Editor's Note:

I am cleaning up the play list today and trimming a few of our unopened candidates.

Current Portfolio:


BULLISH Play Updates

Broadcom Corp. - BRCM - close: 33.31 change: +0.19 stop: 31.75

BRCM delivered a bounce but the short-term trend is still down. I am expecting BRCM to test support near $32.00. I am not suggesting new bullish positions at current levels. Wait for a bounce from $32.00 before considering new positions. 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: 47.98 change: -0.11 stop: 46.75

It was a rather quiet day for CTXS with shares drifting sideways in a narrow range. I'm very cautious on the stock at current levels and if we don't see a bounce soon we'll drop it from the newsletter. We are not suggesting new bullish positions at this time. Currently our target to take profits is at $49.65. More aggressive traders may want to aim for the $52.00 area.

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


Linear Tech. - LLTC - close: 28.42 change: +0.46 stop: 27.70 *new*

Semiconductor stocks saw a bounce on Monday and LLTC out performed the SOX with a 1.6% gain. This looks like a new short-term entry point for bullish positions on LLTC. If you choose to jump in now be sure to adjust your stop. We are moving our stop loss to 27.70, which is just under Friday's low.

FYI: Over the weekend I suggested readers wait for a move over $28.50 before launching new positions and wouldn't you know it - LLTC failed at $28.50 today. You may want to wait for the stock to get above this level. Our first target is $29.95. Our second target is $30.95.

Current Position: LLTC stock @ 28.25

Option Traders:
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


Palomar Medical Tech. - PMTI - close: 10.87 change: -0.13 stop: 10.60

The correction in shares of PMTI continues and the stock lost another 1.1%. The close under $11.00 and its 10-dma is short-term bearish. If this trend continues we could get stopped out tomorrow.

I am not suggesting new positions at this time. PMTI has already hit our first target at $11.45. Our second and final target is $12.75. We expect to see resistance and probably a pullback near $12.00 and its 200-dma.

Current Position: PMTI stock @ 10.55

1st Target Hit (03/22/10) @ 11.45

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


Shaw Group - SHAW - close: 35.73 change: +0.38 stop: 33.90

SHAW outperformed the S&P 500 with a 1.0% gain (versus +0.5%) yet I remain cautious here. Shares failed at the $36.00 level several times today. I hesitate to open new bullish positions with SHAW under $36.00.

Our target to exit is $39.90. FYI: The point & figure chart is bullish with a $49 target. Please note that we will plan to exit ahead of the April 7th earnings report so we only have a couple of weeks.

Current Position: SHAW stock @ 36.25

Entry on March 25 at $36.26
Earnings Date 04/07/10 (unconfirmed)
Average Daily Volume: 669 thousand
Listed on March 24th, 2010


UltraShort Basic Materials - SMN - close: 6.99 change: -0.22 stop: 7.15

Basic material stocks got a boost from the currency markets. The euro bounced from multi-month lows against the dollar. This dollar weakness gave commodities a boost and the rally in commodities drove gains in the basic material stocks. The SMN fell 3.0% on the session. That's okay because we're waiting for a breakout.

Use a trigger to buy the SMN at $7.70. If triggered our first target is $8.80. Our second, more aggressive target is $9.75. It could take the SMN several weeks to get this high. By its very nature this can be a volatile issue. Keep your position size small.

Trigger to buy the SMN at $7.70

Suggested Position: BUY SMN stock @ 7.70 (unopened)

Entry on March xx at $xx.xx
Earnings Date --/--/--
Average Daily Volume: 3.3 million
Listed on March 27th, 2010


UltraShort Russell2000 ETF - TWM - close: 20.39 change: -0.22 stop: 19.99

The market experienced a widespread rebound on Monday but gains were mild. Our strategy on the TWM has not changed. When the market correction begins the small caps will probably lead the way lower.

Aggressive traders could open positions now. I am suggesting a trigger to open small bullish positions at $21.55. If triggered we'll use a stop at $19.99. Our first target is $23.95 since the $24.00 level was support in the past it could be resistance now.

Trigger to buy the TWM at $21.55

Suggested Position: BUY TWM stock @ $21.55 (unopened)

Entry on March xx at $xx.xx
Earnings Date --/--/-- (unconfirmed)
Average Daily Volume: 4.5 million
Listed on March 27th, 2010


BEARISH Play Updates

Corrections Corp. of America - CXW - close: 19.82 chg: +0.21 stop: 21.26

The oversold bounce in CXW continues and shares gained 1.0% on Monday. There is no change from my prior comments. I would look for a failed rally near $20.00 or the $20.50 level before launching new bearish positions. Our target is $18.00. The low in February 2010 was $17.50.

Current Position: SHORT CXW stock @ 19.90

Entry on March 19 at $19.90
Earnings Date 05/06/10 (unconfirmed)
Average Daily Volume: 1.1 million
Listed on March 17th, 2010


CLOSED BULLISH PLAYS

Check Point Software - CHKP - close: 34.65 change: -0.05 stop: 33.90

We have had CHKP on the newsletter for about a week and shares can't seem to get past the $35.00 level. I am temporarily removing it from the play list. I'll keep it on my watch list for an opportunity down the road. Readers may want to watch for a bounce from the rising 100-dma or a close over $35.25 as possible entry points.

NEVER OPENED

Trigger to open bullish positions at $35.35

Suggested Position: BUY CHKP stock at $35.35 (unopened)

Option Traders:
Suggested Position: BUY APRIL $35 call (CHKP 10D35.00) current ask $0.65

chart:

Entry on March xx at $xx.xx *NEVER OPENED*
Earnings Date 04/27/10 (unconfirmed)
Average Daily Volume: 1.6 million
Listed on March 23rd, 2010


EMC Corp. - EMC - close: 18.06 change: -0.50 stop: 18.45

Ouch! What happened to EMC today? The stock underperformed with a 2.69% loss on no apparent news. Traders did buy the dip near the $18.00 region, which has been support/resistance in the past. I am very concerned by the relative weakness on strong volume of 44 million shares. We are going to drop EMC as a bullish candidate. Our plan was to open positions at $19.11, which has not been triggered yet.

NEVER OPENED

Trigger to buy the stock at $19.11

Suggested Position: BUY EMC stock at $19.11 (unopened)

chart:

Entry on March xx at $xx.xx *NEVER OPENED*
Earnings Date 04/21/10 (unconfirmed)
Average Daily Volume: 20.4 million
Listed on March 23rd, 2010


Fortune Brands Inc. - FO - close: 49.34 change: +0.28 stop: 44.70

I am temporarily giving up on FO. We've been waiting on the stock to correct for over a week now. Shares remain very overbought. I would move FO to your watch list and re-evaluate the stock on a dip into the $46-45 zone. Our entry point has not been triggered yet.

NEVER OPENED

Use a trigger to buy the dip at $46.00

Suggested Position: FO stock @ 46.00 (unopened)

chart:

Entry on March xx at $xx.xx *NEVER OPENED*
Earnings Date 04/30/10 (unconfirmed)
Average Daily Volume: 805 thousand
Listed on March 20th, 2010