Editor's Note:
There was no follow through on yesterday's market sell-off. Our new bearish trade on the inverse ETF is not open yet.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 44.04 change: +0.88

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:
04/11 update: We had a close call with HAIN's spike down this morning but the intraday low was only $43.81. The stock eventually bounced to a +2.0% gain to recoup yesterday's losses. I would wait for a new rally past $44.50 before considering bullish positions.

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: 16.75 change: +0.67

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: + 0.0%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/11 update: SKUL outperformed the market with a +4.1% bounce, which was just enough to put us back to breakeven on this trade. Traders can buy this bounce or wait for a new rally past $17.00.

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


ProShares UltraPro Short QQQ - SQQQ - close: 11.44 change: +0.51

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
04/11 update: There was no follow through on yesterday's market sell-off and the QQQ's popped higher. That pushed the SQQQ to gap down although shares trimmed their losses by the close. There is no change from my prior comments.

We have a trigger to launch positions at $11.60. Remember, this is the triple inverse ETF on the QQQ so expect volatility.

Trigger @ $11.60

Suggested Position: buy SQQQ @ (trigger)

- or -

buy the May $12.00 call (SQQQ1219E12)

Entry on April xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 2.3 million
Listed on April 10, 2011


BEARISH Play Updates

Allegheny Tech. - ATI - close: 39.23 change: +0.80

Stop Loss: 41.15
Target(s): 35.25
Current Gain/Loss: - 1.3%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/11 update: ATI erased yesterday's loss with a +2.0% gain today. Yet the spike higher this morning failed at round-number resistance near $40.00 and technical resistance at the 10-dma. Readers can use today's move as a new bearish entry point. 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: 21.06 change: +0.21

Stop Loss: 23.05
Target(s): 18.00
Current Gain/Loss: + 2.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/11 update: CTRP gapped higher at the open but there wasn't any follow through and shares drifted sideways the rest of the session. 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: 31.71 change: +0.28

Stop Loss: 34.05
Target(s): 30.25
Current Gain/Loss: + 2.6%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/11 update: The oversold bounce in DV stalled at the $32.00 level and gains were fading into the closing bell. The trend is down but DV is arguably oversold here. 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: 33.71 change: +0.38

Stop Loss: 36.25
Target(s): 300-dma (moving target)
Current Gain/Loss: + 2.0%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/11 update: The oversold bounce in HITK didn't get very far. Shares stalled at the $34.00 level this morning. Nimble traders could use a failed rally near its 200-dma or the $35.00 level as a new bearish entry point. Our target is the simple 300-dma (currently at $31.10).

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