Editor's Note:
Stocks rebounded sharply on Tuesday and the S&P 500, NASDAQ, and Dow Industrials are back above their 50-dma.

We did see our new RUE play get triggered.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 44.88 change: +0.35

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 0.3%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/17 update: It was a relatively quiet day for HAIN. Shares drifted sideways under the $45.00 level. Thankfully there was no follow through on yesterday's bearish reversal candlestick but it could still happen since today was an "inside day". 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 triggered @ 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


rue21, Inc. - RUE - close: 30.64 change: +1.01

Stop Loss: 28.45
Target(s): 33.50
Current Gain/Loss: + 1.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/17 update: RUE displayed relative strength today with a strong breakout past resistance near $30.00. Our trigger to open small bullish positions was hit at $30.25. If you're looking for an entry point now consider waiting for a dip back towards the $30 area.

Our multi-week target is $33.50. We want to exit prior to the late May earnings report. FYI: The Point & Figure chart for RUE is bullish with a long-term $48.00 target.

(small positions)

Suggested Position: Long RUE stock @ $30.25

- or -

Long May $30 call (RUE1219E30) Entry $1.70

04/17/12 triggered at $30.25

Entry on April 17 at $30.25
Earnings Date 05/24/12 (unconfirmed)
Average Daily Volume = 304 thousand
Listed on April 164, 2011


Skullcandy - SKUL - close: 17.24 change: -0.05

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: + 2.9%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/17 update: Hmm... on Friday SKUL did not participate in the market's sell-off. Today SKUL did not participate in the market's big bounce. Shares just drifted sideways in a narrow range. Readers may want to look for a dip into the $17.00-16.50 zone or a bounce out of that area 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: 11.05 change: -0.69

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: - 4.7%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/17 update: Wow! It's been a dramatic couple of days for the SQQQ but then we should be expecting volatility out of a triple-leveraged ETF. After surging higher yesterday the SQQQ plunged -5.8% today and erased most of its prior two-day rally.

I am not suggesting new positions at this time but I would be tempted to buy the SQQQ on a rise past $11.30.

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: 33.16 change: +0.48

Stop Loss: 31.40
Target(s): 35.75
Current Gain/Loss: - 1.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/17 update: Traders bought the dip near TIBX's rising 10-dma. There was no follow through on yesterday's bearish reversal candlestick pattern. More conservative traders may want to wait for a new relative high before considering new bullish 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

Barrick Gold - ABX - close: 40.81 change: -0.80

Stop Loss: 42.55
Target(s): 37.50
Current Gain/Loss: - 0.7%
Time Frame: up to the May 2nd earnings report
New Positions: Yes, see below

Comments:
04/17 update: The price of gold turned lower as investors poured money into stocks. Yet even the gold miners rallied, which is a testament to the widespread nature of today's market rebound. ABX opened at $41.02 and hit $41.72 intraday. Readers may want to wait for a new drop under $40.65 before initiating positions.

More conservative traders may want to wait for a breakdown below $40.00 before initiating positions instead. Our exit target is $37.50. We do not want to hold over the early May earnings report.
FYI: The Point & Figure chart for ABX is bearish with a $32.00 target.

(small positions)

current Position: short ABX stock @ $41.02

- or -

Long May $40 PUT (ABX1219Q40) Entry $1.13

Entry on April 17 at $41.02
Earnings Date 05/02/12 (unconfirmed)
Average Daily Volume = 7.9 million
Listed on April 164, 2011


Cabot Oil & Gas - COG - close: 30.57 change: -1.03

Stop Loss: 31.25
Target(s): 25.50
Current Gain/Loss: - 4.0%
Time Frame: up to the earnings report on April 25th
New Positions: see below

Comments:
04/17 update: It was a volatile day for COG. The stock spiked higher and flirted with a breakout past its trend line of lower highs. COG hit $31.22 intraday. We have a stop at $31.25. Shares closed up +3.4% on the session.

I would wait for a new drop under $29.75 before considering new bearish positions.

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: 21.37 change: +0.32

Stop Loss: 22.51
Target(s): 18.00
Current Gain/Loss: + 1.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/17 update: The market's widespread bounce helped push CTRP to a +1.5% gain. I remain cautious here. You could argue that CTRP is forming a new bottom or a base in the $20.60-22.00 area. I'm not suggesting new positions at this time.

Keep in mind that our April options expire in three 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: 32.26 change: +0.67

Stop Loss: 33.25
Target(s): 30.25
Current Gain/Loss: + 0.9%
Time Frame: up to the April 24th earnings report
New Positions: see below

Comments:
04/17 update: The oversold bounce in DV today shaved off 2% of our unrealized gains. The rebound ran out of steam near last Thursday's highs. More conservative traders may want to tighten their stop loss. I am not suggesting new positions at this time.

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: 33.81 change: +0.99

Stop Loss: 35.55
Target(s): 300-dma (moving target)
Current Gain/Loss: + 1.7%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/17 update: Ouch! The intraday bounce in HITK yesterday combined with today's +3.0% gain certainly feels like a potential bullish reversal. HITK should still have significant resistance near $35.00 and its 200-dma. I am not suggesting new positions at this time. Our target is the 300-dma (currently at $31.25) 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 three 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: 34.59 change: +1.10

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

Comments:
04/17 update: IBN produced a +3.2% bounce but the larger pattern remains bearish. There is no change from my weekend comments. We are waiting 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: 49.38 change: +1.57

Stop Loss: 50.75
Target(s): 42.50
Current Gain/Loss: - 1.5%
Time Frame: up to its May 1st earnings report
New Positions: see below

Comments:
04/17 update: IPGP erased yesterday's losses and then some with a +3.2% bounce. The stock rallied to short-term resistance near $50 and its 10-dma. More conservative traders may want to tighten their stop loss. I am not suggesting new positions at this time.

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: 29.78 change: +0.97

Stop Loss: 30.55
Target(s): 26.25
Current Gain/Loss: - 1.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/17 update: Shares of ROVI also saw a sharp oversold bounce but the bounce reversed near technical resistance at its 100-dma. ROVI did end the day up +3.3%. I would be tempted to launch new bearish positions if the stock fell under $29.50 again.

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