Editor's Note:

I am suggesting an early exit for CTXS and SHAW tonight.

Current Portfolio:


BULLISH Play Updates

Broadcom Corp. - BRCM - close: 33.22 change: -0.09 stop: 31.75

The slow correction in shares of BRCM continues. The early morning rally failed and the stock looks headed for short-term 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


Linear Tech. - LLTC - close: 28.60 change: +0.18 stop: 27.70

The rebound in LLTC continues. Shares managed to keep pace with the rally in semiconductors today. Both LLTC and the SOX were showing relative strength when compared to the NASDAQ or the S&P 500. It is worth noting that volume was light probably due to the quarter end tomorrow. 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: 10.71 change: -0.16 stop: 10.60

After four weeks of gains PMTI is still correcting. The stock lost another 1.4% for its fifth decline in a row. Odds are very strong that PMTI will hit our stop loss at $10.60 tomorrow. Lets cross our fingers that shares don't unexpectedly gap open lower.

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


UltraShort Basic Materials - SMN - close: 6.99 change: -0.00 stop: 7.15

A bounce in the dollar halted the rally in commodities yet the SMN didn't move much today. There is no change from my prior comments. We're waiting for a substantial turnaround. If we don't see some improvement by Monday we'll probably drop SMN as a candidate.

Currently we have 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.

FYI: Don't forget the SMN is the ultrashort, which will rally higher as the basic material sector retreats.

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: 20.25 change: -0.14 stop: 19.99

Nothing has changed for us with TWM. We're still waiting for a reversal higher. Previously I suggested that more aggressive traders open positions now. I would be tempted to buy the TWM on a move over $20.65 but right now our official trigger to open bullish positions is at $21.55. When the market correction begins the small caps will probably lead the way lower and that could produce a big rally in the TWM.

If triggered at $21.55 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: 19.87 chg: +0.05 stop: 21.26

Unfortunately I don't have anything new to say on CXW. The overall trend is bearish. The stock is currently seeing an oversold bounce that should roll over in the $20.00-20.50 zone. Wait for the bounce to roll over before launching new 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


Warner Chilcott - WCRX - close: 25.43 change: -0.26 stop: 26.26

WCRX continues to inch lower. Everything appears to be forecasting a breakdown below support at the $25.00 level. I am suggesting we use a trigger to open bearish positions at $24.80. If triggered our first target is $22.60. The 200-dma is nearing the $22.50 region and could offer technical support. Our second, more aggressive target is the $20.25 mark.

Trigger to open bearish positions @ 24.80

Suggested Position: SHORT WCRX stock at $24.80 (unopened)

Option Traders:
BUY the April $25.00 PUT (WCRX 10P25.00) current ask $0.50

Entry on March xx at $xx.xx
Earnings Date 05/11/10 (unconfirmed)
Average Daily Volume: 1.5 million
Listed on March 29th, 2010


CLOSED BULLISH PLAYS

CITRIX Systems - CTXS - close: 47.99 change: +0.01 stop: 46.75

I am throwing in the towel on CTXS. The stock has been churning sideways for over two weeks now. Let's exit early and move CTXS to our watch list. We can re-evaluate new positions on a bounce from support near $45.00.

Exit early

Closed Position: CTXS stock @ $47.99, Entry was $46.08

chart:

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


Shaw Group - SHAW - close: 35.14 change: -0.59 stop: 33.90

I am suggesting an early exit for SHAW. We were triggered on a failed rally pattern on March 25th. Today the stock has produced a bearish reversal pattern under resistance at the $36.00 level. We need to exit early and cut our losses. Readers may want to keep SHAW on their watch list just to see if shares bounce from the rising 50-dma.

Early exit

Closed Position: SHAW stock @ $35.14, Entry was @ $36.25 (-3.0%)

chart:

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