Editor's Note:
The market was lacking leadership on Thursday. Tech, financials, energy, they all struggled. KLAC hit our stop loss. I have updated a few stop losses tonight.

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 32.57 change: -0.33

Stop Loss: 30.90
Target(s): --.--, 34.75
Current Gain/Loss: + 9.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: I want to urge caution here. The action in ACIW today looks like a potential reversal lower. We should expect a dip toward $32.00 and possibly toward $30.00. Of course our stop is at $30.90. More conservative traders may want to abandon ship now. 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: 35.76 change: +0.54

Stop Loss: 33.49
Target(s): 38.00, 39.75
Current Gain/Loss: + 1.4%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/07 update: AN displayed some relative strength on Thursday with a +1.5% gain. Traders bought the dip this morning and the stock looks poised to breakout past resistance near $36.00. Considering the lack of momentum in the broader markets readers may want to wait for a breakout in AN before considering new positions.

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: 54.17 change: +0.52

Stop Loss: 50.90
Target(s): 59.00
Current Gain/Loss: +0.7%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/07 update: Most of the insurance sector traded lower, which was probably due to news of another earthquake in Japan. Yet shares of AON rallied to a new relative high. 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: 52.05 change: -0.12

Stop Loss: 49.95
Target(s): 55.90
Current Gain/Loss: - 0.9%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/07 update: For the second day in a row traders bought the dip near $51.60. Yet DHR still has a short-term bearish trend of lower highs. While I would still consider new positions here readers might want to wait for a rally past $52.50 before initiating positions. 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: 41.14 change: -0.14

Stop Loss: 37.45
Target(s): 42.25, 44.50
Current Gain/Loss: +4.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: DKS is still consolidating sideways near the $41.00 level. I would still consider buying dips near the $40.00 mark. 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: 31.53 change: -0.32

Stop Loss: 29.49
Target(s): 34.90, 39.00
Current Gain/Loss: + 0.9%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: EBAY is not making much progress but traders are still buying dips near the three-week trend of higher lows. I remain cautious on adding 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: 15.53 change: -0.20

Stop Loss: 14.19
Target(s): 16.45, 17.45
Current Gain/Loss: + 3.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: Ford is still correcting after yesterday's failed rally near $16.00. I am suggesting that readers look for a dip near $15.25 before considering new positions. 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: 32.92 change: -0.13

Stop Loss: 29.70
Target(s): 34.85, 38.00
Current Gain/Loss: + 8.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: GIL is still consolidating sideways but it looks like the stock could drift lower 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: 40.19 change: -0.23

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:
04/07 update: As expected HOG dipped toward the $40.00 level. Shares hit $39.92 intraday. A bounce from here can be used as a new entry point. Readers may want to wait for a bounce above $41.00 or the 50-dma before initiating positions.

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


NVIDIA Corp. - NVDA - close: 18.10 change: +0.64

Stop Loss: 16.85
Target(s): 19.95, 21.75
Current Gain/Loss: - 0.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: NVDA delivered a nice rebound on Thursday. Shares outperformed their peers and the market with a +3.6% gain. Readers may want to buy this bounce on a move past $18.25.

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


PACCAR Inc. - PCAR - close: 52.79 change: -0.04

Stop Loss: 48.95
Target(s): 54.75, 57.00
Current Gain/Loss: unopened
Time Frame: two or three weeks
New Positions: Yes, see trigger

Comments:
04/07 update: PCAR closed almost unchanged on Thursday's session. I don't see any changes from my prior comments. I am suggesting we open bullish positions on a dip at $51.00 with a stop loss at $48.95. Our first target is $54.75 but we'll plan to exit before the April earnings announcement. FYI: The Point & Figure chart for PCAR is bullish with a $69 target.

Trigger @ 51.00

Suggested Position: buy PCAR stock @ 51.00

- or -

Buy the May $49.70 call (PCAR1121E49.70)

Entry on April x at $xx.xx
Earnings Date 04/19/11 (unconfirmed)
Average Daily Volume: 2.8 million
Listed on April 6th, 2011


Polycom Inc. - PLCM - close: 48.38 change: -0.09

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

Comments:
04/07 update: PLCM is still hovering near support at its 50-dma. Readers may want to inch up their stops. I would wait for a rally back above $50.00 or $50.50 before considering new positions.

- 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: 28.02 change: -0.24

Stop Loss: 25.95
Target(s): 31.50, 34.00
Current Gain/Loss: - 0.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: PTEN has pulled back toward prior resistance and what should be support near $28.00. This dip is technically a new bullish entry point but given the lack of strength in the broader market and the oil sector readers may want to wait for a bounce. 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: 50.89 change: -0.40

Stop Loss: 47.40
Target(s): 53.00
Current Gain/Loss: + 1.2%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/07 update: Warning - potential reversal alert. The action in R today looks like a short-term bearish reversal. Look for a dip toward $50.00 and possibly the 50-dma near $49.00. Wait for the dip before considering new 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


SAIC, Inc. - SAI - close: 17.30 change: -0.12

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: - 0.1%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/07 update: SAI erased yesterday's gains and will probably test the $17.20 level soon. Readers may want to wait for a dip closer to $17.00 before initiating new positions.

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: 26.68 change: -0.71

Stop Loss: 25.75
Target(s): 29.90
Current Gain/Loss: + 2.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: Now TSO is in trouble. Today's decline confirms yesterday's bearish reversal pattern. I am raising our stop loss to $25.75. We'll have to wait and see if the $26.00 level can hold as support. 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

04/07 New stop loss @ 25.75
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: 31.02 change: +0.34

Stop Loss: 29.45
Target(s): 34.50
Current Gain/Loss: - 0.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: WMB was showing some relative strength with a +1.1% gain. Yet I remain somewhat cautious here and hesitate to open new positions. 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: 24.10 change: -0.02

Stop Loss: 23.40
Target(s): 27.25, 29.25
Current Gain/Loss: - 2.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: Be careful here! WY was showing relative weakness again with a drop to $23.67 intraday. The intraday bounce and close back above $24.00 offers a little bit of hope but more conservative traders will want to seriously consider an early exit right now. I am raising our stop loss to $23.60. No new positions at this time.

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

04/07 New stop loss @ 23.60
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: 31.48 change: +0.04

Stop Loss: 33.10
Target(s): 27.75, 25.25
Current Gain/Loss: + 2.2%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/07 update: Thursday was the third time this week that OSG produced a failed rally near the $32.00 level. I remain bearish and would still consider new positions here. There is 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


CLOSED BULLISH PLAYS

KLA-Tencor - KLAC - close: 44.06 change: -2.11

Stop Loss: 44.95
Target(s): 49.90
Current Gain/Loss: - 3.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/07 update: Our concerns about KLAC appear to be justified. KLAC underperformed on Thursday and broke down under the $45.00 level. I couldn't find any company specific news but Citigroup downgraded shares of LRCX to a "sell". Since both LRCX and KLAC make semiconductors KLAC could have fallen in response to LRCX's decline and downgrade.

KLAC hit our stop loss at $44.95 this morning closing the play. The option was trading (bid) near $0.65 at the time.

Closed Position: Long KLAC stock @ $46.65, Exit $44.95 (-3.6%)

- or -

April $45 calls (KLAC1116D45) Entry @ $2.85, exit $0.65 (-77.1%)

chart:

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