Editor's Note:
Good evening. We were stopped out of CLNE today for a disappointing loss as important support was broken. I continue to favor a healthy correction in the market but it could come fast so be prepared to take profits or tighten stops on bearish positions.

Current Portfolio:


BULLISH Play Updates

CLNE - The stock broke support and we were stopped out. The closed play is listed below.

LOGI - We are waiting to be triggered at $16.60 to enter long positions. Please refer to Saturday's play release for details.

NE - We are likely going to get stopped out of NE at $32.85 if there is any weakness in the oil services sector tomorrow. I suggest readers use caution. Honor stops or use bounces as opportunities to exit positions. I've added 33.95 and 34.70 as immediate targets to consider exiting positions.

VXX - VXX is moving in our direction as the market sold off today. I suggest picking your exit and sticking with it. My primary targets are $18.45 and $19.25. If a market correction gains momentum VXX may surge higher than these targets but tightening stops and protecting profits at these levels is suggested.


BEARISH Play Updates

FLIR - The stock got hit hard today closing down -2.64%. I suggest we lower the trigger to enter short positions to $26.20 which should act as a brick wall. If we are patient the trade should pay off.

QQQQ - We are short the Q's as of today's open at $48.86. Our immediate target is $47.25.

SF - SF remains weak and hit our second target of $45.05 today. If the broader market heads lower SF should trade to our final target of $44.05 fairly quick.

XLF - XLF has been stubbornly clinging to its 50-day SMA. We are playing for a quick correction with $13.85 and $13.55 the primary targets.


CLOSED BULLISH PLAYS

Clean Energy Fuels - CLNE - close 13.26 change -0.52 stop 13.90

Target(s): 16.15, 16.80
Key Support/Resistance Areas: 17.00, 16.20, 14.80
Final Gain/Loss: -8.25%
Time Frame: 1 to 3 weeks
New positions: Closed

Comments:
10/4: CLNE broke through support and hit our stop today so we are flat the positions for a disappointing loss. There was no news I could find as to why the stock sold off. There were most likely stop orders below $14 which created a wave selling pressure. It looks like there could be more selling ahead into the $11.50 to $12.50 area.

Closed Position: Long CLNE stock at $13.90, entry was at $15.15

Annotated chart:

Entry on September 23, 2010
Earnings 11/9/2010 (unconfirmed)
Average Daily Volume: 973,000
Listed on September 13, 2010