Buy Reliance Steel & Aluminum Co. (RS) at Limit Price $37.45 or less. Once initiated, place a Sell/Stop Loss order at $34.89. Read More

Buy Global Industries Ltd. (GLBL) using a Limit Order to pay no more than $4.50 per share. Once initiated, place a Sell/Stop Loss order at $3.99. Read More

Raise your stop/loss on the short sale of F5 Networks (FFIV) to $78.11. Read More

Here’s a look at our recent changes and our open positions:   The Teva Pharmaceuticals July 17, 2010 60 call option expire on Friday.   We added two short positions since the last update. We entered a short sale of Netflix (NFLX) on Thursday. Our initial target on the trade is $108 and yesterday we lowered our protective stop/loss on the trade to $121.81 to further limit our potential loss on the shares.   Also yesterday, we sold short shares of IT hardware company F5 Networks (FFIV). That trade can still be entered using a limit order to sell at a price of $75.50 or higher. Set a protective stop/loss at $77.66.   Other bearish positions include the Whirlpool (WHR) September 18, 2010 90 put option. The company reported better-than-expected earnings today and guided higher on the strength of overseas sales. Traders still weren’t impressed and the stock is off much more than the general market today. With the best news behind it, the stock should at least retest its recent low below $84 a share. Our option is as buy for new clients on a dip to $6.60.   Lexmark (LXK) is moving back down to its long-term moving average. Technical support is quite thin here, and failure to hold here (and we don’t think it will) should result in a break down to around $27. The Lexmark October 16, 2010 33 put option is a buy with a limit order to pay no more than $3 per option.   American Express (AXP) will be out with earnings on Thursday, and expectations have been building. Based on the actions of other financials in the wake of their reports, the American Express October 16, 2010 39 put option is a buy for new clients at its current price.   Read More

Sell short F5 Networks (FFIV). Use a limit order of $75.50 or better. Once the trade is filled, set a stop/loss at $77.66. Read More

Lower your stop/loss on the short sale of Netflix (NFLX) to $121.81. Our short sale of Netflix (NFLX) is headed in the right direction and our initial target for the stock of $108 remains intact. We do, however, want to reduce our risk exposure on the trade by lowering our protective stop/loss to $121.81. Read More

Sell short Netflix (NFLX) at the market. Set a buy-to-cover stop/loss order at $124. Read More

This morning we closed out the Freeport Copper & Gold August 21, 2010 75 call option for an 87 percent loss. Earnings season for our remaining Aggressive Trader picks gets underway next Monday when Lexmark (LXK) and Whirlpool (WHR) are scheduled to report. Lexmark has stalled at its previous support (the likely new resistance), while Whirlpool, despite its recent rally, hasn’t broken its downtrend. Anything short of strong forward guidance should cause the stocks to falter. The Lexmark October 16, 2010 33 put option is a buy with a limit order to pay no more than $3 per option; the Whirlpool September 18, 2010 90 put option is a buy for new clients on a dip to $6.80. American Express (AXP) has staged its customary bull move ahead of its earnings report. The stock is likely to stall around its current level and then retest lows in the upper $30s. The American Express October 16, 2010 39 put option is a buy for new clients at its current price. Visa (V) continues to snap back. The next move for the stock should carry it back to its 200-day moving average around $82, with additional gains beyond that a distinct possibility. The Visa September 18, 2010 75 call option is a buy at its current price. Read More