Editor's Note:
Another day of declines for the market's major averages did not bode well for the bulls. We saw four of our bullish trades get stopped out (CPX, DD, DKS, and IAU).

-James

Current Portfolio:


BULLISH Play Updates

Autodesk Inc. - ADSK - close: 43.43 change: -0.32

Stop Loss: 41.90
Target(s): 48.50
Current Gain/Loss: - 2.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/05 update: Today looks similar to yesterday with ADSK churning in a 90-cent range. A new rally past $44.25 could be used as a new entry point.

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.

Current Position: Long ADSK stock @ $44.25

- or -

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

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


Capital One Financial - COF - close: 53.14 change: -0.03

Stop Loss: 50.85
Target(s): 57.00, 59.50
Current Gain/Loss: + 0.1%
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
05/05 update: The lack of any serious profit taking in COF on Thursday is a bullish signal in my book. Shares opened at $53.07 and spent the day consolidating sideways. I would still consider new positions now at current levels. Our upside targets are $57.00 and $59.50.

Current Position: Long COF stock @ $53.07

- or -

Long the June $55 calls (COF1118F55) Entry @ $0.96

Entry on May 5 at $53.07
Earnings Date 07/21/11 (unconfirmed)
Average Daily Volume: 3.7 million
Listed on May 4th, 2011


Discover Financial Services - DFS - close: 24.01 change: -0.04

Stop Loss: 23.40
Target(s): 27.25
Current Gain/Loss: - 0.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/05 update: DFS dipped toward its 40-dma and bounced. Shares pared their losses to just four cents. I'd wait for another bounce, maybe a close over $24.25 before considering new positions.

(Small Positions)

Current Position: long DFS stock @ $24.10

- or -

Long the May $24 calls (DFS1121E24) Entry @

05/04 Triggered at $24.10.
04/30 Added an alternative entry point @ $25.25
04/26 New trigger @ 24.10, New stop loss @ 23.40

Entry on May 4 at $24.10
Earnings Date 06/23/11 (unconfirmed)
Average Daily Volume: 5.9 million
Listed on April 12th, 2011


EMC Corp. - EMC - close: 27.00 change: -0.37

Stop Loss: 26.45
Target(s): 29.95, 32.25
Current Gain/Loss: - 2.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/05 update: EMC is still correcting lower. Shares hit support near $27 and its 40 and 50-dma today. This dip looks like a new entry point but given the market's recent weakness readers may want to wait for a bounce in EMC first.

Current Position: Long EMC stock @ $27.55

- or -

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

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


NVIDIA Corp. - NVDA - close: 18.66 change: +0.01

Stop Loss: 18.19
Target(s): 21.85
Current Gain/Loss: - 2.1%
Time Frame: less than two weeks
New Positions: see below

Comments:
05/05 update: Thursday proved to be a quiet day for NVDA. The stock ignored the weakness in the major indices. Tomorrow could be another story. The jobs data could spark some volatility across the market and I would expect NVDA to see a big move one way or the other.

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 @

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: 34.67 change: -0.58

Stop Loss: 32.95
Target(s): 38.00
Current Gain/Loss: - 0.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/05 update: ORCL's correction is nearing prior resistance. I would use this dip as a new entry point to launch bullish positions.

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: 17.31 change: -0.12

Stop Loss: 16.95
Target(s): 18.40
Current Gain/Loss: - 0.1%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
05/05 update: SAI is consolidating sideways but the last several days have adopted a slightly bearish trend of lower highs and lower lows. I am not suggesting new positions at this time.

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


BEARISH Play Updates

Raytheon Co. - RTN - close: 48.92 change: +0.03

Stop Loss: 50.15
Target(s): 45.25
Current Gain/Loss: - 0.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/05 update: To be honest I am disappointed that RTN did not show more weakness today. The stock is consolidating sideways. I would hesitate to launch new positions here. Let's see how RTN and the market reacts to the jobs data tomorrow.

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


Tidewater Inc. - TDW - close: 54.90 change: -1.54

Stop Loss: 60.10
Target(s): 52.00
Current Gain/Loss: unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see trigger

Comments:
05/05 update: Hmm... it looks like we may have missed the entry point for this bearish play in TDW. The stock has reached what could be round-number support near $55.00. I would expect an oversold bounce soon.

At the moment our trigger to open bearish positions is at $57.75.

Trigger @ $57.75 (Small Positions)

Suggested Position: Short TDW stock @ 57.75

- or -

Buy the June $55 PUT (TDW1118R55)

Entry on May x at $xx.xx
Earnings Date 05/19/11 (unconfirmed)
Average Daily Volume: 502 thousand
Listed on May 3rd, 2011


CLOSED BULLISH PLAYS

Complete Production Services - CPX - close: 30.13 change: -0.67

Stop Loss: 29.90
Target(s): 34.75, 37.25
Current Gain/Loss: - 6.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/05 update: Oil service names have gotten murdered over the last few days. CPX is no exception. The big sell-off in crude oil prices today fueled another decline. Shares of CPX dipped to $29.31 intraday. Our stop loss was hit at $29.90.

closed Position: Long CPX stock @ $32.00, exit $29.90 (-6.5%)

- or -

June $35 call (CPX1118F35) Entry @ $1.00, Exit @ 0.40 (-60%)

05/05 Stopped out @ 29.90 (-6.5%), Option @ -60%

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: 53.87 change: -0.64

Stop Loss: 53.95
Target(s): 59.95, 62.50
Current Gain/Loss: - 4.3%
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
05/05 update: Four declines in a row pushed DD through support near its 50-dma and the $54.00 level. Our stop loss was hit at $53.95.

Small Positions

closed Position: long DD stock @ $56.42, Exit @ 53.95 (-4.3%)

- or -

June $57.50 call (DD1118F57.5) Entry @ 1.08, Exit @ 0.39 (-63.8%)

05/05 Stopped out @ 53.95 (-4.3%), Option @ -63.8%

chart:

Entry on May 2 at $56.42
Earnings Date 04/21/11
Average Daily Volume: 4.8 million
Listed on April 30th, 2011


Dick's Sporting Goods Inc. - DKS - close: 40.82 change: +0.40

Stop Loss: 39.40
Target(s): 42.75, 44.75
Current Gain/Loss: +0.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/05 update: Some of the retail names ended the day higher thanks to the big drop in oil prices and the better than expected April same-store sales numbers. DKS posted a +0.9% gain by the closing bell. Unfortunately the morning spike lower hit our stop loss at $39.40, closing this trade.

- Small Positions -

Current Position: Long DKS stock @ $39.39, exit $39.40 (+0.03%)

- or -

June $40 calls (DKS1118F40) Entry @ $2.35, exit $1.60 (-31.9%)

05/05 Stopped out @ 39.40 (+0.03%), Option @ -31.9%
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

chart:

Entry on March 21 at $39.39
Earnings Date 05/18/11 (unconfirmed)
Average Daily Volume: 1.6 million
Listed on March 19th, 2010


iShares Gold Trust - IAU - close: 14.38 change: -0.43

Stop Loss: 14.38
Target(s): 15.75
Current Gain/Loss: + 0.1%
Time Frame: 9 to 12 weeks
New Positions: see below

Comments:
05/05 update: The sell-off in gold continues. The IAU gave up -2.9% and hit our stop loss at $14.38. The plan was to keep our position size small to limit our risk.

- Small Positions Only -

closed Position: Long the IAU @ $14.36, exit $14.38 (+0.14%)

- or -

July $14.00 call (IAU1116G14) Entry @ $0.60, Exit $0.60 (+0.0%)

05/05 Stopped out @ 14.38 (+0.14%), Option @ +0.0%
04/30 New stop loss @ 14.38, consider taking profits now.
04/27 New stop loss @ 14.15

chart:

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