14 chg: +0.89 stop: 51.95

Traders continue to buy the dip in DGX as well. Share hit $54.57 this morning and rebounded to a new relative high. Our first target to take profits is $58.25. We'll set our second target at $59.90. More aggressive traders may want to aim higher. The Point & Figure chart has a new triple-top breakout buy signal with a $75 target. We do not want to hold over the late July earnings report.

Picked on     June 24 at $ 54.28
Change since picked:      + 1.86
Earnings Date           07/22/09 (unconfirmed)
Average Daily Volume =       1.1 million  
Listed on  June 24, 2009         


Express Scripts - ESRX - close: 68.60 change: +0.81 stop: 63.75

Bulls bought the dip at $66.61 this morning. I don't see any changes from our weekend update. Our first target is $69.90. Our second target is $74.75.

Picked on     June 22 at $ 65.25
Change since picked:      + 3.35
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       3.7 million  
Listed on  June 18, 2009         


Euro Currency ETF - FXE - close: 140.82 chg: +0.11 stop: 137.90

The U.S. dollar closed almost unchanged but the trend was still down. The FXE produced a fractional gain. Readers can open new call positions near $140.00. Our first target is $144.50. Our second target is $148.50. The P&F chart is bullish with a $168 target.

Picked on     June 23 at $140.76
Change since picked:      + 0.06
Earnings Date           00/00/00
Average Daily Volume =       461 thousand    
Listed on  June 23, 2009         


Millicom Intl. - MICC - close: 57.01 change: +0.37 stop: 53.45

The bounce continues in MICC although progress was pretty slow today. Readers may want to wait for a dip near $55.00 to open positions. Our first target is $59.95. Our second target is $64.50. We only have about three weeks before MICC's earnings so we may not reach the second target.

Picked on     June 25 at $ 56.37
Change since picked:      + 0.64
Earnings Date           07/21/09 (unconfirmed)
Average Daily Volume =       1.0 million  
Listed on  June 25, 2009         


Murphy Oil - MUR - close: 54.72 change: +0.87 stop: 49.90

Oil stocks were strong thanks to a big rally in crude oil futures. MEND rebels in Nigeria attacked an offshore rig. This sent crude to more than $71 a barrel (+3.3%). Shares of MUR hit $55.46 this morning before paring its gains. I'm not suggesting new positions at this time. MUR looks ready for a dip. The stock hit our first target on Friday. We have a second target at $58.00.

Picked on     June 23 at $ 51.51
Change since picked:      + 3.21
                               /1st target hit @ 54.50 (+5.8%)
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       1.9 million  
Listed on  June 23, 2009         


Teva Pharma. - TEVA - close: 49.15 change: +0.55 stop: 45.95

TEVA is still showing relative strength. The stock's bounce marked its fourth gain in a row. Shares actually closed over $49.00 and hit $49.50 intraday. Our exit target is $49.85. My time frame is very late July. If you are willing to hold past the earnings report more aggressive traders may want to aim higher. We will plan to exit before the earnings announcement.

Picked on     June 03 at $ 46.49
Change since picked:      + 2.66 
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: 69.94 change: +0.89 stop: 73.55

LLL tried to bounce back over $70.00 today but it couldn't hold the early morning gains. That doesn't mean the bounce won't be successful tomorrow. It's time to wait and watch for a failed rally in the $72-73 zone before considering a new entry point. Our first target is $66.00. Our second target is $61.00.

Picked on     June 16 at $ 71.75
Change since picked:      - 1.81
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       976 thousand  
Listed on  June 16, 2009         


Symantec - SYMC - close: 15.67 change: -0.24 stop: 16.10

SYMC ticked over resistance at $16.00, probably hit a few stops, and then reversed. The high was $16.03. Today's failed rally looks like a new bearish entry point. Our first exit target is $14.10.

Picked on     June 16 at $ 15.73
Change since picked:      - 0.06
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =      16.8 million  
Listed on  June 16, 2009         


United Parcel Serv. - UPS - close: 50.32 change: +0.46 stop: 52.05

The close over $50.00 for UPS is short-term bullish. We can expect the stock to challenge technical resistance at its 200-dma near $51.50 soon. Look for a failed rally there.

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

Picked on     June 26 at $ 49.50 *triggered     
Change since picked:      + 0.82
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       5.2 million  
Listed on  June 17, 2009         


Wynn Resorts - WYNN - close: 36.93 change: +0.21 stop: 37.65

WYNN is still churning sideways. The stock challenge resistance near $37.50 again. I suspect that if the market continues higher tomorrow that WYNN will breakout and hit our stop loss. Readers may want to wait for a new decline under $35.00 to open positions. Our first target is $30.25. Our second target is $26.00.

Picked on     June 22 at $ 34.28
Change since picked:      + 2.65
Earnings Date           07/30/09 (unconfirmed)
Average Daily Volume =       3.4 million  
Listed on  June 22, 2009         


CLOSED BULLISH PLAYS

Apollo Group - APOL - close: 65.99 change: -2.51 stop: 63.85

Education stocks were pretty volatile this morning, especially shares of APOL. The stock spiked to $69.84 this morning and then immediately turned south to tag $65.31. The move has created a bearish engulfing reversal candlestick pattern. It was our plan to exit at the closing bell if APOL didn't hit our target or stop. Our target was $69.95. After the close APOL reported earnings and beat estimates by 14 cents. Shares were volatile again after hours with a dip toward $64.00 and a bounce back toward $69.00.

Chart:

Picked on     June 17 at $ 66.10 *triggered  
Change since picked:      - 0.11 <--exit early ( <-1%)
Earnings Date           06/29/09 (confirmed)
Average Daily Volume =       3.4 million  
Listed on  June 08, 2009         


CLOSED BEARISH PLAYS

AutoZone Inc. - AZO - close: 151.75 change: +1.90 stop: 152.25

We had a relatively tight stop on AZO and shares hit that stop this morning as the market turned higher. AZO actually gapped open higher at $151.15 and then proceeded to stop us out at $152.25.

Chart:

Picked on     June 27 at $151.15 /gap higher entry
                              /originally listed at $149.85
Change since picked:      + 1.10<-- stopped out ( <-1%)
Earnings Date           09/22/09 (unconfirmed)
Average Daily Volume =       1.1 million  
Listed on  June 27, 2009         


MDC Holdings - MDC - close: 30.64 change: +0.08 stop: 31.05

I'm throwing in the towel on MDC as a put play. I'm still bearish on the homebuilders but MDC has turned higher and the rebound is gaining strength. The stock hit $31.03 this morning and traders bought the dip at $30.00 again. It's either exit early now or wait for MDC to hit our stop in the next day or two.

Chart:

Picked on      May 20 at $ 32.31 /gap down entry
                               /originally listed at $32.87
Change since picked:      - 1.67<-- exit early (-5.1%)
Earnings Date           07/30/09 (unconfirmed)
Average Daily Volume =       1.1 million  
Listed on   May 20, 2009         


POSCO - PKX - close: 83.49 change: +1.23 stop: 84.05

Strength in commodities and building-related stocks helped PKX gain 1.5%. The stock hit our stop loss at $84.05 and cleared technical resistance at its last significant moving average. The breakdown under $80.00 last week looks like a bear-trap pattern.

Chart:

Picked on     June 22 at $ 78.35
Change since picked:      + 5.70<-- stopped out @ 84.05 (+7.2%)
Earnings Date           07/09/09 (unconfirmed)
Average Daily Volume =       541 thousand 
Listed on  June 22, 2009