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Bearish Play Updates Sunday, August 1st, 2004

Endo Pharmaceuticals - ENDP - cls: 19.20 chg: -0.04 stop: 20.26*new*

We can't complain with the action in shares of ENDP. Last Monday the stock quickly hit our trigger to go short at $19.49. The breakdown under support at $20.00 and the $19.50 level came on stronger than average volume. We've seen some follow through as ENDP hit $18.52 on Wednesday but like most of the market ENDP produced an oversold bounce later in the week. Fortunately, the rebound in ENDP is already beginning to fade under its simple 10-dma. This looks like an entry point for new positions if you missed it the first time. We're going to lower our stop loss to $20.26. The P&F chart is looking increasingly bearish with its $14 target. We will continue to target the $15-14 level.

Annotated Chart:

Picked on July 26 at $19.49
Gain since picked:   - 0.29
Earnings Date      07/14/04 (confirmed)
Average Daily Volume:   871 thousand

Link to Current Quote ENDP


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