Editor's Note:
I warned readers that the market could see a sell-the-news reaction to the FOMC announcement.

Stocks were accelerating lower into the closing bell. HNSN hit our stop loss today. If the market continues lower tomorrow we'll probably see a few more stocks hit our stop losses.

-James

Current Portfolio:


BULLISH Play Updates

CBOE Holdings, Inc. - CBOE - close: 26.38 change: -0.71

Stop Loss: 25.85
Target(s): 29.50
Current Gain/Loss: - 0.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/21 update: It was a pretty quiet day for CBOE until the last two hours of trading. Shares started accelerating lower in the last 30 minutes. Yet the stock has not yet tested prior support in the $26.30-26.20 zone. If the market continues lower I would expect COBE to hit the $26.00 level and possibly stop us out at $25.85. I am not suggesting new positions at this time.

Earlier Comments:
We need to label this as a slightly more aggressive trade. While things look good on a short-term basis the long-term weekly chart is showing potential resistance. Readers may want to wait for a close over that trendline before considering new bullish positions.

Current Position: Long CBOE stock @ $26.43

- or -

Long OCT $27 call (CBOE1122J27) Entry $0.99

09/19 new stop loss @ 25.85
09/17 new stop loss @ 25.40

Entry on September 13 at $26.43
Earnings Date 11/03/11 (unconfirmed)
Average Daily Volume = 703 thousand
Listed on September 12, 2011


Electronic Arts - ERTS - close: 21.95 change: -0.96

Stop Loss: 21.90
Target(s): 24.85
Current Gain/Loss: - 4.2%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
09/21 update: Warning! The action today in ERTS looks dangerous. The stock underperformed the market with a -4.1% drop and has closed under its 10 and 100-dma. ERTS closed on its lows at $21.94, just four cents from our stop loss at $21.90. My concern tonight is that another weak morning in the market tomorrow could produce a gap open lower for ERTS under our stop loss. I am not suggesting new positions at this time. Odds are good shares will hit our stop loss tomorrow.

current Position: Long ERTS stock @ $23.93

- or -

Long OCT $24 call (ERTS1122J24) Entry $0.77

09/20 trade opened at $22.93
09/19 new stop loss @ 21.90

Entry on September 20 at $22.93
Earnings Date 11/01/11 (unconfirmed)
Average Daily Volume = 8.6 million
Listed on September 17, 2011


Nordstrom Inc. - JWN - close: 46.18 change: -1.31

Stop Loss: 45.90
Target(s): 51.75
Current Gain/Loss: -4.1%
Time Frame: 2 to 6 weeks
New Positions: see below

Comments:
09/21 update: JWN lost -2.7% versus -2.9% in the S&P 500. Shares have pulled back to what should be short-term support at $46.25-46.00. A bounce from here can be used as a new bullish entry point. Unfortunately if the market continues lower tomorrow then JWN will probably hit our stop loss at $45.90.

Current Position: Long JWN @ $48.17

- or -

Long OCT $50 call (JWN1122J50) Entry $1.96

Entry on September 20 at $48.17
Earnings Date 11/10/11 (unconfirmed)
Average Daily Volume = 3.8 million
Listed on September 19, 2011


NVIDIA Corp. - NVDA - close: 14.47 change: -0.29

Stop Loss: 13.49
Target(s): 16.75, 18.25
Current Gain/Loss: -2.9%
Time Frame: 6 to 12 weeks
New Positions: see below

Comments:
09/21 update: I have been suggesting readers wait for a dip into the $14.50-14.00 zone. NVDA got there today with the sudden acceleration lower late in the day. I'm not convinced the market's decline (or NVDA's) is over yet. You may want to wait for the dip closer to $14.00 as our new entry point. More conservative traders may want to raise their stop loss closer to the $14.00 level.

Current Position: Long NVDA stock @ $14.91

- or -

Long OCT $15 call (NVDA1122J15) Entry $1.10

- or -

Long 2012 JAN $15 call (NVDA1122A15) Entry $2.28

09/17 added secondary target of $18.25
09/14 new stop loss @ 13.49
09/14 gap open higher entry point @ 14.91

Entry on September 14 at $14.91
Earnings Date 11/10/11 (unconfirmed)
Average Daily Volume = 19.3 million
Listed on September 13, 2011


Silver Wheaton Corp. - SLW - close: 40.66 change: -0.28

Stop Loss: 38.85
Target(s): 46.00
Current Gain/Loss: -2.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/21 update: Hmmm... that's not exactly what we had in mind for SLW today. Shares did rally as expected but then the stock rolled over as the market accelerated lower. Our trigger to open bullish positions was hit at $41.55. SLW made it to $42.50 before reversing course and closing in negative territory. Unfortunately this move looks like a failed rally and a bull-trap pattern. I am not suggesting new positions tonight. Let's wait to see where it bounces. Nimble traders may want to consider buying a bounce near the $40.00 level. My concern now, with today's reversal, is that SLW might dip toward its 50-dma.

Current Position: Long SLW stock @ 41.55

- or -

Long OCT $42 call (SLW1122J42) Entry $2.00

09/21 trade opened at $41.55

Entry on September 21 at $41.55
Earnings Date 11/08/11 (unconfirmed)
Average Daily Volume = 6.5 million
Listed on September 20, 2011


SodaStream Intl. - SODA - close: 40.32 change: +0.34

Stop Loss: 38.75
Target(s): 45.75, 49.75
Current Gain/Loss: -1.2%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
09/21 update: All right. I'll confess. I am shocked that SODA not only posted a gain but that we did not get stopped out. This is a volatile stock and I was sure it would have followed the market lower. SODA managed to hold support near $40.00. Of course that's no guarantee it will hold support again tomorrow if the market continues lower. Although nimble traders may want to buy the stock here if the major market indices bounce tomorrow.

Earlier Comments:
If this stock can rally then SODA could see a huge short squeeze. The most recent data listed short interest at more than 75% of the very, very small 14.6 million-share float.

Remember, we want to use small positions to limit our risk.

Current Position: Long SODA @ $40.84

- or -

Long OCT $45 call (SODA1122J45) Entry $3.00

09/19 new stop loss @ 38.75
09/13 new stop loss at $37.20
09/13 trade is open. SODA @ 40.84

Entry on September 13 at $40.84
Earnings Date 11/29/11 (unconfirmed)
Average Daily Volume = 3.8 million
Listed on September 8, 2011


virgin Media, Inc. - VMED - close: 24.64 change: -1.49

Stop Loss: 24.40
Target(s): 29.50
Current Gain/Loss: -6.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/21 update: Warning! The combination of yesterday's failed rally and bearish reversal combined with today's under performance (-5.7%) is very bearish for VMED. The stock fell through its 10-dma and its 50-dma. The close under $25.00 is also bearish. The low today was $24.58. We have a stop at $24.40. More conservative traders may want to abandon ship right now. My biggest concern is that VMED might actually gap open lower tomorrow morning.

I am not suggesting new positions at this time.

Earlier Comments:
We want to keep our position size small to limit our risk. VMED is facing additional resistance at its 200-dma and near the $28.00 level. We'll start with a multi-week target at $29.50. FYI: The most recent data listed short interest at 14% of the 310 million-share float.

Current Position: Long VMED stock @ $26.25

- or -

Long OCT $27 call (VMED1122J27) Entry $0.85

Entry on September 20 at $26.25
Earnings Date 10/26/11 (unconfirmed)
Average Daily Volume = 4.5 million
Listed on September 17, 2011


BEARISH Play Updates

Greif, Inc. - GEF - close: 45.28 change: -2.04

Stop Loss: 48.55
Target(s): 44.00, 40.50
Current Gain/Loss: +3.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/21 update: GEF underperformed the market today with a -4.3% drop. Shares closed at a new 2011 low albeit on very low volume. I would not be surprised to see a bounce at the $45.00 level. We are not suggesting new positions at this time. Please note our new stop loss at $48.55.

Earlier Comments:
FYI: The Point & Figure chart for GEF is bearish with a $30 target. I am not suggesting the options. The spreads are too wide.

*Small Bearish Positions*

Current Position: short GEF stock @ $46.93

09/21 new stop loss @ 48.55
09/19 new stop loss @ 49.55

Entry on September 12 at $46.93
Earnings Date 12/07/11 (unconfirmed)
Average Daily Volume = 247 thousand
Listed on September 10, 2011


CLOSED BULLISH PLAYS

Hansen Medical Inc. - HNSN - close: 3.72 change: -0.46

Stop Loss: 3.95
Target(s): 4.85, 5.20
Current Gain/Loss: - 7.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
09/21 update: HNSN was a big underperformer today. The stock was weak right from the open and fell to $3.80 prior to the FOMC announcement. Shares eventually settled at new eight-day lows with a -11% decline. Our stop loss was hit this morning at $3.95 (-7.0%).

Earlier Comments:
The stock can be volatile so we want to keep our position size small.

closed Position: Long HNSN stock @ $4.25, exit 3.95 (-7.0%)

09/21 stopped out at $3.95
09/20 new stop loss @ 3.95
09/14 new stop loss @ 3.90

chart:

Entry on September 14 at $4.25
Earnings Date 11/03/11 (unconfirmed)
Average Daily Volume = 963 thousand
Listed on September 12, 2011