Current Portfolio:

BULLISH Play Updates

Direct TV - DTV - close 39.33 change +0.08 stop 35.70

Target(s): 38.20, 38.50, 39.50, 41.50
Key Support/Resistance Areas: 38.60, 37.00, 36.30
Current Gain/Loss: N/A
Time Frame: Several weeks
New Positions: Waiting to be triggered

We are patiently waiting for DTV to come to us. If it doesn't cooperate soon I will be removing the trade from the portfolio. My comments from last night remain the same. DTV has ran away from us a bit here as we have waited 8 trading days and still haven't gotten filled. $37.20 is a key support area and the 50-day SMA is rising towards this level everyday. Let's use this as our trigger to enter positions. Essentially we are playing for a bounce near the stock's 50-day SMA which it has not touched since the flash crash. The stock also has two trend lines underneath our entry which should provide further support if we get filled. The 50-day SMA is currently $36.87 and it is rising but placing an order slightly above this is suggested.

Suggested Position: Long DTV stock if it trades down near $37.20, which is just above its 50-day SMA

Option Traders:
Suggested Position: Buy July $37.00 CALL, current ask $2.78, estimated ask at entry $1.40

Entry on June xx
Earnings Date 8/5/10 (unconfirmed)
Average Daily Volume: 12.3 million
Listed on 6/5/10

Northern Oil & Gas - NOG - close 14.21 change +0.08 stop 13.05

Target(s): 14.75, 14.90
Key Support/Resistance Areas: 15.00, 13.60, 13.15
Time Frame: 1 to 2 weeks

NOG traded down to $13.92 and we almost got triggered today. I would like to move up the trigger to $13.95 which is just above today's highs. The stock's 20-day SMA (currently $13.66) is starting turning up and I expect this to hold if we get filled. $13.95 is an area that is also near the upward trend line that has formed with the lows from 5/25 and 6/8. Our trigger to enter could get hit early tomorrow but if the stock gaps close to or below our entry I suggest waiting to enter the position until the opening range is broken to the upside. This will ensure the position is moving in the right direction prior to going long. My comments from the play release remain mostly the same. NOG has broken a recent downtrend line and looks like it is trying to form a higher low that would be confirmed if the stock trades above its recent highs. The stock also has solid support at $13.60 which is a prior resistance area from early 2010 and is also near the 20-day SMA. NOG has taken back its 20-day SMA and I believe a trip up to 50-day SMA will follow in short order. I would like to see a retracement of some the gains late last week and use a trigger to enter bullish positions if NOG trades down near $13.95 which is just above Friday's low. I expect NOG to at least retest its June 3rd high which is above our targets of $14.75 and $14.90 (adjusted) and below the 50-day SMA. If the trade plays out how we expect the gain will be about 6% to 7%. NOTE: I consider this a volatile stock and industry so please use proper position size to limit risk.

Suggested Position: Long NOG stock if it trades down near $13.95

Option Traders:
Suggested Position: Buy July $12.50 CALL, current ask $2.25, estimated ask at entry $2.05

Entry on June xx
Earnings Date 8/13/10 (unconfirmed)
Average Daily Volume: 19.6 million
Listed on 6/8/10

Ormat Technologies - ORA - close 29.79 change +0.13 stop 27.25

Target(s): 30.45, 31.80
Key Support/Resistance Areas: 32.00, 30.60, 29.00, 27.50
Current Gain/Loss: +1.85%
Time Frame: Several weeks
New Positions: Yes

ORA traded down to our entry at $29.25 late this morning so we long the stock. The stock closed above its 50-day SMA and made new daily highs. All of this is good but there is some resistance overhead so there could be a pullback. The broader market strength or weakness is sure to influence the direction of the stock. Our initial target is $30.45 with our more aggressive 2nd target at $31.80. I'll leave my comments from the play release. ORA has broken through a long term primary downtrend line and a short term secondary downtrend line. The stock broke through and closed above a resistance area near $29.00. ORA is essentially a utility that is involved in the alternative energy business (i.e. geothermal) and may be in the right place at the right time with a push from the White House in this sector. I would like to see a retracement of some of today's gains and use $29.25 as an ideal entry point to initiate long positions. The stock closed near its 50-day SMA so I expect a pullback before a larger move to the upside. Our stop will be $27.25 which will give this trade some room to work.

Current Position: Long ORA stock at $29.25

Option Traders:
Suggested Position: Buy July $30.00 CALL

Entry on June 16, 2010
Earnings Date 8/4/10 (unconfirmed)
Average Daily Volume: 345,000
Listed on 6/15/10