Editor's Note:
Casino and gaming stocks might rally tomorrow following better than expected results from WYNN tonight. MGM is a bullish candidate and shares were trading higher after hours.

Meanwhile SUN has broken support and hit our stop loss. I am suggesting an early exit out of our WCN trade.

-James

Current Portfolio:


BULLISH Play Updates

Discover Financial Services - DFS - close: 23.85 change: -0.43

Stop Loss: 21.75
Target(s): 24.90
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
04/19 update: Hmmm... DFS is still showing relative strength compared to many of the financials. I am almost tempted to buy DFS (or calls) on a breakout past $24.50 with a stop under Monday's low. However, for the moment, we'll stick with our buy-the-dip entry point at $22.55.

Buy-the-Dip Trigger @ $22.55

Suggested Position: buy DFS stock @ $22.55

- or -

Buy the May $24 calls (DFS1121E24)

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: 52.64 change: +0.63

Stop Loss: 50.75
Target(s): 55.90
Current Gain/Loss: + 0.1%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/19 update: DHR is back to challenging its recent highs near $53.00 resistance. Tomorrow is our last day. We are planning to exit at the close on Wednesday to avoid holding positions over the earnings announcement.

Current Position: long DHR stock @ $52.57

- or -

Long the May $55 call (DHR1121E55) entry @ $0.70

04/18 Prepare to exit on April 20th at the close
04/16 New stop loss @ 50.75

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: 39.95 change: -0.13

Stop Loss: 38.95
Target(s): 42.75, 44.75
Current Gain/Loss: +1.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/19 update: The performance of DKS the last couple of days is not very encouraging. Shares did not participate in the market's bounce on Tuesday. I am not suggesting new positions at this time. Our first target is $42.75.

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

04/16 New stop loss @ 38.95
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: 14.66 change: +0.04

Stop Loss: 14.45
Target(s): 16.45, 17.45
Current Gain/Loss: - 2.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/19 update: There is no change from my prior comments on Ford. We should stay defensive. Ford can't seem to break this bearish trend of lower highs. I would prefer to see a rally past $15.15 before considering new bullish positions.

Our targets are $16.45 and $17.45.

Our April $15.00 calls have expired worthless (-100%).

Current Position: Long F stock @ $15.05

- or -

April $15 calls (F1116D15) Entry @ $0.33, Expired -100%

04/16 April $15 calls have expired (-100%)

Entry on March 24 at $15.05
Earnings Date 04/21/11 (unconfirmed)
Average Daily Volume: 82 million
Listed on March 15th, 2010


FLIR Systems - FLIR - close: 33.16 change: +0.08

Stop Loss: 32.40
Target(s): 37.25
Current Gain/Loss: + 0.1%
Time Frame: less than two weeks.
New Positions: see below

Comments:
04/19 update: FLIR is still hovering near short-term support at $33 and its 40 and 50-dma. While I would still consider launching positions near this support readers might want to wait for a new rally past $33.75 before initiating positions.

Remember, we want to use small positions to limit our risk. We don't have a lot of time. We plan to exit ahead of its earnings report on April 29th. Our first target is $37.25.

- Small Bullish Positions -

Current Position: Long FLIR stock @ $33.12

- or -

Long the May $34 calls (FLIR1121E34) Entry @ $0.60

Entry on April 18 at $33.12
Earnings Date 04/29/11 (confirmed)
Average Daily Volume: 926 thousand
Listed on April 16th, 2011


iShares Gold Trust - IAU - close: 14.63 change: +0.01

Stop Loss: 13.75
Target(s): 15.75
Current Gain/Loss: + 1.8%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/19 update: Gold prices are hovering near likely round-number, psychological resistance at $1,500 an ounce. We should probably expect a short-term dip soon. A dip near $14.25-14.20 could be a new entry point on the IAU.

We do want to keep our position size small. Our first upside target is $15.75.

FYI: If the IAU moves too slowly for you then check out the double-long (2x) gold ETF (symbol: DGP).

- 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: 20.88 change: -0.28

Stop Loss: 19.45
Target(s): 22.25, 24.75
Current Gain/Loss: +3.1%
Time Frame: less than two weeks
New Positions: see below

Comments:
04/19 update: KEYN is still seeing a little profit taking after hitting new relative highs on Friday. Dips in the $21.00-20.50 zone, like today, can be used as a new entry point but keep in mind our time frame. We will not hold over the earnings announcement on April 26th.

This remains an aggressive, higher-risk trade. Our upside targets are $22.25 and $24.75. 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

04/16 New stop loss @ 19.45
04/15 1st Target Hit @ 22.25 (+9.8%), Option @ +18.1%

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


MGM Resorts - MGM - close: 13.30 change: -0.47

Stop Loss: 12.99
Target(s): 15.90
Current Gain/Loss: - 3.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/19 update: Our new MGM play is not off to a very good start but today's relative weakness may be a blessing in disguise. The stock opened at $13.80 and then fell toward the $13.20 level. It looks like traders were buying the dip near its 20 or 40-mda. I call it a blessing in disguise because the dip offered a better entry point ahead of what could be a strong day for casino stocks tomorrow.

Rival Wynn Resorts (WYNN) reported earnings after the closing bell tonight that crushed the estimates. WYNN and MGM are trading higher in after hours markets tonight. I would still consider new positions on MGM in the $13.50-14.25 zone.

We do want to keep our position size small. We will plan to exit this trade in front of MGM's early May earnings report.

(Small Positions)

Current Position: long MGM stock @ $13.80

- or -

Long the May $14.00 call (MGM1121E14) entry @ $0.65

Entry on April 19 at $13.80
Earnings Date 05/05/11 (unconfirmed)
Average Daily Volume: 19 million
Listed on April 18th, 2011


Ryder Systems Inc. - R - close: 49.89 change: +0.30

Stop Loss: 48.75
Target(s): 53.00
Current Gain/Loss: - 0.7%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/19 update: We only have a few days left before we need to exit ahead of R's earnings on April 26th. Our target is the $53.00 level.

Current Position: Long R stock @ $50.25

- or -

Long the May $50 call (R1121E50) Entry @ $2.55

04/16 New stop loss @ 48.75
04/09 New stop loss @ 47.95

Entry on March 30 at $50.25
Earnings Date 04/26/11 (confirmed)
Average Daily Volume: 388 thousand
Listed on March 26th, 2011


SAIC, Inc. - SAI - close: 17.01 change: +0.03

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: - 2.0%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/19 update: SAI is still hovering near support/resistance at $17.00. I am not suggesting new positions at this time.

Our first bullish target is $18.40.

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: 27.89 change: +0.63

Stop Loss: 30.35
Target(s): 27.75, 26.25
Current Gain/Loss: +13.3%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/19 update: OSG produced an oversold bounce today (+2.3%). The bounce isn't that surprising. What worries me was the volume. Volume was above average on the rebound. More conservative traders may want to lower their stops or just exit early to lock in gains. I am not suggesting new bearish positions at this time. 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

04/18 New stop loss @ 30.35
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

Sunoco, Inc. - SUN - close: 41.62 change: -0.31

Stop Loss: 41.40
Target(s): 46.50
Current Gain/Loss: - 2.0%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/19 update: SUN has continued to show relative weakness. Tuesday saw shares of SUN slip to $41.13 before paring its losses. Our stop loss was hit at $41.40. The action yesterday and today is a breakdown under technical support at its 100-dma and at its multi-month supporting trendline of higher lows.

- Small Positions -

Closed Position: Long SUN stock @ $42.27, exit @ 41.40 (-2.0%0

- or -

May $45 calls (SUN1121E45) Entry @ $0.62, Exit @ 0.31 (-50%)

04/19 Stopped out @ 41.40 (-2.0%), Option @ -50%

chart:

Entry on April 18 at $42.27
Earnings Date 05/05/11 (confirmed)
Average Daily Volume: 2.0 million
Listed on April 16th, 2011


Waste Connections Inc. - WCN - close: 29.41 change: +0.05

Stop Loss: 28.80
Target(s): 32.00
Current Gain/Loss: - 0.4%
Time Frame: five trading days
New Positions: see below

Comments:
04/19 update: WCN still has potential for a bounce from the $29.00 area but we're running out of time. I'd rather cut our losses early right here. More aggressive traders may want to let it ride. Just remember the markets are closed on Friday.

- Small Positions -

Closed Position: Long WCN stock @ $29.54, Exit @ 29.41 (-0.44%)

- or -

May $30 calls (WCN1121E30) Entry @ $0.40, Exit $0.30 (-25%)

04/19 Exit Early (-0.44%), Option @ -25%

chart:

Entry on April 18 at $29.54
Earnings Date 04/25/11 (confirmed)
Average Daily Volume: 687 thousand
Listed on April 16th, 2011