Editor's Note:
A wide number of stocks (including many of our candidates below) spent Wednesday drifting sideways in a relatively narrow range.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 45.01 change: +0.13

Stop Loss: 42.75
Target(s): 49.00
Current Gain/Loss: - 0.0%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/18 update: It was a quiet day for HAIN. Shares are chopping sideways on either side of the $45.00 mark. I am not suggesting new positions at this time but a rally past $45.50 might change my mind.

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: 30.50 change: -0.14

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

Comments:
04/18 update: After yesterday's show of relative strength RUE took today off to consolidate sideways. I would still consider new positions at current levels.

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: 16.79 change: -0.45

Stop Loss: 15.75
Target(s): 19.70
Current Gain/Loss: + 0.2%
Time Frame: up to its May earnings report
New Positions: see below

Comments:
04/18 update: Ouch! SKUL shaved off a large chunk of our unrealized gains with a -2.6% drop today. I have been suggesting that readers look for a dip near $16.50 as a new entry point and we got that dip today.

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: 11.13 change: +0.08

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: - 4.0%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/18 update: The SQQQ churned sideways above the $11.00 level. This ETF looks poised to rally higher. Aggressive traders could use a rise past $11.25 as a new entry point for bullish positions.

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: 34.20 change: +1.04

Stop Loss: 31.40
Target(s): 35.75
Current Gain/Loss: + 2.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/18 update: TIBX displayed relative strength with a high-volume rally higher. The stock closed up +3.1% with volume four times the norm. That can be a bullish signal. If you were waiting for a relative high as an entry point you got it.

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


UTi Worldwide Inc. - UTIW - close: 17.59 change: +0.46

Stop Loss: 16.65
Target(s): 19.50
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
04/18 update: UTIW delivered a quiet day of trading sideways near $17.50. We are waiting for further strength. I am suggesting a trigger to launch positions at $17.75. More conservative traders may want to wait and buy a dip near $17.00 or a close over $18.00 instead.

We want to keep our position size small. FYI: The Point & Figure chart for UTIW is bullish with a $22.00 target.

Trigger @ $17.75

Suggested Position: buy UTIW stock @ (trigger)

Entry on April xx at $ xx.xx
Earnings Date 06/07/12 (unconfirmed)
Average Daily Volume = 443 thousand
Listed on April 17, 2011


BEARISH Play Updates

Barrick Gold - ABX - close: 41.09 change: -0.22

Stop Loss: 42.55
Target(s): 37.50
Current Gain/Loss: - 0.2%
Time Frame: up to the May 2nd earnings report
New Positions: Yes, see below

Comments:
04/18 update: ABX also produced a mild day of trading sideways. Shares are still trading under a bearish trend of lower highs. 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: 30.52 change: -0.05

Stop Loss: 31.25
Target(s): 25.50
Current Gain/Loss: - 3.8%
Time Frame: up to the earnings report on April 25th
New Positions: see below

Comments:
04/18 update: It is the same story with COG. The stock drifted sideways in a narrow range. 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: 21.05 change: -0.32

Stop Loss: 22.51
Target(s): 18.00
Current Gain/Loss: + 3.0%
Time Frame: exit prior to the May 16th earnings report
New Positions: see below

Comments:
04/18 update: CTRP erased yesterday's bounce with a -1.5% decline. I'm not suggesting new positions at this time.

I am suggesting we exit our April $21 puts at the closing bell tomorrow!

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

04/18/12 prepare to exit the April $21 puts at the close tomorrow
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: 32.00 change: -0.26

Stop Loss: 33.25
Target(s): 30.25
Current Gain/Loss: + 1.7%
Time Frame: up to the April 24th earnings report
New Positions: see below

Comments:
04/18 update: Yup, you guessed it. DV produced a quiet day of trading with the stock slipping sideways. 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: 34.03 change: +0.22

Stop Loss: 35.55
Target(s): 300-dma (moving target)
Current Gain/Loss: + 1.1%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/18 update: HITK is slowly drifting toward resistance at its simple and exponential 200d-ma in the $$34.50-34.75 area. 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.

We need to exit our April $35 puts at the closing bell tomorrow.

current Position: short HITK stock @ $34.40

- or -

Long Apr $35 PUT (HITK1221P35) Entry $1.50

04/18/12 prepare to exit our April $35 puts at the close tomorrow
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: 33.75 change: -0.84

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

Comments:
04/18 update: IBN gave up a good chunk of yesterday's bounce. 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: 49.28 change: -0.10

Stop Loss: 50.75
Target(s): 42.50
Current Gain/Loss: - 1.3%
Time Frame: up to its May 1st earnings report
New Positions: see below

Comments:
04/18 update: IPGP also spent Wednesday's session drifting sideways. 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: 29.48 change: -0.30

Stop Loss: 30.55
Target(s): 26.25
Current Gain/Loss: - 0.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/18 update: ROVI slipped 1% but trading was generally pretty quiet. I would consider new bearish positions at current levels.

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