Editor's Note:
The market's sell-off is looking over done. The S&P 500 is down more than -10% in less than two weeks.

The action in the market today, a gap down and a sprint lower, is a perfect example of why we have been using the conditional entry points. We're going to use them again tonight.

FYI: Our bearish play in JKHY hit our final target today.

-James

Current Portfolio:


BULLISH Play Updates

Intersections Inc. - INTX - close: 18.44 change: -1.51

Stop Loss: 17.75
Target(s): 19.90, 21.75
Current Gain/Loss: unopened
Time Frame: 2 to 4 weeks
New Positions: Yes, see below

Comments:
08/04 update: Both INTX and the market opened lower so our trade did not open. The stock saw a sharp -7.5% decline but held near technical support at the rising 40-dma. I'm expecting an oversold bounce in the market soon so we will try again now that we have a more attractive entry point on INTX. I am suggesting long positions now but only if INTX and the S&P 500 open in positive territory tomorrow morning.

We will use a new stop loss at $17.75, which is just under the 50-dma. Our new targets are $19.95 and $21.75.

buy INTX if both the stock and the S&P 500 open positive tomorrow.

Suggested Position: buy INTX stock

08/04 Adjusted our entry point strategy, our stop loss and targets due to the market drop on Thursday. New stop @ 17.75. New targets are $19.95 and $21.75.

Entry on August xx at $ xx.xx
Earnings Date 08/08/11 (unconfirmed)
Average Daily Volume = 150 thousand
Listed on August 2, 2011


BEARISH Play Updates

None. No bearish plays currently.


CLOSED BULLISH PLAYS

GATX Corp - GMT - close: 34.26 change: -2.63

Stop Loss: 35.90
Target(s): 40.00, 42.50
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
08/04 update: I am giving up on GMT. Once again our trade did not open. Shares gapped open lower (what stock didn't do that today) and then plunged to a -7.1% drop. This is a significant breakdown under multiple layers of support. I'm removing GMT as a candidate.

Trade did not open.

chart:

Entry on August xx at $ xx.xx
Earnings Date 10/20/11 (unconfirmed)
Average Daily Volume = 754 thousand
Listed on August 1, 2011


CLOSED BEARISH PLAYS

Jack Henry & Associates Inc. - JKHY - close: 26.18 change: -1.11

Stop Loss: 28.75
Target(s): 28.10, 26.25
Current Gain/Loss: +10.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
08/04 update: The market's massive sell-off on Thursday was enough to push JKHY to our final exit target at $26.25. JKHY now looks very oversold and nearing support at the $26.00 level.

- small positions -

closed Position: short JKHY @ $29.39, exit $26.25 (+10.6%)

08/04 Final Target Hit @ 26.25 (+10.6%)
08/03 new stop loss @ 28.75
08/03 intraday reversal higher with volume. Readers may want to exit early
08/02 new stop loss @ 29.25
08/02 1st target hit @ 28.10 (+4.3%)

chart:

Entry on July 27 at $29.39
Earnings Date 08/16/11 (unconfirmed)
Average Daily Volume = 427 thousand
Listed on July 26, 2011