Editor's Note:
Stocks experienced another widespread rally with commodities leading the way thanks to weakness in the U.S. dollar.

Not much has changed for our play list below. For the most part stocks are drifting higher.

-James

Current Portfolio:


BULLISH Play Updates

Autodesk Inc. - ADSK - close: 45.11 change: +0.12

Stop Loss: 41.90
Target(s): 48.50
Current Gain/Loss: unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see trigger

Comments:
04/27 update: Traders bought the dip twice near $44.60 today. While ADSK looks poised to move higher I don't want to chase it. We have a plan to launch bullish positions at $44.25. More conservative traders could wait for a dip closer to $43.50 instead. Our target is $48.50 but we'll plan on exiting ahead of the mid May earnings report.

Trigger @ $44.25

Suggested Position: buy ADSK stock @ $43.75

- or -

Buy the May $45 calls (ADSK1121E45) current ask $1.60

Entry on April x at $xx.xx
Earnings Date 05/19/11 (unconfirmed)
Average Daily Volume: 2.1 million
Listed on April 23rd, 2011


Sothebys Holding - BID - close: 50.43 change: +0.29

Stop Loss: 47.45
Target(s): 54.90
Current Gain/Loss: + 0.1%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/27 update: BID is still consolidating sideways but it appears to be coiling for a breakout higher. There is no change from my prior comments. I remain bullish here but readers might want to wait for a rise past the $50.56 level before initiating positions. Our target is $54.90. We do not want to hold positions over the early May earnings report. FYI: The Point & Figure chart for BID is bullish with an $80 target.

Current Position: long BID stock @ $50.35

- or -

Long the May $50 calls (BID1121E50) entry @ $2.60

Entry on April 21 at $50.35
Earnings Date 05/05/11 (unconfirmed)
Average Daily Volume: 1.0 million
Listed on April 20th, 2011


Corn Products Intl. - CPO - close: 54.42 change: +0.21

Stop Loss: 52.40
Target(s): 57.50
Current Gain/Loss: + 2.0%
Time Frame: just over 2 weeks
New Positions: see below

Comments:
04/27 update: We are running out of time with our CPO trade. We need to exit on Friday at the closing bell to avoid holding over earnings on Monday morning. I am raising our stop loss up to $52.40.

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

04/27 New stop loss @ 52.40

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: 24.50 change: -0.24

Stop Loss: 23.40
Target(s): 27.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
04/27 update: DFS underperformed the market on Wednesday. The stock slipped to $24.22 before bouncing. I'm still suggesting we wait for a dip to $24.10 but we want to keep our position size small to limit our risk. An alternative entry would be a close over $25.15.

Buy-the-Dip Trigger @ $24.10 (Small Positions)

Suggested Position: buy DFS stock @ $24.10

- or -

Buy the May $24 calls (DFS1121E24)

04/26 New trigger @ 24.10, New stop loss @ 23.40

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: 41.10 change: -0.94

Stop Loss: 39.40
Target(s): 42.75, 44.75
Current Gain/Loss: +4.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/27 update: Ouch! DKS erased almost three days of gains with today's drop toward $41.00. I am not suggesting new positions at this time. Let's wait for a bounce near $40.00 before considering new positions. We have two targets. Our first target is $42.75. Our second target is $44.75.

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

04/26 New stop loss @ 39.40
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


FLIR Systems - FLIR - close: 35.43 change: +0.58

Stop Loss: 32.40
Target(s): 37.25
Current Gain/Loss: + 6.9%
Time Frame: less than two weeks.
New Positions: see below

Comments:
04/27 update: FLIR has rallied to new two-year highs and closed above its early April peak with today's +1.6% gain. Volume is improving on the rally, which is good. I am not suggesting new positions at this time. Earnings are coming up on April 29th and we do not want to hold over the report.

Remember, we want to use small positions to limit our risk. 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: 14.95 change: +0.28

Stop Loss: 14.15
Target(s): 15.75
Current Gain/Loss: + 4.1%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/27 update: It was a big day for gold. Precious metals rally following Ben Bernanke's press conference on the Fed's outlook. Gold prices came close to $1,530 an ounce. The IAU rallied to a new high and broke out past the $14.80 level. I am not suggesting new positions at this time. We will raise our stop loss to $14.15.

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

04/27 New stop loss @ 14.15

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


Oracle Corp. - ORCL - close: 35.25 change: +0.28

Stop Loss: 32.95
Target(s): 38.00
Current Gain/Loss: + 1.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/27 update: ORCL is still drifting higher. The stock is up several days in a row now. I would prefer to launch positions on a dip in the $34.50-34.00 zone.

Current Position: Long ORCL stock @ $34.70

- or -

Long the June $35 call (ORCL1118F35) Entry @ $0.98

Entry on April 25 at $34.70
Earnings Date 06/23/11 (unconfirmed)
Average Daily Volume: 25.1 million
Listed on April 23rd, 2011


SAIC, Inc. - SAI - close: 17.55 change: +0.13

Stop Loss: 16.95
Target(s): 18.40
Current Gain/Loss: + 1.2%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/27 update: Defense names have been moving higher. Investors seem to have forgotten that the defense budget will likely be threatened with budget cuts. While shares of SAI have broken out p;ast resistance near $17.50 I remain cautious here. We're raising our stop loss to $16.95. 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

04/27 New stop loss @ 16.95

Entry on April 6 at $17.33
Earnings Date 06/02/11 (unconfirmed)
Average Daily Volume: 2.4 million
Listed on April 5th, 2011


Steven Madden, Ltd. - SHOO - close: 52.79 change: +1.21

Stop Loss: 48.75
Target(s): 54.75
Current Gain/Loss: + 2.6%
Time Frame: less than 2 weeks
New Positions: see below

Comments:
04/27 update: SHOO has extended its rally to six days in a row. I am not suggesting new positions at current levels. More conservative traders may want to start raising their stop losses higher. Broken resistance near $50.00 should be new support. We want to keep our position size small to limit our risk. We do not want to hold over the earnings report.

(open Small Bullish Positions now)

Current Position: long SHOO stock @ $51.45

Entry on April 26 at $51.45
Earnings Date 05/04/11 (unconfirmed)
Average Daily Volume: 235 thousand
Listed on April 25th, 2011


BEARISH Play Updates

Overseas Shipholding Group - OSG - close: 28.12 change: -0.55

Stop Loss: 30.35
Target(s): 27.75, 26.25
Current Gain/Loss: +12.6%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/27 update: OSG saw its bounce attempt fail at resistance near $29.00 and shares underperformed the market again. Our time is almost up. OSG is due to report earnings on May 3rd. We don't want to hold over the report. I am suggesting that we plan on exiting this trade on Friday, April 29th, at the closing bell.

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

- Small Bearish Positions -

Current Position: Short OSG stock @ $32.20

04/26 Plan to exit on Friday at the close
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 05/03/11 (confirmed)
Average Daily Volume: 705 thousand
Listed on March 10th, 2010