Editor's Note:
The U.S. markets produced a widespread bounce lead by oil service, cyclicals, and housing names. Basic material-related stocks also surged and our ATI trade was stopped out. Meanwhile our new Zillow trade has been triggered.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 44.85 change: +0.81

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 0.4%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/12 update: Another 80-cent gain for HAIN puts the stock back above its 10-dma and our trade is almost in positive territory again. The move past $44.50 looks like a new bullish entry point.

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: 16.68 change: -0.07

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: - 0.4%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/12 update: Hmm... SKUL did not participate in the market's widespread rally today. That is worrisome. Readers may want to wait for a new rally past $17.00 before considering new positions.

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: 10.89 change: -0.40

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

Comments:
04/12 update: The market continues to bounce and the SQQQ is fading lower. This ETF is now testing its simple 10-dma. 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


Zillow, Inc. - Z - close: 38.47 change: +1.25

Stop Loss: 36.75
Target(s): 44.50
Current Gain/Loss: - 3.0%
Time Frame: up to the early May earnings report
New Positions: see below

Comments:
04/12 update: Uh-oh! Something happened to Zillow at the close. Shares opened higher at $39.22, quickly hit our bullish trigger at $39.25 and spent most of the day trading sideways under the $39.50 level. Then in the last 15 minutes of trading something pushed Z sharply lower toward $38.00. I couldn't find any news behind the drop.

Our play is open but I would wait for a new rally past $39.50 before considering new positions.

Earlier Comments:
The stock could see a short squeeze. The most recent data listed short interest at 16% of the very small 8.9 million-share float.

current Position: buy Z stock @ $39.25

- or -

Long May $40 call (Z1219E40) Entry $2.10

04/12/12 triggered at $39.25

Entry on April 12 at $39.25
Earnings Date 05/09/12 (unconfirmed)
Average Daily Volume = 379 thousand
Listed on April 11, 2011


BEARISH Play Updates

Cabot Oil & Gas - COG - close: 30.68 change: +0.87

Stop Loss: 31.25
Target(s): 25.50
Current Gain/Loss: unopened
Time Frame: up to the earnings report on April 25th
New Positions: Yes, see below

Comments:
04/12 update: The stock market's widespread bounce lifted COG toward short-term technical resistance at its simple 10-dma. Gains were fading by the close but COG still added +2.9%. There is no change from my prior comments.

Earlier Comments:
The trend is down and COG appears to have formed a massive head-and-shoulder pattern (whish is bearish). Yet before you get too enthusiastic here I want to warn you that prior breakdowns under $30.00 have yet to stick. Plus the stock has spiked higher a couple of times on rumors that COG was a takeover target. Therefore we want to keep our positions small to limit our risk.

Last week's low was $29.44. I am suggesting a trigger to open bearish positions at $29.40. We'll use a stop at $31.25. Our target is $25.50. We do not want to hold over the April 25th earnings report.

Trigger @ $29.40 (small positions)

Suggested Position: short COG stock @ (trigger)

- or -

buy the May $28 PUT (COG1219Q28)

Entry on April xx at $ xx.xx
Earnings Date 04/25/12 (unconfirmed)
Average Daily Volume = 4.0 million
Listed on April 11, 2011


Ctrip.com Intl. - CTRP - close: 21.69 change: +0.63

Stop Loss: 22.51
Target(s): 18.00
Current Gain/Loss: + 0.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/12 update: Hmm... the sideways move in CTRP over the last few days is starting to look like a potential bottom. Shares still have overhead resistance at $22.00. I am lowering our stop loss down to $22.51.

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

04/12/12 new stop loss @ 22.51

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: 32.53 change: +0.82

Stop Loss: 34.05
Target(s): 30.25
Current Gain/Loss: + 0.0%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/12 update: DV produced an oversold bounce today and shares added +2.5%. I would expect the bounce to continue until shares hit the $33.00 area or the simple 10-dma. More conservative traders might want to lower their stop loss a bit. 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: 33.93 change: +0.22

Stop Loss: 36.25
Target(s): 300-dma (moving target)
Current Gain/Loss: + 1.4%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/12 update: HITK has bounced two days in a row but gains have been anemic. The stock remains under overhead resistance at the 200-dma and the $35.00 level. More conservative traders might want to lower their stop loss. 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


CLOSED BEARISH PLAYS

Allegheny Tech. - ATI - close: 41.37 change: +2.14

Stop Loss: 41.15
Target(s): 35.25
Current Gain/Loss: - 6.2%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/12 update: Many of the material names saw a sharp squeeze higher this morning. ATI was no exception. The stock surged to a +5.4% gain and hit our stop loss at $41.15.

closed Position: short ATI stock @ $38.74 exit $41.15 (-6.2%)

- or -

Apr $37.50 PUT (ATI1221P37.5) Entry $0.80 exit $0.10 (-87.5%)

04/12/12 stopped out at $41.15
04/09/12 ATI gapped down at $38.74

chart:

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