Editor's Note:
All of our unopened trades have been triggered with today's market decline. (VTR, APKT, BJRI, KSS)

Current Portfolio:


BULLISH Play Updates

McMoRan Exploration - MMR - close: 11.22 change: +0.07

Stop Loss: 9.49
Target(s): 13.50
Current Gain/Loss: + 8.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/25/12 update: MMR continues to show relative strength. The stock rallied to $11.50 intraday. While the trend is up, I am not suggesting new positions at this time.

Earlier Comments:
MMR could see a short squeeze. The most recent data listed short interest at 21% of the float. 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: 3.09 change: -0.20

Stop Loss: 2.89
Target(s): 3.70
Current Gain/Loss: - 1.3%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/25/12 update: Ouch! Shares of Sprint plunged -6.0% today, erasing four days of gains. According to a Bloomberg article the stock fell on worries about its 4G network and how Sprint might be struggling to keep up with competitors.

The stock stalled right at short-term support on the 10-dma. Look for additional support at the $3.00 mark.

I am not suggesting new positions at this time.

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: 42.44 change: -0.76

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

Comments:
06/25/12 update: There was no follow through on TJX's bounce from Friday. Shares are testing the 10-dma again and look poised to dip toward $42.00 or even its 50-dma near $41.60. I would wait for a bounce from $42.00 (or the 50-dma) 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: 60.36 change: -0.02

Stop Loss: 57.90
Target(s): 64.50
Current Gain/Loss: + 1.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/25/12 update: Our new VTR trade is finally open. Shares gapped open lower at $59.71, dipped to $59.32 and rebounded. Since we had a trigger to buy the dip at $60.00 the opening gap down triggered our play. This looks like a bounce from support (a.k.a. prior resistance). Readers may want to wait for a rise past today's high ($60.60) as an alternative entry point.

current Position: Long VTR stock @ $59.71

06/23/12 triggered on the gap down at $59.71
06/18/12 Entry point conditions were not met this morning.
Adjust strategy to buy a dip at $60.00.

Entry on June 25 at $59.71
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: 19.14 change: -1.63

Stop Loss: 21.05
Target(s): 17.00
Current Gain/Loss: + 3.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/25/12 update: APKT has broken down under key support at the $20.00 level. The stock hit our trigger to open bearish positions at $19.90. If you missed the entry point then consider waiting for a bounce back toward $20, which should be resistance.

Earlier Comments:
More aggressive traders could aim lower since the Point & Figure chart for APKT is bearish with a $13.00 target. We want to 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.

*Small Positions*

current Position: short APKT stock @ $19.90

- or -

buy the Jul $20 PUT (APKT1221S20) entry $1.50

06/25/12 triggered @ 19.90

Entry on June 25 at $19.90
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 1.6 million
Listed on June 21, 2011


BJ's Restaurants, Inc. - BJRI - close: 37.53 change: -0.51

Stop Loss: 39.35
Target(s): 35.10
Current Gain/Loss: + 0.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/25/12 update: Our new BJRI play has been triggered. Shares gapped open lower at $37.69, which was under our proposed trigger at $37.75. BJRI spent the rest of the session hovering under broken support at $38.00. I would still consider new bearish positions now.

Earlier Comments:
Let me warn you now that being short BJRI is a popular position with the most recent data listing short interest at 22% of the very small 24.5 million share float. That does raise the risk of a short squeeze. Readers may want to keep their position size small or play the options instead.

current Position: short BJRI stock @ $37.69

- or -

Long Jul $40 PUT (BJRI1221S40) Entry $2.86

06/25/12 triggered on gap down at $37.69

Entry on June 25 at $37.69
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 496 thousand
Listed on June 23, 2011


Eaton Corp. - ETN - close: 37.09 change: -1.17

Stop Loss: 40.35
Target(s): 35.25
Current Gain/Loss: +6.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/25/12 update: ETN is accelerating lower and broke down under support at the $38.00 level. More conservative traders may want to inch their stop loss lower. 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


Kohl's Corp. - KSS - close: 43.13 change: -0.19

Stop Loss: 44.26
Target(s): 40.10 & 38.00
Current Gain/Loss: - 0.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/25/12 update: KSS also gapped open lower this morning. Shares opened at $43.05 and spent the rest of the day chopping sideways. Nothing has changed from my weekend comments. I would still launch new positions now at current levels.

Our first target is $40.10 and our second target is $38.00.

Current Position: short KSS stock @ $43.05

- or -

Long Jul $42 PUT (KSS1221S42) Entry $0.85

06/25/12 trade opened on gap down at $43.05 (below our trigger of 43.20)

Entry on June 25 at $43.05
Earnings Date 08/09/12 (unconfirmed)
Average Daily Volume = 4.75 million
Listed on June 23, 2011


Schnitzer Steel - SCHN - close: 24.13 change: -0.36

Stop Loss: 26.75
Target(s): 21.50
Current Gain/Loss: + 5.2%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/25/12 update: SCHN also suffered a gap down at the open but shares spent the rest of the day paring its losses. We are almost out of time 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.

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