Editor's Note:
Our play list saw more than one buy-the-dip trigger hit today. ADSK, CPX, EMC and NVDA have all been opened.

-James

Current Portfolio:


BULLISH Play Updates

Autodesk Inc. - ADSK - close: 44.22 change: -0.44

Stop Loss: 41.90
Target(s): 48.50
Current Gain/Loss: - 0.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/03 update: ADSK dipped toward its 20 and 30-dma this afternoon. Our trigger to open bullish positions was hit at $44.25. More conservative traders may want to wait for a dip into the $43.00 area before considering new bullish positions.

Readers may also want to consider a much tighter stop loss closer to the $43.00 level. Our target is $48.50 but we'll plan on exiting ahead of the mid May earnings report.

Trigger @ $44.25

Current Position: Long ADSK stock @ $44.25

- or -

Long the May $45 calls (ADSK1121E45) Entry @ $1.19

chart:

Entry on May 3 at $44.25
Earnings Date 05/19/11 (unconfirmed)
Average Daily Volume: 2.1 million
Listed on April 23rd, 2011


Complete Production Services - CPX - close: 32.14 change: -1.75

Stop Loss: 29.90
Target(s): 34.75, 37.25
Current Gain/Loss: + 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/03 update: Oil stocks sold off hard today. Both the OIX and OSX were down more than -2.3%. Shares of CPX plunged -5.1%. I couldn't find any news to account for the relative weakness in CPX. Shares are just more volatile than some of its peers. Our trigger to open bullish positions was hit at $32.00. I'm not entirely convinced the correction is over and readers may want to wait for a dip closer to $31.00 before considering new bullish trades.

Current Position: Long CPX stock @ $32.00

- or -

Long the June $35 call (CPX1118F35) Entry @ $1.00

chart:

Entry on May 3 at $32.00
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: 55.47 change: -0.72

Stop Loss: 53.95
Target(s): 59.95, 62.50
Current Gain/Loss: - 1.6%
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
05/03 update: If you were waiting for a dip near $55.00 then you got your entry point today. Shares slipped to $55.09.

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: 24.75 change: +0.08

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

Comments:
05/03 update: DFS is still consolidating sideways. 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: 40.25 change: -0.36

Stop Loss: 39.40
Target(s): 42.75, 44.75
Current Gain/Loss: +2.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/03 update: DKS has fallen toward round-number, psychological support near $40.00 and is close to its 50-dma. This dip to $40 can be used as a new bullish entry point.

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: 27.99 change: -0.12

Stop Loss: 26.45
Target(s): 29.95, 32.25
Current Gain/Loss: + 1.6%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/03 update: Our bullish trade on EMC has been opened. The stock was nice enough to dip to $27.53 before bouncing higher. Our trigger to open positions was hit at $27.55. We have a stop loss at $26.45 but more conservative traders may want to use a stop closer to the $27.00 mark.

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

Current Position: Long EMC stock @ $27.55

- or -

Long the June $27.00 calls (EMC1118F27) Entry @ $1.35

chart:

Entry on May 3 at $27.55
Earnings Date 04/20/11
Average Daily Volume: 21.4 million
Listed on April 27th, 2011


iShares Gold Trust - IAU - close: 15.01 change: -0.05

Stop Loss: 14.38
Target(s): 15.75
Current Gain/Loss: + 4.5%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
05/03 update: Profit taking in gold pulled the IAU down to $14.91 intraday. The sell-off in gold may not be over yet. 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

04/30 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


NVIDIA Corp. - NVDA - close: 18.79 change: -0.94

Stop Loss: 18.19
Target(s): 21.85
Current Gain/Loss: - 1.3%
Time Frame: less than two weeks
New Positions: see below

Comments:
05/03 update: Hmm... Looks like I should have set our buy-the-dip trigger at $18.50 instead. We were expecting a pull back in semiconductor stocks. The SOX fell -1.2% today. Yet shares of NVDA, one of the more volatile stocks in this group, gave up -4.7%. We had a buy-the-dip trigger at $19.05 so the play is now open. Although given the close under $19.00 readers may want to wait for a bounce before considering new positions. We have a stop loss at $18.19. More aggressive traders willing to take more risk might want to use a stop under the $18.00 mark instead.

Our target is $21.85 but we might have to exit early to avoid holding over earnings. NVDA is due to report earnings on May 12th after the closing bell. We do not want to hold over this report so our plan is to exit on May 12th at the close.

Current Position: Long NVDA stock @ 19.05

- or -

Long the May $20 call (NVDA1121E20) Entry @

Annotated chart:

Entry on May 3 at $19.05
Earnings Date 05/12/11 (confirmed)
Average Daily Volume: 19.0 million
Listed on May 2nd, 2011


Oracle Corp. - ORCL - close: 36.14 change: -0.23

Stop Loss: 32.95
Target(s): 38.00
Current Gain/Loss: + 4.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/03 update: ORCL just produced its first decline in days. The stock remains short-term overbought and due for more profit taking. 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: 17.45 change: -0.01

Stop Loss: 16.95
Target(s): 18.40
Current Gain/Loss: + 0.6%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
05/03 update: SAI managed to find some support near its rising 10-dma this morning. 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: 52.10 change: -0.54

Stop Loss: 49.95
Target(s): 54.75
Current Gain/Loss: + 1.2%
Time Frame: less than 2 weeks
New Positions: see below

Comments:
05/03 update: Time is almost up. Our plan is to exit this trade tomorrow (Wednesday) at the closing bell to avoid holding over earnings on Thursday morning. Considering our time frame I am raising our stop loss to $51.45. No new positions at this time.

(Small Positions)

Current Position: long SHOO stock @ $51.45

05/03 New stop @ 51.45, Prepare to exit tomorrow at the close.
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: 49.37 change: +0.38

Stop Loss: 50.15
Target(s): 45.25
Current Gain/Loss: + 1.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/03 update: Defense-related stocks were showing some relative strength on Tuesday. RTN is nearing what should be resistance at the $50.00 mark. Readers may want to wait for another failed rally move near $50 before initiating new bearish positions. 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