Editor's Note:
One of our best performers last week was NTAP. Overall results were mixed on Friday but the semiconductor stocks were showing some relative strength.

Please note that we have removed the IWM and JJC trades unopened.

-James

Current Portfolio:


BULLISH Play Updates

Beazer Homes - BZH - close: 2.04 change: -0.02

Stop Loss: 1.75
Target(s): 3.25
Current Gain/Loss: -6.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
11/05 update: BZH essentially spent a week consolidating sideways. The stock just spent the last five days in the $2.15-2.00 range, at least most of the week. You could choose to see this as a positive sign that BZH is building a base near support at the $2.00 level.

If you're still concerned about a dip in the market then wait for BZH to dip into the $1.90-1.80 zone as your entry point. Alternatively you could wait for a new breakout past $2.15 as your entry point. We do need to keep an eye on the simple 100-dma near $2.28, which might be technical resistance.

Earlier Comments:
We have listed a very high target at $3.25 but I anticipate scaling that down. This is sort of a just-in-case BZH delivers better than expected earnings and the stock explodes kind of target. This industry is very heavily shorted so a short squeeze is a definite possibility.

Please note we are going to take the unusual step and hold over BZH's earnings in November. Normally we try to always exit ahead of earnings to avoid holding over the announcement.

FYI: You could buy calls but the spreads are so wide they could actually increase your risk (but they'll definitely leverage any move higher).

current Position: Long BZH stock @ $2.19

- or -

Long 2012 Jan $3.00 call (BZH1221A3) Entry $0.15

chart:

Entry on October 31 at $2.19
Earnings Date 11/15/11 (confirmed)
Average Daily Volume = 2.4 million
Listed on October 29, 2011


CEMEX - CX - close: 4.68 change: +0.19

Stop Loss: 3.89
Target(s): 4.95
Current Gain/Loss: + 4.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
11/05 update: CX displayed relative strength on Friday. A positive market back home in Mexico provided a stable backdrop for CX. The stock rallied to $4.83 intraday before settling at a new six-week high and a +4.2% gain on Friday. I would not chase it here. Our exit target is only $4.95 and support is down at the 10-dma near $4.18. We will raise our stop loss to $3.97. More aggressive traders may want to aim higher for their exit.

*See Entry Details Above*

current Position: Long CX stock @ $4.48

- or -

Long Jan $5 call (CX1221A5) Entry $0.45

11/05 new stop loss @ 3.97
11/03 CX gapped open to $4.48 (+6.3%)

chart:

Entry on November 3 at $ 4.48
Earnings Date 10/26/11
Average Daily Volume = 20.3 million
Listed on November 2, 2011


Healthstream Inc. - HSTM - close: 15.73 change: -0.26

Stop Loss: 14.25
Target(s): 18.00
Current Gain/Loss: - 0.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
11/05 update: After a strong two-day bounce HSTM hit some profit taking on Friday (-1.6%). If you're looking for a new entry point I'd wait for a dip near its rising 10-dma or the $15.00 level.

Earlier Comments:
Our plan was to keep position sizes small to limit risk. Our target is $18.00. FYI: The Point & Figure chart for HSTM is bullish with a $17.50 target. NOTE: HSTM does have options but the spreads are too wide to trade.

(small positions)

current Position: Long HSTM @ $15.79

11/03 HSTM gapped open higher at $15.79

chart:

Entry on November 3 at $15.79
Earnings Date 10/24/11
Average Daily Volume = 134 thousand
Listed on November 2, 2011


IMAX Corp. - IMAX - close: 19.29 change: -0.14

Stop Loss: 17.70
Target(s): 24.50
Current Gain/Loss: - 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
11/05 update: IMAX has spent the last couple of days consolidating sideways. I don't see any changes from my prior comments. More conservative traders may want to wait for a dip into the $19.00-18.50 zone as their entry point.

Earlier Comments:
Our multi-week target is $24.50. Keep in mind that the exponential 200-dma could be resistance near $22.25ish. FYI: The Point & Figure chart for IMAX is bullish with a $28.00 target.

Current Position: Long IMAX @ $19.38

- or -

Long DEC $20 call (IMAX1117L20) Entry $1.27

chart:

Entry on November 3 at $19.38
Earnings Date 10/27/11
Average Daily Volume = 1.2 million
Listed on November 2, 2011


Juniper Networks - JNPR - close: 23.98 change: +0.02

Stop Loss: 21.90
Target(s): 29.00
Current Gain/Loss: + 1.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
11/05 update: JNPR has essentially traded sideways in the $22.80-24.00 range the last four days. If you look closely you can see a bullish trend of higher lows. The stock has found some technical support at its 10-dma. Yet it is also struggling with some short-term resistance near $24.00 and its 100-dma.

At the moment I am neutral on launching new positions. If stocks correct then JNPR is likely to retest the $22.00 level. If stocks continue to rise then we need to see JNPR breakout past $24.00 soon. Readers could use a move past $24.10 as an entry point but if you do I would consider raising your stop loss!

The plan was to keep positions small to limit our risk.

(small positions)

current Position: Long JNPR stock @ $23.72

- or -

Long JAN $25 call (JNPR1221A25) Entry $1.50

11/02 trade is open. JNPR opened at $23.72
11/01 Try again. New strategy. Buy JNPR if stock and S&P500 opens positive tomorrow, stop loss @ 21.90.
11/01 trade opened at $23.46, stopped out @ 22.75 (-3.0% loss)
option opened @ $1.80, exit $1.36 (-24.4%)
10/29 alternative entry point: dip at $23.00

chart:

Entry on November 2 at $23.72
Earnings Date 10/18/11
Average Daily Volume = 13 million
Listed on October 29, 2011


NetApp Inc. - NTAP - close: 42.63 change: +0.67

Stop Loss: 39.90
Target(s): 43.90
Current Gain/Loss: + 7.2%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
11/05 update: NTAP continues to rock and roll with another strong session on Friday. Shares bucked the trend and added +1.6%. Friday's session is also a breakout past resistance near $42 and its simple 100-dma.

Please note that I see potential resistance at the exponential 200-dma, currently at $44.19. Therefore, I am adjusting our exit target down to $43.90. We will move our stop loss higher to $39.90.

I am not suggesting new positions at this time. More conservative traders may want to take profits now, especially if you're holding the calls.

Earlier Comments:
This is going to be a short-term trade. We do not want to hold over the November 16th earnings report.

current Position: Long NTAP stock @ 39.75

- or -

Long NOV $40 call (NTAP1119K40) Entry $1.71

11/05 new stop loss @ 39.90, adjusted target to $43.90
11/03 new stop loss @ 38.40
11/01 new stop loss @ 37.25
11/01 NTAP gaps open lower at $39.75, our new entry point.

chart:

Entry on November 1 at $39.75
Earnings Date 11/16/11 (confirmed)
Average Daily Volume = 6.8 million
Listed on October 31, 2011


Financial SPDR ETF - XLF - close: 13.29 change: -0.19

Stop Loss: 12.45
Target(s): 14.00
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
11/05 update: The XLF did see a dip on Friday but it was not deep enough. Shares slipped to $13.12 before the XLF pared its losses. Aggressive traders may want to go ahead and open bullish positions now. I am willing to wait. We do not know what sort of headlines might emerge over the weekend.

I am leaving our buy-the-dip trigger at $12.90. More aggressive trades could up their trigger to $13.10 while more conservative traders could place their trigger near $12.70, just above the 50-dma instead.

FYI: normally I would consider placing the trigger at $13.00 or $13.05 but the financials can be a volatile bunch and if stocks correct I expect the XLF to over correct a little. That's why our trigger is at $12.90.

buy the dip Trigger @ $12.90 (small positions)

Suggested Position: buy the XLF @ $12.90

- or -

buy the 2012 Jan $13 call (XLF1221A13)

chart:

Entry on November xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 137 million
Listed on November 3, 2011


Xilinx Inc. - XLNX - close: 32.85 change: +0.43

Stop Loss: 31.40
Target(s): 35.75
Current Gain/Loss: + 1.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
11/05 update: Semiconductor stocks were showing relative strength on Friday. XLNX was helping lead the way with a +1.3% gain. The close over its simple 200-dma is technically bullish. I would still consider new positions now.

Earlier Comments:
The plan was to keep our position size small to limit risk. Our multi-week target is $35.75. FYI: The Point & Figure chart for XLNX is bullish with a $46 target.

(small positions)

Current Position: Long XLNX stock @ 32.50

- or -

Long Jan $35 call (XLNX1221A35) Entry $0.95

chart:

Entry on November 1 at $32.50
Earnings Date 10/19/11
Average Daily Volume = 5.0 million
Listed on October 29, 2011


BEARISH Play Updates

Dish Network - DISH - close: 23.48 change: -0.20

Stop Loss: 24.55
Target(s): 21.25
Current Gain/Loss: +7.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
11/05 update: It's time to play defense. Monday could be very exciting. DISH is due to report earnings on Monday morning before the opening bell. Odds are the stock will gap open higher or lower in reaction to its results. I am not suggesting new positions at this time.

Please note I am inching our stop loss down to $24.55. Readers may want to consider an exit at wherever DISH opens at on Monday morning. Currently our exit target is $21.25.

Earlier Comments:
FYI: The Point & Figure chart for DISH is bearish with a $16 target.

current Position: short DISH stock @ $25.38

- or -

Long NOV $25 PUT (DISH1119W25) Entry $1.20

11/05 new stop loss @ 24.55
11/01 new stop loss @ 24.75

chart:

Entry on October 28 at $25.38
Earnings Date 11/07/11 (confirmed)
Average Daily Volume = 3.0 million
Listed on October 27, 2011


CLOSED BULLISH PLAYS

iShares Russell 2000 ETF - IWM - close: 74.60 change: -0.37

Stop Loss: 67.49
ETF target: 75.75
November Call Target: 73.75
January Call Target: 75.75
Current Gain/Loss: unopened
Time Frame: 2 to 8 weeks
New Positions: see below

Comments:
11/05 update: The IWM never hit our trigger at $69.50. While the market's trend is still higher I'm not willing to chase the IWM at current levels. We're going to drop this play unopened but readers may want to keep this ETF on their watch list.

Trigger @ 69.50 (small positions)

Trade Never Opened.

chart:

Entry on November xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 84 million
Listed on November 1, 2011


Copper ETN - JJC - close: 46.17 change: -0.41

Stop Loss: 41.90
Target(s): 48.00
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
11/05 update: Copper has been consolidating sideways the last couple of days. The JJC has been stuck under technical resistance at the simple 50-dma. Nimble traders may want to keep this trade alive. I am removing it. The JJC never hit our entry point at $44.35 but I am keeping it on my watch list just in case we do see the JJC retest what should be support near $44.00.

buy the dip Trigger @ 44.35

Our Trade Never Opened.

chart:

Entry on November xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 438 thousand
Listed on November 1, 2011