CALL Play Updates

Fluor Corp. - FLR - close: 53.80 change: -0.21 stop: 47.45

FLR is still trading under resistance near the $55.00 level. The stock could see some volatility tomorrow. Rival construction company FWLT reports earnings Wednesday morning. Their results could have an impact on FLR.

I am still suggesting we wait for a dip. The plan is to buy calls on FLR at $50.50. If triggered our first target is $54.80. Our second target is $59.00.

Picked on     July xx at $ xx.xx <-- TRIGGER @ 50.50
Change since picked:      + 0.00
Earnings Date           08/10/09 (confirmed)
Average Daily Volume =       2.4 million  
Listed on  July 25, 2009         


Euro Currency ETF - FXE - close: 143.95 chg: -0.11 stop: 139.95

The U.S. dollar managed to halt its fall today and that stalled the rally in the FXE. I am not suggesting new bullish positions at this time.

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:      + 3.20
Earnings Date           00/00/00
Average Daily Volume =       461 thousand    
Listed on  June 23, 2009         


Gold Miner ETF - GDX - close: 41.08 change: +0.31 stop: 36.90

Gold futures and the gold miners were still inching higher. Today's close over $41.00 looks like a bullish breakout over the neckline to the inverse H&S pattern. GDX has already exceeded our first target. Our second target is $44.00.

Picked on     July 13 at $ 36.49 /gap higher entry
                               /originally listed at $35.93
Change since picked:      + 4.58
            gap higher exit   /1st target hit @ 39.95 (+9.4%)
Earnings Date           00/00/00
Average Daily Volume =       6.8 million  
Listed on  July 13, 2009         


IDEXX Labs - IDXX - close: 50.79 change: +1.21 stop: 44.95

The market's rally continues and that's starting to draw in more money. I still believe the smarter move is to wait for a correction before launching new bullish positions. However, stocks can always get more overbought than we think is possible. I am keeping our plan to buy calls on IDXX at $47.50 but I'm now adding an aggressive, higher-risk entry point.

If the stock market continues to rally we want to be a part of it. I'm suggesting a trigger to buy calls at $51.10 with a stop loss at $48.99. Our first target is $54.85. I will repeat that this is an aggressive entry point and I only suggest very small positions sizes (about 1/4 of your normal trading size).

The original plan is to buy calls at $47.50 with a stop at $44.95. If triggered at $47.50 our first target is $52.00. Our second target is $54.90. Our time frame is four to eight weeks.

Picked on     July xx at $ xx.xx <-- TRIGGERs @ 47.50 & 51.10
Change since picked:      + 0.00
Earnings Date           07/24/09 (confirmed)
Average Daily Volume =       383 thousand 
Listed on  July 25, 2009         


J.C.Penney - JCP - close: 31.04 change: -0.32 stop: 28.40

JCP spent the session trading sideways. The stock did provide another entry point with the dip to $30.52 this morning. I would prefer to open new positions around the $30.50-30.00 region.

Our first target is $32.75. Our second target is $34.90. I would be tempted to aim higher but JCP is due to report earnings on August 14th and we do not want to hold positions over the announcement. Traders should consider this a more aggressive bullish play with the market overbought. I would trade half your normal position size.

Picked on   August 03 at $ 31.05 *triggered /gap higher entry
Change since picked:      - 0.01
Earnings Date           08/14/09 (confirmed)
Average Daily Volume =       5.5 million  
Listed on August 01, 2009         


Legg Mason - LM - close: 27.82 change: +0.31 stop: 23.99

Nothing has changed for our LM play. We are waiting for LM to correct back toward support near $25.00. Our trigger is $25.55. If triggered our first target is $29.75. Our second target is $33.40. My time frame is four to eight weeks.

Picked on     July xx at $ xx.xx <-- TRIGGER 25.55
Change since picked:      + 0.00
Earnings Date           07/20/09 (confirmed)
Average Daily Volume =       3.4 million  
Listed on  July 25, 2009         


Lorillard Inc. - LO - close: 73.08 change: -0.37 stop: 69.45

There is no change from my prior comments on LO. We are looking for a dip back toward $70.00, which should be new support. Buy calls on a dip in the $70.50-70.00 zone. Our first target is $74.50. Our second target is $77.00.

Picked on   August xx at $ xx.xx <-- see TRIGGER
Change since picked:      + 0.00
Earnings Date           07/27/09 (confirmed)
Average Daily Volume =       1.5 million  
Listed on August 01, 2009         


S&P 100 index - OEX - close: 467.31 change: +1.04 stop: 458.10 *new*

The OEX and SPX continue to creep higher. If the markets are positive tomorrow the OEX will probably hit our target at $469.00. I am raising our stop loss to $458.10 (our entry point). More aggressive traders may want to aim for the 480 region.

Picked on     July 30 at $458.10 *triggered              
Change since picked:      + 9.21
Earnings Date           00/00/00 
Average Daily Volume =        xx 
Listed on  July 28, 2009         


Polaris - PII - close: 38.10 change: +0.10 stop: 31.95

There is no change for our PII play. We're waiting for a correction. The plan is to buy calls at $34.15. Our first target is $37.50. Our second target is $39.90. FYI: The Point & Figure chart is bullish with a $43.50 target.

Picked on     July xx at $ xx.xx <-- TRIGGER @ 34.15
Change since picked:      + 0.00
Earnings Date           07/16/09 (confirmed)
Average Daily Volume =       436 thousand 
Listed on  July 18, 2009         


Valmont Industries Inc. - VMI - cls: 74.52 chg: +0.64 stop: 69.94

The bounce in VMI continues. The stock gapped down this morning but rallied past $74.00 by the closing bell. I don't see any changes from my Monday night comments. This is a very aggressive, short-term trade that I expect will be over in another two or three days. We want to use very small position sizes because this is a higher-risk trade. Our target is $78.50.

Picked on   August 03 at $ 72.98 /gap down entry
                               /originally listed at $73.88
Change since picked:      + 1.54
Earnings Date           07/21/09 (confirmed)
Average Daily Volume =       414 thousand 
Listed on August 03, 2009         


PUT Play Updates

Alliant Techsystems - ATK - close: 79.34 change: -0.17 stop: 81.15

ATK is still not participating in the market's rally yet neither is the stock declining. It appears that readers are waiting for ATK's earnings report Thursday morning. While I don't have big expectations for the earnings report we do not want to hold over the announcement. We will have to exit tomorrow (Wednesday) at the closing bell. I am inching the stop loss down to $80.35.

Our first target is $75.25.

Picked on     July 27 at $ 78.88
Change since picked:      + 0.46
Earnings Date           08/06/09 (confirmed)
Average Daily Volume =       443 thousand 
Listed on  July 27, 2009         


Genzyme - GENZ - close: 49.80 change: -0.58 stop: 52.55

GENZ is still under performing and finally closed under support at the $50.00 mark. This is another entry point for puts. Our first target to take profits is $45.25. Our second target is $41.00. The P&F chart is bearish with a $40 target.

Picked on   August 03 at $ 49.90 *triggered         
Change since picked:      - 0.10
Earnings Date           10/22/09 (unconfirmed)
Average Daily Volume =       3.9 million  
Listed on August 01, 2009         


Biotech Ishares - IBB - close: 79.42 change: +0.26 stop: 80.75

Hmm.... the BTK biotech index gained 2.2% yet the IBB only gained 0.3%. They have different components but I'm a little surprised to see the big difference. The trend is the same with both bouncing from their Monday lows. A failed rally in the 80.00-80.50 zone would be a great new entry point for puts on the IBB. Our target on the IBB is $75.50.

Picked on     July 30 at $ 79.44
Change since picked:      - 0.02
Earnings Date           00/00/00
Average Daily Volume =       892 thousand 
Listed on  July 30, 2009         


LEAP Wireless - LEAP - close: 25.00 change: +0.04 stop: 26.55 *new*

We have two days left for our LEAP play. The company reports earnings after the closing bell on August 6th. We plan to exit at the closing bell on Thursday. I am adjusting our stop loss down to $26.55. I am also adjusting our target to exit up to $23.25. I'm not suggesting new positions at this time.

Picked on     July 17 at $ 26.80 *triggered    
Change since picked:      - 1.80
Earnings Date           08/06/09 (confirmed) 
Average Daily Volume =       2.2 million  
Listed on  July 16, 2009         


QQQ ProShares - QLD - close: 45.90 change: -0.03 stop: 46.55

The QLD traded near its highs from last Thursday and began to trim its gains. The trend is up and if the market can manage any sort of decent rally tomorrow we'll be stopped out pretty quickly at $46.55. I would wait for a new drop under $45.00 or the 10-dma near $44.60 before launching new positions. We want to trade very small position sizes given the aggressive nature of this play. Our target is $40.50.

Picked on     July 30 at $ 44.89 
Change since picked:      + 1.04
Earnings Date           00/00/00 
Average Daily Volume =      13.5 million  
Listed on  July 30, 2009         


VistaPrint - VPRT - close: 42.59 change: +0.03 stop: 42.05

VPRT has filled the gap from July 31st and the rally stalled. I am suggesting aggressive traders open very small put positions now with a stop loss at $44.05. Our normal trade with the trigger to open positions at $38.80 still applies. If triggered at $38.80 our first target is $35.20. Our second target is $31.50.

Picked on   August xx at $ xx.xx <-- TRIGGER @ 38.80
Change since picked:      + 0.00
Earnings Date           07/30/09 (confirmed)
Average Daily Volume =       1.3 million  
Listed on August 01, 2009         

*Aggressive Trade (small position 1/2 to 1/4 your normal size)*
Picked on   August 04 at $ 42.59   (stop loss @ 44.05)
Change since picked:      + 0.00


Strangle & Spread Play Updates

(What is a strangle? It's when a trader buys an out-of-the-money (OTM) call and an OTM put on the same stock. The strategy is neutral. You do not care what direction the stock moves as long as the move is big enough to make your investment profitable.)

McDonald's - MCD - close: 55.01 change: -0.12 stop: n/a

There is no change from my prior comments on MCD. The stock continues to under perform but it might try produce a little oversold bounce from the $55.00 level. We're not suggesting new strangle positions at this time.

I suggested the August $60 calls (MCD-HL) and the August $55 puts (MCD-TK). Our estimated cost is $1.25 (0.70 + 0.55). We want to sell if either option hits $2.75 or higher. This may take a few weeks to succeed.

Picked on     July 18 at $ 57.84
Change since picked:      - 2.97
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       7.8 million  
Listed on  July 18, 2009