Editor's Note:
Shares of Hi-Tech Pharma (HITK) hit our bearish exit target today. We also closed our May put position in NTAP.

Current Portfolio:


BULLISH Play Updates

Ryland Group - RYL - close: 22.79 change: +0.71

Stop Loss: 21.80
Target(s): 25.75
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
05/15 update: Homebuilding stocks were showing relative strength today. RYL really outperformed with a +3.2% gain. The stock was even higher intraday but shares failed to breakout past the top of its trading range.

Currently I am suggesting a trigger to open small bullish positions at $23.60. We'll use a stop loss at 21.80. We want to keep our position size small because the homebuilders can be so volatile. Our target is $25.75. FYI: The Point & Figure chart for RYL is bullish with a $34.50 target.

Trigger @ 23.60

Suggested Position: buy RYL stock @ (trigger)

- or -

buy the Jun $24 call (RYL1216F24)

Entry on May xx at $ xx.xx
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on May 9, 2011


SCANA Corp. - SCG - close: 46.33 change: -0.32

Stop Loss: 44.99
Target(s): 49.85
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
05/15 update: There was no follow through on yesterday's relative strength in SCG. The stock hit $46.79 intraday and then faded. Aggressive traders might want to consider buying a dip near $46.00. I am suggesting a trigger to launch small positions at $46.85. More conservative traders could use a stop closer to $46.00 instead.

Trigger @ 46.85 (small positions)

Suggested Position: buy SCG stock @ (trigger)

Entry on May xx at $ xx.xx
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 607 thousand
Listed on May 14, 2011


U.S. Bancorp - USB - close: 31.30 change: -0.26

Stop Loss: 30.90
Target(s): 34.75
Current Gain/Loss: - 2.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/15 update: Financial stocks continued to underperform on Tuesday. USB lost -0.8% and settled on technical support at its 50-dma. If the sector continues to drop we could see USB hit our stop loss at $30.90 soon.

FYI: Our May calls will expire after Friday.

Our target is $34.75 but more aggressive traders could aim higher.

current Position: Long USB stock @ $32.25

- or -

Long May $32 call (USB1219E32) Entry $0.70

05/01/12 triggered @ 32.25

Entry on May 01 at $32.25
Earnings Date 07/18/12 (unconfirmed)
Average Daily Volume = 10.3 million
Listed on April 30, 2011


Meridian Biosciences - VIVO - close: 19.65 change: -0.05

Stop Loss: 19.10
Target(s): 22.00
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
05/15 update: VIVO dipped toward $19.50 and bounced. I don't see any changes from my prior comments. If we see VIVO close under $19.50 we will drop it as a bullish candidate.

Currently I am suggesting a trigger at $20.25. We'll use a stop loss at $19.10. Our multi-week target is $22.00.

Trigger @ $20.25

Suggested Position: buy VIVO stock @ (trigger)

Entry on May xx at $ xx.xx
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 281 thousand
Listed on May 8, 2011


BEARISH Play Updates

Acme Packet, Inc. - APKT - close: 24.51 change: -0.20

Stop Loss: 26.25
Target(s): 20.25
Current Gain/Loss: - 1.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
05/15 update: APKT tried to rally today but the stock reversed twice near $25.25. I see this as a new entry point for bearish positions. More conservative traders might want to consider a stop loss closer to the $25.75 area.

Earlier Comments:
Our target is $20.25. We'll try and limit our risk with a stop at $26.25. We also want to keep our position size small because the most recent data listed short interest at 17% of the 58.2 million-share float, which does raise the risk of a short squeeze. FYI: The Point & Figure chart for APKT is bearish with a $13.00 target.

(small positions)

Current Position: short APKT stock @ $24.18

- or -

Long Jun $25 PUT (APKT1216R25) Entry $1.90

Entry on May 14 at $24.18
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 2.3 million
Listed on May 12, 2011


DeVry Inc. - DV - close: 29.38 change: -0.17

Stop Loss: 31.55
Target(s): 26.25
Current Gain/Loss: + 0.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/15 update: Another day, another decline for DV. Shares lost -0.5%. I would still consider new bearish positions now at current levels. FYI: The Point & Figure chart for DV is bearish with a $19.00 target.

current Position: short DV stock @ $29.62

- or -

Long Jun $30 PUT (DV1216R30) Entry $1.35

Entry on May 14 at $29.62
Earnings Date 08/09/12 (unconfirmed)
Average Daily Volume = 1.0 million
Listed on May 12, 2011


Endo Pharma. - ENDP - close: 32.76 change: -0.72

Stop Loss: 34.10
Target(s): 30.25
Current Gain/Loss: + 2.1%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/15 update: Good news! ENDP broke down under short-term support near $33.00. We will lower our stop loss down to $34.10. Readers could use this move as a new entry point.

NOTE: I am suggesting we exit our May $35 puts at the closing bell tomorrow!

Our target is $30.50. More aggressive traders could aim lower. The Point & Figure chart for ENDP is bearish with a $28 target.

current Position: short ENDP stock @ $33.45

- or -

Long May $35 put (ENDP1219Q35) Entry $1.85

05/15/12 prepare to exit our May$35 puts at the close tomorrow
05/15/12 new stop loss @ 34.10
05/14/12 new stop loss @ 34.51
05/08/12 triggered at $33.45

Entry on May 08 at $33.45
Earnings Date 05/01/12
Average Daily Volume = 1.4 million
Listed on May 5, 2011


Greenhill & Co. - GHL - close: 34.86 change: -0.63

Stop Loss: 38.05
Target(s): 34.25
Current Gain/Loss: + 6.4%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/15 update: GHL hit new relative lows today. Our exit target is $34.25 but more aggressive traders may want to aim lower (maybe the $32-30 zone), just tighten your stops if you don't exit at $34.25.

Earlier Comments:
We do want to keep our position size small since being short GHL is a popular trade. The most recent data listed short interest at 18.5% of the small 26.8 million share float. That does raise the risk of a short squeeze.
FYI: The Point & Figure chart for GHL is bearish with a $29 target.

(small positions)

current Position: short GHL stock @ 37.25

05/14/12 new stop loss @ 38.05
05/05/12 new stop loss @ 38.75
05/03/12 triggered @ 37.25

Entry on May 03 at $37.25
Earnings Date 07/18/12 (unconfirmed)
Average Daily Volume = 508 thousand
Listed on May 2, 2011


General Motors - GM - close: 21.63 change: -0.37

Stop Loss: 23.05
Target(s): 19.25
Current Gain/Loss: + 0.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
05/15 update: Uh-oh! Warren Buffett could cause us some trouble. We added GM to our newsletter last night. The stock opened at $21.57 and closed down -0.9%, hitting new four-month lows. Yet after today's closing bell it was revealed in Berkshire Hathaway's 13F filing that the company had initiated a 10 million-share position in GM in the first quarter of 2012. As you know Mr. Buffett's company has an extremely wide following and this news is essentially a "buy" recommendation for investors that follow Buffett. Shares of GM are trading higher near $22.40 in after hours markets tonight. There is a risk we could get stopped out tomorrow. I am not suggesting new positions at this time.

current Position: short GM stock @ $21.57

- or -

Long Jun $20 PUT (GM1216R20) Entry $0.39

05/15/12 after the closing bell it is discovered in a 13F filing that Berkshire Hathaway has initiated a position in GM.
Shares of GM are trading higher after hours.

Entry on May 15 at $21.57
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 10.5 million
Listed on May 14, 2011


Hospira Inc. - HSP - close: 32.71 change: -0.03

Stop Loss: 34.25
Target(s): 30.25
Current Gain/Loss: + 0.7%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
05/15 update: The lack of action in HSP today is disappointing. Shares tried to bounce but failed near the $33 level intraday. The trend is still bearish but readers may want to wait for a bounce into the $33.15-33.25 zone as a new entry point for bearish positions.

FYI: Readers should note that HSP does have above average short interest. The most recent data listed short interest at 7.8% of the 165 million share float.

current Position: short HSP stock @ $32.95

- or -

Long Jun $30 PUT (HSP1216R30) Entry $0.35

05/14/12 opened on the gap down at $32.95, trigger was 33.20

Entry on May 14 at $32.95
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 1.1 million
Listed on May 9, 2011


NetApp, Inc. - NTAP - close: 35.17 change: -0.62

Stop Loss: 37.25
Target(s): 34.50
Current Gain/Loss: + 6.8%
Time Frame: exit prior to the May 23rd earnings report
New Positions: see below

Comments:
05/15 update: NTAP continues to sink and shares underperformed the market with a -1.7% decline. I am lowering our stop loss down to $37.25.

It was our plan to exit our May $37 puts at the opening bell this morning. They opened with a bid at $1.52 (+76.7%).

Earlier Comments:
The plan was to keep our position size small to limit our risk. We do not want to hold over the late May earnings report (date still unconfirmed). FYI: The Point & Figure chart for NTAP is bearish with a $31 target.

(small positions)

current Position: short NTAP stock @ $37.75

- or -

May $37 PUT (NTAP1219Q37) Entry $0.86, exit $1.52 (+76.7%)

05/15/12 new stop loss @ 37.25
05/15/12 planned exit for the May puts: exit @ 1.52
05/14/12 prepare to exit our May $37 puts at the open tomorrow
05/10/12 new stop loss @ 38.25
05/08/12 triggered @ 37.75
05/05/12 new stop loss @ 39.65, only use small positions.

Entry on May 08 at $37.75
Earnings Date 05/23/12 (unconfirmed)
Average Daily Volume = 6.2 million
Listed on May 3, 2011


Sohu.com - SOHU - close: 43.79 change: -0.75

Stop Loss: 47.25
Target(s): 40.25
Current Gain/Loss: + 2.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
05/15 update: SOHU continues to sink and fell -1.6% to a new 52-week low. I am not suggesting new positions at this time.

Earlier Comments:
I do consider this a more aggressive, higher-risk trade. We want to keep our position small because the most recent data listed short interest at almost 34% of the small 29.75 million-share float. Our target is $40.25.
FYI: The Point & Figure chart for SOHU is bearish with a $35.00 target.

current Position: short SOHU stock @ $44.90

- or -

Long Jun $42.50 PUT (SOHU1216R42.5) Entry $1.95

05/14/12 triggered @ 44.90

Entry on May 14 at $44.90
Earnings Date 07/30/12 (unconfirmed)
Average Daily Volume = 915 thousand
Listed on May 10, 2011


Visteon Corp. - VC - close: 42.79 change: -0.86

Stop Loss: 45.75
Target(s): 40.50
Current Gain/Loss: + 6.5%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
05/15 update: The sell-off in VC is accelerating. Shares lost -1.9%. More conservative traders may want to take profits now. I am lowering our stop loss down to $45.75.

Earlier Comments:
FYI: The Point & Figure chart for VC is bearish with a $35 target. NOTE: VC does have options but the bid/ask spread seems too wide to trade.

current Position: short VC stock @ $45.75

05/15/12 new stop loss @ 45.75
05/14/12 new stop loss @ 46.25
05/12/12 new stop loss @ 47.25
05/08/12 triggered @ 45.75

Entry on May 08 at $45.75
Earnings Date 05/02/12
Average Daily Volume = 513 thousand
Listed on May 5, 2011


CLOSED BEARISH PLAYS

Hi Tech Pharmacal - HITK - close: 30.36 change: -1.11

Stop Loss: 33.60
Target(s): $30.50
Current Gain/Loss: +11.3%
Time Frame: 2 to 4 weeks
New Positions: see below

Comments:
05/15 update: Target achieved.

The sell-off in HITK accelerated lower and shares fell to $30.26 intraday. Our exit target was hit at $30.50.

closed Position: short HITK stock @ $34.40 exit $30.50 (+11.3%)

05/15/12 target hit
05/12/12 new stop loss @ 33.60
05/09/12 new stop loss @ 34.05
05/08/12 readers may want to exit immediately
05/07/12 new stop loss @ 34.65
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