Editor's Note:
It was a relatively decent day for the Premier Investor play list. Most of our bullish plays went up and most of our bearish plays went down.

SIX was triggered. I am suggesting an early exit on SCHN at the open tomorrow.

Current Portfolio:


BULLISH Play Updates

McMoRan Exploration - MMR - close: 11.53 change: +0.31

Stop Loss: 9.49
Target(s): 13.50
Current Gain/Loss: +11.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/26/12 update: MMR has managed to rally past potential resistance at $11.50. Yet now it's testing a small cloud of moving averages near the $12.00 level. Today MMR hit its exponential 200-dma before paring its gains. 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: 3.13 change: +0.04

Stop Loss: 2.89
Target(s): 3.70
Current Gain/Loss: - 0.0%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/26/12 update: Sprint spent the session trying to bounce but it didn't get very far. Shares did outperform the major indices with a +1.29% gain. The $3.00 level should be support. The $3.30 level and the 300-dma overhead could be resistance.

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


Six Flags Entertainment - SIX - close: 52.28 change: +0.72

Stop Loss: 49.95
Target(s): 56.50
Current Gain/Loss: + 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/26/12 update: Our new trade on SIX has been opened. The stock broke out past the $52.00 level and hit our trigger at $52.05. Our target is $56.50. FYI: The Point & Figure chart for SIX is bullish with a $68 target.

current Position: Long SIX stock @ $52.05

06/26/12 triggered @ 52.05

Entry on June 26 at $52.05
Earnings Date 07/24/12 (before the opening bell)
Average Daily Volume = 512 thousand
Listed on June 25, 2011


The TJX Companies - TJX - close: 43.09 change: +0.65

Stop Loss: 41.15
Target(s): 47.00
Current Gain/Loss: - 0.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/26/12 update: TJX is still coiling sideways. Readers could look for a bounce off the $42 area or wait for a breakout from this consolidation phase as a new 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: 60.82 change: +0.46

Stop Loss: 57.90
Target(s): 64.50
Current Gain/Loss: + 1.9%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/26/12 update: VTR continued to bounce following yesterday's test of support. The stock added another +0.7%. Readers can use today's rally as another 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: 18.10 change: -1.04

Stop Loss: 21.05
Target(s): 17.00
Current Gain/Loss: + 9.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/26/12 update: APKT continues to sink. Shares really underperformed today with a -5.4% decline. I am not suggesting new positions at this time.

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: 37.30 change: -0.23

Stop Loss: 39.35
Target(s): 35.10
Current Gain/Loss: + 1.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/26/12 update: The early morning bounce attempt in BJRI reversed under resistance at $38.00. The stock closed near its lows for the session, which should suggest more weakness at tomorrow's open.

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: 37.41 change: +0.32

Stop Loss: 40.35
Target(s): 35.25
Current Gain/Loss: +5.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/26/12 update: After plunging to new multi-month lows yesterday ETN managed a +0.8% bounce today. I don't see any changes from my prior comments. 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: - 0.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/26/12 update: KSS is also trying to bounce but the stock didn't get very far (+0.5%). I would still consider new bearish positions now at current levels or you could wait for a new relative low under $42.70.

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: + 3.6%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/26/12 update: We have been planning to exit this position tomorrow (June 27th) at the closing bell to avoid holding over earnings on the 28th. I am suggesting we go ahead and exit at the opening bell tomorrow instead. SCHN was showing just a little too much relative strength tonight.

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*

06/26/12 prepare to exit at the open tomorrow
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