Editor's Note:
Stocks managed a rebound off their intraday low from Thursday morning but the market continues to lack any leadership.

Tomorrow is an option expiration Friday. Currently investors are unhappy with the news from Google (GOOG) and the stock is down after hours. This could put pressure on technology stocks and the NASDAQ. Bank of America (BAC) reports earnings tomorrow morning. Financials have already been underperforming and BAC's results could accelerate the decline. Those sectors that aren't reacting to earnings news could see stocks gravitate to their nearest strike price and just hover there into the closing bell.

-James

Current Portfolio:


BULLISH Play Updates

ACI Worldwide Inc. - ACIW - close: 31.97 change: -0.05

Stop Loss: 30.90
Target(s): --.--, 34.75
Current Gain/Loss: + 7.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/14 update: ACIW is still hovering near the $32.00 level. The short-term trend is still down and there is a good chance this stock slips toward $31.00 or its 50-dma, which would stop us out. 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: 52.24 change: -0.27

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

Comments:
04/14 update: AON briefly traded under the $52.00 level this morning and almost hit our stop loss at $51.70. If there is any follow through lower in the S&P 500 tomorrow I suspect that AON will hit our stop. 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: 23.95 change: -0.28

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

Comments:
04/14 update: DFS is still hovering near the $24.00 level. BAC reports earnings tomorrow morning and the results from BAC could influence the entire financial sector.

I am suggesting a trigger to open bullish positions on DFS 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: 51.92 change: -0.24

Stop Loss: 49.95
Target(s): 55.90
Current Gain/Loss: - 1.2%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/14 update: DHR is still consolidating sideways and should have support near $51 and its 50-dma. I'm still cautious here. Readers may want to see a new rally past $52.50 before considering new positions.

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: 40.62 change: -0.11

Stop Loss: 38.45
Target(s): 42.75, 44.75
Current Gain/Loss: +3.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/14 update: Tomorrow is an option expiration Friday. I wouldn't be surprised to see DKS drift closer to the $40.00 strike price. Other than that there is no change from my prior comments on DKS. 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: 14.81 change: -0.17

Stop Loss: 14.45
Target(s): 16.45, 17.45
Current Gain/Loss: - 1.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/14 update: Ford ran into some weakness this morning after word spread that the company has upped its faulty airbag recall from 144,000 trucks to 1.2 million vehicles, mostly F-150 pickups and some Lincoln Mark LTs. Traders were buying the dip near the $14.60 level most of the day. I would be tempted to buy this dip but readers could wait for a rally past resistance near $15.15 before initiating new positions.

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: 14.41 change: +0.18

Stop Loss: 13.75
Target(s): 15.75
Current Gain/Loss: + 0.3%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/14 update: Precious metals were moving higher on Thursday. Silver hit a new high and gold rallied toward its highs set last week. The IAU added +1.2%. I would prefer to launch new positions on dips near $14.20.

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


Keynote Systems Inc. - KEYN - close: 21.48 change: +1.13

Stop Loss: 18.85
Target(s): 22.25, 24.75
Current Gain/Loss: +6.0%
Time Frame: less than two weeks
New Positions: see below

Comments:
04/14 update: Our aggressive bet on KEYN is off to a strong start. Shares opened at $20.25 (our entry point) and surged to a +5.5% gain. KEYN is nearing its highs set last week. If you missed the entry point this morning you may want to wait for a dip near $20.75. More conservative traders will want to consider a higher stop loss.

This remains an aggressive, higher-risk trade. Our upside targets are $22.25 and $24.75 but this is a very speculative play and we will not hold over the earnings announcement on April 26th.

FYI: The Point & Figure chart for KEYN is bullish with a $41 target.

- Small Bullish Positions -

Current Position: Long KEYN stock @ $20.25

- or -

Long the May $20 calls (KEYN1121E20) entry @ $1.65

Entry on April 14 at $20.25
Earnings Date 04/26/11 (confirmed)
Average Daily Volume: 193 thousand
Listed on April 13th, 2011


PACCAR Inc. - PCAR - close: 50.00 change: -0.13

Stop Loss: 48.95
Target(s): 54.75, 57.00
Current Gain/Loss: - 1.9%
Time Frame: two or three weeks
New Positions: see below

Comments:
04/14 update: PCAR is still struggling and shares almost hit our stop loss at $48.95 this morning. The stock is currently hovering near round-number, psychological support near $50.00 and this area is bolstered by its 50-dma and 200-dma. Tomorrow is options expiration Friday and there is a good chance that PCAR will just hover here near the $50.00 strike price. I would probably wait for a new rally past $51.00 before initiating new bullish 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: 50.14 change: -0.05

Stop Loss: 47.95
Target(s): 53.00
Current Gain/Loss: - 0.2%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/14 update: Ryder is still consolidating sideways near $50.00. With tomorrow being option expiration Friday there is a strong chance that R will just hover here near the $50.00 strike price. I wouldn't expect much movement until Monday. 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: 16.92 change: -0.08

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: - 2.3%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/14 update: SAI's sell-off from Wednesday continued. Shares almost hit our stop loss this morning. Shares dipped to $16.78 before finding some support just above its 50-dma. I would prefer to wait for a new close over $17.00 or a new rally past $17.20 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: 28.28 change: +0.24

Stop Loss: 32.25
Target(s): 27.75, 25.25
Current Gain/Loss: +12.7%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/14 update: OSG is trying to hold the $28.00 level. I cautioned readers that $28.00 might turn into new support but the $30.00 level overhead 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