Editor's Note:
As earnings season progresses we're running out of time on some of our trades. We will need to exit several of our open trades in the next few days. Don't forget that the stock market is closed this Friday.

-James

Current Portfolio:


BULLISH Play Updates

Corn Products Intl. - CPO - close: 52.60 change: +1.44

Stop Loss: 50.75
Target(s): 57.50
Current Gain/Loss: + 0.6%
Time Frame: just over 2 weeks
New Positions: see below

Comments:
04/20 update: Thankfully we did not have to wait very long for CPO to breakout of its trading range. Shares gapped open at $53.32 and closed up +1.9%. Our trigger to open bullish positions was at $53.25 so the play was opened immediately. If you missed the entry point you could buy CPO now or wait for a dip back toward $53.00, which should be new short-term support. Our target is $57.50. However, we will plan on exiting ahead of the early May earnings report.

Let's keep our position size small since CPO has a trendline of higher highs it has yet to break through. FYI: The Point & Figure chart for CPO is bullish with a $67 target.

(Small Positions)

Current Position: long CPO stock @ $53.32

- or -

Long the May $55.00 call (CPO1121E55) Entry @ $1.05

Entry on April 20 at $53.32
Earnings Date 05/02/11 (confirmed)
Average Daily Volume: 771 thousand
Listed on April 19th, 2011


Discover Financial Services - DFS - close: 24.92 change: +0.55

Stop Loss: 22.45
Target(s): 24.90
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
04/20 update: DFS continues to outperform the rest of the financials. Shares rallied toward round-number resistance at $25.00 today. I would expect another dip back toward the $24.50-24.50 zone. Once that occurs we'll re-evaluate a new entry point in that area. For now we'll raise our buy-the-dip trigger from $22.55 to $23.00, just above the 50-dma.

Buy-the-Dip Trigger @ $23.00

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


Dick's Sporting Goods Inc. - DKS - close: 40.98 change: +1.03

Stop Loss: 38.95
Target(s): 42.75, 44.75
Current Gain/Loss: +4.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/20 update: DKS managed to outperform the market with a +2.5% gain today but shares are still trading under their two-week trend of lower highs. 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: 15.09 change: +0.43

Stop Loss: 14.45
Target(s): 16.45, 17.45
Current Gain/Loss: + 0.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/20 update: Ford also outperformed the market today with a +2.9% gain. Shares closed above the $15.00 mark and its 50-dma, which is a bullish development. I have been suggesting readers wait for a rise past $15.15 and F hit $15.20 today. Unfortunately we're almost out of time. Ford is due to report earnings on Tuesday morning (April 26th) and the markets are closed this Friday. We need to plan on exiting this trade on Monday at the closing bell.

Current Position: Long F stock @ $15.05

04/20 Prepare to exit on Monday, April 25th at the close
04/16 April $15 calls have expired (-100%)

Entry on March 24 at $15.05
Earnings Date 04/26/11 (confirmed)
Average Daily Volume: 82 million
Listed on March 15th, 2010


FLIR Systems - FLIR - close: 34.15 change: +0.99

Stop Loss: 32.40
Target(s): 37.25
Current Gain/Loss: + 3.1%
Time Frame: less than two weeks.
New Positions: see below

Comments:
04/20 update: Wednesday was a big day for FLIR with a +2.9% gain and a rally past some short-term resistance. I wouldn't chase it here. Look for a dip before considering new 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: 14.67 change: +0.04

Stop Loss: 13.75
Target(s): 15.75
Current Gain/Loss: + 2.1%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/20 update: Weakness in the U.S. dollar today helped gold hit another new high this morning. The IAU added another +0.29%. 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: 21.25 change: +0.37

Stop Loss: 19.85
Target(s): 22.25, 24.75
Current Gain/Loss: +4.9%
Time Frame: less than two weeks
New Positions: see below

Comments:
04/20 update: We have three trading days left. KEYN will report earnings on April 26th after the closing bell. We'll plan on exiting this position that afternoon to avoid holding over earnings. I am raising our stop loss to $19.85.

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

04/20 New stop loss @ 19.85
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: 13.40 change: +0.10

Stop Loss: 12.99
Target(s): 13.95
Current Gain/Loss: - 2.9%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/20 update: The trading in MGM today was extremely disappointing. Last night WYNN reported better than expected earnings and the stock soared to new two-year highs today. MGM gapped open this morning but failed at $13.80 and only closed with a fractional gain. I am suggesting we start looking for an early exit. I am not suggesting new positions at this time. I am adjusting our exit target to $13.95 just to get out. If we don't see MGM bounce soon we may end up dropping it early.

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

(Small Positions)

Current Position: long MGM stock @ $13.80

- or -

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

04/20 Start looking for an early exit. New exit target at $13.95

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: 50.59 change: +0.70

Stop Loss: 49.25
Target(s): 53.00
Current Gain/Loss: + 0.6%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/20 update: We have two trading days left. We're planning on exit on Monday, April 25th at the closing bell to avoid holding over earnings on Tuesday morning. I am raising our stop loss to $49.25. No new positions at this time.

Current Position: Long R stock @ $50.25

- or -

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

04/20 New stop loss @ 49.25
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: 17.23 change: +0.22

Stop Loss: 16.75
Target(s): 18.40
Current Gain/Loss: - 0.5%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/20 update: It was a good day for SAI with a breakout past the $17 area and resistance at $17.20. 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: 28.32 change: +0.43

Stop Loss: 30.35
Target(s): 27.75, 26.25
Current Gain/Loss: +12.0%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/20 update: OSG was upgraded to an "outperform" this morning. The news helped the stock gap open higher at $28.91 but the rally failed near its 10-dma. There is no change from my prior comments. 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

Danaher Corp. - DHR - close: 53.56 change: +0.92

Stop Loss: 50.75
Target(s): 55.90
Current Gain/Loss: + 1.8%
Time Frame: about 3 weeks
New Positions: see below

Comments:
04/20 update: Our plan was to exit our DHR play today, at the closing bell, to avoid holding over earnings. The widespread market rally boosted shares of DHR to a +1.7% gain and a new relative high.

Closed Position: long DHR stock @ $52.57, Exit @ 53.56 (+1.8%)

- or -

May $55 call (DHR1121E55) entry @ $0.70, Exit @ 0.55 (-21.4%)

04/20 Exit @ 53.56 (+1.8%), Option @ -21.4%
04/18 Prepare to exit on April 20th at the close
04/16 New stop loss @ 50.75

chart:

Entry on April 4 at $52.57
Earnings Date 04/21/11 (confirmed)
Average Daily Volume: 2.9 million
Listed on April 2nd, 2011