Editor's Note:
One of the big headlines after the closing bell was news that AT&T would give up its plans to acquire T-Mobile. Shares of AT&T should see some movement tomorrow morning.

Meanwhile the widespread market weakness contributed to some of our bullish plays getting stopped out. I've also updated a couple of stop losses tonight.

-James

Current Portfolio:


BULLISH Play Updates

Oxford Industries Inc. - OXM - close: 42.04 change: -0.05

Stop Loss: 40.65
Target(s): 44.90
Current Gain/Loss: - 0.6%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/19 update: Our new play on OXM is open. Both the stock and the S&P 500 opened positive. Unfortunately for bulls both the stock and the index rolled over to close lower. OXM only lost -0.1% versus a -1.1% drop in the S&P 500. Readers looking for a bullish entry point in OXM might want to wait for a dip or a bounce near the rising 10-dma instead (currently at 41.35).

Earlier Comments:
If our trade is opened we'll use a tight stop loss at $40.65 and we want to keep positions small to limit our risk. Our target is $44.90. FYI: The Point & Figure chart for OXM is bullish with a $62 target.

(small positions)

current Position: long OXM stock @ $42.32

- or -

Long Jan $45 call (OXM1221A45) entry $0.85

Entry on December 19 at $42.32
Earnings Date 03/29/12 (unconfirmed)
Average Daily Volume = 220 thousand
Listed on December 17, 2011


United Continental Holdings - UAL - close: 20.30 change: +0.94

Stop Loss: 20.35
Target(s): 24.75
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
12/19 update: It was an ugly day for airline stocks with the XAL index down -4.6%. UAL gave up -4.4%. The stock is back under its 200-dma and about to test the $20 level.

Currently our plan is to open small bullish positions when UAL trades at $21.55. However, we might drop UAL as a candidate if we don't see shares recover quickly from today's decline.

Earlier Comments:
I see potential resistance near $21.50 so the newsletter is suggesting a trigger to open small bullish positions at $21.55. We'll use a stop loss at $20.35. We'll set our exit target at $24.75.
FYI: The Point & Figure chart for UAL is bullish with a $31.50 target.

Trigger @ $21.55 (small positions)

Suggested Position: buy UAL stock @ 21.55

- or -

buy the 2012Jan $22.50 call (1221A22.5)

Entry on December xx at $ xx.xx
Earnings Date 01/25/12 (unconfirmed)
Average Daily Volume = 7.1 million
Listed on December 17, 2011


BEARISH Play Updates

Broadcom Corp. - BRCM - close: 27.74 change: -0.98

Stop Loss: 30.25
Target(s): 26.00
Current Gain/Loss: + 9.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/19 update: BRCM has broken down under short-term support near $28.00. Shares underperformed the market with a -3.4% decline. More conservative traders may want to take profits now. The newsletter's final target is $26.00.

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: 45.82 change: -1.16

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

Comments:
12/19 update: The oversold bounce in CSH has failed near its 10 and 20-dma. More aggressive traders may want to open bearish positions now with a stop near today's high. The newsletter is still waiting for a breakdown under support. We have a trigger at $44.75. 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: 22.53 change: -0.57

Stop Loss: 24.25
Target(s): 20.25
Current Gain/Loss: + 2.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/19 update: CTRP has broken down to new 2011 lows with today's -2.4% decline. Last week's high was $24.11. I am moving our stop loss down to $24.25.

Earlier Comments:
I do consider this an aggressive trade. 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

12/19/11 new stop loss @ 24.25
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: 19.85 change: -0.38

Stop Loss: 22.05
Target(s): 18.05
Current Gain/Loss: + 3.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/19 update: ERTS continues to underperform. The stock lost -1.8% and closed under round-number support at $20.00. More conservative traders might want to lower their stops.

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

12/19/11 ERTS will start trading as EA starting on the 20th

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: 35.48 change: -0.74

Stop Loss: 38.25
Target(s): 32.50
Current Gain/Loss: + 9.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/19 update: Traders may want to start taking profits on our PCAR trade. The stock is down -9.2% from our entry point. The put option is up +62%. The $35.00 level could act as possible round-number support. I am not suggesting new positions at this time. We will lower our stop loss to $38.25.

NOTE: Our 2012Jan $36 puts are now $35.30 puts thanks to the recent dividend.

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

12/19/11 new stop loss @ 38.25
12/17/11 new stop loss @ 39.05
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: 28.74 change: -0.11

Stop Loss: 29.65
Target(s): 24.25 or 22.75
Current Gain/Loss: + 2.2%
Time Frame: 6 to 9 weeks or more
New Positions: see below

Comments:
12/19 update: Tomorrow could be interesting but more on that in a moment. The early morning bounce attempt failed and T faded to a -0.3% decline.

After the closing bell AT&T announced it was giving up on its acquisition of T-Mobile. That means AT&T will have to pay T-Mobile's parent company, Deutsche Telekom a $4 billion (with a B) breakup fee. I would have expected shares of T to fall after hours on this news but the stock isn't seeing it yet. I would expect shares to gap open tomorrow morning.

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

12/19/11 after hours, T announces it will give up on plans to acquire T-Mobile, will pay $4 billion break up fee
12/17/11 new stop loss @ 29.65

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


Vera Bradley, Inc. - VRA - close: 30.82 change: -2.14

Stop Loss: 35.25
Target(s): 27.50
Current Gain/Loss: + 7.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/19 update: It was a great day to be a bear in VRA. The stock plunged to a -6.5% decline. The danger now is that VRA might try and bounce at round-number support near $30.00. We are adjusting our stop down to $35.25. More conservative traders may want to lower their stop loss even more.

Earlier Comments:
Traders need to keep in mind this is an aggressive, higher-risk trade. We want to keep our position size very small to limit risk. The most recent data listed short interest at almost 80% of VRA's very small 19.7 million share float. If there is some sort of unexpected rally in this stock it could spark a short squeeze and stops may not work very well in a fast market environment. I would suggest using put options in a situation like this to limit your risk but the spreads on the January puts are too wide. Our target is $27.50 although readers may want to take profits near $30.00 since it could prove to be round-number support. FYI: The Point & Figure chart for VRA is bearish with a $26 target.

(very small positions only!)

current Position: short VRA stock @ $33.17

12/19/11 new stop loss @ 35.25
12/15/11 this is an aggressive, higher-risk trade.

Entry on December 16 at $33.17
Earnings Date 12/07/11
Average Daily Volume = 796 thousand
Listed on December 15, 2011


CLOSED BULLISH PLAYS

AirMedia Group Inc. - AMCN - close: 3.30 change: -0.14

Stop Loss: 3.30
Target(s): 4.90
Current Gain/Loss: -10.8%
Time Frame: 8 to 10 weeks
New Positions: see below

Comments:
12/19 update: After hovering near support the last couple of days AMCN finally broke down when the stock market accelerated lower this afternoon. Shares hit our stop loss at $3.30.

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

(small positions)

closed Position: long AMCN stock @ 3.70, exit 3.30 (-10.8%)

chart:

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: 34.52 change: -1.25

Stop Loss: 34.95
Target(s): 39.50
Current Gain/Loss: + 1.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/19 update: Ouch! It was a rough day for AN. The early morning rally attempt stalled and shares accelerated lower from 10:30 to 11:30 this morning. AN tried to hold support near $35.00 but couldn't do it and dropped again this afternoon. Our stop was hit at $34.95.

closed Position: Long AN stock @ $34.45 exit 34.95 (+1.4%)

- or -

Jan $35 call (AN1221A35) Entry $1.95 exit 1.15 (-41.0%)

12/19/11 stopped out at $34.95
12/15/11 new stop loss @ 34.95
12/03/11 new stop loss @ 34.75
11/30/11 new stop loss @ 33.45

chart:

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: 11.65 change: -0.23

Stop Loss: 11.69
Target(s): 13.45
Current Gain/Loss: - 4.9%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
12/19 update: ATVI also underperformed today. Shares broke down under the simple 200-dma and settled with a -1.9% decline. Our stop was hit at $11.69.

closed Position: Long ATVI stock @ $12.30 exit 11.69 (-4.9%)

- or -

FEB $13 call (ATVI1218B13) Entry $0.42 exit 0.14 (-66.6%)

12/19/11 stopped out at $11.69
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.

chart:

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