Editor's Note:
After all the excitement with the FOMC and Bernanke's press conference on Wednesday, today's session was a mild one.

We are exiting FLIR ahead of earnings. We're planning to exit our OSG play tomorrow at the closing bell.

-James

Current Portfolio:


BULLISH Play Updates

Autodesk Inc. - ADSK - close: 45.00 change: -0.11

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

Comments:
04/28 update: ADSK was little changed today. Shares are still consolidating sideways. 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: 49.92 change: -0.51

Stop Loss: 47.45
Target(s): 54.90
Current Gain/Loss: - 0.8%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/28 update: We only have a few days left before BID's earnings report and the stock refuses to move. The once bullish trend of higher lows has turned more neutral with lower highs added to the pattern. I am not suggesting new positions at this time. BID's earnings report is currently scheduled for May 5th but that has yet to be confirmed. 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: 54.77 change: +0.35

Stop Loss: 52.40
Target(s): 57.50
Current Gain/Loss: + 2.7%
Time Frame: just over 2 weeks
New Positions: see below

Comments:
04/28 update: Traders are still buying the dip and the stock looks poised to breakout past $55 soon. Unfortunately, we need to exit this play tomorrow (Friday) at the closing bell to avoid holding over earnings on Monday morning.

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: 24.67 change: +0.17

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

Comments:
04/28 update: DFS is still consolidating sideways. We want to see a dip toward $24.00 and I'm suggesting a trigger to launch bullish positions at $24.10. 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: 40.83 change: -0.27

Stop Loss: 39.40
Target(s): 42.75, 44.75
Current Gain/Loss: +3.6%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/28 update: DKS is still seeing some profit taking. The stock should find support near $40.00 and its 50-dma. I'd wait for a bounce from this area before considering new positions.

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


EMC Corp. - EMC - close: 28.32 change: +0.17

Stop Loss: 26.45
Target(s): 29.95, 32.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
04/28 update: EMC managed a bounce today to erase Wednesday's loss. Overall I don't see any changes from my prior comments. I am suggesting a trigger to initiate positions at $27.55. If triggered our targets are $29.95 and $32.25.

FYI: The Point & Figure chart for EMC is bullish with a $34.50 target.

Buy-the-dip Trigger @ $27.55

Suggested Position: buy EMC stock @ $27.55

- or -

Buy the June $27.00 calls (EMC1118F27)

Entry on April x at $xx.xx
Earnings Date 04/20/11
Average Daily Volume: 21.4 million
Listed on April 27th, 2011


iShares Gold Trust - IAU - close: 15.01 change: +0.06

Stop Loss: 14.15
Target(s): 15.75
Current Gain/Loss: + 4.5%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
04/28 update: Gold surged to another new record high today, hitting $1,539 an ounce on an intraday basis. The precious metal closed off its highs but still posted a gain. The IAU also settled at a new high. I am not suggesting new positions at this time.

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: 35.29 change: +0.04

Stop Loss: 32.95
Target(s): 38.00
Current Gain/Loss: + 1.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/28 update: ORCL has spent the last few days slowly drifting higher. 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: 17.53 change: -0.02

Stop Loss: 16.95
Target(s): 18.40
Current Gain/Loss: + 1.1%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/28 update: SAI tagged a new multi-month high before paring its gains and closing lower. I would not be surprised to see another dip toward the 20 or 30-dma. 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: 52.90 change: +0.11

Stop Loss: 48.75
Target(s): 54.75
Current Gain/Loss: + 2.8%
Time Frame: less than 2 weeks
New Positions: see below

Comments:
04/28 update: SHOO spent the whole day churning sideways but still managed to eke out a gain. I wouldn't be surprised to see a little profit taking soon. Broken resistance near $50.00 should be new support. We want to keep our position size small to limit our risk.

NOTE: SHOO is due to report earnings on Thursday morning, May 5th. We do not want to hold over the earnings report so we need to plan on exiting on May 4th at the closing bell.

(open Small Bullish Positions now)

Current Position: long SHOO stock @ $51.45

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


Target Corp. - TGT - close: 50.22 change: -0.37

Stop Loss: 49.40
Target(s): 53.75, 55.90
Current Gain/Loss: unopened
Time Frame: about 3 weeks
New Positions: Yes, see trigger

Comments:
04/28 update: Target's biggest rival, Wal-Mart (WMT), had some sobering news today. Many of WMT's customers live paycheck to paycheck. They come into the store and load up early in the month when they get paid. Now WMT is seeing sales dry up toward the end of the month as consumers run out of money! This comment failed to stop shares of WMT from posting another gain today. Meanwhile TGT saw its rally attempt fail at technical resistance at the 50-dma.

I am suggesting we open bullish positions in TGT at $51.25 but we want to keep our position size small. If shares fail to hit our target we'll plan on exiting ahead of the May 18th earnings report to avoid holding over the report. Our targets are $53.75 and $55.90.

Trigger @ $51.25 (Small Positions)

Suggested Position: buy TGT stock @ 51.25

- or -

Buy the May $52.50 calls (TGT1121E52.5)

Entry on April x at $xx.xx
Earnings Date 05/18/11 (confirmed)
Average Daily Volume: 6.3 million
Listed on April 27th, 2011


BEARISH Play Updates

Overseas Shipholding Group - OSG - close: 27.54 change: -0.58

Stop Loss: 30.35
Target(s): 27.75, 26.25
Current Gain/Loss: +14.4%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
04/28 update: OSG slipped -2% and fell toward its April lows. Tomorrow (Friday) is our last day as we are planning to exit 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


CLOSED BULLISH PLAYS

FLIR Systems - FLIR - close: 35.13 change: -0.30

Stop Loss: 32.40
Target(s): 37.25
Current Gain/Loss: + 6.0%
Time Frame: less than two weeks.
New Positions: see below

Comments:
04/28 update: Our time has run out. FLIR's earnings are tomorrow and we don't want to hold over the report. Prior Comments:
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 -

May $34 calls (FLIR1121E34) Entry @ $0.60, Exit @ 1.10 (+83.3%)

04/28 Exit early $35.13 (+6.0%), Option @ +83.3%

chart:

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