Editor's Note:
Shares of Abercrombie & Fitch hit our bearish exit target near $30 today.

We are suggesting an early exit in HCCI tomorrow.

Current Portfolio:


BULLISH Play Updates

Allot Communications - ALLT - close: 26.04 change: -0.97

Stop Loss: 25.99
Target(s): 29.90
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
06/14/12 update: There was no follow through again in ALLT as the stock churns sideways under resistance near $27.00.

Currently the plan is to use a trigger at $27.25 to launch small bullish positions with a stop loss at $25.99. Our upside target is $29.90.

Trigger @ 27.25 *Small Positions*

Suggested Position: buy ALLT stock @ (trigger)

- or -

buy the Jul 30 call (ALLT1221G30)

Entry on June xx at $ xx.xx
Earnings Date 07/31/12 (unconfirmed)
Average Daily Volume = 584 thousand
Listed on June 12, 2011


Home Depot, Inc. - HD - close: 52.16 change: +1.19

Stop Loss: 51.35
Target(s): 58.50
Current Gain/Loss: unopened
Time Frame: 6 to 9 weeks
New Positions: Yes, see below

Comments:
06/14/12 update: HD almost completely erased yesterday's losses with today's +2.3% gain. The stock seems to be building a bull-flag consolidation pattern.

I am suggesting a trigger to open bullish positions at $53.05 with a stop loss at $51.35 (just under today's low). Our multi-week target is $58.50.
FYI: The Point & Figure chart for HD is bullish with a long-term $95 target.

Trigger @ 53.05

Suggested Position: buy HD stock @ (trigger)

- or -

buy the Aug $55 call (HD1218H55)

Entry on June xx at $ xx.xx
Earnings Date 08/14/12 (unconfirmed)
Average Daily Volume = 14.3 million
Listed on June 12, 2011


BEARISH Play Updates

Allegheny Technologies - ATI - close: 29.03 change: +0.81

Stop Loss: 31.01
Target(s): 25.25
Current Gain/Loss: - 1.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/14/12 update: ATI managed to erased yesterday's losses with a +2.8% gain today. The move was fueled by a new analyst upgrade to a "buy" this morning. The overall trend is still down. We can look for the $30.00 level to act as round-number resistance.

* Small Positions *

current Position: short ATI stock @ $28.74

- or -

Long Jul $27.50 put (ATI1221S27.5) Entry $1.35

Entry on June 12 at $28.74
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 1.98 million
Listed on June 11, 2011


Baker Hughes Inc. - BHI - close: 39.54 change: +0.85

Stop Loss: 40.15
Target(s): 35.25
Current Gain/Loss: - 1.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/14/12 update: Oil service stocks were showing relative strength today. BHI outperformed its peers with a +2.1% bounce. The stock looks poised to test resistance near $40.00 and its 10-dma soon. Wait for a failed rally near $40 before considering new bearish positions.

Suggested Position: short BHI stock @ $38.85

- or -

Long Jul $37 PUT (BHI1221S37) Entry $1.50

06/11/12 triggered @ 38.85

Entry on June 11 at $38.85
Earnings Date 07/20/12 (unconfirmed)
Average Daily Volume = 6.8 million
Listed on June 09, 2011


Heritage-Crystal Clean - HCCI - close: 17.76 change: +0.23

Stop Loss: 18.25
Target(s): 14.50
Current Gain/Loss: - 3.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/14/12 update: All right! We are throwing in the towel with this bearish trade on HCCI. After sliding sideways the last couple of sessions the stock has continued to bounce. I am suggesting we exit positions at the opening bell tomorrow.

Earlier Comments:
I want to warn you that this is an aggressive trade. The average volume of 55,000 is very, very light, which can lead to sharp intraday spikes. Plus, the most recent data listed short interest at 14% of the very, very small 8.4 million share float. That raises the risk of a short squeeze. FYI: The Point & Figure chart for HCCI is bearish with a $14.00 target.

(SMALL positions to limit risk)

current Position: short HCCI stock @ $17.20

06/14/12 prepare to exit at the open tomorrow

Entry on June 07 at $17.20
Earnings Date 07/23/12 (unconfirmed)
Average Daily Volume = 55 thousand
Listed on June 06, 2011


InterDigital, Inc. - IDCC - close: 22.54 change: -0.26

Stop Loss: 24.75
Target(s): 21.50
Current Gain/Loss: + 6.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/14/12 update: IDCC slips to a new two-year low with today's -1.1% decline. I am not suggesting new positions at this time.

current Position: short IDCC stock @ 424.15

- or -

Long Jul $22.50 PUT (IDCC1221S22.5) Entry $1.15

06/12/12 new stop loss @ 24.75
06/08/12 traded opened with IDCC gapping down at $24.15

Entry on June 08 at $24.15
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 648 thousand
Listed on June 07, 2011


The Children's Place - PLCE - close: 44.08 change: +0.61

Stop Loss: 45.15
Target(s): 40.15
Current Gain/Loss: - 1.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/14/12 update: There was no follow through on yesterday's bearish breakdown in PLCE. The stock has bounced back and settled right at the $44 level. This is prior support and should be new resistance. I would wait for a new drop under $43.75 or $43.50 before initiating new positions.

Earlier Comments:
Let me caution you that this is probably a higher-risk trade merely because being short PLCE is a popular bet. The most recent data listed short interest at 22% of the very small 19.7 million-share float. Thus, if the stock were to suddenly move higher, it could spark some short covering. FYI: The Point & Figure chart for PLCE is bearish with a $36.00 target.

*Small Positions*

current Position: short PLCE stock @ $43.42

- or -

Long Jul $42.50 PUT (PLCE1221S42.5) Entry $1.80

Entry on June 14 at $43.42
Earnings Date 08/16/12 (unconfirmed)
Average Daily Volume = 529 thousand
Listed on June 13, 2011


Polypore Intl. - PPO - close: 35.87 change: +0.93

Stop Loss: 36.85
Target(s): 30.25
Current Gain/Loss: - 0.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/14/12 update: The sideways meat grinder move in PPO continues. Shares are stuck between support near $34 and resistance at its 50-dma. I am not suggesting new positions at this time.

Earlier Comments:
We want to keep our position size small because a lot of investors are already short this stock. The most recent data listed short interest at 33% of the 46.3 million share float. If something happens and PPO starts to suddenly show strength it could spark some short covering. Considering buying put options to limit your risk.

(SMALL Positions)

current Position: short PPO stock @ $34.82

- or -

Long Jul $32.50 PUT (PPO1221S32.5) Entry $1.95

Entry on June 08 at $34.82
Earnings Date 08/01/12 (unconfirmed)
Average Daily Volume = 1.2 million
Listed on June 07, 2011


Schnitzer Steel - SCHN - close: 23.78 change: +0.59

Stop Loss: 26.75
Target(s): 21.50
Current Gain/Loss: + 6.6%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/14/12 update: SCHN recovered a good chunk of yesterday's losses. More conservative traders might want to consider taking profits early. I am not suggesting new positions at this time.

We want to keep our position size small.

(small positions)

current Position: short SCHN stock @ $25.45

- or -

Long Jul $25 PUT (SCHN1221S25) Entry $2.10*

06/04/12 new stop loss @ 26.75
*06/01/12 entry price on the option is an estimate. Option failed to trade on Friday.

Entry on June 01 at $25.45
Earnings Date 06/28/12 (unconfirmed)
Average Daily Volume = 474 thousand
Listed on May 31, 2011


CLOSED BEARISH PLAYS

Abercrombie & Fitch - ANF - close: 30.54 change: -0.37

Stop Loss: 33.85
Target(s): 30.50
Current Gain/Loss: +10.1%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/14/12 update: Target achieved.

As we expected ANF continues to sink. Shares hit an low of $30.26. Our exit target was $30.50.

closed Position: short ANF stock @ $33.93 exit $30.50 (+10.1%)

- or -

(exited on June 5th)
Jul $30 PUT (ANF1221S30) Entry $1.05 exit $1.56 (+48.5%)

06/14/12 target hit @ 30.50
06/05/12 exited July $30 puts at the open (bid) $1.56 (+48.5%)
06/04/12 new stop loss @ 33.85
prepare to exit our July $30 puts at the open tomorrow.
06/02/12 new stop loss @ 34.55, adjust exit to $30.50

chart:

Entry on May 31 at $33.93
Earnings Date 08/15/12 (unconfirmed)
Average Daily Volume = 3.9 million
Listed on May 30, 2011