Editor's Note:
Our bearish trade on MU has hit our exit target. Meanwhile our new bearish trade on HITK has been triggered. Plus, we did see BMC, LVLT, TJX, WBSN, and WYN all get stopped out. I removed LAD as well.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 43.16 change: -0.87

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 4.2%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/10 update: I had cautioned readers that if HAIN broke below $44.00 the next support level was $43.00. That is where shares traded to today. The intraday low was $42.94. More conservative traders may want to abandon ship. I am not suggesting new positions at this time. If the market continues to drop then HAIN will likely hit our stop loss tomorrow (stop @ 42.75).

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


Skullcandy - SKUL - close: 16.08 change: -0.52

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: - 4.0%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/10 update: SKUL tried to rally this morning but shares quickly succumbed to the market-wide sell-off. The stock is now testing support at prior resistance near $16.00. If the S&P 500 index opens positive tomorrow then readers could use this dip near $16.00 as a new entry point in SKUL but until the market finds support again it might be tough to win with bullish trades.

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


BEARISH Play Updates

Allegheny Tech. - ATI - close: 38.43 change: -0.71

Stop Loss: 41.15
Target(s): 35.25
Current Gain/Loss: + 0.8%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/10 update: ATI lost -1.8% but failed to breakdown to new relative lows. It will be interesting to see if Alcoa's (AA) better than expected earnings tonight will have an impact on ATI tomorrow. More conservative traders may want to lower their stop loss closer to $40.00.

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: 20.85 change: -0.25

Stop Loss: 23.05
Target(s): 18.00
Current Gain/Loss: + 3.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/10 update: Hmm.... CTRP only lost -1.1%. Considering the market's widespread weakness I would have expected CTRP to break this recent sideways consolidation and hit new relative lows. I am cautious here. More conservative traders may want to tighten their stop loss.

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: 31.43 change: -0.66

Stop Loss: 34.05
Target(s): 30.25
Current Gain/Loss: + 3.7%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/10 update: DV sank to new relative lows with a -2.0% decline. I am adjusting our stop loss down to $34.05. I'm not suggesting new positions at this time.

current Position: short DV stock @ $32.54

04/10/12 new stop loss @ 34.05
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


Hi Tech Pharmacal - HITK - close: 33.33 change: -1.74

Stop Loss: 36.25
Target(s): 300-dma (moving target)
Current Gain/Loss: + 3.1%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/10 update: It was a big day for HITK. The stock broke down below support at the $35.00 level, below its simple and exponential 200-dma, and below our trigger to open bearish positions at $34.40.

I am not suggesting new positions at this time. Our target is the simple 300-dma (currently at $31.05).

current Position: short HITK stock @ $34.40

- or -

Long Apr $35 PUT (HITK1221P35) Entry $1.50

04/10/12 triggered at $34.40

Entry on April 10 at $34.40
Earnings Date 07/05/12 (unconfirmed)
Average Daily Volume = 155 thousand
Listed on April 09, 2011


CLOSED BULLISH PLAYS

BMC Software Inc. - BMC - close: 38.15 change: -0.95

Stop Loss: 38.90
Target(s): 44.00
Current Gain/Loss: - 4.0%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/10 update: BMC's decline accelerated lower with a -2.4% drop and a breakdown below its 50-dma. Our stop loss at $38.90 was hit early this morning.

closed Position: Long BMC stock @ 40.55, exit $38.90 (-4.0%)

- or -

May $40 call (BMC1219E40) Entry $2.20 exit $1.15 (-47.7%)

04/10/12 stopped out at $38.90
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


Lithia Motors - LAD - close: 24.47 change: -1.71

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:
04/10 update: Shares of LAD were just crushed today with a -6.5% drop. I couldn't find any specific news behind the relative weakness. Today's close under technical support at its 50-dma is bearish. I am removing LAD from the newsletter. Our trade never opened.

Trigger @ $27.35

Our Trade Never Opened.

04/10/12 removed. trade did not open
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: 24.25 change: -1.39

Stop Loss: 24.95
Target(s): 29.00
Current Gain/Loss: - 4.6%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/10 update: LVLT underperformed the market as well. Shares opened lower at $25.53 and then plunged to $23.85 intraday. The stock has closed under its 40-dma, 200-dma, and its 300-dma. LVLT also broke through the $25.00 level. Our stop loss was hit at $24.95.

closed Position: Long LVLT stock @ $26.17, exit $24.95 (-4.6%)

- or -

Apr $25 call (LVLT1221D25) Entry $2.30 exit $0.75 (-67.3%)

04/10/12 stopped out at $24.95
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


TJX Companies - TJX - close: 38.67 change: -1.34

Stop Loss: 38.65
Target(s): 41.50
Current Gain/Loss: + 0.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/10 update: TJX was finally hit with some profit taking. Shares plunged -3.3% and hit our stop loss at $38.65 intraday.

closed Position: Long TJX stock @ $38.60 exit 38.65 (+0.1%)

- or -

(closed 04/03/12)
Apr $37.50 call (TJX1221D37.5) Entry $1.60 exit $2.40 (+50%)

04/10/12 TJX hit our stop at $38.65
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


Websense, Inc. - WBSN - close: 20.06 change: -0.59

Stop Loss: 20.30
Target(s): 23.50
Current Gain/Loss: - 4.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/10 update: WBSN underperformed the market with a -2.8% decline. Our stop loss was hit at $20.30. Shares did find support this afternoon near $20.00 and its 30-dma. I would watch WBSN to see if shares can build on support at the $20 level again but for now the short-term trend is down.

closed Position: buy WBSN stock @ $21.24 exit $20.30 (-4.4%)

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: 44.81 change: -1.28

Stop Loss: 44.75
Target(s): 49.50
Current Gain/Loss: - 1.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/10 update: The market's widespread sell-off was enough to push WYN outside of its bullish channel. Our stop loss was hit at $44.75.

closed Position: Long WYN stock @ $45.25 exit $44.75 (-1.1%)

- or -

Apr $45 call (WYN1221D45) Entry $1.65 exit $0.63 (-61.8%)

04/10/12 stopped out at $44.75
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


CLOSED BEARISH PLAYS

Micron Technology Inc. - MU - close: 7.15 change: -0.20

Stop Loss: 8.11
Target(s): 7.05
Current Gain/Loss: +11.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/10 update: Target achieved. The sell-off in technology stocks helped push MU to an intraday low of $7.03. Our exit target was $7.05.

closed Position: short MU stock @ $7.98 exit 7.05 (+11.7%)

- or -

Apr $8.00 PUT (MU1221P8) Entry $0.37 exit $0.96 (+159.4%)

04/10/12 target achieved at $7.05
04/09/12 new stop loss @ 8.11
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