Editor's Note:
The S&P 500 was down -3% for the week until the market finally bounced on some decent economic data this morning.

-James

Current Portfolio:


BULLISH Play Updates

AirMedia Group Inc. - AMCN - close: 3.46 change: -0.02

Stop Loss: 3.30
Target(s): 4.90
Current Gain/Loss: - 6.4%
Time Frame: 8 to 10 weeks
New Positions: see below

Comments:
12/15 update: AMCN traded sideways all day and closed virtually unchanged on the session. The stock is holding above its simple 200-dma but I remain cautious after yesterday's reversal lower. I am not suggesting new positions at this time.

Earlier Comments:
Let's keep our position size small to limit our risk.

(small positions)

current Position: long AMCN stock @ 3.70

Entry on December 13 at $3.70
Earnings Date 03/05/12 (unconfirmed)
Average Daily Volume = 170 thousand
Listed on December 12, 2011


AutoNation Inc. - AN - close: 35.99 change: +0.25

Stop Loss: 34.95
Target(s): 39.50
Current Gain/Loss: + 4.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/15 update: AN recovered a fourth of yesterday's decline. Shares remain inside this $35.00-37.50 trading range. We are raising our stop loss to $34.95. Readers may want to exit early now to lock in a gain. I am not suggesting new positions at this time.

Earlier Comments:
Our multi-week target is $39.50. More conservative traders may want to exit in the $37.75 region instead.

current Position: Long AN stock @ $34.45

- or -

Long Jan $35 call (AN1221A35) Entry $1.95

12/15/11 new stop loss @ 34.95
12/03/11 new stop loss @ 34.75
11/30/11 new stop loss @ 33.45

Entry on November 22 at $34.45
Earnings Date 02/02/12 (unconfirmed)
Average Daily Volume = 1.3 million
Listed on November 21, 2011


Activision Blizzard, Inc. - ATVI - close: 11.86 change: +0.10

Stop Loss: 11.69
Target(s): 13.45
Current Gain/Loss: - 3.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
12/15 update: There was no follow through lower on yesterday's sharp decline. It could be traders buying the dip at technical support near the simple 200-dma. I remain cautious. Conservative traders may want to exit now to limit any losses. I am not suggesting new positions at this time.

current Position: Long ATVI stock @ $12.30

- or -

Long FEB $13 call (ATVI1218B13) Entry $0.42

12/10/11 new stop loss @ 11.69
11/30/11 trade open. ATVI gaps higher at $12.30
11/29/11 ATVI gapped open lower. Trade not open yet.

Entry on November 30 at $12.30
Earnings Date 02/09/12 (unconfirmed)
Average Daily Volume = 14.9 million
Listed on November 28, 2011


BEARISH Play Updates

Broadcom Corp. - BRCM - close: 28.16 change: -0.29

Stop Loss: 30.25
Target(s): 26.00
Current Gain/Loss: + 7.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/15 update: The combination of a positive market this morning and some optimistic analyst comments on BRCM helped propel the stock higher. Unfortunately for the bulls the gap open gains didn't last. Shares faded lower to a -1.0% decline.

I am not suggesting new positions at this time.

Our target is $26.00 although more aggressive traders could aim lower. FYI: The Point & Figure chart for BRCM is bearish with a $21.00 target.

Suggested Position: short BRCM stock @ $30.53

- or -

Long 2012Jan $28 PUT (BRCM1221M28) Entry $0.88

12/14/11 new stop loss @ 30.25
12/13/11 new stop loss @ 30.55
12/12/11 new stop loss @ 31.20
12/05/11 BRCM gapped open higher at $30.53.

Entry on December 05 at $ 30.53
Earnings Date --/--/-- (unconfirmed)
Average Daily Volume = 8.2 million
Listed on December 03, 2011


Cash America Intl. - CSH - close: 46.09 change: +0.77

Stop Loss: 47.25
Target(s): 40.25
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Comments:
12/15 update: CSH saw an oversold bounce of +1.6% but that's not surprising with the stock sitting on support near $45.00. I am suggesting a trigger to open bearish positions at $44.75 with a stop loss $47.25. Our target is $40.25.
FYI: The Point & Figure chart for CSH is bearish with a $33 target.

Trigger @ 44.75

Suggested Position: short CSH stock @ 44.75

- or -

buy the Jan $45 put (CSH1221M45)

Entry on December xx at $ xx.xx
Earnings Date 01/26/12 (unconfirmed)
Average Daily Volume = 331 thousand
Listed on December 14, 2011


Ctrip.com Intl. - CTRP - close: 23.00 change: -0.00

Stop Loss: 25.05
Target(s): 20.25
Current Gain/Loss: + 0.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/15 update: CTRP inched to a new 52-week low of $22.80 before bouncing back and closing unchanged on the session at $23.00. The path of least resistance still appears to be down. More conservative traders may want to lower their stops closer to the $24.00 level.

Earlier Comments:
I do consider this an aggressive trade because CTRP is arguably still short-term oversold here six-days of losses (prior to Friday's bounce). We will use a stop loss at $25.05. You may want to use a tighter stop loss. We are aiming for $20.25. FYI: The Point & Figure chart for CTRP is bearish with a $9.00 target. Note: We want to keep our position size small to limit our risk. CTRP can be a volatile stock and short interest is nearing 10% of the float.

*Small Positions*

current Position: short CTRP stock @ 23.00

- or -

Long 2012Jan $22.50 PUT (CTRP1221M22.5) entry $1.40

12/13/11 readers may want to exit early. CTRP is not cooperating.
12/12/11 CTRP gapped open lower @ 23.00

Entry on December 12 at $23.00
Earnings Date 02/13/12 (unconfirmed)
Average Daily Volume = 5.2 million
Listed on December 10, 2011


Electronic Arts - ERTS - close: 20.92 change: +0.58

Stop Loss: 22.05
Target(s): 18.05
Current Gain/Loss: - 1.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/15 update: This is a new entry point for bears on ERTS. The stock has produced an oversold bounce (+2.8%) that stalled near the $21.00 level. As prior support this is new resistance and I would use this move as a new entry point.

FYI: ERTS announced that its ticker symbol will change to "EA" starting on December 20th.

Earlier Comments:
Our multi-week target is $18.05. I would expect possible support at $20.00 and $19.00. This trade is going to take some patience. Let's keep our position size small.

(small positions)

current Position: short ERTS stock @ 20.65

- or -

Long 2012Jan $20 PUT (ERTS1221M20) entry $1.05

Entry on December 14 at $20.65
Earnings Date 02/01/12 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on December 13, 2011


PACCAR Inc. - PCAR - close: 36.38 change: -0.20

Stop Loss: 40.55
Target(s): 32.50
Current Gain/Loss: + 6.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/15 update: PCAR posted a 90-cent drop but if you look at your quotes the stock only fell 20 cents. That's because the stock began trading ex-dividend for their quarterly cash dividend of 70 cents today. Today's move is still a new relative low so I'm not complaining. The stock is arguably short-term oversold. I am not suggesting new positions at this time.

NOTE: Our 2012Jan $36 puts are now $35.30 puts.

Earlier Comments:
More aggressive traders could place their stop above $41.30 instead. There is possible support near $36.75, near its November low, but we're aiming for $32.50.

(Small Positions)

current Position: short PCAR stock @ $39.11

- or -

Long 2012Jan $35.30 PUT (PCAR1221M35.3) Entry $0.80

12/15/11 thanks to a 70-cent dividend our 2012Jan $36 puts are now 35.30 puts.

Entry on December 09 at $39.11
Earnings Date 02/01/12 (unconfirmed)
Average Daily Volume = 2.7 million
Listed on December 08, 2011


AT&T Inc. - T - close: 28.79 change: -0.02

Stop Loss: 30.05
Target(s): 24.25 or 22.75
Current Gain/Loss: + 2.0%
Time Frame: 6 to 9 weeks or more
New Positions: see below

Comments:
12/15 update: AT&T appears to be drifting lower, albeit at a glacial pace. I am not suggesting new positions at current levels. More conservative traders may want to lower their stop toward $29.60, just above the simple 200-dma.

current Position: short T stock @ 29.40

- or -

Long 2012Jan $27.50 PUT (T1221M27.5) Entry $0.31

- or -

Long Mar $26 PUT (T1217O26) Entry $0.42

Entry on December 07 at $29.40
Earnings Date 01/26/12 (unconfirmed)
Average Daily Volume = 23.4 million
Listed on November 26, 2011