Editor's Note:
Our new trade in the oil services sector has been triggered. Meanwhile our HAIN trade was closed as planned. CGX was stopped out. I have removed RRGB. We want to exit ABX tomorrow.

Current Portfolio:


BULLISH Play Updates

The Home Depot - HD - close: 51.79 change: -0.16

Stop Loss: 50.75
Target(s): 54.75
Current Gain/Loss: - 0.8%
Time Frame: exit prior to the May 15th earnings report
New Positions: see below

Comments:
04/30 update: HD spent Monday churning sideways in the $51.60-52.00 area. 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

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: 30.35 change: -0.57

Stop Loss: 29.10
Target(s): 33.50
Current Gain/Loss: + 0.3%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
04/30 update: RUE reversed a good portion of Friday's gains with a -1.8% drop today. Aggressive traders could buy this pullback but you may want to use a tighter stop loss. Bears could argue this is a failed rally at the $31.00 level.

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: 10.97 change: +0.21

Stop Loss: 10.60
Target(s): 11.25
Current Gain/Loss: - 5.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/30 update: We were expecting an oversold bounce in the SQQQ. Readers may want to exit now. Currently we're planning to exit on a bounce at $11.25 in an effort to reduce our losses thus far. 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

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


SeaDrill Limited - SDRL - close: 39.13 change: +0.72

Stop Loss: 37.40
Target(s): 41.50
Current Gain/Loss: + 1.2%
Time Frame: up to the late May earnings report
New Positions: see below

Comments:
04/30 update: Our new trade on SDRL is off to a good start. Shares ignored the market weakness today and the stock broke out past resistance near $38.50 to close up +1.8%. Our trigger to launch positions was hit at $38.65.

We do not want to hold over the very late May earnings report (end of the month).

Suggested Position: Long SDRL stock @ $38.65

- or -

Long Jun $40 call (SDRL1216F40) Entry $0.65

04/30/12 triggered at $38.65

Entry on April 30 at $38.65
Earnings Date 05/31/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on April 28, 2011


Teva Pharma - TEVA - close: 45.77 change: +0.14

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:
04/30 update: TEVA is inching closer and closer to a bullish breakout past resistance near $46.00. Unfortunately we're running out of time. We do not want to hold over the May 9th earnings report.

I am suggesting a trigger at $46.25 to launch positions. We'll use a stop loss at $44.45 to start.

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 (confirmed)
Average Daily Volume = 3.3 million
Listed on April 25, 2011


Williams Sonoma Inc. - WSM - close: 38.69 change: -0.80

Stop Loss: 38.40
Target(s): 44.00
Current Gain/Loss: unopened
Time Frame: exit prior to the mid May earnings report
New Positions: Yes, see below

Comments:
04/30 update: The market's widespread profit taking on Monday took its toll on WSM. Shares gave up -2.0% after last week's big bounce. Shares remain under resistance near $40.00.

I am suggesting a trigger to launch bullish positions at $40.15 with a stop loss at $38.40. We will target a run to $44.00 but we do not want to hold over the mid May earnings report.

Trigger @ $40.15

Suggested Position: buy WSM stock @ (trigger)

- or -

buy the May $40 call (WSM1219E40)

Entry on April xx at $ xx.xx
Earnings Date 05/17/12 (unconfirmed)
Average Daily Volume = 2.1 million
Listed on April 28, 2011


BEARISH Play Updates

Barrick Gold - ABX - close: 40.43 change: -0.23

Stop Loss: 41.05
Target(s): 37.50
Current Gain/Loss: + 1.4%
Time Frame: up to the May 2nd earnings report
New Positions: see below

Comments:
04/30 update: Hmm... ABX held up reasonably well with traders buying the dip near $40 this morning. That is not what we want to see. We already have plans to exit tomorrow (May 1st) at the closing bell. I am moving our stop loss down to $41.05.

(small positions)

current Position: short ABX stock @ $41.02

- or -

Long May $40 PUT (ABX1219Q40) Entry $1.13

04/30/12 new stop loss @ 41.05, prepare to exit at the close tomorrow
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

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: 34.72 change: -0.12

Stop Loss: 36.05
Target(s): 31.00
Current Gain/Loss: + 0.1%
Time Frame: up to its May 10th earnings report
New Positions: see below

Comments:
04/30 update: It was a quiet day for APEI with shares very slowly drifting lower. Traders could launch new positions here but you may want to tighten your stops even closer.

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

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


First Solar, Inc. - FSLR - close: 18.40 change: +0.05

Stop Loss: 20.25
Target(s): 15.25
Current Gain/Loss: + 4.1%
Time Frame: exit prior to earnings on May 3rd
New Positions: see below

Comments:
04/30 update: Hmm... readers may want to consider an early exit now. The stock popped higher toward the top of its recent sideways trading range near $19.00 on an increase in volume this afternoon. Currently we are planning to exit on May 2nd at the closing bell to avoid holding over earnings on May 3rd. I am lowering our stop loss down to $20.25. 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

04/30/12 new stop loss @ 20.25
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

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: 32.59 change: -1.58

Stop Loss: 35.05
Target(s): $30.50
Current Gain/Loss: + 5.3%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
04/30 update: Good news! HITK reversed lower after bouncing back toward resistance on Friday. Shares fell -4.6%. 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

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: 33.89 change: +0.63

Stop Loss: 34.15
Target(s): 30.25
Current Gain/Loss: - 5.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/30 update: Warning! IBN displayed relative strength today with a +1.8% gain. Today's move is a bullish breakout above its 100-dma and its 150-dma. We have a stop loss at $34.15 but more conservative traders will want to seriously consider an early exit immediately.

Suggested Position: short IBN stock @ 32.05

- or -

Long May $32 PUT (IBN1219Q32) Entry $1.32

04/30/12 IBN continues to bounce. Readers may want to exit early now!
04/28/12 new stop loss @ 34.15
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


Quality Systems - QSII - close: 37.40 change: -0.18

Stop Loss: 40.25
Target(s): 34.50
Current Gain/Loss: + 2.4%
Time Frame: exit prior to the late May earnings report
New Positions: see below

Comments:
04/30 update: QSII did not see a lot of movement today with a narrow sideways trade. I am not suggesting new positions at this time. 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

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: 28.64 change: -0.62

Stop Loss: 30.05
Target(s): 26.25
Current Gain/Loss: + 2.2%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/30 update: ROVI is starting to roll over again after last week's oversold bounce. Shares underperformed the market with a -2.1% decline. I am inching our stop loss down to $30.05. More conservative traders may want to tighten theirs even further since we plan to exit on May 2nd to avoid holding over earnings on May 3rd. 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

04/30/12 new stop loss @ 30.05
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

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


St. Jude Medical - STJ - close: 38.72 change: +0.09

Stop Loss: 40.05
Target(s): 34.25
Current Gain/Loss: - 3.4%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/30 update: Hmm... STJ displayed some relative strength today. Readers will want to consider an early exit soon STJ is not cooperating. 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


CLOSED BULLISH PLAYS

Hain Celestial Group - HAIN - close: 47.30 change: -0.46

Stop Loss: 43.90
Target(s): 49.00
Current Gain/Loss: + 6.1%
Time Frame: exit prior to the May 3rd earnings report
New Positions: see below

Comments:
04/30 update: Our plan was to exit our HAIN positions at the open this morning. We were lucky that shares opened higher at $47.84. Unfortunately the May $45 call dropped from $3.30 to $2.75. The bid was $2.55.

closed Position: long HAIN stock @ $45.05 exit 47.84 (+6.1%)

- or -

May$45 call (HAIN1219E45) Entry $1.85 exit $2.55 (+37.8%)

04/30/12 exit at the open
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


CLOSED BEARISH PLAYS

Consolidated Graphics - CGX - close: 39.99 change: +1.14

Stop Loss: 40.25
Target(s): 36.50
Current Gain/Loss: + 1.5%
Time Frame: up to its early May earnings report
New Positions: see below

Comments:
04/30 update: Murphy's Law strikes again. The trade was up over +4% and our plan was to exit tonight at the closing bell to avoid holding over earnings tomorrow. Yet the stock decided to rally, ignoring the widespread market weakness. Shares traded above resistance at $40.00 and hit our stop loss at $40.25.

(small positions)

closed Position: short CGX stock @ $40.85, exit $40.25 (+1.5%)

04/30/12 stopped out at $40.25
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


Red Robin Gourmet Burgers - RRGB - close: 35.66 change: +0.78

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:
04/30 update: I am giving up on RRGB. The stock was showing relative strength today and broke the bearish trend of lower highs. Readers may want to consider short-term bullish positions if RRGB back rally past the $36.00 level.

Our bearish trade never opened.

Trigger @ $33.75

Trade did not open.

04/30/12 Removed from the newsletter. trade did not open
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