Editor's Note:
SanDisk (SNDK) was a big underperformer today after the company lowered its revenue guidance last night. This news pushed our bearish MU trade lower.

Meanwhile our BRCM and STJ trades were stopped out.

Current Portfolio:


BULLISH Play Updates

Akamai Technologies - AKAM - close: 36.48 change: +0.10

Stop Loss: 35.75
Target(s): 39.75 & 41.50
Current Gain/Loss: - 0.9%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/04 update: AKAM was upgraded to a buy this morning but the rally this news created failed at resistance near $37.30. More conservative traders may want to cut their losses now. At the moment AKAM is still holding support near $36.00 and its 50-dma. We are raising our stop loss up to $35.75.

current Position: Long AKAM stock @ $36.82

- or -

Long Apr $36 call (AKAM1217D36) entry $1.92

- or -

Long May $40 call (AKAM1219E40) entry $1.39

04/04/12 new stop loss @ 35.75
03/29/12 new stop loss @ 35.40
03/15/12 new stop loss @ 34.95
03/13/12 trade opened this morning
03/12/12 not open yet. try again.

Entry on March 13 at $36.82
Earnings Date 04/26/12 (unconfirmed)
Average Daily Volume = 2.9 million
Listed on March 10, 2011


ANN Inc. - ANN - close: 28.35 change: -0.56

Stop Loss: 27.90
Target(s): 31.75
Current Gain/Loss: - 1.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: There was no follow through on yesterday's bounce attempt. ANN instead fell toward the bottom of what might be a bull-flag pattern. Shares tested their 20-dma midday. I am not suggesting new positions at this time.

current Position: Long ANN stock @ 29.25

- or -

Long May $30 call (ANN1219E30) current ask $1.05

03/28/12 new stop loss @ 27.90
03/26/12 ANN gapped open above our trigger (28.75). Trade opened this morning at $28.89

Entry on March 26 at $28.89
Earnings Date 05/18/12 (unconfirmed)
Average Daily Volume = 1.5 million
Listed on March 24, 2011


Bank of New York Mellon - BK - close: 24.67 change: +0.18

Stop Loss: 23.65
Target(s): 26.75
Current Gain/Loss: unopened
Time Frame: exit prior to earnings on April 18th
New Positions: Yes, see below

Comments:
04/04 update: Financials were some of the hardest hit in today's profit taking. BK gapped open lower and then spiked down toward technical support at its 20-dma before paring its losses.

I am suggesting a trigger to open bullish positions at $24.80 with a stop loss at $23.65. There is potential resistance at $26.00 but we're aiming for $26.75. That might be a bit optimistic since we need to exit prior to the April 18th earnings report.

Trigger @ $24.80

Suggested Position: buy BK stock @ (trigger)

- or -

buy the Apr $25 call (BK1221D25)

Entry on April xx at $ xx.xx
Earnings Date 04/18/12 confirmed
Average Daily Volume = 8.0 million
Listed on April 03, 2011


BMC Software Inc. - BMC - close: 39.91 change: -0.87

Stop Loss: 39.30
Target(s): 44.00
Current Gain/Loss: - 1.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/04 update: Technology stocks were also underperformers during today's market-wide profit taking. BMC fell -2.1%. Technically today's close under $40.00 and its simple 10-dma is short-term bearish. More conservative traders may want to abandon ship right now. We have a stop at $39.30 which is under the simple 200-dma.

Our multi-week target is $44.00. We'll have to keep a wary eye on potential resistance at the 300-dma (currently 43.30). FYI: The Point & Figure chart for BMC is bullish with a $57 target.

Suggested Position: Long BMC stock @ 40.55

- or -

Long May $40 call (BMC1219E40) Entry $2.20

04/02/12 triggered at $40.55

Entry on April 02 at $40.55
Earnings Date 05/02/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on March 29, 2011


ClickSoftware Tech. - CKSW - close: 12.75 change: -0.21

Stop Loss: 12.40
Target(s): 14.90
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
04/04 update: There was no follow through on yesterday's big rally in CKSW. Shares remain inside their $12.00-13.00 trading range.

I am suggesting a trigger to open small bullish positions at $13.15. We will try and limit our risk with a stop at $12.40. Our target is $14.90. More aggressive traders may want to aim higher. FYI: The Point & Figure chart for CKSW is bullish with a $19.25 target.

Trigger @ 13.15

Suggested Position: buy CKSW stock @ (trigger)

- or -

buy the May $12.50 call (CKSW1219e12.5)

Entry on March xx at $ xx.xx
Earnings Date 04/28/12 (unconfirmed)
Average Daily Volume = 184 thousand
Listed on March 26, 2011


Hain Celestial Group - HAIN - close: 45.68 change: +0.17

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: + 1.4%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/04 update: Traders bought the dip in HAIN near $45.00 and shares managed to outperform the major indices with its +0.3% gain. More conservative traders may want to raise their stop loss.

Earlier Comments:
Our target is $49.00 but we plan to exit prior to the early May earnings report. FYI: The Point & Figure chart for HAIN is bullish with a $59.00 target.

current Position: long HAIN stock @ $45.05

- or -

Long May$45 call (HAIN1219E45) Entry $1.85

04/03/12 trigger @ 45.05

Entry on April 03 at $45.05
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 279 thousand
Listed on April 02, 2011


Lithia Motors - LAD - close: 26.34 change: -0.80

Stop Loss: 25.25
Target(s): 29.75
Current Gain/Loss: unopened
Time Frame: up to its late April earnings report
New Positions: Yes, see below

Comments:
04/04 update: Ouch1 There was no follow through on LAD's show of strength from Tuesday. Shares actually erased yesterday's gain with a -2.9% plunge today. LAD is testing short-term support near $26.00. I am suggesting we stick to our original plan.

We want to open small bullish positions if LAD can trade at $27.25 or higher. Traders should note that LAD could see a short squeeze. The most recent data listed short interest at 16% of the very small 19.3 million-share float.

We do want to exit prior to the late April earnings report. So far the date is unconfirmed.

Trigger @ $27.25

Suggested Position: buy LAD stock @ (trigger)

Entry on April xx at $ xx.xx
Earnings Date 04/25/12 (unconfirmed)
Average Daily Volume = 293 thousand
Listed on April 03, 2011


Level 3 Communications - LVLT - close: 26.72 change: +0.22

Stop Loss: 24.95
Target(s): 29.00
Current Gain/Loss: + 2.1%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/04 update: LVLT was showing some strength today. Traders bought the dip this morning and LVLT closed up +0.8%. If the both LVLT and the S&P 500 index open positive tomorrow I would use this as a new bullish entry point.

Earlier Comments:
The stock could see a short squeeze. The most recent data listed short interest at 26% of the 153 million-share float. FYI: The Point & Figure chart for LVLT is bullish with a long-term $41.50 target.

current Position: Long LVLT stock @ $26.17

- or -

Long Apr $25 call (LVLT1221D25) Entry $2.30

04/03/12 new stop loss @ 24.95
03/31/12 LVLT is underperforming. Readers may want to exit early
03/26/12 today's bounce off the 10-dma could be a new entry point
03/15/12 new stop loss @ 24.70, adjust exit target to $29.00
03/15/12 trade opened on LVLT's gap higher at $26.17, which is above our trigger to open positions at $25.25.

Entry on March 15 at $26.17
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 2.4 million
Listed on March 14, 2011


NetApp, Inc. - NTAP - close: 44.71 change: -0.76

Stop Loss: 43.75
Target(s): 49.75
Current Gain/Loss: - 2.7%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/04 update: The profit taking in NTAP produced a -1.6% decline. Shares dipped to technical support at the converging 20-dma and 300-dma before starting to trim its losses. I am not suggesting new positions at this time.

Our short-term target is $49.75. More aggressive traders may want to aim higher. The Point & Figure chart for NTAP is bullish with a $65.00 target.

current Position: Long NTAP stock @ $45.97

- or -

Long Apr $45 call (NTAP1221D45) Entry $2.05

Entry on March 26 at $45.97
Earnings Date 05/23/12 (unconfirmed)
Average Daily Volume = 5.8 million
Listed on March 24, 2011


TJX Companies - TJX - close: 39.36 change: -0.25

Stop Loss: 38.45
Target(s): 41.50
Current Gain/Loss: + 1.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: TJX is testing short-term support at its rising 10-dma. The retail stocks could see some volatility tomorrow as several major brands release their same-store sales numbers for March. I am not suggesting new positions at this time.

current Position: Long TJX stock @ $38.60

- or -

Apr $37.50 call (TJX1221D37.5) Entry $1.60 exit $2.40 (+50%)

04/03/12 new stop loss @ 38.45
exited April $37.50 calls at the open, bid was $2.40 (+50.0%)
04/02/12 prepare to exit Apr 37.50 calls at the open tomorrow, current bid is $2.55 (+59%)
03/31/12 new stop loss @ 38.25
03/29/12 new stop loss @ 37.95
03/26/12 conservative traders may want to take profits near the $40.00 mark
03/21/12 TJX hit our entry trigger at $38.60

Entry on March 21 at $38.60
Earnings Date 05/15/12 (unconfirmed)
Average Daily Volume = 4.6 million
Listed on March 20, 2011


The Toro Company - TTC - close: $71.75 change: +0.25

Stop Loss: 69.90
Target(s): 74.75
Current Gain/Loss: + 3.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/04 update: TTC dipped toward support near $70 but traders bought the dip late this morning. The stock rallied to another gain. I don't see any changes from my prior comments. I am suggesting readers wait for a new rally past $72.00 before considering new bullish positions.

FYI: The Point & Figure chart for TTC is bullish with a $79.00 target.

current Position: Long TTC stock @ $69.32

04/03/12 new stop loss @ 69.90
03/27/12 new stop loss @ 69.40
03/22/12 adjust exit target to $74.75
03/20/12 new stop loss @ 67.40
03/15/12 new stop loss @ 66.40
03/13/12 Our TTC trade has been opened.
03/12/12 trade did not open. try again.
03/10/12 trade did not open. try again.
03/09/12 trade did not open. TTC opened lower and then bounced

Entry on March 13 at $69.32
Earnings Date 05/21/12 (unconfirmed)
Average Daily Volume = 330 thousand
Listed on March 08, 2011


Websense, Inc. - WBSN - close: 21.18 change: -0.29

Stop Loss: 20.30
Target(s): 23.50
Current Gain/Loss: - 0.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: Profit taking knocked -1.3% off WBSN and shares spent most of the day drifting sideways. More conservative traders might want to adjust their stops higher. FYI: The Point & Figure chart for WBSN is bullish with a $26.00 target.

current Position: buy WBSN stock @ $21.24

03/29/12 new stop loss @ 20.30
03/26/12 Trade opened on WBSN's gap higher at $21.24. This is above our trigger of $21.15.

Entry on March 26 at $21.24
Earnings Date 04/24/12 (unconfirmed)
Average Daily Volume = 388 thousand
Listed on March 22, 2011


Wyndham Worldwide - WYN - close: 46.38 change: -0.58

Stop Loss: 44.75
Target(s): 49.50
Current Gain/Loss: + 2.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: Prior resistance near $46.00 acted as new support midday. I don't see any changes from my prior comments on WYN. I am not suggesting new positions at this time.

Our multi-week target is $49.50. FYI: The Point & Figure chart for WYN is bullish with a long-term $82.00 target.

current Position: Long WYN stock @ $45.25

- or -

Long Apr $45 call (WYN1221D45) Entry $1.65

04/03/12 new stop loss @ 44.75
03/29/12 new stop loss @ 44.30
03/13/12 new stop loss @ 43.75
03/13/12 trade triggered at $45.25

Entry on March 13 at $45.25
Earnings Date 04/26/12 (unconfirmed)
Average Daily Volume = 1.7 million
Listed on March 12, 2011


BEARISH Play Updates

Ctrip.com Intl. - CTRP - close: 21.00 change: -0.01

Stop Loss: 23.05
Target(s): 18.00
Current Gain/Loss: + 3.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/04 update: CTRP hit a new relative low at $20.65 midday but the stock bounced back to close virtually unchanged. I find this rebound worrisome. More conservative traders may want to lower their stop loss. I am not suggesting new positions at this time.

Keep in mind that our target is $18.00 but the $20.00 level could be round-number, psychological support. Cautious traders may want to exit early near $20.

Earlier Comments:
Readers may want to keep their position size small or limit their risk by trading put options. The most recent data listed short interest at about 10% of the 131 million share float. That could raise the risk of a short squeeze.

It's possible the $20.00 level could act as round-number, psychological support but we are aiming for $18.00. The Point & Figure chart for CTRP is bearish with a $15.00 target.

current Position: short CTRP stock @ $21.70

- or -

Long Apr $21 PUT (CTRP1221P21) Entry $0.65

Entry on April 02 at $21.70
Earnings Date 05/--/12 (unconfirmed)
Average Daily Volume = 3.6 million
Listed on March 31, 2011


Greenbrier Companies - GBX - close: 19.63 change: -0.45

Stop Loss: 20.55
Target(s): 18.50
Current Gain/Loss: + 8.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/04 update: GBX gapped down and underperformed the market with a -2.2% decline. The stock briefly traded to a new relative low midday.

Remember, we need to exit this trade tomorrow (April 5th) at the closing bell to avoid holding over earnings on Monday. I am lowering our stop loss down to $20.55.

current Position: short GBX stock @ $21.50

04/04/12 new stop loss @ 20.55
04/03/12 prepare to exit on Thursday, April 5th at the close
04/02/12 new stop loss @ 21.05, GBX has created a one-day bullish reversal signal. Readers may want to exit immediately.
03/28/12 new stop loss @ 22.05, readers may want to take profits now
03/26/12 new stop loss @ 22.55
03/17/12 Friday's intraday pullback from $23.00 can be used as a new bearish entry point.
03/14/12 triggered at $21.50
03/13/12 removed the April $22.50 put as a suggested trade due to a ridiculously wide spread.

Entry on March 14 at $21.50
Earnings Date 04/09/12 (unconfirmed)
Average Daily Volume = 468 thousand
Listed on March 12, 2011


Micron Technology Inc. - MU - close: 7.66 change: -0.33

Stop Loss: 8.25
Target(s): 7.05
Current Gain/Loss: + 4.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/04 update: Last night rival SNDK issued an earnings warning. This news helped push shares of MU lower. MU gapped down at $7.75 and dropped to $7.45, under its exponential 200-dma, before trimming its losses. Even with the big bounce off its intraday low MU still ended the session down -4.1%.

I am lowering our stop loss down to $8.25, just above the 50-dma.

current Position: short MU stock @ $7.98

- or -

Long Apr $8.00 PUT (MU1221P8) Entry $0.37

04/04/12 new stop loss @ 8.25
04/02/12 triggered at $7.98

Entry on April 02 at $7.98
Earnings Date 06/21/12 (unconfirmed)
Average Daily Volume = 33.0 million
Listed on March 31, 2011


CLOSED BULLISH PLAYS

Broadcom Corp. - BRCM - close: 37.54 change: -0.67

Stop Loss: 37.60
Target(s): 44.00
Current Gain/Loss: - 2.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: The relative weakness in BRCM accelerated on Wednesday. Shares gapped open lower at $37.67 and quickly hit our stop loss at $37.60. Shares eventually traded under their 50-dma before bouncing.

closed Position: Long BRCM stock @ $38.75 exit $37.60 (-2.9%)

- or -

May $40 call (BRCM1219E40) Entry $1.52 exit $0.90 (-40.7%)

04/04/12 stopped out at $37.60
03/31/12 BRCM set a new multi-month closing high above $39.\0
03/28/12 new stop loss @ 37.60, BRCM could be forming a bearish reversal.

chart:

Entry on March 19 at $38.75
Earnings Date 04/26/12 (unconfirmed)
Average Daily Volume = 8.8 million
Listed on March 17, 2011


St. Jude Medical - STJ - close: 41.67 change: -2.13

Stop Loss: 42.95
Target(s): 48.50
Current Gain/Loss: - 4.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/04 update: News out this morning from STJ that the company was ending sales of two different types of wires used in cardiac resynchronization therapy (CRT) because they suffered insulation problems sent the stock lower. When we added STJ to the newsletter we mentioned there was bad news about its Riata wires but the headlines didn't have any impact on the stock price. Now here it is several days later and STJ is announcing more bad news and this time the stock gapped open lower at $42.14. This was below our stop loss at $42.95.

closed Position: buy STJ stock @ $44.25 exit $42.14 (-4.7%)

- or -

May $45 call (STJ1219E45) Entry $1.40 exit $0.50 (-64.2%)

04/04/12 stopped out, STJ gapped open lower, under our stop loss
03/30/12 triggered
03/29/12 new entry point: trigger @ 44.25
03/28/12 not open yet. try again.

chart:

Entry on March 30 at $44.25
Earnings Date 04/18/12 (unconfirmed)
Average Daily Volume = 3.0 million
Listed on March 27, 2011