We're closing a few plays early to avoid holding over earnings.


CALL Play Updates

Apollo Group - APOL - close: 75.39 change: -0.13 stop: 71.90

APOL managed to close above resistance at $75.00 but it failed near its earlier October highs. This could be a short-term bearish double top pattern. Given the market's late day sell-off I'm not suggesting new positions and more conservative traders may want to raise their stops!

Our first target is $79.90. This should be a short-term play as we plan to exit ahead of the October 27th earnings report. FYI: The Point & Figure chart is bullish with a $95 target.

Picked on   October 14 at $ 75.25
Change since picked:       + 0.14
Earnings Date            10/27/09 (unconfirmed)
Average Daily Volume =        2.6 million  
Listed on   October 13, 2009         


AvalonBay - AVB - close: 70.96 change: -1.29 stop: 69.95

AVB was weak all day and eventually broke down under short-term support at $72.00. More conservative traders may want to exit right here! I've been suggesting readers look for a dip or a bounce near $70.00. Today's pull back is a test of the four-month trendline of support. Look for a bounce.

Our first target is $77.75. More aggressive traders could aim higher but we don't want to hold over the early November earnings report.

Picked on   October 08 at $ 72.60
Change since picked:       - 1.64
Earnings Date            11/04/09 (unconfirmed)
Average Daily Volume =        1.8 million  
Listed on   October 07, 2009         


Dril-Quip, Inc. - DRQ - close: 54.15 change: -0.18 stop: 49.45

DRQ hit a new high at $55.70 but the rally is looking tired. I would expect a correction toward $52.00 and possibly the $50 level. More conservative traders may want to exit early now. I'm not suggesting new positions at this time.

DRQ has already hit our first target at $53.00. Our second target is $57.00.

Picked on September 28 at $ 48.50
Change since picked:       + 5.65
                              /1st target hit @ 53.00 (+9.2%)
Earnings Date            11/10/09 (unconfirmed)
Average Daily Volume =        282 thousand 
Listed on September 26, 2009         


EOG Resources - EOG - close: 92.94 change: -1.47 stop: 87.40

Oil stocks were not immune to the market's sharp afternoon sell-off. EOG hit new highs at $95.86 and then reversed. The stock is overbought and due for a pull back. More conservative traders will want to just exit completely right here. I'm not suggesting new positions at this time.

EOG has exceeded both our first and second targets. Our third and final target is $99.00. We do not want to hold over the early November earnings report.

Picked on   October 07 at $ 85.24 /gap higher entry
                               /originally listed at $84.71
Change since picked:       + 7.70
                              /1st target hit @ 89.90 (+5.4%)
                             /2nd target hit @ 94.75 (+11.1%)
Earnings Date            11/03/09 (unconfirmed)
Average Daily Volume =        2.9 million  
Listed on   October 07, 2009         


Express Scripts - ESRX - close: 80.62 change: -0.70 stop: 78.75

ESRX is pulling back toward support near $80.00. More conservative traders may want to adjust their stops closer to the $80 level. I'd still consider new positions on a bounce from $80 but I'd keep my position size small. Our second target is $84.95. We plan to exit ahead of the October 28th earnings report.

Picked on   October 06 at $ 77.42 /gap down entry
                              /originally listed at $78.04
Change since picked:       + 3.20
                             /1st target hit @ 82.50 (+6.6%)
Earnings Date            10/28/09 (confirmed)
Average Daily Volume =        2.1 million  
Listed on   October 06, 2009         


Flowserve - FLS - close: 106.38 change: +0.38 stop: 101.90

FLS rallied to $108.85 and then lost more than two points on the afternoon decline. This does look like a short-term reversal. I'm not suggesting new bullish positions. Our first target is $109.75.

We will plan to exit ahead of the late October earnings report.

Picked on   October 12 at $102.60
Change since picked:       + 3.78
Earnings Date            10/28/09 (unconfirmed)
Average Daily Volume =        1.2 million  
Listed on September 19, 2009         


Gold ETF - GLD - close: 103.74 change: +0.32 stop: 97.40

The dollar plunged to new 14-month lows and gold rallied several dollars. Yet the GLD is stuck. I'm surprised the GLD didn't see a new high today.

If you're looking for new positions consider waiting for a dip near $100, which should offer support. Our plan calls for small positions to limit risk.

Our first target is $109.90. We are still contemplating a second, longer-term target.

Picked on   October 06 at $102.28
Change since picked:       + 1.46
Earnings Date            00/00/00
Average Daily Volume =       14.2 million  
Listed on   October 06, 2009         


Intercontinental Exchange - ICE - close: 106.43 chg: +0.48 stop: 94.90

ICE rallied to $109.59 before reversing. I'm still waiting for a dip back toward $100, which should be support.

Use a trigger at $101.00 to buy calls. We'll use a stop at $94.90. Our first target is $109.75. Our second target is $114.75. More aggressive traders could aim higher but we want to exit ahead of the November 3rd earnings report.

Picked on   October xx at $ xx.xx <-- TRIGGER @ $101.00
Change since picked:       + 0.00
Earnings Date            11/03/09 (confirmed)
Average Daily Volume =        1.3 million  
Listed on   October 17, 2009         


Mobile Telesys - MBT - close: 54.36 change: +2.80 stop: 49.75

Today was more volatile than yesterday with a big spike to $55.71. The market's late day sell-off is worrisome and readers may want to just exit early right here. I'm not suggesting new positions.

Our second target is $59.00. We do not want to hold positions over the early November earnings report.

Picked on   October 12 at $ 50.15
Change since picked:       + 4.21
                            /1st target hit @ 54.50 (+8.6%)
Earnings Date            11/05/09 (unconfirmed)
Average Daily Volume =        1.5 million  
Listed on   October 10, 2009         


Transocean Ltd. - RIG - close: 91.58 change: +0.25 stop: 86.85

Don't be fooled by RIG's gain today. The new high (94.44) and the late day sell-off looks like a short-term bearish reversal. More conservative traders may want to raise their stops toward $90. I am not suggesting new positions at this time. Our target is $99.50.

Picked on   October 15 at $ 90.94 /gap down entry
                             /originally listed at $91.48
Change since picked:       + 0.64
Earnings Date            11/04/09 (confirmed)
Average Daily Volume =        4.1 million  
Listed on   October 15, 2009         


Waters Corp. - WAT - close: 58.14 change: -0.34 stop: 55.90 *new*

WAT is still consolidating sideways. I am raising our stop loss to $55.90. Our target to exit is $59.50. More aggressive traders may want to aim higher!

I'm not suggesting new positions at this time. The plan was to use small position sizes (1/2 to 1/4 our normal size) to minimize risk. We do not want to hold over the October 27th earnings report.

Picked on September 28 at $ 55.43 *new entry
Change since picked:       + 2.71
Earnings Date            10/27/09 (confirmed)
Average Daily Volume =        809 thousand 
Listed on September 12, 2009         


PUT Play Updates

BIOGEN IDEC - BIIB - close: 46.43 change: -1.63 stop: 50.65

BIIB was downgraded this morning. Shares gapped open lower at $47.41 and the stock closed with a 3.3% decline on strong volume.

Our first target to take profits is at $44.50. Our second target is $40.50. FYI: The P&F chart is bearish with a $36 target.

Picked on   October 03 at $ 48.89
Change since picked:       - 2.46
Earnings Date            10/20/09 (confirmed)
Average Daily Volume =        2.6 million  
Listed on   October 03, 2009         


Netease.com - NTES - close: 38.03 change: -0.87 stop: 41.65

NTES is rolling over under its 10-dma. The path of least resistance appears to be down.

Our first target is $35.25. Our second target is $33.00, just above the simple 200-dma. We want to exit ahead of the mid November earnings report. FYI: The P&F chart is bearish with a $25 target.

Picked on   October 17 at $ 38.47
Change since picked:       - 0.44
Earnings Date            11/12/09 (unconfirmed)
Average Daily Volume =        2.7 million  
Listed on   October 17, 2009         


CLOSED BULLISH PLAYS

Core Labs - CLB - close: 109.36 change: +0.31 stop: 106.49

Wow! At lunch time things were looking pretty good with CLB over $112. It's really too bad. The high today was $112.70. Our second target to exit was $113.00. It worked out anyway with the options still shooting higher. The stock gave back almost all of its gains when the market spiked lower this afternoon.

Today was our last day. The plan was to exit at the closing bell to avoid holding over earnings.

Chart:

Entered on  October 08 at $105.25
Change since picked:       + 4.11<-early exit @ 109.36 (+3.9%)
                             /1st target hit @ 109.90 (+4.4%)
Earnings Date            10/21/09 (confirmed)
Average Daily Volume =        175 thousand 
Listed on September 23, 2009         


Consol Energy - CNX - close: 51.08 change: +0.32 stop: 48.49

CNX spiked to $53.04 before reversing lower with the market. Today was our last day and the plan was to exit at the close to avoid holding over earnings.

Chart:

Picked on September 25 at $ 43.77 /gap down entry
Change since picked:       + 7.31 <--exit @ 51.08 (+16.7%)
                                /1st target hit @ 48.50 (+10.8%)
Earnings Date            10/22/09 (confirmed)
Average Daily Volume =        3.0 million  
Listed on September 19, 2009         


Martin Marietta - MLM - close: 92.13 change: -3.57 stop: 91.19

MLM displayed significant relative weakness today. The stock broke support near $94 and lost 3.7% versus a 0.8% decline for the S&P 500. I'm suggesting an early exit right here.

Chart:

Picked on   October 19 at $ 95.15
Change since picked:       - 3.02
                           /early exit @ 92.13 (-3.1%)
Earnings Date            11/06/09 (unconfirmed)
Average Daily Volume =        418 thousand 
Listed on   October 15, 2009         


Whirlpool Corp. - WHR - close: 71.83 change: -1.17 stop: 68.45

I am suggesting an early exit in WHR. The plan was to exit on Thursday at the closing bell but let's go ahead and exit now. Shares have been unable to breakout over $74.00 and the failure looks like a bearish double top forming. Earnings are due on Friday.

Chart:

Picked on   October 10 at $ 70.50
Change since picked:       + 1.33 <-- early exit @ 71.83 (+1.8%)
                               /1st target hit @ 73.90 (+4.8%)
Earnings Date            10/23/09 (confirmed)
Average Daily Volume =        1.5 million  
Listed on   October 10, 2009