CALL Play Updates

Alcon Inc. - ACL - close: 116.12 change: -1.62 stop: 111.90 *new*

The good news is that new support near $115 held again. The bad news is that today's candlestick pattern is a bearish reversal pattern. I remain bullish with ACL above $115 but readers may want to turn more cautious. I am raising our stop loss to $111.90. Our first target is $119.90. Our second target is $124.50.

Picked on     June 25 at $115.25 *triggered    
Change since picked:      + 0.87
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       688 thousand 
Listed on  June 24, 2009         


Becton Dickinson - BDX - close: 71.31 change: -0.40 stop: 67.75

BDX saw a tiny bit of volatility this morning but investors were still buying the dip. I'm not suggesting new positions at this time. If you're looking for an entry point wait for a dip or a bounce near $70.00. More conservative traders may want to raise their stops toward $69.00.

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:      + 0.80
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       1.8 million  
Listed on  June 18, 2009         


Bunge Limited - BG - close: 60.25 change: -1.59 stop: 58.49

Nothing has changed. We're waiting for a breakout higher with a trigger to buy calls at $62.55. More nimble traders may want to consider buying calls on a dip or a bounce near its rising 50-dma around $58.20 (you'll have to adjust your stop loss if you do). If triggered at $62.55 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: 49.20 change: +0.42 stop: 45.49

CVD displayed some relative strength with a 0.8% gain. Volume came in more than twice the norm. If you're looking for a new entry point consider waiting for a dip near $48.00, near its 10-dma, or even a dip 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:      + 0.98
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       654 thousand
Listed on  June 25, 2009         


Deckers Outdoor - DECK - close: 70.27 change: +0.07 stop: 67.75

DECK is still testing support near $69.50-70.00. I'm suggesting readers use this dip 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:      - 1.63
Earnings Date           08/06/09 (unconfirmed)
Average Daily Volume =       630 thousand 
Listed on  June 25, 2009         


Quest Diagnostic - DGX - close: 56.43 chg: +0.29 stop: 51.95

DGX is still showing relative strength with a new nine-month 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:      + 2.15
Earnings Date           07/22/09 (unconfirmed)
Average Daily Volume =       1.1 million  
Listed on  June 24, 2009         


Express Scripts - ESRX - close: 68.75 change: +0.15 stop: 63.75

ESRX spent the day trading sideways in a $1.50 range. There is a pretty good chance that the stock could hit our first target in the next day or two. Our first target is $69.90. Our second target is $74.75.

Picked on     June 22 at $ 65.25
Change since picked:      + 3.50
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       3.7 million  
Listed on  June 18, 2009         


Euro Currency ETF - FXE - close: 140.33 chg: -0.49 stop: 137.90

A bounce in the U.S. dollar weighed on the euro. The FXE slipped back toward $140. I don't see any changes from my previous comments. The trend in the dollar is down and the trend is up for the euro. 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:      - 0.43
Earnings Date           00/00/00
Average Daily Volume =       461 thousand    
Listed on  June 23, 2009         


Millicom Intl. - MICC - close: 56.26 change: -0.75 stop: 53.45

I would use this dip in MICC as a new entry point or you can wait for a dip near $55.00 as a new entry point. 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:      - 0.11
Earnings Date           07/21/09 (unconfirmed)
Average Daily Volume =       1.0 million  
Listed on  June 25, 2009         


Murphy Oil - MUR - close: 54.32 change: -0.40 stop: 49.90

Crude oil futures reversed sharply lower giving back most of yesterday's rally. Oil stocks followed. We've been expecting a dip in MUR and I doubt the pull back is over yet. I'm not suggesting new positions at this time. 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:      + 2.81
                               /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: 49.34 change: +0.19 stop: 45.95

Shares of TEVA managed to hit another new relative high on an intraday push this afternoon. The high was $49.63. Our target to exit is $49.85. TEVA is looking short-term overbought after a five-day rally. More conservative traders may want to start taking profits now!

Picked on     June 03 at $ 46.49
Change since picked:      + 2.85 
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       5.0 million  
Listed on  June 03, 2009         


PUT Play Updates

Compass Minerals Intl. - CMP - cls: 54.91 change: +1.04 stop: 56.26

CMP bounced from $53.20 this morning but the rebound failed to break the bearish trend of lower highs. I'm suggesting readers use a trigger to buy puts at $52.25, which would be a breakdown under support at $52.50 and its 50-dma. If triggered at $52.25 our first target is $47.50. Our second target is $43.00.

Picked on     June xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           07/27/09 (unconfirmed)
Average Daily Volume =       792 thousand 
Listed on  June 29, 2009         


L-3 Comm. - LLL - close: 69.38 change: -0.56 stop: 73.55

LLL's bounce toward $70.00 and its 10-dma rolled over with today's market weakness. Yet bears shouldn't be too confident as LLL pared its losses by the closing bell. I'm not suggesting new positions at this time but we can watch for a failed rally near $72.00-73.00 as a possible entry point to buy puts again. Our first target is $66.00. Our second target is $61.00.

Picked on     June 16 at $ 71.75
Change since picked:      - 2.37
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       976 thousand  
Listed on  June 16, 2009         


Symantec - SYMC - close: 15.58 change: -0.09 stop: 16.10

SYMC still looks bearish given the recent failed rally at $16.00 and its 50-dma. Yet the stock's decline isn't moving very fast. I would still consider new positions here. Our first exit target is $14.10.

Picked on     June 16 at $ 15.73
Change since picked:      - 0.15
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =      16.8 million  
Listed on  June 16, 2009         


United Parcel Serv. - UPS - close: 49.99 change: -0.33 stop: 52.05

Rival delivery company Fedex (FDX) was upgraded this morning. Meanwhile UPS announced that it has extended its delivery and logistics contract with Ford Motor Co. (F). UPS has been working with Ford since the year 2000 and ships Ford's finished cars from the assembly plants to dealers across North America. This news failed to inspire any gains for UPS as the stock slipped back under the $50.00 level.

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:      + 0.49
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       5.2 million  
Listed on  June 17, 2009         


Wynn Resorts - WYNN - close: 35.30 change: -1.63 stop: 37.65

It looks like the downtrend in WYNN is about to resume. After spending the last few days failing to breakout over resistance near $37.50 the stock finally reversed and lost 4.4%. I'm suggesting readers look for a new move under $35.00 as an entry point to buy puts. Our first target is $30.25. Our second target is $26.00.

Picked on     June 22 at $ 34.28
Change since picked:      + 1.02
Earnings Date           07/30/09 (unconfirmed)
Average Daily Volume =       3.4 million  
Listed on  June 22, 2009