Editor's Note:
The market's broad-based decline on Monday was enough to hit a couple of bearish triggers. Plus, our UTIW trade was stopped out.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 45.19 change: -1.20

Stop Loss: 43.90
Target(s): 49.00
Current Gain/Loss: + 0.3%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/23 update: Friday's $1.20 gain was completely reversed. I couldn't find any news on today's weakness in HAIN. The two-day move looks like a bearish reversal. More conservative traders may want to exit early now. I am 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

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: 30.42 change: -0.10

Stop Loss: 28.45
Target(s): 33.50
Current Gain/Loss: + 0.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/23 update: Traders bought the dip in RUE this morning near its 10 and 20-dma. If the market would cooperate we could see RUE rally past short-term resistance near $31.00 soon. The trend is still up but I am hesitant to launch new positions given the market's widespread weakness.

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


ProShares UltraPro Short QQQ - SQQQ - close: 11.90 change: +0.28

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: + 2.5%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/23 update: The NASDAQ-100 index gapped open lower this morning. That produced a gap higher for the SQQQ. Shares of the SQQQ rallied to $12.24 intraday but pared its gains to settle with a +2.4% gain.

I am not suggesting new positions at this time.

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: 32.90 change: -0.60

Stop Loss: 31.65
Target(s): 35.75
Current Gain/Loss: - 1.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/23 update: The stock market's widespread decline today pushed TIBX to an intraday low of $31.87. Traders did buy the dip and shares pared their losses by the close. You can see on the daily chart how TIBX rebounded near its rising 30-dma. I am raising our stop loss up to $31.65.

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

04/23/12 new stop loss @ 31.65
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: 39.69 change: -0.57

Stop Loss: 42.20
Target(s): 37.50
Current Gain/Loss: + 3.2%
Time Frame: up to the May 2nd earnings report
New Positions: Yes, see below

Comments:
04/23 update: Gold mining stocks underperformed today. ABX gapped open lower under potential support at $40.00 and spiked down to $38.46. Shares did see a big bounce off its intraday lows but still posted a -1.4% decline. I suspect ABX could see a bit of a bounce tomorrow. Traders should be aware that the GLD gold ETF has fallen to technical support at its rising 300-dma. If the GLD rallies off this moving average it could help fuel gains for the gold miners. I am not suggesting new bearish positions at this time.

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

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: 34.49 change: -0.56

Stop Loss: 36.60
Target(s): 31.00
Current Gain/Loss: + 0.7%
Time Frame: up to its May 10th earnings report
New Positions: see below

Comments:
04/23 update: APEI briefly spiked down under $34.00 before bouncing back. Shares ended the day with a -1.59% loss. I am lowering our stop loss down to $36.60. I am not suggesting new positions at this time.

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

04/23/12 new stop loss @ 36.60
04/19/12 triggered at $34.75

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: 39.65 change: -0.75

Stop Loss: 42.25
Target(s): 36.50
Current Gain/Loss: + 2.9%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/23 update: CGX has broken down to new multi-month lows. More importantly it has closed under possible round-number support at the $40.00 level. This is good news if you're bearish. I am lowering our stop loss down to $42.25.

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

04/23/12 new stop loss @ 42.25
04/20/12 triggered at $40.85

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: 20.94 change: -0.23

Stop Loss: 22.26
Target(s): 18.00
Current Gain/Loss: + 3.5%
Time Frame: exit prior to the May 16th earnings report
New Positions: see below

Comments:
04/23 update: CTRP remains inside its trading range but shares did lose -1% today. The stock did hit new multi-year lows on an intraday basis. The stock looks poised to finally breakdown again. Nimble traders could use a drop under $20.50 as a new entry point.

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

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: 31.08 change: -1.18

Stop Loss: 32.70
Target(s): 30.25
Current Gain/Loss: + 4.5%
Time Frame: up to the April 24th earnings report
New Positions: see below

Comments:
04/23 update: DV underperformed the market with a -3.6% drop on Monday. Shares have broken down to new multi-year lows. Readers may want to exit immediately but our plan is to exit positions tomorrow at the closing bell to avoid holding over earnings on Tuesday night. I am lowering our stop loss to $32.70.

current Position: short DV stock @ $32.54

04/23/12 new stop loss @ 32.70, exit tomorrow at the close
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

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: 32.74 change: -0.66

Stop Loss: 35.05
Target(s): $30.50
Current Gain/Loss: + 4.8%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/23 update: Trading in HITK was a bit boring today. The stock gapped open lower and spent the rest of the day hovering in a narrow range. The trend is down but I am somewhat concerned about potential technical support at the rising 300-dma. I'm 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

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: 32.61 change: -0.38

Stop Loss: 34.85
Target(s): 30.25
Current Gain/Loss: - 1.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/23 update: Sometimes the market does not want to cooperate. We have been expecting a breakdown in IBN and wanted to use a trigger to launch bearish positions at $32.75. Unfortunately the stock gapped open lower at $32.05 this morning, which opened our trade. The trend is still bearish and I would still consider new positions now at current levels.

Our target is $30.25. More aggressive traders could aim lower.

Suggested Position: short IBN stock @ 32.05

- or -

Long May $32 PUT (IBN1219Q32) Entry $1.32

04/23/12 triggered on gap down at $32.05, trigger was 32.75

Entry on April 23 at $32.05 (gap down)
Earnings Date --/--/-- (unconfirmed)
Average Daily Volume = 1.9 million
Listed on April 14, 2011


ChipMOS Tech. - IMOS - close: 12.79 change: -0.42

Stop Loss: 14.35
Target(s): 11.50
Current Gain/Loss: + 2.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/23 update: Our new IMOS play is off to a good start. The stock opened at $13.08 and dipped to $12.52 intraday. If you don't feel like chasing it here you could wait for a bounce into the $13.50-14.00 zone as a new bearish entry point.

The plan was to keep our position size small to limit our risk. IMOS can be a volatile stock. FYI: The Point & Figure chart for IMOS is bearish with a $8.00 target.

(small positions)

current Position: short IMOS stock @ $13.08

- or -

Long May $12.50 PUT (IMOS1219Q12.5) Entry $0.99

Entry on April 23 at $13.08
Earnings Date 05/14/12 (unconfirmed)
Average Daily Volume = 356 thousand
Listed on April 21, 2011


Blue Nile Inc. - NILE - close: 30.09 change: +0.27

Stop Loss: 32.51
Target(s): 26.00
Current Gain/Loss: - 2.5%
Time Frame: exit prior to the early May earnings report
New Positions: see below

Comments:
04/23 update: Warning! Our new bearish play on NILE has turned against us. Shares opened at $29.35, dipped to $28.56, and then bounced back into positive territory. Today's move, combined with the bounce two weeks ago, suddenly looks like a potential bullish double bottom.

More conservative traders may want to exit immediately or lower their stop loss significantly. I am not suggesting new positions at this time.

Earlier Comments:
The plan was to keep our position size small to limit our risk. The most recent data listed short interest at 31% of the very small 13.7 million share float. That does raise the risk of a short squeeze. You may want to use options to limit your risk. Our exit target is $26.00 but we do not want to hold over the early May earnings report (date not confirmed yet). FYI: The Point & Figure chart for NILE is bearish with a $23.00 target.

(small positions)

current Position: short NILE stock @ $29.35

- or -

Long May $30 PUT (NILE1219Q30) Entry $2.40

04/23/12 Warning! NILE has reversed higher. This could be a bullish double bottom. Readers may want to exit immediately to limit losses.

Entry on April 23 at $29.35
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 246 thousand
Listed on April 21, 2011


Rovi Corp. - ROVI - close: 28.27 change: -0.24

Stop Loss: 30.25
Target(s): 26.25
Current Gain/Loss: + 3.4%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/23 update: ROVI slipped to $27.75 intraday before settling with a -0.8% decline. If the market were to bounce I would expect a rebound in ROVI back to the simple 10-dma. I'm not suggesting new positions at this time. We will lower our stop loss to $30.25.

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

04/23/12 new stop loss @ 30.25

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


St. Jude Medical - STJ - close: 37.83 change: -0.19

Stop Loss: 40.05
Target(s): 34.25
Current Gain/Loss: - 1.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/23 update: Our new trade on STJ is open. Shares broke support near $38.00 and hit our trigger at $37.45. I would still consider new positions now. Please note I am adjusting our stop loss to $40.05. More conservative traders may want to use a stop near the simple 150-dma currently at $39.10 instead.

Our target is $34.25. FYI: The Point & Figure chart for STJ is bearish with a $31.00 target.

current Position: short STJ stock @ $37.45

- or -

Long May $37.50 PUT (STJ1219Q37.5) Entry $1.20

04/23/12 new stop loss @ 40.05
04/23/12 triggered at $37.45

Entry on April 23 at $37.45
Earnings Date 04/18/12
Average Daily Volume = 5.1 million
Listed on April 21, 2011


CLOSED BULLISH PLAYS

UTi Worldwide Inc. - UTIW - close: 16.77 change: -0.25

Stop Loss: 16.65
Target(s): 19.50
Current Gain/Loss: - 6.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
04/23 update: Our aggressive trade on UTIW did not pay off. Shares gapped open lower at $16.74 and dipped to $16.50 before trimming its losses. Our stop loss was hit at $16.65. UTIW still has a bullish channel of higher highs and higher lows but the peak last week looks like a potential bearish double top pattern.

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

(small positions)

closed Position: Long UTIW stock @ $17.75 exit $16.65 (-6.2%)

04/23/12 stopped out at $16.65
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