Editor's Note:
Shares of MMR and Sprint continue to outperform the market.

Current Portfolio:


BULLISH Play Updates

McMoRan Exploration - MMR - close: 11.15 change: +1.18

Stop Loss: 9.49
Target(s): 13.50
Current Gain/Loss: + 7.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/23/12 update: Friday's move (+11.8%) looks like a short squeeze in action. MMR outperformed with a big move higher and a rally past its 100-dma. The most recent data listed short interest at 21% of the float.

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

chart:

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: 3.29 change: +0.11

Stop Loss: 2.89
Target(s): 3.70
Current Gain/Loss: + 5.1%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/23/12 update: So far so good. Sprint is moving faster than expected. The stock displayed relative strength on Friday with a +3.4% gain. Shares are arguably short-term overbought here and due for a dip. I would not be surprised to see S hit its 300d-ma near $3.34 and then pullback.

I am not suggesting new positions at this time.

current position: Long S stock @ $3.13

chart:

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: 43.20 change: +0.79

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

Comments:
06/23/12 update: Friday's 79-cent gain managed to erase Thursday's loss but it did not negate Thursday's bearish reversal candlestick. Bigger picture I'm not worried yet. The trend for TJX is up but I will point out that Friday's session produced an "inside day" which is a sign of trader indecision.

Readers could wait for a new bounce near $42 or its 50-dma or wait for a new relative high over $43.80 before considering new positions.

current Position: Long TJX stock @ $43.24

- or -

Long Jul $45 call (TJX1221G45) Entry $0.40

chart:

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: 60.38 change: -0.24

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

Comments:
06/23/12 update: I am a little surprised that given the market's recent volatility that VTR still hasn't dipped to the $60.00 level yet. It certainly looks headed that direction. 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.

chart:

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

Acme Packet, Inc. - APKT - close: 20.76 change: +0.43

Stop Loss: 21.05
Target(s): 17.00
Current Gain/Loss: unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
06/23/12 update: APKT managed a bounce from support near $20.00. Overall not much has changed from my Thursday night comments. The trend is bearish and APKT is in danger of breaking down under major support at $20.

I am suggesting we use a trigger to open bearish positions at $19.90. If triggered we'll aim for a drop to $17.00. More aggressive traders could aim lower since the Point & Figure chart for APKT is bearish with a $13.00 target. However, we want to make sure and keep our position size small since being short APKT is a popular position. The most recent data listed short interest at 18.7% of the 58.2 million share float.

Trigger @ 19.90 *Small Positions*

Suggested Position: short APKT stock @ (trigger)

- or -

buy the Jul $20 PUT (APKT1221S20)

chart:

Entry on June xx at $ xx.xx
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 1.6 million
Listed on June 21, 2011


Eaton Corp. - ETN - close: 38.26 change: +0.48

Stop Loss: 40.35
Target(s): 35.25
Current Gain/Loss: +3.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/23/12 update: ETN produced a bounce off the $38 level bit the rebound didn't get very far. Shares spent most of the day churning along the $38.00 mark. 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

chart:

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: 24.49 change: +0.53

Stop Loss: 26.75
Target(s): 21.50
Current Gain/Loss: + 3.8%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/23/12 update: It's been a choppy week for steel stocks. SCHN produced a +2.2% gain on Friday. Readers may want to go ahead and exit early now. We only have three days left for this trade. SCHN is scheduled to report earnings on June 28th, before the opening bell. We will plan on exiting on June 27th at the closing bell assuming shares don't hit our stop or exit target prior to then.

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*

06/23/12 readers may want to exit early now. We want to closing positions prior to earnings on June 28th.
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.

chart:

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