Shares of X hit our final target today. The rest of the market churned sideways in spite of a bounce in the banks and healthcare.


CALL Play Updates

Autozone Inc - AZO - close: 163.07 change: -0.60 stop: 157.90

The stock market is sliding sideways and AZO followed suit. It looks like shares might be poised to dip back toward support near $160.00. I would still considering buying calls on a bounce near $160 but keep our time frame in mind. We want to exit ahead of the March 2nd earnings report.

Our first target to take profits is at $167.50. Our second, more aggressive target is $174.00 but that will require AZO to break through resistance in the $170 region.

Entry  on  February 16 at $161.75 (small positions)
Change since picked:       + 1.32
Earnings Date            03/02/10 (unconfirmed)
Average Daily Volume =        538 thousand 
Listed on  February 13, 2010         


Celgene Corp. - CELG - close: 59.68 change: -0.36 stop: 54.75

The rally in CELG looks tired. I'm expecting it to retreat a couple of points before resuming. The plan is to buy calls on a dip at $58.00. If triggered at $58.00 our first target is $64.50. Our second, longer-term multi-week target is $69.00.

Entry  on  February xx at $ xx.xx <-- TRIGGER @ 58.00
Change since picked:       + 0.00
Earnings Date            04/29/10 (unconfirmed)
Average Daily Volume =        3.6 million  
Listed on  February 20, 2010         


Colgate Palmolive - CL - close: 82.08 change: +0.33 stop: 78.85

Traders bought the dip in CL this morning near the 50-dma. I don't see any changes from my weekend comments. You can launch positions now or look for a dip near $81-80 as an entry point. More conservative traders may want to wait for CL to trade above $82.75 before initiating positions. Our target to exit is $86.00.

Entry  on  February 20 at $ 81.75 
Change since picked:       + 0.33
Earnings Date            04/29/10 (unconfirmed)
Average Daily Volume =        2.8 million  
Listed on  February 20, 2010         


Sina Corp. - SINA - close: 37.86 change: +0.06 stop: 34.95

SINA continues to trade sideways. There was a lot of speculation that the Chinese market would trade down today following a weeklong holiday. The Shanghai index did inch lower but not by much. Meanwhile shares of SINA continue to drift sideways. Right now our plan is to buy calls on a dip at $36.50. If triggered our first target to take profits is at $39.95. More aggressive traders may want to consider buying calls on a new relative high above $38.50.

Entry  on  February xx at $ xx.xx <-- TRIGGER @ 36.50
Change since picked:       + 0.00
Earnings Date            03/15/10 (unconfirmed)
Average Daily Volume =        1.4 million  
Listed on  February 18, 2010         


TEVA Pharmaceuticals - TEVA - close: 59.87 change: +1.13 stop: 56.40

The relative strength in TEVA continues. I don't normally watch Jim Cramer but I did see him issue positive comments about TEVA on his lunchtime CNBC section today. The stock gained 1.9% and has cleared the January highs. The task now is breaking out past $60.00, which could be round-number resistance. I would still consider positions now but readers may want to wait for a dip back toward $58.50-58.00 as an entry point. Our first target is $64.00.

Entry  on  February 20 at $ 58.74 
Change since picked:       + 1.13
Earnings Date            05/05/10 (unconfirmed)
Average Daily Volume =        5.1 million  
Listed on  February 20, 2010         


PUT Play Updates

Apple Inc. - AAPL - close: 200.42 change: -1.25 stop: 206.26

AAPL was showing some weakness today. Traders did buy the dip at its rising 100-dma but the stock almost closed under round-number support at the $200 level. If you're optimistic on AAPL then this recent consolidation might be a little bull-flag pattern. Overall I don't see any changes from my weekend comments.

The low today was $199.19. I suggested waiting for a new decline under $198.50 before considering new put positions. If we get stopped out at $206.26 more nimble traders may want to buy calls an aim for the highs near $215.

Our first target to take profits is at $182.50. Our second target is $165.00 although we might exit at the 200-dma. The plan was to use small positions to limit our risk.

Entry  on   January 28 at $201.08 (small positions)/gap open entry
Change since picked:       - 0.66
Earnings Date            01/25/10 (confirmed)
Average Daily Volume =         26 million  
Listed on   January 28, 2010         


Abbott Labs - ABT - close: 54.40 change: +0.02 stop: 55.05

Biotech stocks continue to outperform the market so I'm wary about launching new positions in ABT. Traders bought the dip near $54.00 again. More nimble traders may want to consider buying calls if ABT breaks out over $55.00.

Our first target was $50.15. More aggressive traders can target the 200-dma or support near $48.00.

Entry  on  February 10 at $ 52.80
Change since picked:       + 1.60
Earnings Date            04/21/10 (unconfirmed)
Average Daily Volume =        7.5 million  
Listed on  February 09, 2010         


Franklen Resources Inc. - BEN - close: 101.36 change: -0.25 stop: 105.26

It looks like the bounce in BEN is starting to lose steam. Readers can choose to launch new positions now or wait for a new drop under $100.00. Our exit target is $95.00.

Entry  on   January 30 at $ 99.59 /gap higher entry point (small positions)
Change since picked:       + 1.77 
Earnings Date            01/28/10 (confirmed)
Average Daily Volume =        1.2 million  
Listed on   January 30, 2010         


Goldman Sachs - GS - close: 156.71 change: +0.53 stop: 156.05

The intraday rally in GS reversed at $158.00. Shares are stuck drifting sideways. We have two triggers on GS. One trigger at $147.45 to buy puts. Another trigger at $163.00 to buy calls.

If triggered at $147.45 we'll use a stop loss at $156.06 and our first target will be $138.00. I'm suggesting the March $140 puts.

If triggered at $163.00 to buy calls we'll use a stop loss at $155.75 and our target will be $177.50. I'm suggesting the March $170 calls.

Entry  on  February xx at $ xx.xx <-- TRIGGER @ 147.45
Change since picked:       + 0.00
Earnings Date            04/13/10 (unconfirmed)
Average Daily Volume =         17 million  
Listed on  February 00, 2010         


Intl. Bus. Mach. - IBM - close: 126.85 change: -0.34 stop: 130.51

The upward momentum is still slowing down. Readers can open positions now or wait for a new drop under $126.00. More conservative traders may want to consider a stop loss closer to $128.00. Our first target is $122.00. Our second target is the 200-dma.

Entry  on  February 18 at $127.00
Change since picked:       - 0.15
Earnings Date            04/20/10 (unconfirmed)
Average Daily Volume =        8.2 million  
Listed on  February 03, 2010         


JPMorgan Chase - JPM - close: 40.85 change: +0.82 stop: 41.65

Positive analyst comments on U.S. banks gave the banking sector a big boost today. JPM was showing some relative strength with a 2% gain. The stock's close over its 200-dma is certainly bullish. More conservative traders may want to consider an early exit now. I am not suggesting new bearish positions. 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:       + 2.41
Earnings Date            04/15/10 (unconfirmed)
Average Daily Volume =         46 million  
Listed on   January 26, 2010         


Mckesson Corp. - MCK - close: 59.93 change: -0.82 stop: 62.05

Entry point alert! The oversold bounce is rolling over and MCK closed back under the $60.00 mark. This looks like a new bearish entry point to buy puts or you could wait for a drop under $59.50 per my suggestion this weekend. Our first target to take profits will be $54.00.

Entry  on   January 30 at $ 58.82 
Change since picked:       + 1.11
Earnings Date            01/26/10 (confirmed)
Average Daily Volume =        2.8 million  
Listed on   January 30, 2010         


SIEMENS - SI - close: 88.25 change: +0.02 stop: 92.05

European markets snapped a five-day winning streak. Shares of SI failed to rally past their high from last week. I am expecting this bounce to reverse but no new positions at this time (unless you use a much tighter stop loss). SI has already hit our first target at $87.55. Our second and final target is $81.00.

Entry  on   January 26 at $ 94.34 /gap higher entry
Change since picked:       - 6.09
                            /1st target hit @ 87.55 (-7.1%)
Earnings Date            01/26/10 (confirmed)
Average Daily Volume =        368 thousand 
Listed on   January 26, 2010         


United Technology - UTX - close: 68.40 change: -0.12 stop: 69.26

The bounce in UTX appears to be stalling under $69.00 and its 50-dma. If shares reverse from here I would launch new positions. Look for a drop under $68.00 or $67.00 as your entry point. Our target to take profits is $61.00 near the rising 200-dma.

Entry  on  February 04 at $ 66.38 
Change since picked:       + 1.61
Earnings Date            04/21/10 (unconfirmed)
Average Daily Volume =        5.1 million  
Listed on  February 04, 2010         


CLOSED BULLISH PLAYS

Sears Holding - SHLD - close: 95.66 change: +0.62 stop: 91.75

The short-term trend in SHLD is still bullish but time has run out. The company reports earnings tomorrow morning. It was our plan to exit today at the closing bell. Keep an eye on it tomorrow. We might get another entry point if shares dip to $90.00 and bounce. Wall Street expects a profit of $3.54 a share.

Chart:

Entry  on  February 16 at $ 93.07 (small positions) /gap open entry
Change since picked:       + 2.59 <- exit early @ 95.66 (+2.7%)
Earnings Date            02/23/10 (unconfirmed)
Average Daily Volume =        1.7 million  
Listed on  February 16, 2010         


United States Steel - X - close: 53.50 change: +0.21 stop: 48.95

Target achieved. Shares of X hit $54.13 intraday. Our final target to exit was $54.00. I would keep X on your watch list. We might jump in again on a little pull back.

Chart:

Entry  on  February 13 at $ 49.23 (small positions)/gap higher entry
Change since picked:       + 4.77 <- 2nd target hit @ 54.00 (+9.6%)
                           /1st target hit @ 51.86 (gap open exit, +5.3%)
Earnings Date            04/27/10 (unconfirmed)
Average Daily Volume =       23.3 million  
Listed on  February 13, 2010