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Bearish Play Updates Sunday, July 18th, 2004

Flamel Technologies - FLML - cls: 19.90 chg: -0.54 stop: 22.06

The midweek rebound from the $18.50 level gave us a small scare but resistance in the $21.00-21.50 range held up. Now FLML's close back under the $20.00 level leaves the stock poised to start another leg lower. We will continue to target a drop toward the $16-15 region. More conservative traders may want to consider lowering stops to $21.51. We're going to give FLML a little more room and leave the stop at $22.06 for now. Earnings are still unconfirmed on July 29th but if that's the date we have less than two weeks to achieve our objective.

Annotated Chart:

Picked on July 11 at $20.83 
Gain since picked:   - 0.93
Earnings Date      07/29/04 (unconfirmed)
Average Daily Volume:   536 thousand

Link to Current Quote FLML

Sina Corp - SINA - close: 24.67 change: -1.28 stop: 27.51*new*

Almost perfect! The sell-off in tech stocks and the NASDAQ's breakdown below the 2000 level on Friday was enough to lead SINA through support at the $25.00 level. Shares of SINA hit our trigger to go short at $24.95 while setting new lows not seen since last July. Its P&F chart produced another sell signal, which currently points to a $5.00 target. We're targeting a drop to the $20-18 range but we only have until July 27th, that's when SINA reports earnings after the closing bell. We're going to lower our stop loss to $27.51, above the simple 10-dma.

Annotated Chart:

Picked on July 16 at $24.95
Gain since picked:   - 0.28
Earnings Date      07/27/04 (confirmed)
Average Daily Volume:    5.2 million 

Link to Current Quote SINA


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