Editor's Note:
The market tried to rally on Friday but gains faded toward the closing bell and option expiration.

Our new trade on CGX was triggered.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 46.39 change: +1.20

Stop Loss: 43.90
Target(s): 49.00
Current Gain/Loss: + 2.9%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/21 update: Shares of HAIN shot higher on Friday but I couldn't find any specific news behind the move. The stock hit $47.42 intraday and closed with a +2.6% gain. I am raising our stop loss up to $43.90. If you were waiting for a rise past $45.50 as an entry point you got it. I'm not suggesting new positions at this time .

current Position: long HAIN stock @ $45.05

- or -

Long May$45 call (HAIN1219E45) Entry $1.85

04/21/12 new stop loss @ 43.90
04/03/12 triggered @ 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


rue21, Inc. - RUE - close: 30.52 change: +0.62

Stop Loss: 28.45
Target(s): 33.50
Current Gain/Loss: + 0.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/21 update: RUE erased Thursday's decline with a nice bounce on Friday (+2.0%) and shares have provided a new bullish entry point with its rally past $30.25.

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

chart:

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


ProShares UltraPro Short QQQ - SQQQ - close: 11.62 change: +0.14

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: + 0.1%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/21 update: Our SQQQ trade is back in positive territory with the bullish turnaround on Friday morning. The next level of resistance is the simple 50-dma near $12.00. If you believe the market, more specifically the NASDAQ-100, will continue to trade lower then this is an entry point on the SQQQ.

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

chart:

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


TIBCO Software - TIBX - close: 33.50 change: -0.21

Stop Loss: 31.40
Target(s): 35.75
Current Gain/Loss: + 0.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/21 update: We are back at the starting line with TIBX closing at $33.50 on Friday. The stock should have short-term support at its rising 10 and 20-dma. I'd look for a bounce off the moving averages 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

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


UTi Worldwide Inc. - UTIW - close: 17.02 change: -0.28

Stop Loss: 16.65
Target(s): 19.50
Current Gain/Loss: - 4.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/21 update: Readers will want to seriously consider an early exit right now. Not only has UTIW produced a bearish reversal near its late March highs but shares underperformed on Friday. This helps reinforce the idea that UTIW is forming a bearish double top pattern.

I am not suggesting new positions at this time.

Earlier Comments:
The plan was to keep our position size small to limit our risk.

(small positions)

current Position: Long UTIW stock @ $17.75

04/19/12 triggered at $17.75

chart:

Entry on April 19 at $17.75
Earnings Date 06/07/12 (unconfirmed)
Average Daily Volume = 443 thousand
Listed on April 17, 2011


BEARISH Play Updates

Barrick Gold - ABX - close: 40.26 change: -0.69

Stop Loss: 42.20
Target(s): 37.50
Current Gain/Loss: + 1.9%
Time Frame: up to the May 2nd earnings report
New Positions: Yes, see below

Comments:
04/21 update: Gold prices managed a minor bounce on Friday but gold miners were sinking. ABX closed at new relative lows and looks poised to test potential round-number support at $40.00 soon. I am lowering our stop loss down to $42.20.

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

04/21/12 new stop loss @ 42.20

chart:

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


American Public Education - APEI - close: 35.05 change: -0.04

Stop Loss: 37.05
Target(s): 31.00
Current Gain/Loss: - 0.8%
Time Frame: up to its May 10th earnings report
New Positions: see below

Comments:
04/21 update: APEI tried to bounce on Friday morning but gains faded. I don't see any changes from my prior comments. The $36.00 area and its 10-dma should be overhead resistance. More conservative traders could wait for a bounce closer to $36 before considering new bearish positions.

Earlier Comments:
The plan was to limit our risk with small positions. Our exit target is $31.00 but we do not want to hold over the May 10th earnings report. This is a higher-risk trade. Lots of investors think APEI is going lower and the most recent data listed short interest at 20% of the very small 16.8 million share float. That does raise the risk of a short squeeze. You may want to limit your exposure by trading options.

(small positions)

Suggested Position: short APEI stock @ $34.75

- or -

Long May $35 PUT (APEI1219Q35) Entry $2.10

04/19/12 triggered at $34.75

chart:

Entry on April 19 at $34.75
Earnings Date 05/10/12 (unconfirmed)
Average Daily Volume = 202 thousand
Listed on April 18, 2011


Consolidated Graphics - CGX - close: 40.40 change: -0.91

Stop Loss: 43.05
Target(s): 36.50
Current Gain/Loss: + 1.1%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/21 update: Our new trade on CGX has been triggered. The stock broke down under short-term support near $41.00 and hit our entry point at $40.85. Shares underperformed the market on Friday with a -2.2% decline. It is possible that the $40.00 level could be round-number support but we're aiming for $36.50. Bear in mind that we may have to exit early ahead of the early May earnings report. FYI: The Point & Figure chart for CGX is bearish with a $28.00 target.

(small positions)

current Position: short CGX stock @ $40.85

04/20/12 triggered at $40.85

chart:

Entry on April 20 at $40.85
Earnings Date 05/01/12 (unconfirmed)
Average Daily Volume = 45 thousand
Listed on April 19, 2011


Ctrip.com Intl. - CTRP - close: 21.17 change: +0.06

Stop Loss: 22.26
Target(s): 18.00
Current Gain/Loss: + 2.4%
Time Frame: exit prior to the May 16th earnings report
New Positions: see below

Comments:
04/21 update: CTRP has spent two weeks churning sideways in this $20.65-22.00 trading range. More conservative traders may want to exit early now and just move on. I am lowering our stop loss just a bit to $22.26. I'm not suggesting new positions at this time.

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

04/21/12 new stop loss @ 22.26
04/19/12 planned exit for the April puts: 10 cents (-84.6%)
04/18/12 prepare to exit the April $21 puts at the close tomorrow
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: 32.26 change: -0.07

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:
04/21 update: We've got two days left for this DV trade. The company reports earnings on Tuesday, April 24th after the closing bell. We will plan to exit positions at the close on the 24th to avoid holding over the announcement.

current Position: short DV stock @ $32.54

04/21/12 prepare to exit on Tuesday at the closing bell
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: 33.40 change: -0.08

Stop Loss: 35.05
Target(s): $30.50
Current Gain/Loss: + 2.9%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/21 update: HITK is hovering under technical resistance at its simple and exponential 200-dma. I am making a couple of adjustments. We will move the stop loss down to $35.05. We'll move our exit target down to $30.50. More conservative traders may want to exit near the simple 300-dma currently at $31.35 instead. I am not suggesting new positions at this time.

current Position: short HITK stock @ $34.40

04/21/12 new stop loss @ 35.05, adjust exit target to $30.50
04/19/12 planned exit for our April put: $1.30 (-13.3%)
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

chart:

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: 32.99 change: -0.63

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

Comments:
04/21 update: IBN has fallen back toward support near $33 and closed under its 100-dma. This is good news if you're bearish. The stock is poised to break support soon.

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)

chart:

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


Rovi Corp. - ROVI - close: 28.50 change: -0.25

Stop Loss: 30.55
Target(s): 26.25
Current Gain/Loss: + 2.6%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/21 update: ROV continues to sink and shares closed at new ten-week lows. Nimble traders might want to launch new positions on a bounce near short-term technical resistance at the 10-dma.

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

chart:

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