Editor's Note:
Oil and energy stocks were hammered lower on Tuesday. Semiconductors did not perform well either. We were stopped out of WMB, NVDA, and AN. I am suggesting an early exit in PTEN and EBAY. I am suggesting we take profits in our OSG put play.

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 31.58 change: -0.40

Stop Loss: 30.90
Target(s): --.--, 34.75
Current Gain/Loss: + 6.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/12 update: ACIW is still sinking and appears headed for the $31.00 level. There is no change from my prior comments. Once again I am suggesting more conservative traders to take profits early. I am not suggesting new positions.

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


Aon Corp. - AON - close: 52.21 change: -1.16

Stop Loss: 51.70
Target(s): 59.00
Current Gain/Loss: -2.8%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/12 update: The action in AON does not bode well. The stock gapped down lower thanks to an analyst downgrade this morning. The close under $52.00 now makes Friday's move look like a bearish reversal. More conservative traders will want to seriously consider an early exit right here! I am not suggesting new positions at this time. Please note our new stop loss at $51.70.

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

04/12 New stop loss @ 51.70

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: 51.60 change: -0.13

Stop Loss: 49.95
Target(s): 55.90
Current Gain/Loss: - 1.8%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/12 update: DHR is still slowly drifting lower. The stock is nearing what should be short-term support near $51.00 and then technical support at the 50-dma (near $50.75). More conservative traders might want to raise their stop loss closer to the $50.75 area. I am not suggesting new bullish positions at this time.

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: 40.66 change: -0.32

Stop Loss: 38.45
Target(s): 42.75, 44.75
Current Gain/Loss: +3.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/12 update: DKS is still consolidating sideways. The stock should find support near $40.00 and again near the 50-dma (near $39.00). Given the market's recent weakness I am not suggesting new bullish positions at this time. More conservative traders might want to tighten their stop even higher.

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

04/09 New stop loss @ 38.45, New targets @ 42.75 and $44.75
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


Ford Motor Co. - F - close: 14.91 change: +0.05

Stop Loss: 14.45
Target(s): 16.45, 17.45
Current Gain/Loss: - 0.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/12 update: Whew! Ford gave us a scare this morning. The stock spiked lower and hit $14.50 before bouncing. Traders bought the dip and shares actually closed in positive territory. The low today is a test of technical support at the exponential 200-dma and almost a test of the simple 200-dma. Personally I would be tempted to launch new bullish positions right now but this is probably an aggressive entry point. If the S&P 500 continues to sink then Ford will likely hit our stop loss ($14.45) and correct toward its March lows.

Our targets are $16.45 and $17.45.

FYI: Don't forget that our April calls expire in three days! We'll be looking for an exit for these calls soon!

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: 33.96 change: +1.94

Stop Loss: 31.75
Target(s): 34.85, --.--
Current Gain/Loss: +11.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/12 update: I sure wish we still had those April $30 calls now but there was no way to know GIL would rally more than +6% to a new high on its Gold Toe acquisition. I thought that news came out yesterday morning but GIL published that press release after the closing bell last night. (FYI: We exited the April 30 calls a couple of days ago).

Readers may want to exit their stock positions right now. I am not suggesting new positions at this time. Please note our new stop loss at $31.75.

Current Position: long GIL stock @ 30.35

04/12 New stop loss @ 31.75
04/09 New stop loss @ 30.95
04/09 Exit the April $30 calls now! Option @ +37.5%
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


iShares Gold Trust - IAU - close: 14.20 change: -0.10

Stop Loss: 13.75
Target(s): 15.75
Current Gain/Loss: + 0.0%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/12 update: Commodities trended lower today even though the U.S. dollar stumbled lower again. It was probably just a knee jerk reaction by traders to sell something as global markets dropped on a rash of negative headlines. I am suggesting readers use this dip in the IAU today as a new bullish entry point.

We do want to keep our position size small. Going long anything gold these days is a very crowded trade. If and when it reverses gold could drop quickly. Until then the trend is up. Our first upside target is $15.75.

- Small Positions Only -

Current Position: Long the IAU @ $14.36

- or -

Long the July $14.00 call (IAU1116G14) Entry @ $0.60

Entry on April 11 at $14.36
Earnings Date --/--/--
Average Daily Volume: 3.8 million
Listed on April 9th, 2011


PACCAR Inc. - PCAR - close: 50.31 change: -0.41

Stop Loss: 48.95
Target(s): 54.75, 57.00
Current Gain/Loss: - 1.3%
Time Frame: two or three weeks
New Positions: see below r

Comments:
04/12 update: The correction in PCAR continued this morning. Shares briefly traded underneath support at $50.00 and its 200-dma. Yet traders bought the dip and the stock closed back above these levels. I will point out that PCAR has closed under its 50-dma. The intraday bounce today looks like a new bullish entry point to buy PCAR or calls on this stock. However, with the major market indices looking vulnerable to more declines readers may want to wait on launching new positions.

This could end up being a really short-term trade with April earnings coming up quick. Our first target is $54.75.

Current Position: Long PCAR stock @ 51.00

- or -

Long the May $49.70 call (PCAR1121E49.70) Entry @ $3.00

Entry on April 11 at $51.00
Earnings Date 04/19/11 (unconfirmed)
Average Daily Volume: 2.8 million
Listed on April 6th, 2011


Ryder Systems Inc. - R - close: 50.60 change: +0.63

Stop Loss: 47.95
Target(s): 53.00
Current Gain/Loss: + 0.7%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/12 update: Positive analyst comments helped fuel a +1.2% gain in shares of Ryder today. If the major indices didn't look so ugly I would be tempted to launch new positions right here. 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

04/09 New stop loss @ 47.95

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: 17.32 change: -0.12

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: - 0.0%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/12 update: SAI has failed at resistance near $17.50 again. This time I would look for a dip close to the $17.00 level of support. Wait for a dip 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


BEARISH Play Updates

Overseas Shipholding Group - OSG - close: 29.66 change: -1.51

Stop Loss: 32.25
Target(s): 27.75, 25.25
Current Gain/Loss: +11.5%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/12 update: The sell-off in OSG is accelerating lower. Shares fell to $28.09 intraday. The $28 level might be support so I am suggesting we adjust our exit strategy. Go ahead and take profits now on the stock (+11.5%) and go ahead and completely exit out of the April $30 puts (+93.3%). Aggressive traders could hold on and aim lower but you're running out of time with the April options, which expire after Friday. Our second and final target on the stock will be $26.25.

Our plan was to use small positions to limit our risk.

- Small Bearish Positions -

Current Position: Short OSG stock @ $32.20

- or -

April $30 PUTS (OSG1116P30) Entry @ $0.75, Exit $1.45 (+93.3%)

04/12 Exit April Puts now ($1.45bid, +93.3%)
04/12 Take Profits (sell half) of our OSG position (+11.5%)
04/11 New stop loss @ 32.25
04/05 New stop loss @ 33.10
03/16 New stop loss @ 33.55

chart:

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

AutoNation, Inc. - AN - close: 33.02 change: -0.93

Stop Loss: 33.49
Target(s): 38.00, 39.75
Current Gain/Loss: - 4.9%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/12 update: The sell-off in AN continues. Shares have broken support near $34.00, near $33.50 and at the 50-dma. Our stop loss was hit at $33.49 on Tuesday morning.

Closed Position: Long AN stock @ $35.25, Exit @ 33.49 (-4.99%)

- or -

May $36 calls (AN1121E36) Entry @ $1.15, Exit @ 0.40*(-65.2%)

04/12 Stopped out @ 33.49 (-4.99%)
*May $36 call did not trade today. exit is an estimate.

chart:

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


eBay Inc. - EBAY - close: 30.70 change: -0.49

Stop Loss: 29.90
Target(s): 34.90, --.--
Current Gain/Loss: - 1.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/12 update: I am giving up on EBAY and suggesting an early exit right now. Today's action broke down below the four-week trend of higher lows and broke down under its 100-dma. The stock looks poised to drop toward its March lows.

closed Position: Long EBAY stock @ $31.25, exit $30.70 (-1.7%)

- or -

May $33.00 calls (EBAY1121E33) Entry @ $0.75, Exit $0.57 (-24%)

04/12 Exit Early @ 30.70 (-1.7%), Option @ -24%

chart:

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


NVIDIA Corp. - NVDA - close: 17.37 change: +0.05

Stop Loss: 16.85
Target(s): 19.95, 21.75
Current Gain/Loss: - 7.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/12 update: Semiconductor stocks were big underperformers today with the SOX index falling more than -2%. Shares of NVDA managed to post a gain today (+0.2%) but that was after shares dipped to a new three-month low at $16.83. Yup, that was just low enough to hit our stop loss at $16.85 and close our aggressive trade on NVDA.

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

- small bullish positions -

Closed Position: long NVDA stock @ $18.19, Exit $16.85 (-7.3%)

- or -

April $20 calls (NVDA1116D20) Entry @ $0.72, Exit $0.00 (-100%)

04/12 Stopped out @ 16.85 (-7.3%), Option @ -100%

chart:

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


Patterson-UTI Energy Inc. - PTEN - close: 27.42 change: -1.27

Stop Loss: 26.75
Target(s): 31.50, 34.00
Current Gain/Loss: - 2.9%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/12 update: Oil and energy stocks were hammered lower today. PTEN fell -4.4% before finding support near $27.00 and its 50-dma. The sell-off in the energy sector was pretty rough and the sector indices have broken support. I am suggesting an early exit from this trade.

Closed Position: Long PTEN stock @ 28.25, Exit $27.42 (-2.9%)

- or -

May $30 calls (PTEN1121E30) Entry @ $0.95, Exit $0.40 (-57.8%)

04/12 Exit Early @ 27.42 (-2.9%), Option @ -57.8%
04/09 New stop loss @ $26.75

chart:

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


Williams Companies, Inc. - WMB - close: 30.42 change: -0.26

Stop Loss: 29.90
Target(s): 34.50
Current Gain/Loss: - 4.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/12 update: The sell-off in energy stocks today was enough to push WMB under the $30.00 mark. Our stop loss was hit at $29.90.

Closed Position: long WMB stock @ $31.26, Exit $29.90 (-4.3%)

- or -

May $30 calls (WMB1121E30) Entry @ $2.10, Exit $1.15 (-45.2%)

04/12 Stopped out @ 29.90 (-4.3%), Option @ -45.2%
04/09 New stop loss @ 29.90

chart:

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