Editor's Note:
Stocks slipped from their midday highs and faded lower into the closing bell on Tuesday. A lot of equities look poised for some profit taking.

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 32.81 change: +0.00

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

Comments:
04/05 update: ACIW closed unchanged on the session. The stock has been stuck hugging resistance near the $33.00 level. 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: 34.82 change: +0.23

Stop Loss: 33.49
Target(s): 38.00, 39.75
Current Gain/Loss: - 1.2%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/05 update: AN delivered a little bounce today but I am still expecting a pull back toward the $34.00 levels. Use a dip or bounce near $34.00 as a new entry point.

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: 53.44 change: -0.36

Stop Loss: 50.90
Target(s): 59.00
Current Gain/Loss: -0.6%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/05 update: There is no change from my previous comments on AON. 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: 52.27 change: -0.03

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

Comments:
04/05 update: Traders bought the dip near $52.00 and the rising 10-dma this morning. I would still consider new positions here. 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: 41.40 change: +0.63

Stop Loss: 37.45
Target(s): 42.25, 44.50
Current Gain/Loss: +5.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/05 update: Tuesday was a bullish day for DKS. The stock broke out past its March highs to hit new all-time highs. If you are looking for a new entry point I would wait for dips in the $40.50-40.00 zone. 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: 31.84 change: +0.45

Stop Loss: 29.49
Target(s): 34.90, 39.00
Current Gain/Loss: + 1.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/05 update: We have been expecting EBAY to make a break one way or the other and shares finally did today. The stock rallied to a new four-week high early this morning. Unfortunately the stock gave back a large portion of these gains and failed to close over resistance near $32 and its 30 and 50-dma. It is very uninspiring. I'm suggesting we look for a follow up bounce tomorrow before opening new positions.

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: 15.79 change: +0.24

Stop Loss: 14.19
Target(s): 16.45, 17.45
Current Gain/Loss: + 4.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/05 update: The rally in Ford continues with a new five-week high today. I wouldn't chase it. 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: 33.24 change: +0.06

Stop Loss: 29.70
Target(s): 34.85, 38.00
Current Gain/Loss: + 9.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/05 update: GIL is still hovering sideways near last Friday's highs. If shares do see a pull back the $32.00 level should offer some short-term support. I am not suggesting new positions at current levels.

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: 41.75 change: -0.17

Stop Loss: 39.75
Target(s): 47.00, 49.75
Current Gain/Loss: - 0.9%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/05 update: HOG struggled with the $42.00 level today as overhead resistance. I am expecting a dip closer to $41.00. Wait for the dip before opening new positions. 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: 46.16 change: -0.27

Stop Loss: 44.95
Target(s): 49.90
Current Gain/Loss: - 1.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/05 update: Hmm... KLAC failed to react to the M&A news between TXN and NSM. Shares of KLAC underperformed the SOX and look poised to breakdown under the $46.00 level. I'm starting to think we should consider an early exit. More conservative traders might want to up their stop losses closer to the $46.00 level. I am not suggesting new bullish positions at this time.

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: 17.58 change: +0.03

Stop Loss: 16.85
Target(s): 19.95, 21.75
Current Gain/Loss: - 3.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/05 update: The early morning gains in NVDA faded with a failed rally near the $18 level. I am now expecting shares to retest support near $17.00. Nimble traders could try buying dips near $17.00. I would prefer to buy a bounce from $17.00.

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: 48.57 change: -0.55

Stop Loss: 47.40
Target(s): 54.85,
Current Gain/Loss: - 3.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/05 update: Uh-oh! There was no follow through higher after yesterday's intraday rebound. This is worrisome and now Friday's big drop looks more and more like a bearish reversal. I am not suggesting new positions at this time. More conservative traders may want to tighten their stop loss.

- 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: 28.96 change: +0.01

Stop Loss: 25.95
Target(s): 31.50, 34.00
Current Gain/Loss: + 2.5%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/05 update: Shares of PTEN have gone virtually no where this week. The stock was almost unchanged on Tuesday's session. I don't see any changes from my prior comments. 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: 51.12 change: +0.70

Stop Loss: 47.40
Target(s): 53.00
Current Gain/Loss: + 1.7%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/05 update: Shares of R were upgraded to a "buy" this morning. The stock gapped open higher at $51.48 but the gains quickly faded and R spent the day consolidating near $51.00. Personally, I would prefer to launch new positions on dips near $50.00 or the rising 10-dma. 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: 28.23 change: +0.37

Stop Loss: 24.90
Target(s): 29.90
Current Gain/Loss: + 7.9%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/05 update: TSO is still marching higher and shares ht a new two-year high today. I am raising our stop loss to $24.90. I am not suggesting new positions at these levels. Our target to exit is $29.90.

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

04/05 New stop loss @ 24.90

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: 30.92 change: -0.18

Stop Loss: 29.45
Target(s): 34.50
Current Gain/Loss: - 1.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/05 update: It was a quiet session for WMB with the stock hovering near $31 all day. There is no change from my prior comments. I have been suggesting a dip into the $31.00-30.00 zone as a area to consider buying WMB. Readers may want to keep their position size small to limit their risk.

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: 24.64 change: -0.32

Stop Loss: 23.40
Target(s): 27.25, 29.25
Current Gain/Loss: - 0.1%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/05 update: WY still can't get past resistance in the $25.35 area. The stock is pulling back and could end up retesting the $24.00 level or its 50-dma. I would consider new positions in the $24.50-24.00 zone but readers may want to wait and buy a bounce out of this area. Alternatively you could wait for a rally past $25.40.

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: 31.60 change: +0.16

Stop Loss: 33.10
Target(s): 27.75, 25.25
Current Gain/Loss: + 1.8%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/05 update: After three days of losses OSG produced a minor bounce. The stock failed near $32.00 intraday. This could be used as another bearish entry point. Please note that I am lowering our stop loss to $33.10.

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

04/05 New stop loss @ 33.10
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