Editor's Note:
We closed our bearish GBX trade ahead of earnings due out Monday. Our NTAP trade was stopped out. SKUL was triggered.

NOTE: The stock market was closed on Friday but the futures market was open and the S&P futures plunged on the less than expected jobs data.

We'll have to wait and see if investor sentiment changes before Monday morning but at the moment it looks like stocks are poised to gap down or spike down at the open on Monday.

We could see several of our bullish plays get stopped out.

Current Portfolio:


BULLISH Play Updates

Akamai Technologies - AKAM - close: 36.33 change: -0.15

Stop Loss: 35.75
Target(s): 39.75 & 41.50
Current Gain/Loss: - 1.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: AKAM is getting closer and closer to support near $36.00 and its 50-dma. This is also the bottom of its wide, rising channel. Unfortunately, the market will likely spike down on Monday in reaction to the jobs data out Friday. This will probably push AKAM below support and hit our stop loss at $35.75. I am not suggesting new positions at this time.

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.

chart:

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: 28.02 change: -0.33

Stop Loss: 27.90
Target(s): 31.75
Current Gain/Loss: - 3.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: The retail sector was up on generally positive same-store March sales figures. Yet ANN didn't benefit from this data and shares fell from their morning highs. The stock is now testing support near $28.00 and it will likely hit our stop loss at $27.90 on Monday. 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

chart:

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: 23.82 change: -0.32

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:
04/07 update: Shares of BK underperformed on Thursday with a -1.3% decline. Furthermore the stock has now closed under its 20-dma and 300-dma. If we see shares test the trend line of higher lows then we'll reconsider our entry point strategy. For now the plan is to wait for a breakout. 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)

chart:

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: 39.96 change: +0.05

Stop Loss: 38.90
Target(s): 44.00
Current Gain/Loss: - 1.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: Traders bought the dip on Thursday morning but BMC didn't make much progress. Odds are good we will see BMC dip toward the simple 200-dma and exponential 200-dma near $39.30. I am suggesting we adjust our stop loss down to $38.90 to give BMC a little more room to maneuver. I'm not suggesting new positions at this time.

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

04/07/12 adjust stop loss down to $38.90
04/02/12 triggered at $40.55

chart:

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: 12.53 change: -0.22

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

Comments:
04/07 update: CKSW continues to retreat back toward the bottom of its $12.50-13.00 trading range. If we see the stock close under the April 2nd close of $12.44 then we'll drop CKSW as candidate. At the moment this trade isn't open yet.

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)

chart:

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: 44.66 change: -1.02

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 0.8%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/07 update: HAIN hit some profit taking on Thursday with a -2.2% decline. Looking at the weekly chart you could argue that last week almost looks like a blow-off top. The stock closed near its 10-dma on Thursday and it should have short-term support at $44.00 and at $43.00. I am not suggesting new positions at this time. Odds are we could see HAIN test the $43.00 area if the market drops on Monday.

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

chart:

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: 26.69 change: +0.35

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:
04/07 update: Wow! Believe it or not our trade on LAD is not open yet. We had a trigger to launch positions at $27.25. The stock rallied to $27.24 on Thursday before paring its gains. The overall trend is still higher but I am adjusting our entry point. We will use a trigger at $27.35 to launch positions.

We still want to keep our position size small to limit our risk. 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 @ $27.35

Suggested Position: buy LAD stock @ (trigger)

04/07/12 adjust entry trigger to $27.35 (from 27.25)

chart:

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: 26.65 change: -0.07

Stop Loss: 24.95
Target(s): 29.00
Current Gain/Loss: + 1.8%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: LVLT is on the verge of breaking out from its bull-flag consolidation pattern. Yet the rally attempt might get squashed by a market drop on Monday thanks to the worse than expected jobs data. I am not suggesting new positions at this time.

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.

chart:

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


Skullcandy - SKUL - close: 17.06 change: +0.55

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: +1.8%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/07 update: Our new play on SKUL has been triggered. Shares outperformed the market on Thursday with a +3.3% gain. Our trigger to open positions was hit at $16.75. There is a good chance that SKUL could see a short squeeze but Monday morning might see a pullback as SKUL trades lower with the major indices. Nimble traders could launch new positions on a dip in the $16.50-16.00 zone.

Earlier Comments:
Shares of this headphone and audio accessory maker could see a big short squeeze soon. The most recent data listed short interest at 123% of the very small 8.3 million-share float. Yes. That was 123%.

Our target is $19.70. More aggressive traders could aim higher. FYI: The Point & Figure chart for SKUL is bullish with a long-term $24.00 target.

current Position: Long SKUL stock @ $16.75

- or -

Long May $17.50 call (SKUL1219E17.5) Entry $0.85

04/05/12 triggered at $16.75

chart:

Entry on April 05 at $16.75
Earnings Date 05/09/12 (unconfirmed)
Average Daily Volume = 453 thousand
Listed on April 03, 2011


TJX Companies - TJX - close: 40.29 change: +0.93

Stop Loss: 38.65
Target(s): 41.50
Current Gain/Loss: + 4.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: Analysts were only expecting +4.8% same-store sales growth in March. TJX reported +10% growth. The stock broke out past round-number resistance at $40.00 and closed at a new record high.

Please note our new stop loss at $38.65. 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%)

04/07/12 new stop loss @ 38.65
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

chart:

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: $71.06 change: -0.69

Stop Loss: 69.90
Target(s): 74.75
Current Gain/Loss: + 2.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: The rally attempt in TTC failed at resistance near $72.00 again. I am expecting TTC to test support near $70 on Monday and if the market decline is too sharp then we'll see TTC hit our stop loss at $69.90. I am not suggesting new positions at this time.

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

chart:

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: 21.14 change: -0.04

Stop Loss: 20.30
Target(s): 23.50
Current Gain/Loss: - 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: More conservative traders may want to raise their stops. Odds are really high that WBSN will break support near $21.00 on Monday. Shares might bounce at the 300-dma near $20.80 or the 20-dma near $20.65 but the nearest support is at $20.40 and then at the $20.00 mark. We have a stop at $20.30. I am not suggesting new positions at this time.

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.

chart:

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: 46.96 change: +0.58

Stop Loss: 44.75
Target(s): 49.50
Current Gain/Loss: + 3.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/07 update: WYN outperformed the market on Thursday with a +1.2% gain. This move erased Wednesday's decline. Since we are expecting the market to drop on Monday due to the jobs data I would expect WYN to test support at the bottom of its rising channel near $45.00. Nimble traders can buy a dip or a bounce near the $45.00 area.

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

chart:

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: 21.32 change: +0.32

Stop Loss: 23.05
Target(s): 18.00
Current Gain/Loss: + 1.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/07 update: The relative strength in CTRP on Thursday was a little bit surprising. The stock added +1.5%. The trend is still down and CTRP should still have resistance near $22.00 but 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

chart:

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


Micron Technology Inc. - MU - close: 7.59 change: -0.07

Stop Loss: 8.25
Target(s): 7.05
Current Gain/Loss: + 4.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/07 update: MU's oversold bounce from the $7.50 area is already fading and shares closed down on Thursday with a -0.9% decline. The $7.50 level and its exponential 200-dma remain short-term support. I am not suggesting new positions at this time.

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

chart:

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

NetApp, Inc. - NTAP - close: 43.72 change: -0.99

Stop Loss: 43.75
Target(s): 49.75
Current Gain/Loss: - 4.8%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: NTAP underperformed on Thursday. The stock was in the red almost all day and NTAP broke down under its 300-dma and under what should have been support near $44.00. Our stop was hit at $43.75.

current Position: Long NTAP stock @ $45.97 exit $43.75 (-4.8%)

- or -

Apr $45 call (NTAP1221D45) Entry $2.05 exit $0.50 (-75.6%)

04/05/12 stopped out at $43.75

chart:

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


CLOSED BEARISH PLAYS

Greenbrier Companies - GBX - close: 19.70 change: +0.07

Stop Loss: 20.55
Target(s): 18.50
Current Gain/Loss: + 8.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: GBX produced a quiet session on Thursday spending most of the day in a 40-cent range. It was our plan to exit positions on Thursday at the closing bell to avoid holding over earnings due out Monday morning.

current Position: short GBX stock @ $21.50 exit $19.70 (+8.4%)

04/05/12 exit at the closing bell
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.

chart:

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