Editor's Note:
Our MMR trade continues to outperform. Overall it was a relatively quiet day for us.

ZUMZ is not open yet. SCHN was closed this morning.

Current Portfolio:


BULLISH Play Updates

McMoRan Exploration - MMR - close: 12.30 change: +0.77

Stop Loss: 9.49
Target(s): 13.50
Current Gain/Loss: +18.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/27/12 update: MMR continues to soar. Shares added +6.6% today and broke through significant resistance near $12.00 and its 200-dma, 150-dma, and 200-ema. The stock is looking a bit overbought here. Readers may want to start thinking about taking profits. 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: +0.00

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

Comments:
06/27/12 update: It was a quiet day for S with shares closing unchanged on the session. The stock appears to have short-term resistance in the $3.16-3.20 zone.

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: 52.99 change: +0.71

Stop Loss: 49.95
Target(s): 56.50
Current Gain/Loss: + 1.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/27/12 update: The rally continues for SIX. Shares hit another new record high. I am not suggesting new positions at this time.

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: 42.25 change: -0.84

Stop Loss: 41.15
Target(s): 47.00
Current Gain/Loss: - 2.3%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/27/12 update: I have been warning readers to expect a dip toward $42.00 in TJX. That happened today. Shares dipped to the $42.00 mark and have started to bounce. Readers can use this late day bounce as an entry point. Cautious traders might want to up their stop loss toward $41.50ish.

current Position: Long TJX stock @ $43.24

- or -

Long Jul $45 call (TJX1221G45) Entry $0.40

06/27/12 TJX hit $42.00 as expected.

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: 60.99 change: +0.17

Stop Loss: 57.90
Target(s): 64.50
Current Gain/Loss: + 2.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/27/12 update: VTR spent Wednesday chopping sideways. The stock would have settled in the red but managed a late day bounce in the last 30 minutes. Traders may want to wait for a new rise above today's high (61.35) before initiating positions.

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


Zumiez, Inc. - ZUMZ - close: 39.27 change: +0.00

Stop Loss: 38.40
Target(s): 44.00
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
06/27/12 update: Shares of ZUMZ rallied to resistance at $40.00 and reversed. The stock eventually closed unchanged on the session. I do not see any changes from my prior comments.

Earlier Comments:
Shares of this action sports related apparel company could see a short squeeze. The most recent data listed short interest at 19.4% of the very small 22.3 million share float.

I am suggesting a trigger to launch bullish positions at $40.05. We'll aim for $44.00.

Trigger @ 40.05

Suggested Position: buy ZUMZ stock @ (trigger)

- or -

buy the Aug $45 call (ZUMZ1218H45)

Entry on June xx at $ xx.xx
Earnings Date 08/23/12 (unconfirmed)
Average Daily Volume = 531 thousand
Listed on June 26, 2011


BEARISH Play Updates

Acme Packet, Inc. - APKT - close: 17.84 change: -0.26

Stop Loss: 21.05
Target(s): 17.00
Current Gain/Loss: +10.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/27/12 update: Readers may want to start taking profits in our APKT trade now. The stock spiked down to $17.18 this morning but pared its losses to just -1.4%. Our exit target is $17.00. 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: 37.14 change: -0.16

Stop Loss: 39.35
Target(s): 35.10
Current Gain/Loss: + 1.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/27/12 update: BJRI continues to drift lower and lost -0.4% today. I am not suggesting new positions at this time.

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: 37.57 change: +0.16

Stop Loss: 38.51
Target(s): 35.25
Current Gain/Loss: +5.0%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/27/12 update: Hmm... ETN has spent two and a half days churning sideways between $37.00 and its June 21st low near $37.70 (short-term resistance). The overall trend is still down but ETN could be building for an oversold bounce. Readers may want to take profits now. I am lowering our stop loss down to $38.51.

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: 43.56 change: +0.19

Stop Loss: 44.26
Target(s): 40.10 & 38.00
Current Gain/Loss: - 1.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/27/12 update: KSS is still trying to bounce and managed another 19-cent gain today. Traders may want to wait for a new close under the $43.00 level before initiating new bearish positions.

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


CLOSED BEARISH PLAYS

Schnitzer Steel - SCHN - close: 24.89 change: +0.36

Stop Loss: 26.75
Target(s): 21.50
Current Gain/Loss: + 3.9%
Time Frame: exit prior to earnings on June 28th,
New Positions: see below

Comments:
06/27/12 update: Our plan was to exit our SCHN trade early on Wednesday morning to avoid holding over earnings on Thursday. The stock opened at $24.46.

The plan was to keep our position size small.

(small positions)

closed Position: short SCHN stock @ $25.45 exit $24.46 (+3.9%)

- or -

Jul $25 PUT (SCHN1221S25) Entry $2.10* exit $1.15 (-45.2%)

06/27/12 closed at the open
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.

chart:

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