Editor's Note:
It was a busy day for our Premier Investor active trade list. Both HD and MMR were triggered. PLCE was stopped out.

We are pruning our play list a bit. I am removing SPRD and GDI, neither trade has been opened yet. I am suggesting an early exit on ATI tomorrow morning.

Current Portfolio:


BULLISH Play Updates

Allot Communications - ALLT - close: 27.25 change: -0.28

Stop Loss: 25.99
Target(s): 29.90
Current Gain/Loss: + 0.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/19/12 update: I am urging caution here. The action in ALLT today is disappointing. The stock tagged a new high over $28.00 and then reversed to underperform the market. This relative weakness is a warning signal.

Earlier Comments:
We want to keep our position size small.

*Small Positions*

current Position: Long ALLT stock @ $27.25

- or -

Long Jul 30 call (ALLT1221G30) Entry $0.70

06/18/12 triggered @ 27.25

Entry on June 18 at $27.25
Earnings Date 07/31/12 (unconfirmed)
Average Daily Volume = 584 thousand
Listed on June 12, 2011


Home Depot, Inc. - HD - close: 52.97 change: +0.65

Stop Loss: 51.35
Target(s): 58.50
Current Gain/Loss: - 0.2%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/19/12 update: Our HD trade is finally open. Shares hit our trigger to open bullish positions at $53.05. Unfortunately it failed to hold the $53.00 level. I would wait for a new relative high at $53.25 before initiating new positions.

Our multi-week target is $58.50. FYI: The Point & Figure chart for HD is bullish with a long-term $95 target.

*Small Positions*

current Position: Long HD stock @ $53.05

- or -

Long Aug $55 call (HD1218H55) Entry $0.97

06/19/12 triggered @ 53.05
06/16/12 we want to keep our position size small!

Entry on June 19 at $53.05
Earnings Date 08/14/12 (unconfirmed)
Average Daily Volume = 14.3 million
Listed on June 12, 2011


McMoRan Exploration - MMR - close: 10.39 change: +0.47

Stop Loss: 9.49
Target(s): 13.50
Current Gain/Loss: + 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/19/12 update: MMR is showing relative strength again. The stock rallied +4.7% and closed at new multi-week highs. MMR also hit our trigger to launch bullish positions at $10.35.

I do see potential resistance at $11.50 and the simple 200-dma but we're setting our multi-week target at $13.50.

current Position: Long MMR stock @ $10.35

- or -

Long Aug $10 call (MMR1218H10) Entry $1.45

06/19/12 triggered @ 10.35

Entry on June 19 at $10.35
Earnings Date 07/17/12 (unconfirmed)
Average Daily Volume = 2.5 million
Listed on June 18, 2011


Pharmacyclics Inc. - PCYC - close: 42.68 change: +1.39

Stop Loss: 39.30
Target(s): 44.50
Current Gain/Loss: + 3.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
06/19/12 update: PCYC is also showing relative strength. The stock added another +3.3%. Readers may want to inch their stops closer to the $40.00 mark. I am not suggesting new positions at this time.

Our plan was to keep our position size small. This is a higher-risk, more aggressive trade.

*small positions*

Suggested Position: Long PCYC stock @ $41.10

- or -

Long Jul $42 call (PCYC1221G42) Entry $2.35

06/15/12 triggered @ 41.10

Entry on June 15 at $41.10
Earnings Date 09/12/12 (unconfirmed)
Average Daily Volume = 1.2 million
Listed on June 14, 2011


The TJX Companies - TJX - close: 43.48 change: +0.44

Stop Loss: 41.15
Target(s): 47.00
Current Gain/Loss: + 0.6%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/19/12 update: TJX continues to rally following yesterday's bullish breakout. The stock did gap open higher this morning at $43.24. Readers might want to consider waiting for a dip back toward $43.00 if you're looking for an entry point.

current Position: Long TJX stock @ $43.24

- or -

Long Jul $45 call (TJX1221G45) Entry $0.40

Entry on June 19 at $43.24
Earnings Date 08/14/12 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on June 18, 2011


Ventas, Inc. - VTR - close: 61.16 change: +0.12

Stop Loss: 57.90
Target(s): 64.50
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Comments:
06/19/12 update: VTR is little changed for the session and I don't see any changes from my prior comments. The plan is to launch bullish positions on a dip at $60.00.

Buy a dip at $60.00

Suggested Position: buy VTR stock @ (trigger)

06/18/12 Entry point conditions were not met this morning.
Adjust strategy to buy a dip at $60.00.

Entry on June xx at $ xx.xx
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 1.9 million
Listed on June 16, 2011


BEARISH Play Updates

Allegheny Technologies - ATI - close: 30.19 change: +1.30

Stop Loss: 31.01
Target(s): 25.25
Current Gain/Loss: - 5.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/19/12 update: Ouch! The current market up swing is taking its toll on our bearish plays. ATI just surged +4.4% and closed above what should have been round-number support at $30.00.

I am suggesting we exit positions immediately at the open tomorrow.

* Small Positions *

current Position: short ATI stock @ $28.74

- or -

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

06/19/12 prepare to exit positions at the open tomorrow.

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


Schnitzer Steel - SCHN - close: 25.37 change: +0.98

Stop Loss: 26.75
Target(s): 21.50
Current Gain/Loss: - 0.3%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/19/12 update: SCHN's big +4.0% gain today has erased the rest of our unrealized gains. The $26.00 level should be overhead resistance but readers may want to abandon ship now.

I am not suggesting new positions at this time.

The plan was 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 BULLISH PLAYS

Spreadtrum Comm. - SPRD - close: 19.07 change: -0.03

Stop Loss: 18.80
Target(s): 24.00
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/19/12 update: The stock market is in rally mode but SPRD is not participating. Shares have yet to hit our trigger to open positions. I am removing SPRD from the newsletter as an active candidate.

Trigger @ 20.10

Our Trade Did Not Open.

06/19/12 removed from the newsletter. trade did not open.

chart:

Entry on June xx at $ xx.xx
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 1.0 million
Listed on June 14, 2011


CLOSED BEARISH PLAYS

Gardner Denver Inc. - GDI - close: 52.44 change: +1.43

Stop Loss: 52.05
Target(s): 45.50
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/19/12 update: We are giving up on GDI as a bearish candidate. I warned readers yesterday that GDI has created a bullish reversal candlestick. Today's gain confirms the reversal even though the larger trend is still bearish.

Our trade has not opened yet. I am removing GDI as a candidate.

Trigger @ 49.75

Our trade did not open.

06/19/12 removed GDI from the newsletter. Trade did not open

chart:

Entry on June xx at $ xx.xx
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 635 thousand
Listed on June 16, 2011


The Children's Place - PLCE - close: 45.15 change: +1.63

Stop Loss: 45.15
Target(s): 40.15
Current Gain/Loss: - 4.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/19/12 update: PLCE is another casualty of the market's current rally. The stock gapped open higher at $44.37 and then surged to technical resistance at the 50-dma. The stock hit our stop loss at $45.15 along the way.

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.

*Small Positions*

closed Position: short PLCE stock @ $43.42 exit $45.15 (-4.0%)

- or -

Jul $42.50 PUT (PLCE1221S42.5) Entry $1.80 exit $0.65*(-63.8%)

*option exit price is an estimate. option did not trade at time of our exit.
06/19/12 stopped out at $45.15

chart:

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