Editor's Note:
The early morning strength in stocks ran out of steam and the market sank toward the closing bell. It seems like the correction isn't over yet.

-James

Current Portfolio:


BULLISH Play Updates

Alcoa Inc - AA - close: 13.40 change: -0.09

Stop Loss: 12.45
Target(s): 14.95, 15.95
Current Option Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
11/15: The early morning rally fizzles and stocks rolled over late in the afternoon. The strong dollar wasn't helping the commodity space. I am still expecting AA to dip to $13.20 and patient traders may want to wait for a dip to $13.00 before launching bullish positions.

Suggested Position: Buy AA stock @ 13.20

Entry on November xx at $xx.xx
Earnings Date 01/10/11 (unconfirmed)
Average Daily Volume: 26.1 million
Listed on November 6th, 2010


Citigroup Inc - C - close 4.32 change +0.03

Stop Loss: 4.08
Target(s): 4.60, 4.75, 4.95
Current Option Gain/Loss: + 3.8%
Time Frame: 4 to 6 weeks
New Positions: NO

Comments:
11/15: Financial stocks were looking strong this morning thanks in part to news that credit card delinquencies are improving. Yet Citigroup's rally stalled twice near $4.37. Don't be surprised to see C test $4.20 again. Actually it wouldn't surprise me to see C dip toward $4.10. Use the dip as a new entry point.

Current Position: Long C stock, entry was at $4.16
Options Traders: Long December $4.00 CALL

Entry on October 27, 2010
Earnings Date 01/19/11 (unconfirmed)
Average Daily Volume: 523 million
Listed on October 25, 2010


Cisco Systems - CSCO - close: 19.95 change: -0.20

Stop Loss: 19.75
Target(s): 22.25, 23.75
Current Gain/Loss: -2.06%
Time Frame: 6 to 8 weeks
New Positions: Yes

Comments:
11/15: The market bounce this morning and a new "buy" rating on CSCO helped shares gap open higher at $20.37 (our entry point). Unfortunately the strength didn't last long and CSCO closed under round-number support at $20.00. That doesn't bode well. The August low was $19.82. I would either buy a dip near $19.85 or wait for a bounce before launching new positions. Our stop is at $19.75.

Current Position: Long CSCO stock, Entry @ 20.37
- or
Long the 2011 January $20.00 calls (symbol: CSCO1122A20) entry @ $1.24

Entry on November 15 at $20.37
Earnings Date 02/03/11 (unconfirmed)
Average Daily Volume: 72 million
Listed on November 13th, 2010


CVS Caremark Corp. - CVS - close: 30.05 change: -0.19

Stop Loss: 30.45
Target(s): 33.50, 34.90
Current Option Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
11/15: CVS is still correcting. The bounce this morning failed pretty quickly. I'm starting to think shares are headed for the early November low of $29.70. Keep an eye on this level. If CVS can bounce from $29.70 we might buy the bounce and use a very tight stop loss. Otherwise we'll probably drop CVS as a bullish candidate soon. Currently the plan calls for a buy the breakout trigger at $31.80.

BULLISH TRIGGER @ 31.80

Suggested Position: buy the stock @ 31.80
- or
BUY the 2011 January $33.00 call (symbol: CVS1122A33)

Entry on November xx at $xx.xx
Earnings Date 02/08/11 (unconfirmed)
Average Daily Volume: 10.1 million
Listed on November 8th, 2010


Hansen Natural Corp. - HANS - close: 49.65 change: -0.50

Stop Loss: 47.25
Target(s): 51.75
Current Option Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
11/15: As expected the bounce in HANS is failing. Look for a dip toward $48.00 and its rising 50-dma. Keep your positions small to limit your risk.

Earlier Comments:
Use a trigger at $48.25 to buy HANS or buy calls. If triggered we'll use a stop loss at $47.25.

Suggested Position: BUY the stock at $48.25

- or -

BUY the December $50.00 calls (on a dip at $48.25)

Entry on November xx
Earnings Date 11/04/10 (confirmed)
Average Daily Volume: 4.5 million
Listed on October 16, 2010


Kroger Co. - KR - close 22.85 change -0.14

Stop Loss: 21.45
Target(s): 23.70
Current Option Gain/Loss: + 1.33%
Time Frame: 6 to 8 weeks
New Positions: Yes

Comments:
11/15: The bounce in KR is stalling. Like most of the market KR rolled over this afternoon. Look for a dip back toward short-term support near $22.50. More conservative traders may want to use a tighter stop loss closer to $22.00.

Earlier Comments:
Stop loss at $21.45. Our target is $23.70 near the April highs. We'll set a secondary, longer-term target at $24.75.

Current Position: Long KR stock @ 22.55

Entry on November 9th @ 22.55
Earnings Date 12/8/2010 (unconfirmed)
Average Daily Volume: 6 million
Listed on November 3, 2010


Onyx Pharmaceuticals - ONXX - close: 29.79 change: +0.07

Stop Loss: 26.45
Target(s): 32.00, 34.50
Current Gain/Loss: unopened
Time Frame: 8 to 10 weeks
New Positions: Yes, see trigger

Comments:
11/15: There is no change from my weekend comments. We want to buy a dip at $28.60. Patient traders could wait for a dip closer to the $28.00 mark instead. If triggered our first target is $32.00.

Suggested Position: Buy ONXX stock @ 28.60

Entry on November xx at $xx.xx
Earnings Date 02/23/11 (unconfirmed)
Average Daily Volume: 1.1 million
Listed on November 13th, 2010


Tractor Supply Co. - TSCO - close: 40.53 change: -0.15

Stop Loss: 38.75
Target(s): 44.75
Current Option Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
11/15: TSCO is still inching lower. There is no change from my prior comments. Look for a dip toward $40.00 or the rising 50-dma (currently 38.75). I am suggesting a trigger to buy TSCO at $40.10.

Buy-the-Dip Trigger @ $40.10

Suggested Position: Buy TSCO stock @ 40.50

Entry on November xx at $xx.xx
Earnings Date 01/27/11 (unconfirmed)
Average Daily Volume: 751 thousand
Listed on November 11th, 2010


SPDR Financial ETF - XLF - close 15.01 change +0.07

Stop Loss: 14.45
Target(s): 17.25
Current Option Gain/Loss: - 2.3%
Time Frame: 6 to 8 weeks
New Positions: Yes

Comments:
11/15: Financials were leading the market higher this morning. Yet the rally faded and the banking sector gave back most of its gains. That's not a healthy signal for us. I suspect the XLF could retest the $14.80-14.70 zone. Look for that dip as a new entry point to buy the XLF. More conservative traders may want to wait for a bounce first.

Earlier Comments:
Stop loss is at $14.45. Our first target is $17.25. You might want to buy call options instead of the ETF because the XLF doesn't move very fast (I'm thinking the 2011 January calls).

Current Position: Long the XLF (etf) @ 15.25

- or -

Options Traders: Long the 2011 January $15.00 call, entry @ $0.85

Entry on November 9th @ 15.25
Earnings Date N/A (unconfirmed)
Average Daily Volume: 83 million
Listed on November 4, 2010


BEARISH Play Updates

Corporate Office Properties - OFC - close: 35.02 change: -0.44

Stop Loss: 37.05
Target(s): 32.25, 30.25
Current Gain/Loss: - 1.11%
Time Frame: 6 to 8 weeks
New Positions: Yes

Comments:
11/15: The bounce attempt in OFC seems to be fading. Resistance at $36.00 is holding. OFC looks ready to break downward into a new leg lower. I would use today's move as a new entry point for bearish positions.

FYI: The P&F chart is currently bearish with a $29 target.

Current Position: Short OFC stock @ 35.07

Entry on November 10 at $35.07
Earnings Date 02/09/11 (unconfirmed)
Average Daily Volume: 1.0 million
Listed on November 9th, 2010