Editor's Note:
The U.S. stock market has reversed sharply lower on another round of disappointing economic reports.

ALLT and HD were stopped out.

Current Portfolio:


BULLISH Play Updates

McMoRan Exploration - MMR - close: 9.97 change: -0.43

Stop Loss: 9.49
Target(s): 13.50
Current Gain/Loss: - 3.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/21/12 update: The energy sector was crushed today and MMR was no exception. Shares lost -4.1% and the close under $10.00 is technically bearish. More conservative traders may want to raise their stop loss. I am not suggesting new positions at this time.

Earlier Comments:
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


Sprint-Nextel Corp. - S - close: 3.18 change: +0.05

Stop Loss: 2.89
Target(s): 3.70
Current Gain/Loss: + 1.6%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/21/12 update: Sprint managed to shrug off the market's broad-based sell-off and shares continued to march higher. The relative strength is encouraging. Readers might want to wait for a dip back towards the $3.00 level, which should offer some support.

current position: Long S stock @ $3.13

Entry on June 20 at $ 3.13
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 53 million
Listed on June 19, 2011


The TJX Companies - TJX - close: 42.41 change: -0.70

Stop Loss: 41.15
Target(s): 47.00
Current Gain/Loss: - 1.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/21/12 update: Positive analyst comments on TJX today did not spare the stock from the market's sharp decline. Shares of TJX fell -1.6% but that was better than the S&P 500's -2.2% drop or the NASDAQ's -2.4% decline.

Look for a bounce near the 10-dma or the $42.00 level before considering new positions.

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: 60.62 change: -0.64

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

Comments:
06/21/12 update: VTR is still holding up reasonably well. The stock only fell -1.0%. Right now the plan is to buy calls on a dip at $60.00. more conservative traders may want to wait and see if VTR dips to $59.50 instead as their entry point.

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

Eaton Corp. - ETN - close: 37.78 change: -1.45

Stop Loss: 40.35
Target(s): 35.25
Current Gain/Loss: +4.5%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/21/12 update: It was a good day for bearish trades and ETN plunged -3.6%. The breakdown to new lows is bearish. I am not suggesting new positions at this time.

current Position: short ETN stock @ $39.54

- or -

Long Jul $40 PUT (ETN1221S40) Entry $1.45

Entry on June 21 at $39.54
Earnings Date 07/23/12 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on June 20, 2011


Schnitzer Steel - SCHN - close: 23.96 change: -0.77

Stop Loss: 26.75
Target(s): 21.50
Current Gain/Loss: + 5.9%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/21/12 update: SCHN continues to underperform as well. Shares gave up another -3.1% today. Readers could use this move today as a new entry point but keep in mind we plan to exit prior to the earnings report on June 28th.

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

Allot Communications - ALLT - close: 25.93 change: -2.10

Stop Loss: 25.99
Target(s): 29.90
Current Gain/Loss: - 4.6%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/21/12 update: The market's widespread reversal lower was exaggerated in shares of ALLT today. The stock actually tagged a new relative high this morning and then plunged to a -7.5% loss by the closing bell. Our stop loss was hit at $25.99.

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

*Small Positions*

closed Position: Long ALLT stock @ $27.25 exit $25.99 (-4.6%)

- or -

Jul 30 call (ALLT1221G30) Entry $0.70 exit $0.15 (-78.5%)

06/21/12 big market drop pushed ALLT to our stop loss @ 25.99
06/18/12 triggered @ 27.25

chart:

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: 51.26 change: -1.57

Stop Loss: 51.35
Target(s): 58.50
Current Gain/Loss: - 3.2%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/21/12 update: HD was not immune to the market's sharp decline. Shares broke down under short-term support and hit our stop loss at $51.35.

*Small Positions*

closed Position: Long HD stock @ $53.05 exit $51.35 (-3.2%)

- or -

Aug $55 call (HD1218H55) Entry $0.97 exit $0.49 (-49.4%)

06/21/12 stopped out
06/19/12 triggered @ 53.05
06/16/12 we want to keep our position size small!

chart:

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