The stock market is notorious for wild reversals following any FOMC meeting and it could take a day or two before the real post-meeting move appears.


CALL Play Updates

*Currently we do not have any call play updates*


PUT Play Updates

FEDEX Corp. - FDX - close: 80.42 change: -0.34 stop: 82.55

The late day market bounce pulled FDX off its lows but shares still closed with a decline. I have been warning readers that FDX looks a little oversold and could bounce but watch for resistance near $82.00. A failure near $82 would be a better entry point to open new positions. Our first target is $75.25.

Entry  on   January 25 at $ 79.45 
Change since picked:       + 0.97
Earnings Date            03/18/10 (unconfirmed)
Average Daily Volume =        3.0 million  
Listed on   January 23, 2010         


Gymboree - GYMB - close: 39.67 change: +0.63 stop: 42.75

We are starting to see a little oversold bounce in GYMB. A failure at $40 would be great news for the bears but I suspect the stock could rebound toward $42 before rolling over, which would be a much better entry point to launch put positions. Our first target is $35.50. Our second, longer-term target is $32.00. We are going to use a slightly wider, more aggressive stop loss in case GYMB sees an oversold bounce. Consider using small positions to limit your risk. Over the weekend I suggested the February $40 puts (GQU-NH).

Entry  on   January 23 at $ 39.74 
Change since picked:       - 0.07
Earnings Date            03/04/10 (unconfirmed)
Average Daily Volume =        513 thousand 
Listed on   January 23, 2010         


Infosys Tech. - INFY - close: 54.43 change: +0.37 stop: 56.25

Technically it looks like INFY has produced a bullish engulfing (reversal) pattern today but it needs confirmation. Right now our plan is to buy puts at $53.40 (the low today was $53.65). If instead INFY bounces from here we might consider bearish positions on a failed rally near $56-57. If triggered at $53.40 our first target is $50.15. Our second target is $46.50.

Entry  on   January xx at $ xx.xx <-- TRIGGER @ 53.40
Change since picked:       + 0.00
Earnings Date            04/15/10 (unconfirmed)
Average Daily Volume =        1.5 million  
Listed on   January 25, 2010         


JPMorgan Chase - JPM - close: 39.33 change: +0.89 stop: 41.55

The oversold banks finally produced a bounce. JPM gained 2.3% but remains under resistance near $40.00 and its 200-dma. Even if shares do rally past $40 the stock should find additional resistance in the $41-42 zone. More aggressive traders may want to raise their stops to just above $42.00. We'll keep our stop at $41.55. Our first target to take profits is at $35.25. Our second target is $32.00.

Entry  on   January 26 at $ 38.44 
Change since picked:       + 0.89
Earnings Date            04/15/10 (unconfirmed)
Average Daily Volume =         46 million  
Listed on   January 26, 2010         


Mettler Toledo Intl. - MTD - close: 98.23 change: -0.74 stop: 102.25

MTD dipped to technical support at its 100-dma and bounced. Don't be surprised if MTD's bounce carries it to $100 or even toward $102. The 50-dma is overhead and should be resistance near the $101 region. Look for the bounce to roll over as a new bearish entry point. Our first target is $95.25. Our second target is $90.50. Our time frame is a couple of weeks. We do not want to hold over the early February earnings report.

Entry  on   January 22 at $ 99.40
Change since picked:       - 1.17
Earnings Date            02/04/10 (unconfirmed)
Average Daily Volume =        134 thousand 
Listed on   January 21, 2010         


Retail Holders - RTH - close: 92.19 change: +0.23 stop: 95.05

The RTH is still trying to bounce. Readers may want to wait for the rebound to reach the $93-94 zone and then open up new bearish positions. The 50-dma overhead near $94 should be resistance. Our first target is the $87.00 level. The 200-dma will probably be support. The RTH moves kind of slow.

Entry  on   January 23 at $ 91.42 
Change since picked:       + 0.77
Earnings Date            --/--/--
Average Daily Volume =        1.7 million  
Listed on   January 23, 2010         


SIEMENS - SI - close: 94.66 change: +1.06 stop: 98.30

SI is trying to push through a small cloud of moving averages around the $94 level. The U.S. market's late day bounce gave SI a lift and boosted shares toward $95. An analyst upgrade to a "buy" didn't hurt either. SI has already produced a lower high following the bearish double top formed in 2009. Shares should find resistance again in the $95-98 region. Wait for the rebound to roll over and buy puts. Please note that SI gapped open higher this morning at $94.34, which changes our entry point. Our first target is $87.55. Our second target is $81.00. Our time frame is three to four weeks.

Entry  on   January 26 at $ 94.34 /gap higher entry
Change since picked:       + 0.32
Earnings Date            01/26/10 (confirmed)
Average Daily Volume =        368 thousand 
Listed on   January 26, 2010