Editor's Note:
The oil and gas stocks struggled today in spite of a new two-year high in crude oil prices. We are starting to see a lot more profit taking in recent winners. The market's momentum could be slowing down!

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 32.90 change: +0.09

Stop Loss: 30.90
Target(s): --.--, 34.75
Current Gain/Loss: +11.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/06 update: ACIW briefly tried to rally past resistance but couldn't hold it and reversed. More conservative traders may want to take profits now or up their stop closer to the $32.00 level. I am not suggesting new positions. We will plan on exiting ahead of the late April earnings.

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: 35.22 change: +0.40

Stop Loss: 33.49
Target(s): 38.00, 39.75
Current Gain/Loss: - 0.9%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/06 update: AN is still trying to bounce and delivered a +1.1% gain. Volume was pretty light on the move. At this point I would prefer to buy a dip near $34.00.

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: 53.65 change: +0.21

Stop Loss: 50.90
Target(s): 59.00
Current Gain/Loss: -0.2%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/06 update: AON spent the session consolidating sideways. There is no change from my previous comments. I would still consider new positions now or you can wait for a dip closer to the $53.00 area. 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: 52.17 change: -0.10

Stop Loss: 49.95
Target(s): 55.90
Current Gain/Loss: - 0.7%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/06 update: Traders bought the dip near $51.60. There is no change from my prior comments. 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: 41.28 change: -0.12

Stop Loss: 37.45
Target(s): 42.25, 44.50
Current Gain/Loss: +4.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/06 update: DKS retested broken resistance near $41.00 as new short-term support this morning. 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: 31.85 change: +0.01

Stop Loss: 29.49
Target(s): 34.90, 39.00
Current Gain/Loss: + 1.9%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/06 update: Hmm... for the second day in a row EBAY tried to rally in the morning and traders sold the move. The stock closed virtually unchanged on the day. Having traders sell into strength is a potential warning signal. Readers may want to hesitate on 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: 15.73 change: -0.06

Stop Loss: 14.19
Target(s): 16.45, 17.45
Current Gain/Loss: + 4.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/06 update: Ford rallied toward overhead resistance near $16.00 before paring its gains. The stock looks poised for more profit taking soon. Look for a dip near $15.25, which we can use as a new entry point. 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: 33.05 change: -0.19

Stop Loss: 29.70
Target(s): 34.85, 38.00
Current Gain/Loss: + 8.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/06 update: Attention - readers may want to take profits early in GIL. The stock failed at the $33.50 level again and the move today looks like a bearish engulfing candlestick pattern. I would expect a correction back toward the $32.00 level. 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: 40.42 change: -1.33

Stop Loss: 39.75
Target(s): 47.00, 49.75
Current Gain/Loss: - 4.0%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/06 update: Uh-oh! HOG was a big underperformer on Wednesday with a -3.1% decline and a breakdown below its 50-dma. It looks like the move down was sparked by cautious analyst comments at UBS who warned clients that HOG's sales numbers in March might be worse than expected. The breakdown under $41 and the 50-dma is bearish but HOG may still find support near $40.00. I am very cautious here. More conservative traders may want to exit early. I am not suggesting new positions at this time.

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: 46.17 change: +0.01

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

Comments:
04/06 update: I am about ready to give up on KLAC. The stock was down four days in a row and almost made it five days but eked out a one-cent gain today. The SOX semiconductor index was an outperformer today with a +1.5% gain but shares of KLAC failed to participate. I am not suggesting new 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: 17.46 change: -0.12

Stop Loss: 16.85
Target(s): 19.95, 21.75
Current Gain/Loss: - 4.0%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/06 update: NVDA is another chip stock that underperformed the SOX today. Shares of NVDA fell to $17.31 before trimming their losses. I am still expecting a dip close to the $17.00 level. 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: 48.47 change: -0.10

Stop Loss: 47.40
Target(s): 54.85,
Current Gain/Loss: - 3.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/06 update: PLCM is still consolidating sideways in the $48-49 zone just above its 50-dma. 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: 28.26 change: -0.70

Stop Loss: 25.95
Target(s): 31.50, 34.00
Current Gain/Loss: - 0.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/06 update: Oil and energy stocks were underperformers on Wednesday in spite of a rise in oil prices. The $28.00 level should be short-term support so this dip can be used as a new bullish entry point. 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: 51.29 change: +0.17

Stop Loss: 47.40
Target(s): 53.00
Current Gain/Loss: + 2.0%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/06 update: R continues to inch higher. I would prefer to buy dips closer to the $50.00 level. 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


SAIC, Inc. - SAI - close: 17.42 change: +0.11

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: + 0.5%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/06 update: SAI posted another gain and outperformed the broad market indices. Shares did seem to struggle with the $17.50 level. While I would still consider new positions right here readers may want to wait for a dip closer to the $17.20-17.00 area as your entry point.

Our first bullish target is $18.40. Keep in mind that SAI does not move very fast. While the stock does have options I prefer the stock to avoid the time decay on the options. I will list the August $18 calls for more aggressive traders.

Current Position: long SAI stock @ $17.33

- or -

Long the August $18.00 call (SAI1120H18) entry @ $0.55

Entry on April 6 at $17.33
Earnings Date 06/02/11 (unconfirmed)
Average Daily Volume: 2.4 million
Listed on April 5th, 2011


Tesoro Corp - TSO - close: 27.39 change: -0.84

Stop Loss: 24.90
Target(s): 29.90
Current Gain/Loss: + 4.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/06 update: TSO is another energy stock that was underperforming today. Traders were in the mood to lock in gains and TSO plunged -2.9%. The move down today actually produced a bearish engulfing candlestick reversal pattern. Look for support near $26.00. I am not suggesting new positions at this time. 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: 30.68 change: -0.24

Stop Loss: 29.45
Target(s): 34.50
Current Gain/Loss: - 1.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/06 update: WMB managed a bounce near technical support at its 30-dma. If we don't see follow through higher tomorrow I might be inclined to drop this stock. Shares just aren't moving very fast. 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: 24.12 change: -0.52

Stop Loss: 23.40
Target(s): 27.25, 29.25
Current Gain/Loss: - 2.2%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/06 update: Warning! WY was showing relative weakness today with a -2.1% drop and a close under technical support at its 50-dma. I couldn't find any specific news to account for the relative weakness. The stock did hold near the $24.00 level. Wait for a bounce from $24.00 before considering new positions. More conservative traders might want to up their stop loss.

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: -0.16

Stop Loss: 33.10
Target(s): 27.75, 25.25
Current Gain/Loss: + 2.3%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/06 update: OSG tried to rally this morning but failed again near the $32.00 level. The move looks like another bearish entry point for traders. There is still support near $30.00 but our first target is $27.75.

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