Editor's Note:
The market's pull back last week looks like a bullish entry point to buy the dip for many stocks.

-James

Current Portfolio:


BULLISH Play Updates

Autodesk Inc. - ADSK - close: 44.31 change: +0.88

Stop Loss: 41.90
Target(s): 48.50
Current Gain/Loss: + 0.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/07 update: ADSK got a bump on Friday but the early rally faded. Shares still managed to close up +2%. I remain bullish here and would still consider new positions now at current levels.

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

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


Capital One Financial - COF - close: 53.79 change: +0.65

Stop Loss: 50.85
Target(s): 57.00, 59.50
Current Gain/Loss: + 1.3%
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
05/07 update: Nothing has changed for us with the COF trade. The plan was to buy the recent dip and I would still consider new bullish 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

chart:

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: 24.29 change: +0.28

Stop Loss: 23.40
Target(s): 27.25
Current Gain/Loss: + 0.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/07 update: DFS has bounced from support near its 40-dma. Shares are now in the middle of its $23.50-25.00 trading range. I would still consider new positions now but you could look for another dip near $24.00 or a breakout past $25.00 as a potential entry point.

(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

chart:

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: 27.12 change: +0.12

Stop Loss: 26.45
Target(s): 29.95, 32.25
Current Gain/Loss: - 1.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/07 update: EMC's oversold bounce on Friday didn't make it very far. The rally failed at $27.63. We can launch new positions here but more conservative traders may want to seriously consider waiting for a new close over the $27.50 mark.

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


NVIDIA Corp. - NVDA - close: 19.32 change: +0.66

Stop Loss: 18.19
Target(s): 21.85
Current Gain/Loss: + 1.4%
Time Frame: less than two weeks
New Positions: see below

Comments:
05/07 update: NVDA was showing some relative strength on Friday. The stock closed back above its 50-dma and ended Friday's session up +3.5%. Don't forget that we don't have much time left. 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 @ $0.56

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: 34.87 change: +0.20

Stop Loss: 32.95
Target(s): 38.00
Current Gain/Loss: + 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/07 update: The bounce in ORCL on Friday stalled at its 10-dma. Yet I would still consider new positions here. Or you could wait for a dip closer to the $34.00 level.

Current Position: Long ORCL stock @ $34.70

- or -

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

chart:

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: 17.26 change: -0.05

Stop Loss: 16.95
Target(s): 18.40
Current Gain/Loss: - 0.4%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
05/07 update: SAI is still consolidating with a bearish trend of lower highs and lower lows but it's pretty subtle. Look for the $17.00 level to act as support. I remain concerned about the defense names as congress tries to cut the U.S. budget. 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

chart:

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: 49.44 change: +0.52

Stop Loss: 50.15
Target(s): 45.25
Current Gain/Loss: - 1.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/07 update: This might be a new bearish entry point. RTN rallied toward technical resistance near its 30-dma on Friday. More conservative traders may want to wait for a new drop under $49.00 again before launching new bearish positions. I would keep our position size small.

Small Positions

Current Position: Short RTN stock @ $48.68

- or -

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

chart:

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: 54.78 change: -0.12

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

Comments:
05/07 update: I'm still concerned that we may have missed our entry point for bearish trades on TDW. I'm not willing to chase it here. I do expect a bounce soon. We'll leave our trigger to open bearish positions at $57.75 for now. Keep in mind that we do not want to hold over the mid May earnings report.

Trigger @ $57.75 (Small Positions)

Suggested Position: Short TDW stock @ 57.75

- or -

Buy the June $55 PUT (TDW1118R55)

chart:

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