Editor's Note:
We had both a bullish and a bearish trade hit our entry triggers on Monday.

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: - 1.1%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/16 update: HAIN is not off to a good start this week. Shares lost -1% and today's session has created a bearish engulfing candlestick reversal pattern. I remain cautious here. We're not suggesting new 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: 17.29 change: -0.04

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: + 3.2%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/16 update: SKUL rallied to a new relative high and hit $17.76 before giving it all back and closing in negative territory. If the market dips again then we'll likely see SKUL retest the $17.00 or $16.50 levels.

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: 11.74 change: +0.35

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: + 1.2%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/16 update: Big cap tech stocks like AAPL, GOOG, and PCLN were all hit with selling pressure today. This fueled declines in the NASDAQ-100 index and the SQQQ rallied as a result. Shares of this ETF hit our trigger to open positions at $11.60. The next challenge for the SQQQ will be possible resistance near $12.00 and the 50-dma.

Remember, this is the triple inverse ETF on the QQQ so expect volatility.

current Position: Long SQQQ @ $11.60

- or -

Long May $12.00 call (SQQQ1219E12) Entry $0.73

04/16/12 triggered at $11.60

Entry on April 16 at $11.60
Earnings Date --/--/--
Average Daily Volume = 2.3 million
Listed on April 10, 2011


TIBCO Software - TIBX - close: 32.68 change: -0.63

Stop Loss: 31.40
Target(s): 35.75
Current Gain/Loss: - 2.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/16 update: Warning! The action in TIBX today looks bearish. There was no follow through on Friday's rally higher. Today's drop has produced a bearish engulfing candlestick reversal pattern but these patterns need to see confirmation. I would wait for a new bounce near $32.00 or the 10-dma before considering new positions.

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

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: - 0.5%
Time Frame: up to the earnings report on April 25th
New Positions: see below

Comments:
04/16 update: Our COG trade has opened. The stock broke down to new relative lows and under support near $30.00. Our trigger to open bearish positions was hit at $29.40. I would still consider new positions now.

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.

We do not want to hold over the April 25th earnings report.

(small positions)

current Position: short COG stock @ $29.40

- or -

Long May $28 PUT (COG1219Q28) Entry $1.15

Entry on April 16 at $29.40
Earnings Date 04/25/12 (unconfirmed)
Average Daily Volume = 4.0 million
Listed on April 11, 2011


Ctrip.com Intl. - CTRP - close: 21.05 change: -0.28

Stop Loss: 22.51
Target(s): 18.00
Current Gain/Loss: + 3.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/16 update: The early morning rally attempt in CTRP ran out of steam. Shares underperformed the market with a -1.3% decline. CTRP looks poised to drop toward support near $20.65. I'm not suggesting new positions at this time.

Keep in mind that our April options expire in four 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

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: 31.59 change: -0.23

Stop Loss: 33.25
Target(s): 30.25
Current Gain/Loss: + 2.9%
Time Frame: up to the April 24th earnings report
New Positions: see below

Comments:
04/16 update: DV continues to roll over. The stock looks ready to hit new relative lows soon.

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

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: 32.80 change: -0.57

Stop Loss: 35.55
Target(s): 300-dma (moving target)
Current Gain/Loss: + 4.7%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/16 update: HITK was showing some volatility this morning. The stock spiked down to $31.78 before paring its losses. I am not suggesting new positions at this time. Our target is the 300-dma (currently at $31.20) 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 four 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

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


ICICI Bank Ltd. - IBN - close: 33.49 change: +0.21

Stop Loss: 34.85
Target(s): 30.25
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Comments:
04/16 update: IBN produced a minor bounce that failed at the $34.00 level. There is no change from my weekend comments. The stock looks poised for a breakdown.

I am suggesting a trigger to launch bearish positions at $32.75 with a stop loss at $34.85, just above Thursday's high. Our target is $30.25. More aggressive traders could aim lower.

Trigger @ 32.75

Suggested Position: short IBN stock @ (trigger)

- or -

buy the May $32 PUT (IBN1219Q32)

Entry on April xx at $ xx.xx
Earnings Date --/--/-- (unconfirmed)
Average Daily Volume = 1.9 million
Listed on April 14, 2011


IPG Photonics - IPGP - close: 48.47 change: -1.24

Stop Loss: 50.75
Target(s): 42.50
Current Gain/Loss: + 1.8%
Time Frame: up to its May 1st earnings report
New Positions: see below

Comments:
04/16 update: Our new IPGP play is off to a good start. Shares opened at $48.67 and traded below its 100-dma intraday. The stock underperformed the market with a -1.3% decline.

Earlier Comments:
We want to keep our position size small because there is a risk of a short squeeze if the market suddenly bounces. The most recent data listed short interest at 17.5% of the 37.1 million-share float. Our target is $42.50. More aggressive traders could aim lower. FYI: The Point & Figure chart for IPGP is bearish with a $42.00 target.

(Small Positions)

current Position: short IPGP stock @ $48.67

- or -

Long May $45 PUT (IPGP1219Q45) Entry $1.97

Entry on April 16 at $48.67
Earnings Date 05/01/12 (confirmed)
Average Daily Volume = 400 thousand
Listed on April 14, 2011


Rovi Corp. - ROVI - close: 28.81 change: -0.37

Stop Loss: 30.55
Target(s): 26.25
Current Gain/Loss: + 1.6%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/16 update: ROVI opened slightly higher but the bounce quickly faded and shares spent most of the day oscillating on either side of the $29.00 level. I don't see any changes from my weekend comments and I would still consider new positions now.

Earlier Comments:
There is potential support near $28.00 and $26.00. We are setting our exit target at $26.25.

open positions on Monday morning

Suggested Position: short ROVI stock @ $29.27

- or -

Long MAY $30 PUT (ROVI1219Q30) Entry $2.45

Entry on April 16 at $29.27
Earnings Date 05/10/12 (unconfirmed)
Average Daily Volume = 1.2 million
Listed on April 14, 2011