Editor's Note:
Our bullish play on Gildan Activewear has ended with shares tagging our final exit target.

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 32.02 change: +0.44

Stop Loss: 30.90
Target(s): --.--, 34.75
Current Gain/Loss: + 8.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/13 update: ACIW produces a decent little bounce (+1.3%) on Wednesday. The short-term trend is still down. 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: 52.51 change: +0.30

Stop Loss: 51.70
Target(s): 59.00
Current Gain/Loss: -2.3%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/13 update: AON gapped open higher on Wednesday morning and then spent the rest of the day drifting sideways. I remain cautious with the stock under $53.00. If the S&P 500 continues to move lower we can expect to get stopped out. I am not suggesting new positions at this time.

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


Discover Financial Services - DFS - close: 24.23 change: +0.17

Stop Loss: 20.95
Target(s): 24.90
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
04/13 update: JPM reported better than expected earnings and revenues and yet the news failed to have a positive impact on the banking sector. In fact the banking indices were some of the worst performers today. DFS isn't a bank but it is a financial stock and shares were showing some relative strength today. I don't want to chase it. Earnings season is just starting. There is plenty of time for a negative headline to appear and push the financials lower.

I am suggesting a trigger to open bullish positions at $22.25. We'll use a stop loss at $20.95.

Buy-the-Dip Trigger @ $22.25

Suggested Position: buy DFS stock @ $22.25

- or -

Buy the May $22 calls (DFS1121E22)

Entry on April x at $xx.xx
Earnings Date 06/23/11 (unconfirmed)
Average Daily Volume: 5.9 million
Listed on April 12th, 2011


Danaher Corp. - DHR - close: 52.16 change: +0.56

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

Comments:
04/13 update: DHR spiked lower at the open but quickly recovered. The stock eventually closed up with a +1% gain thanks to some positive analyst comments. Today's move does look like a bullish break above last week's trend of lower highs. I'm almost tempted to initiate bullish positions here but I remain concerned about the major averages.

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: 40.73 change: +0.07

Stop Loss: 38.45
Target(s): 42.75, 44.75
Current Gain/Loss: +3.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/13 update: DKS dipped to $40.29 intraday. Shares eventually recovered. I remain cautious here but more aggressive traders might want to consider buying this late day bounce. Conservative trades will want to think about raising their stops closer to the $40 level.

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: 14.98 change: +0.07

Stop Loss: 14.45
Target(s): 16.45, 17.45
Current Gain/Loss: - 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/13 update: Ford spent the day in a 25-cent range, hovering near the $15.00 level. There is no change from my prior comments. 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


iShares Gold Trust - IAU - close: 14.23 change: +0.03

Stop Loss: 13.75
Target(s): 15.75
Current Gain/Loss: - 0.9%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/13 update: A minor bounce in the U.S. dollar kept the gold prices in check. The IAU hovered in a narrow range. There is no change from my prior comments. I am suggesting new positions at current levels.

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: 50.13 change: -0.18

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

Comments:
04/13 update: Lack of any material bounce in PCAR today is a little bit worrisome. Shares tried to bounce this morning but ran out of fuel. PCAR is still hovering near support at $50.00 and its 200-dma. This dip toward support does look like a new bullish entry point but readers may want to wait for a bounce over $51.00 again before initiating 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: 50.19 change: -0.41

Stop Loss: 47.95
Target(s): 53.00
Current Gain/Loss: - 0.1%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/13 update: Lack of follow through on yesterday's bounce is a bit worrisome. Once again I'm starting think R could be headed for a retest of support near $49.00 and its 50-dma. Readers may want to wait on launching 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

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: 17.00 change: -0.32

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: - 1.9%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/13 update: Hmm.... I warned readers that SAI could be headed for support near $17.00. Thus the drop to support isn't that surprising but shares under performed the rest of the market with today's -1.8% decline. I couldn't find any specific news or headlines to account for the relative weakness. Technically this dip looks like a new entry point but readers may want to wait for a bounce first.

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: 28.04 change: -0.44

Stop Loss: 32.25
Target(s): 27.75, 25.25
Current Gain/Loss: +12.9%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/13 update: OSG continues to under perform and the stock is falling on big volume. The $28.00 level might be potential support so don't be surprised if OSG bounces from here toward $30.00, which should be new resistance. I am not suggesting new positions at current levels. Our second and final target is the $26.25 level.

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

- Small Bearish Positions -

Current Position: Short OSG stock @ $32.20

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

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

Gildan Activewear - GIL - close: 35.14 change: +1.18

Stop Loss: 31.75
Target(s): 34.85, --.--
Current Gain/Loss: +14.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/13 update: Target achieved. GIL continued to rally on Wednesday and shares added another +3.4% on top of yesterday's gains. Shares closed at new two-year highs. Our exit target was hit at $34.85.

Closed Position: long GIL stock @ 30.35, Exit $34.85 (+14.8%)

04/13 Target Hit @ 34.85 (+14.8%)
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

chart:

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