Editor's Note:
Stocks turned in a quiet session without any catalysts to move the market higher.

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 32.81 change: -0.01

Stop Loss: 30.90
Target(s): --.--, 34.75
Current Gain/Loss: +10.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: With the market moving sideways on Monday there was no help to push ACIW past resistance at $33.00. There is no change from my weekend comments. I am not suggesting new positions and more conservative traders will want to strongly consider locking in gains now.

Officially we're aiming for the $34.75 level but plan to exit ahead of the late April earnings report.

FYI: ACIW does have options but the spreads are very wide, which puts us at a significant disadvantage.

SMALL bullish positions

Current Position: Long ACIW stock @ $29.63

04/02 New stop loss @ 30.90
03/24 first exit was at $32.25 (+8.8%)
03/23 Sell half now! exit price at the open on 3/24
03/22 New stop loss @ 29.75, 1st Target adjusted to $32.85
03/19 New stop loss @ 29.35

Entry on February 25 at $29.63
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume: 122 thousand
Listed on February 24th, 2010


AutoNation, Inc. - AN - close: 34.59 change: -1.03

Stop Loss: 33.49
Target(s): 38.00, 39.75
Current Gain/Loss: - 1.8%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/04 update: AN management announced that the company's March sales rose +19% over a year ago. So why did the stock drop -2.8%? The weakness was probably due to management's comments that they do expect supply disruptions for Japanese automakers to impact supply availability in the second and third quarters of this year. However, AN remains optimistic that 2011 will continue to see improvement for the consumer.

I would take advantage of this dip to the 10-dma and buy AN now. Or you can wait for a dip closer to the $34.00 level, which should be support.

Our upside targets are $38.00 and $39.75 although that might be a little optimistic. We do not want to hold over the late April earnings report.

Current Position: Long AN stock @ $35.25

- or -

Long the May $36 calls (AN1121E36) Entry @ $1.15

Entry on March 30 at $35.25
Earnings Date 04/26/11 (unconfirmed)
Average Daily Volume: 972 thousand
Listed on March 29th, 2011


Aon Corp. - AON - close: 53.80 change: +0.04

Stop Loss: 50.90
Target(s): 59.00
Current Gain/Loss: +0.0%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/04 update: It was a quiet day for AON but shares did hit a new 52-week high above the $54 level on Monday morning. The stock opened at $53.76 and closed with a minor gain. While I would open new positions here it looks like there is a strong chance AON will test support near $53.00 again. Readers may want to wait for a dip near $53.00 before opening positions. Our time frame is the end of April since earnings are due out in early May. FYI: The Point & Figure chart for AON is bullish with a $90 target.

Current Position: Long AON stock @ $53.76

- or -

Long the May $55.00 call (AON1121E55) Entry @ $0.95

Entry on April 4 at $53.76
Earnings Date 05/02/11 (unconfirmed)
Average Daily Volume: 2.2 million
Listed on April 2nd, 2011


Danaher Corp. - DHR - close: 52.30 change: -0.27

Stop Loss: 49.95
Target(s): 55.90
Current Gain/Loss: - 0.5%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/04 update: DHR spent the day consolidating sideways. There is no change from my weekend comments. I would still buy the stock (or calls) now at current levels. Our first target is $55.90. We will plan to exit ahead of the April 21st earnings report. I'm listing a stop loss at $49.95 but more conservative traders might want to use a stop closer to the $51.00 level (the $50.80 mark would work).

Current Position: long DHR stock @ $52.57

- or -

Long the May $55 call (DHR1121E55) entry @ $0.70

Entry on April 4 at $52.57
Earnings Date 04/21/11 (confirmed)
Average Daily Volume: 2.9 million
Listed on April 2nd, 2011


Dick's Sporting Goods Inc. - DKS - close: 40.77 change: +0.30

Stop Loss: 37.45
Target(s): 42.25, 44.50
Current Gain/Loss: +3.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: DKS was showing a little relative strength on Monday with a +0.7% gain. The stock closed near its high for the day, which bodes well for tomorrow. I would consider new positions here but the early March highs remain potential resistance. Please note our new stop loss at $37.45. Our targets are $42.25 and $44.50.

FYI: The Point & Figure chart for DKS is bullish with a $65 target.

- Small Positions -

Current Position: Long DKS stock @ $39.39

- or -

Long the June $40 calls (DKS1118F40) Entry @ $2.35

04/02 New stop loss @ 37.45

Entry on March 21 at $39.39
Earnings Date 05/18/11 (unconfirmed)
Average Daily Volume: 1.6 million
Listed on March 19th, 2010


eBay Inc. - EBAY - close: 31.39 change: +0.03

Stop Loss: 29.49
Target(s): 34.90, 39.00
Current Gain/Loss: + 0.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/04 update: Nothing has changed for EBAY. The stock is still consolidating sideways inside a neutral pattern and should breakout one way or the other pretty soon. Readers may want to wait to buy the stock (or calls) on a move past $32.00 or its 50-dma. Or you could wait for a rise past the March 25th high near $32.40 as your new entry point.

Our first target is $34.90. We do not want to hold over EBAY's late April earnings report.

Current Position: Long EBAY stock @ $31.25

- or -

Long the May $33.00 calls (EBAY1121E33) Entry @ $0.75

Entry on March 28 at $31.25
Earnings Date 04/27/11 (unconfirmed)
Average Daily Volume: 10 million
Listed on March 24th, 2011


Ford Motor Co. - F - close: 15.55 change: +0.39

Stop Loss: 14.19
Target(s): 16.45, 17.45
Current Gain/Loss: + 3.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: An upgrade this morning for Ford helped push the stock to a +2.5% gain. The breakout past the 50-dma is encouraging. If you're looking for a new entry point consider waiting for a dip near $15.25-15.00. Our targets are $16.45 and $17.45.

Current Position: Long F stock @ $15.05

- or -

Long the April $15 calls (F1116D15) Entry @ $0.33

Entry on March 24 at $15.05
Earnings Date 04/21/11 (unconfirmed)
Average Daily Volume: 82 million
Listed on March 15th, 2010


Gildan Activewear - GIL - close: 33.18 change: -0.11

Stop Loss: 29.70
Target(s): 34.85, 38.00
Current Gain/Loss: + 9.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: GIL consolidated sideways above the $33.00 level most of Monday's session. I am not suggesting new positions at current levels. Look for dips in the $32.50-32.00 zone.

Current Position: long GIL stock @ 30.35

- or -

Long the April $30 call (GIL1116D30) Entry @ $1.60

03/19 New stop loss @ 29.70
03/08 Triggered $ 30.35
03/01 Adjusted buy-the-dip trigger to $30.35
03/01 Adjusted stop loss to $28.99

Entry on March 8 at $30.35
Earnings Date 05/12/11 (unconfirmed)
Average Daily Volume: 634 thousand
Listed on February 28th, 2010


Harley Davidson - HOG - close: 41.92 change: -0.23

Stop Loss: 39.75
Target(s): 47.00, 49.75
Current Gain/Loss: - 0.5%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/04 update: HOG saw some minor profit taking. There is no change from my weekend comments. I would still consider new positions now or you can look for a dip closer to $41.00. Readers will want to keep their position size small to limit our risk. We only have a few weeks since we will plan to exit ahead of the late April earnings report.

Current Position: long HOG stock @ $42.13

- or -

Long the May $45 calls (HOG1121E45) entry @ $0.95

Entry on March 31 at $42.13
Earnings Date 04/19/11 (unconfirmed)
Average Daily Volume: 2.0 million
Listed on March 30th, 2011


KLA-Tencor - KLAC - close: 46.43 change: -0.37

Stop Loss: 44.95
Target(s): 49.90
Current Gain/Loss: - 0.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04 update: Traders need to be cautious with the chip stocks like KLAC. The sector has been underperforming and the SOX lost -0.8% today. KLAC followed suit and closed under technical support near its 50-dma. I've been warning readers to look for a dip near $46.00. This should be short-term support. I would be tempted to open positions here in spite of the recent weakness but you might want to use a much tighter stop loss.

FYI: After the closing bell Texas Instruments (TXN) announced a $25 per share offer to buy National Semiconductor (NSM). Shares of NSM were trading above $24 after hours. TXN was trading down less than a dollar. If this news sparks the belief the sector could see more M&A then the semiconductor stocks could turn around and move higher.

Current Position: Long KLAC stock @ $46.65

- or -

Long the April $45 calls (KLAC1116D45) Entry @ $2.85

Entry on March 24 at $46.65
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume: 2.5 million
Listed on March 23rd, 2011


NVIDIA Corp. - NVDA - close: 17.55 change: -0.65

Stop Loss: 16.85
Target(s): 19.95, 21.75
Current Gain/Loss: - 3.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/04 update: NVDA helped lead the semiconductor sector lower after some bearish analyst comments this morning. UBS lowered their target price on NVDA to $20. NVDA gave up -3.5%. The close under $18.00 is bearish. Shares are probably headed for their March lows near $17.00. Nimble traders could try buying dips near $17.00. I would prefer to buy a bounce from $17.00. It will be interested to see how the TXN-NSM merger news might affect this industry tomorrow.

Our first target for NVDA is at $19.95. Our second target is $21.75.

Prior Comments:
This is a very speculative, higher-risk trade. Remember to keep your positions small to limit your risk.

- small bullish positions -

Current Position: long NVDA stock @ $18.19

- or -

Long the April $20 calls (NVDA1116D20) Entry @ $0.72

Entry on March 14 at $18.19
Earnings Date 05/12/11 (unconfirmed)
Average Daily Volume: 35 million
Listed on March 12th, 2010


Polycom Inc. - PLCM - close: 49.12 change: -0.49

Stop Loss: 47.40
Target(s): 54.85,
Current Gain/Loss: - 1.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: The sharp sell-off on Friday saw some follow through Monday morning. PLCM plunged to $47.67 very quickly but found support at its rising 50-dma. I have been suggesting that we buy dips in the $49.00-48.50 zone so today's move is an entry point. Our upside target is $54.85.

- Small Bullish Positions -

Current Position: Long PLCM stock @ $50.18

- or -

Long the May $52.50 calls (PLCM1121E52.5) Entry @ $2.00

04/02 New stop loss @ 47.40
03/23 Entry price on the May $52.50 call is an estimate.

Entry on March 23 at $50.18
Earnings Date 04/21/11 (unconfirmed)
Average Daily Volume: 967 thousand
Listed on March 22nd, 2011


Patterson-UTI Energy Inc. - PTEN - close: 28.95 change: +0.00

Stop Loss: 25.95
Target(s): 31.50, 34.00
Current Gain/Loss: + 2.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/04 update: PTEN closed unchanged on the session. I would prefer to launch new positions on a dip near $28.50-28.00. More conservative traders might want to inch up their stop loss.

Prior Comments:
The $30.00 mark might offer some resistance but I'm targeting a climb to $31.50 and the $34.00 levels.

Current Position: Long PTEN stock @ 28.25

- or -

Long the May $30 calls (PTEN1121E30) Entry @ $0.95

Entry on March 25 at $28.25
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume: 2.8 million
Listed on March 17th, 2010


Ryder Systems Inc. - R - close: 50.42 change: -0.24

Stop Loss: 47.40
Target(s): 53.00
Current Gain/Loss: + 0.3%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/04 update: There is no change from my weekend comments on R. I would wait for dips near $50.00 or the 10-dma as our next entry point for bullish positions. Our target is the $53.00 level. We do not want to hold over the late April earnings report.

Current Position: Long R stock @ $50.25

- or -

Long the May $50 call (R1121E50) Entry @ $2.55

Entry on March 30 at $50.25
Earnings Date 04/21/11 (unconfirmed)
Average Daily Volume: 388 thousand
Listed on March 26th, 2011


Tesoro Corp - TSO - close: 27.86 change: +0.82

Stop Loss: 23.95
Target(s): 29.90
Current Gain/Loss: + 6.5%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/04 update: TSO displayed relative strength with a +3.0% gain but volume was very weak. I am not suggesting new positions at these levels. Our target to exit is $29.90. Readers may want to go ahead and adjust their stop loss higher.

Prior Comments:
This is a higher-risk, more aggressive trade. Keep your position size small. FYI: The most recent data listed short interest in TSO at more than 13% of the stock's 141 million-share float. A breakout past resistance could spark another short squeeze.

Current Position: Long TSO stock @ 26.15

- or -

Long the May $27.00 calls (TSO1121E27) Entry @ $1.60

Entry on March 24 at $26.15
Earnings Date 04/25/11 (unconfirmed)
Average Daily Volume: 8.2 million
Listed on March 21st, 2010


Williams Companies, Inc. - WMB - close: 31.10 change: -0.18

Stop Loss: 29.45
Target(s): 34.50
Current Gain/Loss: - 0.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: Today's dip in WMB could be an entry point. I have been suggesting a dip into the $31.00-30.00 zone as a area to consider buying WMB.

Current Position: long WMB stock @ $31.26

- or -

Long the May $30 calls (WMB1121E30) Entry @ $2.10

Entry on March 28 at $31.26
Earnings Date 05/05/11 (unconfirmed)
Average Daily Volume: 7.0 million
Listed on March 26th, 2011


Weyerhaeuser Co. - WY - close: 24.96 change: -0.18

Stop Loss: 23.40
Target(s): 27.25, 29.25
Current Gain/Loss: + 1.1%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/04 update: The rally in WY has stalled at resistance near its February and March highs. Shares could retest their trend of higher lows or the 50-dma before moving higher. I would look for an entry point near $24.50 or wait for a breakout past $25.30.

Prior Comments:
Keep your positions small to limit your risk.

Suggested Position: long WY stock @ $24.68

- or -

Long the July $25 calls (WY1116G25) Entry @ $1.64

03/24 New stop @ 23.40

Entry on March 16 at $24.68
Earnings Date 04/29/11 (unconfirmed)
Average Daily Volume: 6.4 million
Listed on March 15th, 2010


BEARISH Play Updates

Overseas Shipholding Group - OSG - close: 31.44 change: -0.33

Stop Loss: 33.55
Target(s): 27.75, 25.25
Current Gain/Loss: + 2.3%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/04 update: OSG is still slowly slipping lower. I would still consider new bearish positions here or you could look for another failed rally near $32.00-32.50. We do want to use small positions. More conservative traders may want to adjust their stop loss closer to the $33.00 level.

Our plan was to use small positions to limit our risk. The P&F chart is forecasting a $25 target.

- Small Bearish Positions -

Current Position: Short OSG stock @ $32.20

- or -

Long the April $30 PUTS (OSG1116P30) Entry @ $0.75

03/16 New stop loss @ 33.55

Entry on March 11 at $32.20
Earnings Date 05/04/11 (unconfirmed)
Average Daily Volume: 705 thousand
Listed on March 10th, 2010