Editor's Note:
The U.S. market is now up three days in a row. It certainly looks like the market is going to end the week with a decent gain. Fortunately many of our bearish candidates are not participating in the market rally but if the bounce continues it's going to cause trouble with our bearish trades.

I am suggesting we exit our CTRP trade at the open tomorrow.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 47.29 change: +0.50

Stop Loss: 43.90
Target(s): 49.00
Current Gain/Loss: + 4.9%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/26 update: HAIN rallied to $48.00 before paring its gains to just a +1.0% advance. More conservative traders will want to seriously consider an early exit right here, especially if you're holding the may calls (current bid is $2.70, +45%). 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: 30.17 change: +0.31

Stop Loss: 29.10
Target(s): 33.50
Current Gain/Loss: - 0.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/26 update: I am growing a little worried with RUE's performance. The major indices are moving higher but RUE is stuck trading sideways. The stock "should" see a breakout back into the prevailing trend, which is up but nothing is guaranteed. Tuesday's low was $29.15. I am raising our stop loss to $29.10. I'd probably wait for a rally past $30.65 before considering new positions.

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

04/26/12 new stop loss @ 29.10
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: 10.94 change: -0.20

Stop Loss: 10.60
Target(s): 13.25
Current Gain/Loss: - 5.6%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/26 update: This could be the end for our SQQQ trade. Another rally in tech stocks helped push the SQQQ lower to a -1.8% decline. I would suggest we exit at the open tomorrow but odds are we will see the SQQQ actually gap down under our stop loss at $10.60 tomorrow. Why another gap down? AMZN reported earnings and the stock is soaring (about +$25) after hours tonight. A big pop in AMZN will likely fuel more gains for the NASDAQ-100 and end our SQQQ trade.

I am expecting shares of the SQQQ to hit our stop at the open. If not, then I'll be surprised if this trade survives to the closing bell on Friday. 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

04/26/12 odds are we will see the SQQQ hit our stop early tomorrow
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


Teva Pharma - TEVA - close: 45.51 change: +0.16

Stop Loss: 44.45
Target(s): 49.50
Current Gain/Loss: unopened
Time Frame: exit prior to the mid May earnings report
New Positions: Yes, see below

Comments:
04/26 update: TEVA rallied toward resistance near $46.00 and then rolled over. We are waiting for a breakout higher. I am suggesting a trigger at $46.25 to launch positions. We'll use a stop loss at $44.45 to start. Our target is $49.50 but we will probably exit early to avoid the mid-May earnings report.

Trigger @ $46.25

Suggested Position: buy TEVA stock @ (trigger)

- or -

buy the May $45 call (TEVA1219E45)

Entry on April xx at $ xx.xx
Earnings Date 05/09/12 (unconfirmed)
Average Daily Volume = 3.3 million
Listed on April 25, 2011


BEARISH Play Updates

Barrick Gold - ABX - close: 39.94 change: -0.03

Stop Loss: 42.20
Target(s): 37.50
Current Gain/Loss: + 2.6%
Time Frame: up to the May 2nd earnings report
New Positions: Yes, see below

Comments:
04/26 update: I am surprised that ABX didn't see a bigger bounce today given the rise in gold prices. This stock was content to drift sideways and underperform the major indices. 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 (confirmed)
Average Daily Volume = 7.9 million
Listed on April 164, 2011


American Public Education - APEI - close: 35.00 change: +0.19

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:
04/26 update: APEI is not seeing a lot of movement. Shares rallied up to short-term technical resistance at its 10-dma and then faded lower. While the trend is down I am not suggesting new positions given the strength in the major indices.

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: 39.14 change: -0.65

Stop Loss: 41.55
Target(s): 36.50
Current Gain/Loss: + 4.2%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/26 update: CGX continues to show relative weakness with a -1.6% drop today. I am adjusting our stop loss down to $41.55. I am not suggesting new positions at this time.

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

04/26/12 new stop loss @ 41.55
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: 21.49 change: +0.51

Stop Loss: 22.26
Target(s): 18.00
Current Gain/Loss: + 1.0%
Time Frame: exit prior to the May 16th earnings report
New Positions: see below

Comments:
04/26 update: I am throwing in the towel on our CTRP trade. Shares remain stuck inside their trading range. I am suggesting we exit positions at the opening 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.

current Position: short CTRP stock @ $21.70

04/26/12 prepare to exit at the open tomorrow
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


First Solar, Inc. - FSLR - close: 18.31 change: +0.01

Stop Loss: 21.55
Target(s): 15.25
Current Gain/Loss: + 4.6%
Time Frame: exit prior to earnings in early May
New Positions: see below

Comments:
04/26 update: FSLR failed to truly participate in the market's rally today. Shares settled virtually unchanged on the session. I am suggesting we lower our stop loss down to $21.55. I am not suggesting new positions at this time.

Earlier Comments:
Broken support at $20.00 should be new resistance. Please note that we want to keep our position size small to limit our risk because the most recent data listed short interest at 42% of the 59.8 million share float. That does raise the risk of a short squeeze. Readers might want to use put options to really limit risk.

(small positions)

current Position: short FSLR stock @ $19.19

- or -

Long May $18 PUT (FSLR1219Q18) Entry $1.36

04/26/12 new stop loss @ 21.55

Entry on April 24 at $19.19
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 7.1 million
Listed on April 23, 2011


Hi Tech Pharmacal - HITK - close: 33.54 change: -0.21

Stop Loss: 35.05
Target(s): $30.50
Current Gain/Loss: + 2.5%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/26 update: The early morning bounce in HITK ran out of steam and shares underperformed with a -0.6% decline. The stock remains under resistance and a bearish trend of lower highs but I'm not suggesting new positions.

More conservative traders may want to lock in gains on a dip near $32.00. Currently we're aiming for $30.50.

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: 32.46 change: +0.20

Stop Loss: 34.85
Target(s): 30.25
Current Gain/Loss: - 1.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/26 update: It was a relatively quiet day for IBN but shares eventually bounced to keep pace with the S&P 500's +0.6% gain. I am expecting IBN to rebound back toward $33.00, which should be new resistance.

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: 13.53 change: +0.07

Stop Loss: 14.05
Target(s): 11.50
Current Gain/Loss: - 3.4%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/26 update: Yesterday a big rally in AAPL helped fuel gains for the tech sector and IMOS surged higher. Tomorrow it looks like AMZN is going to pop higher, which could spark more short covering in tech stocks. I suspect there is a good chance IMOS will hit our stop loss at $14.05 tomorrow. I'm not suggesting new positions at this time.

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

04/24/12 new stop loss @ 14.05, readers may want to take profits now with our trade up +8%.

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


Quality Systems - QSII - close: 38.40 change: -0.05

Stop Loss: 40.25
Target(s): 34.50
Current Gain/Loss: - 0.2%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
04/26 update: Our new bearish play on QSII is off to a decent start with shares not participating in the market's rally today. I would still consider new positions now or you can look for a failed rally near the 10-dma.

Earlier Comments:
I do see potential support at $36.00 and $34.00 and we are going to set our exit target at $34.50 but we plan to exit prior to the late May earnings report. Readers may want to use small positions. The most recent data listed short interest at 12% of the relatively small 39.4 million share float so that does raise the risk of a possible short squeeze.

current Position: short QSII stock @ $38.33

- or -

Long May $40 PUT (QSII1219Q40) Entry $1.90

Entry on April 26 at $38.33
Earnings Date 05/24/12 (unconfirmed)
Average Daily Volume = 476 thousand
Listed on April 25, 2011


Rovi Corp. - ROVI - close: 29.07 change: +0.12

Stop Loss: 30.25
Target(s): 26.25
Current Gain/Loss: + 0.7%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/26 update: ROVI slowly drifted higher and ended the day with a +0.4% gain and a close over its 10-dma. We only have a few days left. I am not suggesting new positions at this time.

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


Red Robin Gourmet Burgers - RRGB - close: 34.90 change: +0.23

Stop Loss: 35.55
Target(s): 31.50 or 200-Ema
Current Gain/Loss: unopened
Time Frame: exit prior to the mid May earnings report
New Positions: Yes, see below

Comments:
04/26 update: It was a relatively quiet day for RRGB and shares managed to keep pace with the S&P 500's gain. I don't see any changes from my prior comments.

Currently I am suggesting a trigger to open small bearish positions at $33.75. We'll use a stop loss at $35.55 to start. Our target is $31.50 or the exponential 200-dma, whichever RRGB hits first. We do want to keep our position size small because the most recent data listed short interest at 12% of the very small 13.3 million share float. That does raise the risk of a possible short squeeze. You may want to trade the put options to limit your risk

Trigger @ $33.75

Suggested Position: short RRGB stock @ (trigger)

- or -

buy the May $35 PUT (RRGB1219Q35)

Entry on April xx at $ xx.xx
Earnings Date 05/17/12 (unconfirmed)
Average Daily Volume = 205 thousand
Listed on April 24, 2011


St. Jude Medical - STJ - close: 38.53 change: +0.33

Stop Loss: 40.05
Target(s): 34.25
Current Gain/Loss: - 2.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/26 update: STJ spent the session drifting higher and closed above its 10-dma. So far the stock has seen a three-day bounce. STJ should encounter resistance at its simple 150-dma near $39.00 soon. I am not suggesting new positions at this time.

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