CALL Play Updates

Fluor Corp. - FLR - close: 53.80 change: -0.21 stop: 48.45

Rival FWLT reported earnings this morning that were better than expected but the company missed the revenue estimates. Shares of FLR managed to pop higher on the news and eventually rallied to new relative highs after testing the $54.00 level again.

Today's close over the June highs is bullish and more aggressive traders may want to consider launching call positions now. We are still waiting for a dip but we'll raise the entry point to $51.00 and raise the stop loss to $48.45. If triggered our first target is $54.80. Our second target is $59.00.

Picked on     July xx at $ xx.xx <-- TRIGGER @ 51.00
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: 144.09 chg: +0.13 stop: 139.95

Nothing has changed for our FXE play. The dollar is still slipping lower and the FXE is slowly marching higher. 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:      + 3.33
Earnings Date           00/00/00
Average Daily Volume =       461 thousand    
Listed on  June 23, 2009         


Gold Miner ETF - GDX - close: 40.95 change: -0.13 stop: 36.90

The action in the GDX was healthy today. The ETF dipped toward $40.00and filled the gap from Monday morning. Aggressive traders may want to buy calls on the intraday bounce and just raise your stop loss a bit. 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:      + 4.45
            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: 50.75 change: -0.04 stop: 44.95

IDXX rallied to new 2009 highs and hit $51.44 this afternoon. Yesterday we added an aggressive entry point to open very small positions at $51.10 with a stop loss at $48.99. The original plan is still in place to buy calls on a dip at $47.50.

Aggressive strategy: Entry point at $51.10. Stop loss at $48.99. Our first target is $54.85. I suggest very small positions sizes (about 1/4 of your normal trading size).

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.

*Aggressive Strategy*
Entry on    August 05 at $ 51.10 *stop loss @ 48.99   
Change since picked:      - 0.35

*Original Strategy*
Picked on     July xx at $ xx.xx <-- TRIGGERs @ 47.50 
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: 30.83 change: -0.21 stop: 28.40

JCP dipped toward $30.00 and its 10-dma and bounced. This looks like a new bullish entry point. However, the monthly same-store sales data comes out for several major retailers tomorrow. Readers may want to wait and watch to see how the market reacts. July could deliver some disappointing results.

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:      - 0.22
Earnings Date           08/14/09 (confirmed)
Average Daily Volume =       5.5 million  
Listed on August 01, 2009         


Legg Mason - LM - close: 28.12 change: +0.30 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: 71.79 change: -1.29 stop: 69.45

Cigarette and tobacco maker LO is starting to correct. Shares lost 1.7% and closed under their 10-dma. The low today was $71.32. 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: 466.21 change: -1.10 stop: 458.10

The market appears to have a very precarious grip on the rally here. More conservative traders may want to start taking profits on our OEX play right now. The plan is to exit at $469.00. More aggressive traders may want to aim for the 480 region.

Picked on     July 30 at $458.10 *triggered              
Change since picked:      + 8.11
Earnings Date           00/00/00 
Average Daily Volume =        xx 
Listed on  July 28, 2009         


Polaris - PII - close: 37.98 change: -0.12 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         


Trina Solar - TSL - close: 29.24 change: -0.73 stop: 26.69

I would still buy calls on TSL in the $29.00-30.00 zone but readers need to realize this is a very aggressive, higher-risk trade. We need to use smaller than normal position sizes (1/2 to 1/4 the norm) because of our aggressive entry point.

Furthermore I am labeling this an aggressive play because TSL can be a volatile stock and the closest level of possible support is $27.00 and Friday's low at $26.71. Our first target is $34.00.

Picked on   August 04 at $ 29.97
Change since picked:      - 0.73
Earnings Date           08/18/09 (unconfirmed)
Average Daily Volume =       1.7 million  
Listed on August 04, 2009         


Valmont Industries Inc. - VMI - cls: 75.44 chg: +0.92 stop: 69.94

VMI continues to show relative strength. The stock gained 1.2% and closed over the $75.00 level. More conservative traders might want to start inching up their stop loss. I am not suggesting new positions at this time. 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:      + 2.46
Earnings Date           07/21/09 (confirmed)
Average Daily Volume =       414 thousand 
Listed on August 03, 2009         


PUT Play Updates

Genzyme - GENZ - close: 49.16 change: -0.64 stop: 52.55

GENZ continues to sink to new relative lows on above average volume. A broker downgrade this morning didn't help the stock. 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:      - 0.74
Earnings Date           10/22/09 (unconfirmed)
Average Daily Volume =       3.9 million  
Listed on August 01, 2009         


Biotech Ishares - IBB - close: 78.16 change: -1.26 stop: 80.75

The biotech sector is reversing under resistance again. The IBB has produced a bearish engulfing candlestick reversal pattern today. If you haven't opened positions yet consider buying puts on a new drop below $78.00. Our target on the IBB is $75.50. More aggressive traders may want to aim for the $74-73 area.

Picked on     July 30 at $ 79.44
Change since picked:      - 1.28
Earnings Date           00/00/00
Average Daily Volume =       892 thousand 
Listed on  July 30, 2009         


LEAP Wireless - LEAP - close: 24.17 change: -0.83 stop: 26.05 *new*

It looks like the oversold bounce is rolling over again. I am lowering our stop loss down to $26.05 since tomorrow is our last day. We want to exit at the closing bell on Thursday to avoid holding over earnings. Our official target to exit, should LEAP hit it intraday, is $23.25.

Picked on     July 17 at $ 26.80 *triggered    
Change since picked:      - 2.63
Earnings Date           08/06/09 (confirmed) 
Average Daily Volume =       2.2 million  
Listed on  July 16, 2009         


QQQ ProShares - QLD - close: 45.26 change: -0.63 stop: 46.55

Tech stocks were under performing today. The NASAQ, NDX and the QLD all appear to have produced a short-term bearish reversal. I see this as a new entry point to buy puts but readers could wait for a new decline under today's low (44.65). 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:      + 0.37
Earnings Date           00/00/00 
Average Daily Volume =      13.5 million  
Listed on  July 30, 2009         


VistaPrint - VPRT - close: 42.82 change: +0.23 stop: 42.05

Today's action has produced a failed rally at the $44.00 level. This is another entry point for our aggressive trade. Our normal trade remains unopened.

Aggressive strategy: Buy puts in the $42.00-44.00 zone with a stop loss at $44.05. Targets at $35.20 and $31.50.

Original strategy: Buy puts with a trigger at $38.80. Stop loss at $42.05. 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:      + 0.23


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: 55.09 change: +0.08 stop: n/a

MCD is going nowhere fast. The stock has been hugging the $55.00 level all week long. 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:      - 2.89
Earnings Date           07/23/09 (unconfirmed)
Average Daily Volume =       7.8 million  
Listed on  July 18, 2009         


CLOSED BEARISH PLAYS

Alliant Techsystems - ATK - close: 78.98 change: -0.36 stop: 81.15

We have run out of time for our ATK play. The company reports earnings tomorrow morning and it was our plan to exit today at the closing bell. The stock has been churning sideways in a tight range as investors wait for the earnings results.

Chart:

Picked on     July 27 at $ 78.88
Change since picked:      + 0.10 <-- exit early @ 78.98 (+ 0.001%)
Earnings Date           08/06/09 (confirmed)
Average Daily Volume =       443 thousand 
Listed on  July 27, 2009