Editor's Note:
TGT was underperforming the market on Monday and broke down under support near $49.00. We are dropping it as a potential bullish candidate. Our trade never opened. I'm also suggesting an early exit on our BID trade.

-James

Current Portfolio:


BULLISH Play Updates

Autodesk Inc. - ADSK - close: 44.66 change: -0.32

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

Comments:
05/02 update: ADSK is getting closer to our buy-the-dip trigger at $44.25. The low today was $44.28. More conservative traders may want to hold out for a dip in the $43.50-43.00 zone instead as their entry point. 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


Complete Production Services - CPX - close: 33.89 change: -0.05

Stop Loss: 29.90
Target(s): 34.75, 37.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
05/02 update: I am pleasantly surprised by the relative strength in CPX today. The OSX oil services index lost -2.8% making it one of the worst performers on Monday. Yet CPX barely moved. We still want to see a dip first. I'm suggesting we use a trigger to open bullish positions in CPX at $32.00. More conservative traders could wait for a dip closer to $31.00 instead. We'll set our stop loss at $29.90. FYI: The Point & Figure chart for CPX is bullish with a $47 target.

Buy-the-dip Trigger @ $32.00

Suggested Position: Buy CPX stock @ $32.00

- or -

buy the June $35 call (CPX1118F35)

Entry on April x at $xx.xx
Earnings Date 04/21/11
Average Daily Volume: 2.2 million
Listed on April 28th, 2011


E.I. du Pont de Nemours & Co. - DD - close: 56.19 change: -0.60

Stop Loss: 53.95
Target(s): 59.95, 62.50
Current Gain/Loss: - 0.4%
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
05/02 update: DD saw a little bit of volatility this morning after opening lower at $56.42. The stock bounced around under the $57 level before finally inching lower. I would still consider new positions now or you can wait for a dip closer to the $55 level.

Small Positions

Current Position: long DD stock @ $56.42

- or -

Long the June $57.50 call (DD1118F57.5) Entry @ 1.08

Entry on May 2 at $56.42
Earnings Date 04/21/11
Average Daily Volume: 4.8 million
Listed on April 30th, 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:
05/02 update: Once again DFS has failed at resistance near $25.00. There is no change from my prior comments. We have a buy-the-dip trigger at $24.10 plus we have a breakout trigger at $25.25. If triggered at $24.10 then our stop loss is at $23.40. If triggered at $25.25 then we'll use a stop under last week's low at $24.20. If DFS hits our breakout trigger then option traders can use the May $25 calls instead. We want to keep our position size small to limit our risk.

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

- or -

Buy-the-breakout at $25.25 (stock or May $25 calls)

Suggested Position: buy DFS stock @ $24.10

- or -

Buy the May $24 calls (DFS1121E24)

04/30 Added an alternative entry point @ $25.25
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: 40.61 change: -0.32

Stop Loss: 39.40
Target(s): 42.75, 44.75
Current Gain/Loss: +3.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/02 update: DKS is still hovering in the $40.50-41.00 area. I don't see any changes from my weekend comments. Nimble traders could launch positions now or wait for some follow through higher before initiating positions. I do want to point out that DKS appears to be forming a possible bearish wedge pattern. That's a bit worrisome. Keep your positions small to limit our risk.

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: 28.11 change: -0.23

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:
05/02 update: The action in EMC today looks like a short-term bearish reversal. I would expect a decline soon, which is what we have been waiting for. I am suggesting a trigger to open positions at $27.55. More conservative traders could wait for a potential dip closer to the $27.00 mark instead.

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: 15.06 change: -0.21

Stop Loss: 14.38
Target(s): 15.75
Current Gain/Loss: + 4.8%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
05/02 update: Gold and silver spiked higher this morning only to reverse course midday and close lower. I am not suggesting new positions at this time. We should expect additional profit taking this week.

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

04/30 New stop loss @ 14.38, consider taking profits now.
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: 36.37 change: +0.41

Stop Loss: 32.95
Target(s): 38.00
Current Gain/Loss: + 4.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/02 update: ORCL appears to be marching to the beat of its own drum. The stock rallied again and closed at new multi-year highs on Monday. We do not want to chase it here. No new positions at this time.

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: 17.46 change: +0.06

Stop Loss: 16.95
Target(s): 18.40
Current Gain/Loss: + 0.7%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
05/02 update: It was a quiet session for SAI. We should still expect a dip toward the $17.20 area. I am not suggesting new positions at this time. Our target is $18.40.

Current Position: long SAI stock @ $17.33

- or -

Long the August $18.00 call (SAI1120H18) entry @ $0.55

04/30 Warning, SAI has produced a reversal. consider an early exit
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: 52.64 change: -0.51

Stop Loss: 49.95
Target(s): 54.75
Current Gain/Loss: + 3.3%
Time Frame: less than 2 weeks
New Positions: see below

Comments:
05/02 update: Uh-oh! I warned readers over the weekend that you might want to take profits early. SHOO spiked toward $54.00 this morning before declining under the $52 level. Thankfully shares pared their losses but SHOO still looks vulnerable. Lack of volume on the drop today might be a good sign. I am not suggesting new positions at this time. 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.

(Small Positions)

Current Position: long SHOO stock @ $51.45

04/30 New stop @ 49.95, consider an early exit now.

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


BEARISH Play Updates

Raytheon Co. - RTN - close: 48.99 change: +0.44

Stop Loss: 50.15
Target(s): 45.25
Current Gain/Loss: + 0.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/02 update: So far so good. RTN bounced toward its exponential 200-dma and stalled. The plan was to open small bearish positions. I would still do so today. Or you can wait for another failed rally move near resistance at the $50 level. We do want to keep our positions very small since the market's trend is still up. Readers may want to use put options to limit your maximum risk.

Small Positions

Current Position: Short RTN stock @ $48.68

- or -

Long the May $47.00 PUTs (RTN1121Q47) Entry @ $0.28

Entry on May 2 at $48.68
Earnings Date 04/28/11
Average Daily Volume: 2.6 million
Listed on April 30th, 2011


CLOSED BULLISH PLAYS

Sothebys Holding - BID - close: 49.96 change: -0.56

Stop Loss: 47.95
Target(s): 54.90
Current Gain/Loss: - 0.7%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
05/02 update: I am giving up on our BID play. Shares spiked toward $52 this morning and reversed. While it looks like the stock wants to break higher it just isn't making any progress. Plus, we still don't know when the company will report earnings, which will likely happen in the next week or two. I'm suggesting an early exit now.

closed Position: long BID stock @ $50.35, exit $49.96 (-0.7%)

- or -

May $50 calls (BID1121E50) entry @ $2.60, Exit @ 2.10 (-19.2%)

05/02 Exit early. BID @ 49.96 (-0.7%), Option @ -19.2%
04/30 New stop loss @ 47.95
04/30 No confirmed earnings date. Conservative traders will want to exit now. No new positions.

chart:

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


Target Corp. - TGT - close: 48.80 change: -0.30

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:
05/02 update: TGT is still underperforming and shares closed under support near $49.00. More aggressive traders might want to consider launching bearish positions right here. Our bullish trade was never triggered. I am removing TGT as a candidate.

Trigger @ 51.25 was never hit.

chart:

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