Editor's Note:
Actually shares of Oxford Industries (OXM) are hitting new multi-year highs. We want to be ready to exit our OXM position on Tuesday.

The GSK and LRCX trades are open. I am removing RAX and UAL and we're suggesting an early exit on CTRP.

-James

Current Portfolio:


BULLISH Play Updates

GlaxoSmithKline - GSK - close: 45.55 change: +0.43

Stop Loss: 44.40
Target(s): 49.25
Current Gain/Loss: - 0.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/24 update: Just as expected GSK continued its bullish breakout from the recent sideways consolidation. Shares hit our trigger to open bullish positions at $45.75. I would still consider new positions now.

Our multi-week target is $49.25 (GSK doesn't move very fast).
FYI: The Point & Figure chart for GSK is bullish with a $56 target.

current Position: long GSK stock @ 45.75

- or -

Long Feb $46 call (GSK1218B46) entry $1.05

chart:

Entry on December 23 at $45.75
Earnings Date --/--/?? (unconfirmed)
Average Daily Volume = 2.5 million
Listed on December 22, 2011


Lam Research - LRCX - close: 36.93 change: +0.18

Stop Loss: 34.75
Target(s): 39.75
Current Gain/Loss: - 0.2%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
12/24 update: Our LRCX trade is open. After opening higher this morning the stock saw a brief dip toward $36.00 before bouncing and closing up +0.45. I would still consider new positions now. More conservative traders might want to consider a tighter stop loss.

(small positions)

current Position: Long LRCX stock @ $37.02

- or -

Long 2012Jan $38 call (LRCX1221A38) entry $0.60

12/23/11 trade opened.
12/22/11 trade not open yet. try again.

chart:

Entry on December 23 at $37.02
Earnings Date 01/25/12 (unconfirmed)
Average Daily Volume = 4.0 million
Listed on December 21, 2011


Oxford Industries Inc. - OXM - close: 44.82 change: +1.74

Stop Loss: 41.90
Target(s): 44.90
Current Gain/Loss: + 5.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/24 update: Prepare to exit. OXM displayed relative strength on Friday with a +4.0% gain. Shares hit $44.87 intraday. Our exit target is $44.90. More aggressive traders could aim higher. If the market is positive on Tuesday next week I expect OXM to hit our target. Please note that I am raising our stop loss to $41.90.

(small positions)

current Position: long OXM stock @ $42.32

- or -

Long Jan $45 call (OXM1221A45) entry $0.85

12/24/11 new stop loss @ 41.90
12/22/11 new stop loss @ 40.90

chart:

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


Ross Stores Inc. - ROST - close: 47.66 change: -0.15

Stop Loss: 45.75
Target(s): 51.75
Current Gain/Loss: + 0.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
12/24 update: ROST displayed some relative strength on Friday with a +1.2% gain and a breakout past short-term resistance at $48.00. These are new all-time highs for the stock (on a post-split basis). If you were looking for ROST to produce some follow through then this is your entry point.

NOTE: We are adjusting our multi-week target down to $51.75.

current Position: long ROST stock @ 48.05

- or -

Long 2012Jan $50 call (ROST1221A50) entry $0.45

12/24/11 adjusted target to $51.75

chart:

Entry on December 21 at $48.05
Earnings Date 03/19/12 (unconfirmed)
Average Daily Volume = 1.1 million
Listed on December 20, 2011


BEARISH Play Updates

Broadcom Corp. - BRCM - close: 29.77 change: -0.01

Stop Loss: 30.25
Target(s): 26.00
Current Gain/Loss: + 2.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
12/24 update: BRCM closed virtually unchanged on Friday. Shares continue to struggle with resistance near $30.00. Yet if the market rallies again next week I would expect BRCM to hit our stop loss. Readers will want to seriously consider an early exit now. I am not suggesting new positions at this time.

Suggested Position: short BRCM stock @ $30.53

- or -

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

12/22/11 readers may want to exit early now
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.

chart:

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


Electronic Arts - EA - close: 20.71 change: +0.41
(symbol changed from ERTS)

Stop Loss: 21.55
Target(s): 18.05
Current Gain/Loss: - 0.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/24 update: The large video game stocks were all showing relative strength on Friday (ATVI, TTWO, and EA). Shares of EA rallied +2.0% but they remain under resistance near $21 and its exponential 200-dma near $21.44. The larger pattern on EA is bearish but I am cautious on the short-term. Readers may want to pare back our already small positions. We are lowering our stop loss to $21.55. I am not suggesting new positions at this time.

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

12/24/11 New stop loss on EA at $21.55
12/19/11 ERTS will start trading as EA starting on the 20th

chart:

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: 37.98 change: +0.43

Stop Loss: 38.25
Target(s): 32.50
Current Gain/Loss: + 2.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/24 update: PCAR continues to chip away at our gains (on the stock position, not the option one). Shares inched closer to resistance near $38.00 on Friday. If the market continues to move higher next week then odds are we will see PCAR hit our stop loss at $38.25. More conservative traders may want to exit early now. I am not suggesting new positions at this time.

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

12/22/11 readers may want to exit early now
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.

chart:

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


Vera Bradley, Inc. - VRA - close: 32.29 change: +0.69

Stop Loss: 32.55
Target(s): 27.50
Current Gain/Loss: + 2.6%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/24 update: As we feared shares of VRA continue to see an oversold bounce. I'm worried the stock could be making a bullish reversal pattern. We need to play on the defensive here. I am suggesting we lower our stop loss down to $32.55. I am not suggesting new positions at this time. More conservative traders may want to exit now.

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

12/24/11 new stop loss @ 32.55
12/21/11 new stop loss @ 34.05, readers may want to exit early now to lock in a gain.
12/19/11 new stop loss @ 35.25
12/15/11 this is an aggressive, higher-risk trade.

chart:

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

Rackspace Hosting - RAX - close: 43.31 change: +0.12

Stop Loss: 43.45
Target(s): 49.75
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
12/24 update: RAX underperformed the market on Friday. We are choosing to drop it as a candidate. Our trade never opened with a trigger at $45.55. I would keep it on your watch list to see if shares can breakout past the $45.50-46.00 area.

Trigger @ 45.55

Trade did not open

12/24/11 removing RAX as a candidate (unopened)

chart:

Entry on December xx at $ xx.xx
Earnings Date 02/09/12 (unconfirmed)
Average Daily Volume = 1.5 million
Listed on December 20, 2011


United Continental Holdings - UAL - close: 19.85 change: -0.41

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

Comments:
12/24 update: We have been concerned about UAL the last few days. The plan was to drop the stock as a trading candidate if shares didn't improve on Friday. Well Friday's relative weakness made it an easy decision. Friday morning the company issued bearish guidance for some of its key metrics. The stock opened lower and spike down to $18.40 before paring its losses.

We are removing UAL as an active candidate.

Trigger @ $21.55 (small positions)

Trade did not open.

12/24/11 We are removing UAL as an active candidate.

chart:

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


CLOSED BEARISH PLAYS

Ctrip.com Intl. - CTRP - close: 23.14 change: -0.68

Stop Loss: 24.15
Target(s): 20.25
Current Gain/Loss: - 0.6%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
12/24 update: After a volatile week for CTRP the stock underperformed on Friday with a -2.8% loss. Sharers could be forming a bottom here in the $23-24 zone. The downward momentum has definitely slowed (and almost reversed). I am suggesting we exit early and look elsewhere.

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*

closed Position: short CTRP stock @ 23.00, exit 23.14 (-0.6%)

- or -

2012Jan $22.50 PUT (CTRP1221M22.5) entry $1.40 exit 0.85 (-39.8%)

12/24/11 suggesting an early exit
12/22/11 readers may want to exit early now. New stop @ 24.15
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

chart:

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