Editor's Note:
Our new trade in the software industry has been opened with TIBX hitting our trigger. Zillow displayed some volatility and hit our stop loss.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 44.98 change: +0.13

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 0.1%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/14 update: HAIN managed to outperform the market with a small gain on Friday but shares essentially churned sideways near the $45.00 level. I am cautious here. HAIN's trend is up but the market looks vulnerable to more declines.

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


Skullcandy - SKUL - close: 17.33 change: +0.65

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: + 3.4%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/14 update: Traders bought the dip in SKUL on Friday at its simple 10-dma and the stock rallied to a +3.8% gain. This is a new four-month closing high. The relative strength is encouraging and the close over $17.00 is bullish.

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


ProShares UltraPro Short QQQ - SQQQ - close: 11.39 change: +0.50

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

Comments:
04/14 update: Stocks have reversed lower following Thursday's big bounce. Aggressive traders could launch positions on the SQQQ now. We are going to stick to our original plan and use a trigger at $11.60 to open bullish positions. 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)

chart:

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


TIBCO Software - TIBX - close: 32.86 change: +0.51

Stop Loss: 31.40
Target(s): 35.75
Current Gain/Loss: - 0.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/14 update: TIBX continues to show relative strength. Traders bought the dip on Friday morning and the stock rallied to a new multi-year high. Our trigger to open bullish positions was hit at $33.50.

While the trend is bullish for TIBX I would be cautious on new bullish positions since the stock market looks poised for more declines. Readers may want to start with small positions in TIBX and add to it if shares continue to show strength.

FYI: The Point & Figure chart for TIBX is bullish with a $58.00 target.

Current Position: Long TIBX stock @ $33.50

- or -

Long May $34 call (TIBX1219E34) Entry $1.30

04/13/12 triggered at $33.50

chart:

Entry on April 13 at $33.50
Earnings Date 03/29/12 (already announced)
Average Daily Volume = 3.1 million
Listed on April 12, 2011


BEARISH Play Updates

Cabot Oil & Gas - COG - close: 30.60 change: -0.08

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:
04/14 update: Friday proved to be a quiet day for COG but shares failed at technical resistance near the 10-dma again. 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)

chart:

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: 21.33 change: -0.36

Stop Loss: 22.51
Target(s): 18.00
Current Gain/Loss: + 1.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/14 update: Thursday's big bounce in CTRP reversed on Friday with a -1.6% drop. Yet I remain cautious here. I'm not suggesting new positions at this time. CTRP has short-term support near $20.65.

Keep in mind that our April options expire in five trading days. We'll need to exit the options soon.

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

chart:

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: 31.82 change: -0.71

Stop Loss: 33.25
Target(s): 30.25
Current Gain/Loss: + 2.2%
Time Frame: up to the April 24th earnings report
New Positions: see below

Comments:
04/14 update: DV gave up almost all of Thursday's bounce with a -2.1% drop on Friday. The lack of follow through higher is bearish and good news for our trade. I am lowering our stop loss down to $33.25. Friday's reversal can be used as a new bearish entry point.

current Position: short DV stock @ $32.54

04/14/12 new stop loss @ 33.25
04/10/12 new stop loss @ 34.05
04/09/12 DV gapped open lower at $32.54

chart:

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: 33.37 change: -0.56

Stop Loss: 35.55
Target(s): 300-dma (moving target)
Current Gain/Loss: + 3.0%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/14 update: HITK lost -1.6% on Friday and the move looks like a new bearish entry point. I am lowering our stop loss down to $35.55. Our target is the 300-dma (currently at $31.17) but more aggressive traders may want to aim for the $30.00 level.

Keep in mind that we need to exit our April puts before they expire in five days.

current Position: short HITK stock @ $34.40

- or -

Long Apr $35 PUT (HITK1221P35) Entry $1.50

04/14/12 new stop loss @ 35.55
04/10/12 triggered at $34.40

chart:

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

Zillow, Inc. - Z - close: 37.04 change: -1.01

Stop Loss: 36.75
Target(s): 44.50
Current Gain/Loss: - 6.3%
Time Frame: up to the early May earnings report
New Positions: see below

Comments:
04/14 update: It has been a volatile couple of days for Zillow. Shares spiked to a new relative high on Thursday and hit our trigger to open positions at $39.25 but the stock reversed sharply lower on Thursday afternoon. The sell-off continued on Friday and Zillow hit our stop loss at $36.75.

There is still a good chance that Zillow will see a short squeeze higher but that may not happen until the market finds support again. Nimble traders could look for a dip near $34.00 or Zillow's 50-dma as a potential area for new bullish 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.

closed Position: buy Z stock @ $39.25 exit $36.75 (-6.3%)

- or -

May $40 call (Z1219E40) Entry $2.10 exit $0.85*(-59.5%)

*option exit price is an estimate. option did not trade today
04/13/12 stopped out at $36.75
04/12/12 triggered at $39.25

chart:

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