Schaeffer's Daily Market Blog Features: Apple Computer, Black & Decker, Jack & the Box, Sara Lee, Nasdaq-100 Trust.

CINCINNATI -- Among the stocks featured in the August 8 edition of Schaeffer's Market Blog are Apple Computer (NASDAQ:AAPL), Black & Decker (NYSE:BDK), Jack & the Box (NYSE:JBX), Sara Lee (NYSE:SLE), and the Nasdaq-100 Trust (NASDAQ:QQQQ). Schaeffer's Market Blog is just one of the many free market commentaries written every day at www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. The Market Blog is written throughout every trading day by Schaeffer's financial analysts and traders. They are quick insights to the day's most notable market activity from an options perspective. For additional information about this report or to have it delivered to you free via email every day click on the following link. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB12M&PAGE=1

Schaeffer's Market Blog for Tuesday, August 8, 2006:

Below are just a few of today's Market Blog entries. Click here to read all of today's Market Blog. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB1C&PAGE=1

Posted 9:52 AM Free Financial Podcasts

Don't forget that many of our observations are available as audio presentations that you can hear on your computer or download from Apple's iTunes Music Store to play on a portable device such as an iPod. To see the full menu of observations, please visit http://www.schaeffersresearch.com/commentary/podcasts/.

Later today, Jon Lewis will be interviewing senior trader Richard Sparks, which will be posted as soon as it's ready.

Posted 10:06 AM Apple Impresses Developers but not Wall Street

Yesterday, Steve Jobs presented the keynote address at Apple Computer's (NASDAQ:AAPL) Worldwide Developers Conference. AAPL's charismatic, indefatigable leader announced that the company's migration to Intel (INTC) processor chips is now complete. Wall Street, alas, seems less impressed than the firm's faithful, and the stock is in its third day of decline, slipping below the potential support of its 10-day moving average. At last check, it had breached its 10-month trendline too, a disturbing development. A close today above 67 would be a welcome demonstration of strength.

In the options pits, the August 62.50 put (QAA TZ) is popular, trading more than 3,000 contracts so far today, on open interest of slightly more than 24,000 contacts. Thus, the 62.50 level might offer a layer of support. But I'm more concerned about the wall of calls at the 65 strike, home to 39,924 contracts. If AAPL slips below 65, it might struggle to recover.

Posted 10:29 AM NYSE & NASDAQ New Highs/New Lows with Schaeffer's Equity Scorecard

Each day we look at stocks that have achieved new annual highs or lows while sporting an "extreme" Schaeffer's Equity Scorecard rating (close to zero or close to 10). Today we have 30 picks in our list. Three of the bearish picks are Hi/Fn (HIFN), McAfee (MFE), and Black & Decker (NYSE:BDK). Both HIFN and MFE have scored a rating of 1.0, while BDK earns a 2.0. These low readings suggest that although this trio has recently scored new annual lows, further downside is likely in the offing.

Posted 10:55 AM Jack in the Box (JBX) Reports Earnings

Fast-food concern Jack in the Box (NYSE:JBX) has popped seven percent higher this morning as it gradually builds on its upside gap out of the gate. This morning, the company said its third-quarter net income rose to $27.8 million, or 77 cents per share, up from year-ago results of $23.9 million, or 66 cents per share. Revenue rose 10 percent to $648.8 million during the reporting period. Wall Street was calling for per-share results of 66 cents.

Looking forward, the company boosted its 2006 profit guidance to $2.72 to $2.74 per share, up from previous estimates of $2.60 to $2.63 in the year-ago period. Same-store sales are expected to grow between 4.0 and 4.5 percent during 2006, while fourth-quarter earnings per share are targeted between 64 and 66 cents.

Today's rally in the shares has lifted JBX above its 10-week and 20-week moving averages and into territory not visited since early June. This move could spook some of the short sellers; with a short-interest ratio of 5.17 days to cover, a short-covering rally is certainly not out of the question. JBX currently earns a 6.0 rating on the Schaeffer's Equity Scorecard, indicating a slight preference for the upside at the current juncture.

Posted 12:07 PM Sara Lee (SLE) Adjusts Long-Term Goal

Sara Lee (NYSE:SLE) reported this morning that its fourth-quarter profits totaled a penny per share, improving over last year's per-share loss of 19 cents. On a continuing basis, SLE lost 15 cents per share, while sales rose 1.8 percent to $4.1 billion. Looking forward, the company said that, due to weaker-than-expected performance over the past two years, it no longer expects to reach its long-term goal of a 12-percent operating margin and $14 billion in sales by fiscal 2010. Sales are now expected to rise between two and four percent each year, with margins posting gradual improvement annually.

In other news, SLE said it will complete the spin-off of its Hanesbrands Inc. apparel unit on September 5, and the business will debut for public trading on the New York Stock Exchange the following session. After this is finished, SLE will have cast off businesses totaling about 40 percent of the company's annual revenue.

SLE shares started lower out of the gate but within 15 minutes of trading saw its decline thwarted at the 16.50 mark. For the past two hours or so, the shares have been bouncing against this level, which does not happen to be the site of an option strike or any major moving-average trendline.

Posted 12:56 PM Calls Go Crazy on the QQQQ

The Nasdaq-100 Trust (NASDAQ:QQQQ) is seeing monstrous call volume at its August 38 and 39 strikes. Much of the volume appears to be buyer initiated and is in excess of current open interest on the option contracts. Therefore, at least some of the volume will result in new open positions. Clearly, this activity is unusual, and would represent a very bullish attitude toward the broader market ahead of the Fed report today. Just to put things in perspective, call activity on the QQQQ is outpacing put activity by a ratio of more than 14-to-one.

For more information on these stocks or any stock in your portfolio, feel free to visit our Schaeffer's Equity Scorecard feature. Click here to read all of today's Market Blog: http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB13C&PAGE=1

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Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, http://www.SchaeffersResearch.com, is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: http://www.SchaeffersResearch.com/method.