CALL Play Updates

Alcon Inc. - ACL - close: 117.89 change: +1.77 stop: 111.90

ACL was looking pretty good midday. The stock did erase yesterday's losses but it failed to breakout past yesterday's high. In effect we have ACL with an "inside day" today, which represents indecision by traders. Volume was naturally low ahead of the holiday. I remain bullish with ACL above $115 but more conservative traders may want to raise their stops toward $114-115. Our first target is $119.90. Our second target is $124.50.

Picked on     June 25 at $115.25 *triggered    
Change since picked:      + 2.64
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       688 thousand 
Listed on  June 24, 2009         


Becton Dickinson - BDX - close: 70.70 change: -0.61 stop: 67.75

BDX under performed the market on Wednesday. I expect shares will retest the $70.00 level soon and potentially the $69-68 zone. Wait and watch for a bounce. A rebound from $70.00 would be the most bullish scenario. A close under $70.00 would be bearish.

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:      + 0.19
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       1.8 million  
Listed on  June 18, 2009         


Bunge Limited - BG - close: 61.59 change: +1.34 stop: 58.49

BG managed to erase most of yesterday's gains but remains under resistance in the $62.00-62.50 region.. We're waiting for a breakout higher with a trigger to buy calls at $62.55. 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: 48.78 change: -0.42 stop: 45.90 *new*

The rally in CVD appears to be stalling a bit. 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. I'm bumping up our stop loss to $45.90. 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: 71.59 change: +1.32 stop: 67.75

After churning sideways for about two days DECK finally saw a push higher late this afternoon. The bounce looks like a new bullish entry point to buy calls. More conservative traders might want to consider a stop under yesterday's low near $69.40.

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:      - 0.31
Earnings Date           08/06/09 (unconfirmed)
Average Daily Volume =       630 thousand 
Listed on  June 25, 2009         


Quest Diagnostic - DGX - close: 56.73 chg: +0.40 stop: 53.40 *new*

DGX is still marching higher and hit a new multi-month high today. I'm not suggesting new positions at this time. We are raising the stop loss to $53.40. Our first target to take profits is $58.25. Our second target is $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:      + 2.55
Earnings Date           07/22/09 (unconfirmed)
Average Daily Volume =       1.1 million  
Listed on  June 24, 2009         


Express Scripts - ESRX - close: 68.07 change: -0.68 stop: 63.75

The bounce in ESRX looks like it's losing some steam. Shares have struggled with resistance near $69.25 the last few days. I would expect a dip back toward $66.00-65.00. Our first target is $69.90. Our second target is $74.75.

Picked on     June 22 at $ 65.25
Change since picked:      + 2.82
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       3.7 million  
Listed on  June 18, 2009         


Edwards Lifesciences - EW - close: 67.04 change: -0.99 stop: 64.85

EW ran into a little bit of profit taking now that the second quarter has ended. Shares are testing their 10-dma. I am still bullish here but patient traders might want to wait for a dip near $66.00 or $65.00 and open positions there.

The Point & Figure chart is bullish with an $84.00 target. The $70.00 level could be round-number, psychological resistance but shares are in blue-sky territory. I'm setting our target at $74.00. We will plan to exit ahead of the July 20th earnings report.

Picked on     June 30 at $ 68.03
Change since picked:      - 0.99
Earnings Date           07/20/09 (confirmed)
Average Daily Volume =       369 thousand 
Listed on  June 30, 2009         


Euro Currency ETF - FXE - close: 141.44 chg: +1.11 stop: 137.90

A breakdown in the U.S. dollar produced a breakout for the euro. Shares of the FXE gapped open higher and hit $142.04 intraday. 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. 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:      + 0.68
Earnings Date           00/00/00
Average Daily Volume =       461 thousand    
Listed on  June 23, 2009         


Millicom Intl. - MICC - close: 57.29 change: +1.03 stop: 53.45

MICC gapped higher this morning likely due to strong gains in European markets today. Wait for a dip near $56 or $55 as a bullish 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:      + 0.92
Earnings Date           07/21/09 (unconfirmed)
Average Daily Volume =       1.0 million  
Listed on  June 25, 2009         


Murphy Oil - MUR - close: 54.64 change: +0.32 stop: 49.90

Crude oil futures spiked higher and then reversed as investors first reacted to the API inventory numbers and then the Department of Energy numbers. Shares of MUR rallied to $55.75 before giving back most of its gains. This looks like a failed rally under $56.00 and some of its key moving averages. 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:      + 3.13
                               /1st target hit @ 54.50 (+5.8%)
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       1.9 million  
Listed on  June 23, 2009         


PUT Play Updates

Agrium Inc. - AGU - close: 39.41 change: -0.48 stop: 41.65

AGU continues to under perform. More aggressive traders may want to buy puts now. I'm suggesting readers use a trigger to buy puts at $38.75. If triggered our target is $31.00.

FYI: Readers should note that AGU is trying a hostile takeover for CF Industries, which is itself trying a hostile takeover of Terra Industries.

Picked on     June xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           07/27/09 (unconfirmed)
Average Daily Volume =       4.2 million  
Listed on  June 30, 2009         


Compass Minerals Intl. - CMP - cls: 55.20 change: +0.29 stop: 56.26

CMP is trying to breakout over resistance near $56.50. It failed today. We're still waiting for a breakdown under support. 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: 68.63 change: -0.75 stop: 73.55

LLL continues to show relative weakness. The stock produced another failed rally this time under $70.00. Our first target is $66.00. Our second target is $61.00.

Picked on     June 16 at $ 71.75
Change since picked:      - 3.12
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       976 thousand  
Listed on  June 16, 2009         


Symantec - SYMC - close: 15.63 change: +0.05 stop: 16.10

During the thin volume today SYMC made a run for it. The stock garnered some analyst exposure with a "market out perform" rating and shares rallied toward resistance at $16.00 and its 50-dma. The intraday high was $16.04. That's twice in the last few days that SYMC managed to pierce the $16.00 level before rolling over. I remain bearish but I hesitate to open new positions at this time. Our first exit target is $14.10.

Picked on     June 16 at $ 15.73
Change since picked:      - 0.10
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =      16.8 million  
Listed on  June 16, 2009         


United Parcel Serv. - UPS - close: 50.85 change: +0.86 stop: 52.05

The Transportation index displayed some strength this morning with a rally over the 3300 level and its simple 200-dma. Unfortunately for the bulls the rally could not hold those gains and closed under both 3300 and its 200-dma. The short-term trend is up but longer-term the trend is bearish with a double top and a potential new lower high today.

Meanwhile shares of UPS continued to bounce. I've been suggesting that readers watch for a failed rally near technical resistance at its 200-dma and we may have got that today. If you're feeling cautious then wait for a new move under $49.90 to open positions.

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:      + 1.35
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       5.2 million  
Listed on  June 17, 2009         


Wynn Resorts - WYNN - close: 35.39 change: +0.09 stop: 37.65

Nothing has changed. The meager attempt at a bounce this morning failed at $36.23. I would consider new bearish positions now or wait for a move under $35.00. Our first target is $30.25. Our second target is $26.00.

Picked on     June 22 at $ 34.28
Change since picked:      + 0.93
Earnings Date           07/30/09 (unconfirmed)
Average Daily Volume =       3.4 million  
Listed on  June 22, 2009         


CLOSED BULLISH PLAYS

Teva Pharma. - TEVA - close: 50.19 change: +0.85 stop: 45.95

Target exceeded. TEVA has stretched its gains to six days in a row. The stock has broken out past significant resistance at the $50.00 level and managed to close at new all-time highs. Our target to take profits was $49.85. Considering TEVA's relative strength we may want to move it to our watch list and look for a new entry point.

Chart:

Picked on     June 03 at $ 46.49
Change since picked:      + 3.36<-- target hit @ 49.85 (+7.2%)
Earnings Date           07/29/09 (unconfirmed)
Average Daily Volume =       5.0 million  
Listed on  June 03, 2009