Editor's Note:
As expected the market's widespread sell-off hit some stop losses. AKAM, ANN, and TTC were stopped out. I've also removed BK and CKSW, neither of which were open trades.

Current Portfolio:


BULLISH Play Updates

BMC Software Inc. - BMC - close: 39.10 change: -0.86

Stop Loss: 38.90
Target(s): 44.00
Current Gain/Loss: - 3.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/09 update: We were expecting a dip toward the $39.30 level in BMC. The stock has exceeded this area and closed below what should have been technical support at the $20-dma, 200-dma and exponential 200-dma. It does not bode well for tomorrow and BMC might hit our stop loss at $38.90 should the market continue to drop on Tuesday. 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

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


Hain Celestial Group - HAIN - close: 44.03 change: -0.63

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 2.2%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/09 update: HAIN gapped down but shares held at short-term support near $44.00. If this level fails the next support level is probably $43.00. I am not suggesting new positions at this time.

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: 26.18 change: -0.51

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:
04/09 update: LAD gapped down and lost -1.9% on the session but shares tried to hold at short-term support near $26.00. There is no change from my prior comments. 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)

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: 25.64 change: -1.01

Stop Loss: 24.95
Target(s): 29.00
Current Gain/Loss: - 2.0%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/09 update: LVLT dipped toward last week's low before paring its losses (a little). The stock did underperform the market with a -3.7% drop. 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.

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: 16.60 change: -0.46

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: - 0.9%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/09 update: SKUL dipped to short-term technical support at its 10-dma and exponential 200-dma before trimming its losses. The stock underperformed with a -2.6% decline. If the market opens positive tomorrow readers could use this dip as a new entry point in SKUL.

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

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: 40.01 change: -0.28

Stop Loss: 38.65
Target(s): 41.50
Current Gain/Loss: + 3.6%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/09 update: TJX is holding up pretty well. Traders bought the dip at its rising 10-dma. 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

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


Websense, Inc. - WBSN - close: 20.65 change: -0.49

Stop Loss: 20.30
Target(s): 23.50
Current Gain/Loss: - 2.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/09 update: The market sell-off pushed WBSN to gap down at $20.82 and shares then fell to $20.49 intraday. More conservative traders may want to up their stop loss toward today's low. 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.

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: 46.09 change: -0.87

Stop Loss: 44.75
Target(s): 49.50
Current Gain/Loss: + 1.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/09 update: WYN dipped toward short-term support near $46.00. Shares remain inside its bullish channel. Nimble traders might want to buy a dip near the 30-dma near $45.20.

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

Allegheny Tech. - ATI - close: 39.14 change: -0.16

Stop Loss: 41.15
Target(s): 35.25
Current Gain/Loss: - 1.0%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/09 update: We were expecting a bigger sell-off in ATI. Shares opened lower at $38.74 and dipped to $38.19 before bouncing back. Our trade is actually at a loss given the afternoon bounce. ATI ended the session down -0.4% versus -1.1% in the S&P 500. This relative strength is a warning signal. Readers may want to wait for a new failed rally near $40.00 before considering new positions.

current Position: short ATI stock @ $38.74

- or -

Long Apr $37.50 PUT (ATI1221P37.5) Entry $0.80

04/09/12 ATI gapped down at $38.74

Entry on April 09 at $38.74
Earnings Date 04/25/12 (unconfirmed)
Average Daily Volume = 1.6 million
Listed on April 07, 2011


Ctrip.com Intl. - CTRP - close: 21.10 change: -0.22

Stop Loss: 23.05
Target(s): 18.00
Current Gain/Loss: + 2.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/09 update: CTRP lost another -1% but I was expecting a breakdown to new relative lows. The trend is still down 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

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


DeVry, Inc. - DV - close: 32.09 change: -0.76

Stop Loss: 34.51
Target(s): 30.25
Current Gain/Loss: + 1.4%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/09 update: Our new DV trade is off to a good start. Shares gapped down at $32.54 and fell to $31.67 intraday. The stock underperformed the major indices with a -2.3% decline.

current Position: short DV stock @ $32.54

04/09/12 DV gapped open lower at $32.54

Entry on April 09 at $32.54
Earnings Date 04/24/12 (confirmed)
Average Daily Volume = 670 thousand
Listed on April 07, 2011


Micron Technology Inc. - MU - close: 7.35 change: -0.24

Stop Loss: 8.11
Target(s): 7.05
Current Gain/Loss: + 7.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/09 update: MU accelerated lower with a -3.1% decline. Shares are now under support at $7.50 and its exponential 200-dma. MU remains short-term oversold here. I am lowering our stop loss down to $8.11. 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

04/09/12 new stop loss @ 8.11
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

Akamai Technologies - AKAM - close: 35.69 change: -0.64

Stop Loss: 35.75
Target(s): 39.75 & 41.50
Current Gain/Loss: - 2.9%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/09 update: AKAM was already testing support before the Friday jobs report. We're not surprised to see shares breakdown. Our stop loss was hit at $35.75. Actually, AKAM gapped open lower at $35.74, closing our trade.

closed Position: Long AKAM stock @ $36.82 exit $35.75 (-2.9%)

- or -

Apr $36 call (AKAM1217D36) entry $1.92 exit $0.75 (-60.9%)

- or -

May $40 call (AKAM1219E40) entry $1.39 exit $0.85 (-38.8%)

04/09/12 stopped out @ 35.74, AKAM gapped open lower at $35.74
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: 28.37 change: +0.35

Stop Loss: 27.90
Target(s): 31.75
Current Gain/Loss: - 4.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/09 update: As expected our trade was stopped out on Monday. Unfortunately, ANN gapped open lower at $27.67, which was under our stop loss at $27.90, exacerbating our losses. The big bounce is just salt on the wound but a breakout over the trend of lower highs could be used as a new bullish entry point. A move past $28.75 or $29.00 might qualify as a new bullish entry point.

closed Position: Long ANN stock @ 29.25, exit $27.67 (-4.2%)

- or -

May $30 call (ANN1219E30) current ask $1.05 exit $0.35*(-66.6%)

*option exit is an estimate. option did not trade at the open
04/09/12 stopped out on ANN's gap open lower at $27.67
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: 23.34 change: -0.48

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:
04/09 update: We are giving up on BK as a bullish candidate. The stock has broken down below the bottom of its $23.50-24.75 trading range. Our trade never opened. The plan was to open bullish positions at $24.80. Readers may want to keep an eye on BK for a dip near its 50-dma as a potential entry point (with a tight stop loss).

Trigger @ $24.80

Trade Never Opened.

04/09/12 removed. trade never opened.

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


ClickSoftware Tech. - CKSW - close: 10.56 change: -1.97

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

Comments:
04/09 update: Sometimes stop loss don't help. If we had been long CKSW shares would have gapped open lower, beneath any stop we had. The company issued an earnings warning and traders crushed the stock with a -15.7% drop. CKSW had been down -21% intraday. We are removing CKSW from the newsletter. Our trade never opened.

Trigger @ 13.15

Our trade never opened.

04/09/12 our trade never opened.

chart:

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


The Toro Company - TTC - close: $70.34 change: -0.72

Stop Loss: 69.90
Target(s): 74.75
Current Gain/Loss: + 0.8%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/09 update: TTC gapped down and briefly traded under support near $70.00. Shares hit our stop loss at $69.90. I'd keep TTC on your watch list for a breakout past $72.00 as a new bullish entry point.

current Position: Long TTC stock @ $69.32 exit 69.90 (+0.8%)

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