Editor's Note:

FWLT gapped open above our exit target. IRC hit our trigger to open positions. Downgrades are starting to become a problem. The rally has stalled for CTXS, NUE, and POWR.

Current Portfolio:


BULLISH Play Updates

Broadcom Corp. - BRCM - close: 33.61 change: +0.09 stop: 31.40

The rally in BRCM seemed to stall after one analyst firm started coverage on the stock with a "hold". The trend is up and shares are leading the sector higher but I am not suggesting new positions at current levels. Our first target is $34.95. Our second, more aggressive target is $37.40 with a time frame of several weeks.

Current Position: BRCM stock @ 32.66

Entry on March 11 at $32.66
Earnings Date 04/21/10 (unconfirmed)
Average Daily Volume: 8.0 million
Listed on March 10th, 2010


CITRIX Systems - CTXS - close: 47.43 change: -1.52 stop: 44.95

Ouch! CTXS lost 3.1% thanks to a downgrade. Shares were downgraded from a "buy" to a "neutral" this morning. Traders eventually bought the dip near $47.00. Volume was very high on today's move at nearly three times the normal volume. That could be a bad sign that investors were liquidating their positions. I am not suggesting new bullish positions at this time. Our target to exit is $49.65.

Current Position: CTXS stock @ 46.08

Entry on March 10 at $46.08
Earnings Date 04/29/10 (unconfirmed)
Average Daily Volume: 4.5 million
Listed on March 9th, 2010


Goldcorp - GG - close: 39.80 change: -0.26 stop: 38.49

Gold was initially trading higher this morning on dollar weakness but the dollar reversed its losses and gold reversed its gains. Shares of GG opened higher but eventually closed in negative territory. We are still waiting for a breakout higher.

It looks like the dollar has rolled over in spite of today's move. If the dollar retreats it will be bullish for gold and thus the gold miners. I am suggesting a trigger to buy GG at $41.10. If triggered our target is $44.90.

Trigger to open positions @ 41.10

Suggested Position: GG stock @ 41.10(unopened)

Option traders may want to consider the following:

BUY CALL APRIL $42 (GG 10D42.00) current ask $0.85

Entry on March xx at $xx.xx
Earnings Date 05/06/10 (unconfirmed)
Average Daily Volume: 7.5 million
Listed on March 16th, 2010


Inland Real Estate Corp. - IRC - close: 9.31 change: +0.14 stop: 8.49

The rally in IRC continues and shares hit our trigger to open bullish positions at $9.25 today. This is a new 52-week high and a move over significant resistance. On a short-term basis IRC is overbought but longer-term the stock has built a significant base to rally higher from.

Our play is open but more patient traders may want to wait to buy a dip near $9.00. The first target to take profits is $9.99. Our second target is $10.95. Investors could probably hold on to IRC for months and aim for the $12.50-13.00 zone. Our time frame is several weeks and I do mean several!

IRC hit our trigger at $9.25

Current Position: IRC stock @ $9.25

chart:

Entry on March 17 at $ 9.25
Earnings Date 05/06/10 (unconfirmed)
Average Daily Volume: 417 thousand
Listed on March 13th, 2010


Linear Tech. - LLTC - close: 28.80 change: +0.31 stop: 26.95

The SOX semiconductor index was a strong performer today but it could face significant resistance at its January highs. Meanwhile LLTC hit a new six-week high at $29.13 but pared its gains by the close. If you're looking for a new entry point I would wait for a new bounce from the $28.00 area. Our first target is $29.95. Our second target is $30.95.

Current Position: LLTC stock @ 28.25

If you trade options consider this:

Current Position: CALL APR 28.00 (LLTC 10D28.00) @ $1.00

Entry on March 16 at $28.25
Earnings Date 04/13/10 (unconfirmed)
Average Daily Volume: 3.9 million
Listed on March 11th, 2010


NUCOR - NUE - close: 45.11 change: -0.96 stop: 43.85

Uh-oh! NUE has completely erased yesterday's gain and bullish breakout. The move looks like a possible bull-trap pattern. Today's relative weakness was fueled by an analyst downgrade for NUE. I am suggesting caution here. No new positions at this time.

Our first target to take profits is at $46.75. Our second and final target is $49.85.

Current Position: NUE stock @ $42.98

Entry on February 16 at $42.98 (small positions)/gap higher entry
Earnings Date 04/22/10 (unconfirmed)
Average Daily Volume: 6.1 million
Listed on February 16, 2009


POWR - Powersecure Intl $8.32 Change +0.00 stop $7.95

POWR tried to rally again this morning but traders sold into strength. On the other hand they're still buying the dip near $8.00. The trend is still up even if momentum has stalled. I am not suggesting new positions. Our final target to exit the stock is $9.25.

Current Position: POWR stock with a stop at $7.45

Option buyers:
Closed Position: MARCH $7.50 CALL (POWR 10C0750) @ $1.45 Entry price on the option was $0.55

Entry on March 03 at $ 7.64
Earnings Date 03/11/10 (confirmed)
Average Daily Volume: 78K
Listed on March 2nd, 2010


Palomar Medical Tech. - PMTI - close: 10.51 change: +0.16 stop: 9.74

That's odd. We have two stocks in a row that closed unchanged on the session. Shares of PMTI dipped toward $10.20 and its 10-dma before bouncing back. I remain bullish with the stock above $10.40. Our first target is $11.45. Our second target is $12.75 but PMTI will have to push past technical resistance at the 200-dma first. Our time frame is several weeks.

Current Position: PMTI stock @ 10.55

Entry on March 16 at $10.55
Earnings Date 04/29/10 (unconfirmed)
Average Daily Volume: 132 thousand
Listed on March 13th, 2010


Wells Fargo - WFC - close: 30.55 change: +0.27 stop: 28.75 *new*

Banking stocks were some of the best performers here in the U.S. and in Europe. Shares of WFC continue to rally and hit new four-month highs. I am raising our stop loss to $28.75. Our target is $31.35. More aggressive traders could aim higher.

Current Position: WFC stock @ 29.53

Entry on March 11 at $29.53
Earnings Date 04/22/10 (unconfirmed)
Average Daily Volume: 38.1 million
Listed on March 10th, 2010


BEARISH Play Updates

Bally Technologies - BYI - close: 39.08 change: +0.34 stop: 40.05

I remain very cautious on BYI given yesterday's sudden rebound. More conservative traders may want to lower their stop loss closer to the $39.50 level, which is very short-term resistance. I am not suggesting new bearish positions at this time.

Our first target to take profits is at $35.05 since the $35.00 level has been support in the past. Our second target is $32.00. More aggressive traders could aim for the $30 level.

FYI: This should be considered an aggressive trade. The most recent data available listed short interest at nearly 13% of the 52 million-share float. That is above average and if BYI makes a sudden move higher it raises the risk of a short squeeze.

Current Position: SHORT BYI stock @ 37.63

Entry on March 16 at $37.63
Earnings Date 05/06/10 (unconfirmed)
Average Daily Volume: 1.9 million
Listed on March 15th, 2010


PALM - Palm Inc - close: 5.37 change: -0.02 stop: 6.50

PALM did not participate in the market's widespread rally today. Although I will note that PALM bounced off its intraday lows at $5.29. Tomorrow and Friday could be volatile. The company reports earnings after the closing bell on Thursday. Holding over an earnings report is risky. Our plan is to sell half our position at the close on Thursday to reduce our risk. Our first target to take profits is at $4.00.

Current Position: (SHORT) PALM @ $ 5.80

Entry on March 8th at $ 5.80
Earnings Date 03/18/10 (confirmed)
Average Daily Volume: 25 million
Listed on March 6th, 2010


CLOSED BULLISH PLAYS

FWLT - Foster Wheeler $27.50 change -0.34 stop $25.85

Target achieved. FWLT actually gapped open higher at $28.02 and hit $28.11 before reversing. Our target to exit was $28.00 so the play was closed this morning.

Closed Position: FWLT @ $28.02
Entry was $25.13

Option buyers:
Closed Position: APR $26.00 CALL (FWLT 10D2600) @ $2.48
Entry was $1.10

chart:

Entry on March 04 at $25.13
Earnings Date 05/06/10
Average Daily Volume: 4.5M
Listed on March 3rd, 2010