Editor's Note:
We have several candidates that are due to report earnings soon. We do not want to hold over the announcement. Please see the individual update for details.

Our HD trade was triggered. CTRP was closed early. IMOS was stopped out. We want to exit HAIN and CGX on Monday.

Current Portfolio:


BULLISH Play Updates

Hain Celestial Group - HAIN - close: 47.76 change: +0.47

Stop Loss: 43.90
Target(s): 49.00
Current Gain/Loss: + 6.0%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/28 update: HAIN has delivered a strong three-day bounce that closed the week at new highs. The stock is now testing its trend line of higher highs. I am suggesting we go ahead and exit our positions at the opening bell on Monday morning. FYI: currently the bid on our May $45 call is at $3.10 (+67.5%).

current Position: long HAIN stock @ $45.05

- or -

Long May$45 call (HAIN1219E45) Entry $1.85

04/28/12 prepare to exit positions on Monday morning
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


The Home Depot - HD - close: 51.95 change: +0.08

Stop Loss: 50.75
Target(s): 54.75
Current Gain/Loss: - 0.5%
Time Frame: exit prior to the May 15th earnings report
New Positions: see below

Comments:
04/28 update: Hmm... HD posted a gain on Friday but the action actually looks bearish. The stock broke out to a new high and hit $52.39 intraday. That was enough to hit our trigger and open the trade at $52.25. Unfortunately the rally reversed and shares of HD closed back under resistance near $52.00.

I am cautious here. Readers may want to wait for a new high past $52.40 before considering new positions.

Our short-term target is $54.75 but we'll plan on exiting prior to the May 15th earnings report.

Suggested Position: Long HD stock @ $52.25

- or -

Long May $52.50 call (HD1219E52.5) Entry $0.85

04/27/12 triggered at $52.25

chart:

Entry on April 27 at $52.25
Earnings Date 05/15/12 (confirmed)
Average Daily Volume = 8.6 million
Listed on April 26, 2011


rue21, Inc. - RUE - close: 30.92 change: +0.75

Stop Loss: 29.10
Target(s): 33.50
Current Gain/Loss: + 2.2%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
04/28 update: Good news! RUE is breaking out higher from its recent consolidation. The stock rallied toward its recent highs on Friday and outperformed the market with a +2.4% gain.

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

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: 10.76 change: -0.18

Stop Loss: 10.60
Target(s): 11.25
Current Gain/Loss: - 7.2%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/28 update: I am honestly surprised that our SQQQ trade is still open. Shares came close to hitting our stop loss but the low on Friday was only $10.65. The action last week has painted a huge bearish reversal candlestick on the weekly chart (which is actually bullish for the NASDAQ-100).

Since our trade is still open we will leave it open and try to reduce losses by exiting on a bounce if we see one. More conservative traders will want to exit early now. There is still a good chance the SQQQ hits our stop at $10.60 on Monday. If not, if the market sees a pullback, then we can try and exit positions. I am suggesting we exit positions on a bounce back to $11.25. 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

04/28/12 try to reduce losses by exiting on a bounce. Adjust exit target to $11.25
04/26/12 odds are we will see the SQQQ hit our stop early tomorrow
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


Teva Pharma - TEVA - close: 45.63 change: +0.02

Stop Loss: 44.45
Target(s): 49.50
Current Gain/Loss: unopened
Time Frame: exit prior to the May 9th earnings report
New Positions: Yes, see below

Comments:
04/28 update: TEVA continues to consolidate sideways under resistance near $46.00. The trend of higher lows is suggesting the stock will breakout higher soon. 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)

chart:

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


BEARISH Play Updates

Barrick Gold - ABX - close: 40.66 change: +0.72

Stop Loss: 41.55
Target(s): 37.50
Current Gain/Loss: + 0.9%
Time Frame: up to the May 2nd earnings report
New Positions: see below

Comments:
04/28 update: Shares of ABX finally managed to bounce past resistance near $40.00. Readers may want to exit early now. The close over its simple 10-dma is short-term bullish. Keep in mind that we only have two days left. ABX reports earnings on May 2nd. We will plan on exiting positions on May 1st at the closing bell. I am adjusting our stop loss down to $41.55. I am not suggesting new bearish positions at this time.

(small positions)

current Position: short ABX stock @ $41.02

- or -

Long May $40 PUT (ABX1219Q40) Entry $1.13

04/28/12 new stop loss @ 41.55
04/28/12 prepare to exit on May 1st at the closing bell
04/21/12 new stop loss @ 42.20

chart:

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: 34.84 change: -0.16

Stop Loss: 36.05
Target(s): 31.00
Current Gain/Loss: - 0.3%
Time Frame: up to its May 10th earnings report
New Positions: see below

Comments:
04/28 update: APEI continues to underperform the broader market. The bounce on Friday stalled at the 10-dma. This is the third day in a row that APEI has been rebuffed at the 10-dma. I am lowering our stop loss down to $36.05.

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

04/28/12 new stop loss @ 36.05
04/23/12 new stop loss @ 36.60
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: 38.85 change: -0.29

Stop Loss: 40.25
Target(s): 36.50
Current Gain/Loss: + 4.9%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/28 update: Our time is almost up. We can't find a confirmed earnings date for CGX but the date we do have says the company reports on May 1st. We don't want to take any chances so we will plan to exit positions on Monday at the closing bell. I am lowering our stop loss down to $40.25.

(small positions)

current Position: short CGX stock @ $40.85

04/28/12 prepare to exit positions on Monday at the close
new stop loss @ 40.25
04/26/12 new stop loss @ 41.55
04/23/12 new stop loss @ 42.25
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


First Solar, Inc. - FSLR - close: 18.35 change: +0.04

Stop Loss: 20.75
Target(s): 15.25
Current Gain/Loss: + 4.4%
Time Frame: exit prior to earnings in early May
New Positions: see below

Comments:
04/28 update: We are almost out of time on our FSLR trade. It looks like FSLR is due to report earnings on May 3rd. We will plan to exit on May 2nd at the closing bell assuming shares don't hit our target or stop between now and then. Please note that I am lowering our stop loss to $20.75. 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

04/28/12 we will plan to exit on May 2nd at the close if the trade is still open by then
04/28/12 new stop loss @ 20.75
04/26/12 new stop loss @ 21.55

chart:

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: 34.21 change: +0.67

Stop Loss: 35.05
Target(s): $30.50
Current Gain/Loss: + 0.6%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/28 update: Ouch! HITK just took a big chunk out of our unrealized gains with a +1.9% bounce on Friday. The stock remains under resistance near $$35.00 and both its simple and exponential 200-dma. Yet bulls could argue that HITK just produced a higher low last week. We have a stop at $35.05. I am not suggesting new positions at this time.

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

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: 33.26 change: +0.80

Stop Loss: 34.15
Target(s): 30.25
Current Gain/Loss: - 3.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/28 update: We were expecting a bounce back toward $33.00 but the close above $33.00, which should be resistance, is a surprise. The reason behind the rally was a better than expected earnings report from IBN. The company's net profits rose to 31.1% at 19.02 billion rupees. Analysts was only expecting 17.3 billion. You'll notice that the rally stalled just under resistance at its 100-dma and 200-ema.

I am lowering our stop loss down to $34.15. We'll wait for this bounce to fail before considering new positions.

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

04/28/12 new stop loss @ 34.15
04/23/12 triggered on gap down at $32.05, trigger was 32.75

chart:

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


Quality Systems - QSII - close: 37.58 change: -0.82

Stop Loss: 40.25
Target(s): 34.50
Current Gain/Loss: + 2.0%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
04/28 update: QSII underperformed the market on Friday with a gap down and then a spike toward $37.00. Shares ended the session with a -2.1% decline. The relative weakness is encouraging if you're bearish but I am not suggesting new positions. More conservative traders may want to start inching their stop loss lower.

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

chart:

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: 29.26 change: +0.19

Stop Loss: 30.25
Target(s): 26.25
Current Gain/Loss: + 0.0%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/28 update: We only have a few days left on our ROVI trade and readers may want to exit early. The stock has bounced back to unchanged on our trade. Technically last week's rebound has created a bullish engulfing candlestick reversal pattern on the weekly chart. The stock should still see resistance near $30.00 but we don't have a lot of time left.

We will plan on exiting positions on May 2nd at the closing bell if the trade is still open. We'll leave our stop at $30.25 for now. 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

04/28/12 plan to exit on May 2nd at the close if trade is still open
04/23/12 new stop loss @ 30.25

chart:

Entry on April 16 at $29.27
Earnings Date 05/03/12 (confirmed)
Average Daily Volume = 1.2 million
Listed on April 14, 2011


Red Robin Gourmet Burgers - RRGB - close: 34.88 change: -0.02

Stop Loss: 35.55
Target(s): 31.50 or 200-Ema
Current Gain/Loss: unopened
Time Frame: exit prior to the May 17th earnings report
New Positions: Yes, see below

Comments:
04/28 update: RRGB did not participate with the market's bounce on Friday. Shares still have a bearish trend of lower highs. I don't see any changes from my prior comments except that we will plan to exit prior to the May 17th earnings report.

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)

04/28/12 if the trade opens we will plan to exit prior to the May 17th earnings report.

chart:

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


St. Jude Medical - STJ - close: 38.63 change: +0.10

Stop Loss: 40.05
Target(s): 34.25
Current Gain/Loss: - 3.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/28 update: The stock market's widespread bounce last week has helped STJ to a four-day rebound. Shares are nearing potential short-term resistance near $39.00 and the 150-dma. More conservative traders may want to tighten their stops toward the $39 area. If we see STJ close over $39.00 we will be tempted to exit early. 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

chart:

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


CLOSED BEARISH PLAYS

Ctrip.com Intl. - CTRP - close: 21.66 change: +0.17

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:
04/28 update: CTRP only added 17 cents on Friday but that doesn't tell the whole story. The stock briefly broke out from its trading range and rallied past resistance near $22.00 before reversing lower. We had already decided on Thursday night to exit positions at the open on Friday morning. CTRP gapped open higher at $21.92 on Friday.

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.

closed Position: short CTRP stock @ $21.70 exit $21.92 (-1.0%)

04/27/12 exit at the open
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

chart:

Entry on April 02 at $21.70
Earnings Date 05/--/12 (unconfirmed)
Average Daily Volume = 3.6 million
Listed on March 31, 2011


ChipMOS Tech. - IMOS - close: 13.70 change: +0.17

Stop Loss: 14.05
Target(s): 11.50
Current Gain/Loss: - 7.4%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/28 update: I had cautioned readers on Thursday that we would probably see IMOS hit our stop loss at $14.05 due to another rally in tech stocks. Sure enough IMOS crossed the $14.00 level and hit our stop. Although it's worth noting that the rally reversed at its 50-dma. We knew IMOS was a volatile stock and it definitely lived up to that label.

Earlier Comments:
The plan was to keep our position size small to limit our risk. IMOS can be a volatile stock.

(small positions)

closed Position: short IMOS stock @ $13.08 exit $14.05 (-7.4%)

- or -

May $12.50 PUT (IMOS1219Q12.5) Entry $0.99 exit $0.35* (-64.6%)

04/27/12 stopped out at $14.05
* option exit is an estimate. option did not trade at time of our exit
04/24/12 new stop loss @ 14.05, readers may want to take profits now with our trade up +8%.

chart:

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