The S&P 500 edges under support at the 1,085 level and the NASDAQ sinks 1.9% to close under the 2200 level.


CALL Play Updates

*Currently we do not have any call play updates*


PUT Play Updates

FEDEX Corp. - FDX - close: 79.07 change: -1.35 stop: 82.55

The widespread market weakness helped push FDX to new eight-week closing lows even if shares haven't completely broken down from this recent choppiness around the $80 level. I remain bearish here and would still consider small positions even if I think a failed bounce near $82 is a better entry point. Our first target is $75.25.

Entry  on   January 25 at $ 79.45 
Change since picked:       - 0.38
Earnings Date            03/18/10 (unconfirmed)
Average Daily Volume =        3.0 million  
Listed on   January 23, 2010         


Gymboree - GYMB - close: 38.50 change: -1.17 stop: 42.75

GYMB has clearly settled at new multi-month lows with today's 2.9% decline. Shares remain short-term oversold and due for a bounce but there's not guarantee it will bounce. Our first target is $35.50. Our second, longer-term target is $32.00. Consider using small positions to limit your risk.

Entry  on   January 23 at $ 39.74 
Change since picked:       - 1.24
Earnings Date            03/04/10 (unconfirmed)
Average Daily Volume =        513 thousand 
Listed on   January 23, 2010         


Infosys Tech. - INFY - close: 52.34 change: -2.09 stop: 56.25

The weakness in tech stocks pushed INFY to a 3.8% decline. The stock hit our trigger to buy puts at $53.40 before lunch time. Now that the play is open our first target is $50.15. There is potential support at the 100-dma but any bounce will probably be temporary. Our second and final target is $46.50.

Chart:

Entry  on   January 28 at $ 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: 39.48 change: +0.15 stop: 41.55

JPM announced that Steve Black is their new Vice Chairman. I don't believe it had much affect on the stock price. Banks were showing some relative strength today and I consider it a relief rally that Bernanke gets reappointed as the FOMC chairman. Shares of JPM bounced back toward resistance near $40.00. This is a new entry point to buy puts or you could wait for a failed rally near $41.00. 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:       + 1.04
Earnings Date            04/15/10 (unconfirmed)
Average Daily Volume =         46 million  
Listed on   January 26, 2010         


Mettler Toledo Intl. - MTD - close: 97.34 change: -0.89 stop: 102.25

The intraday bounce failed again and MTD gave up 0.9%. Shares are now testing their 100-dma. If the market shows any strength we can expect an over sold bounce back toward the $100-102 zone. A breakdown under the 100-dma would be good news for the bears. 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:       - 2.06
Earnings Date            02/04/10 (unconfirmed)
Average Daily Volume =        134 thousand 
Listed on   January 21, 2010         


Retail Holders - RTH - close: 91.80 change: -0.39 stop: 95.05

The early morning rally in the retailers fizzled out. The RTH has produced a failed rally at its 10-dma. This looks like a new entry point to buy puts. 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:       + 0.38
Earnings Date            --/--/--
Average Daily Volume =        1.7 million  
Listed on   January 23, 2010         


SIEMENS - SI - close: 91.15 change: -3.51 stop: 98.30

European markets gave up their early gains to plunge into the red zone by day's end. Shares of SI reversed early on and fell 3.7% by the closing bell. I would still consider new positions here. 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:       - 3.19
Earnings Date            01/26/10 (confirmed)
Average Daily Volume =        368 thousand 
Listed on   January 26, 2010