Editor's Note:
Traders were surprised by some of the headlines out of the EU summit on Friday and the market soared. Shorts panicked and many of the worst performers produced sharp one-day gains.

We did see ACIW get triggered. I am removing SNDK from the play list (unopened).

Current Portfolio:


BULLISH Play Updates

ACI Worldwide, Inc. - ACIW - close: 44.21 change: +1.08

Stop Loss: 41.25
Target(s): 49.00
Current Gain/Loss: + 0.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/30/12 update: ACIW rallied to another new high on Friday and hit our trigger to open bullish positions at $44.05. I would still consider new positions now or you could wait for a dip back toward the $43.50 area. FYI: The Point & Figure chart for ACIW is bullish with a $56 target.

current Position: Long ACIW stock @ $44.05

06/29/12 triggered @ 44.05

chart:

Entry on June 29 at $44.05
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 318 thousand
Listed on June 27, 2011


McMoRan Exploration - MMR - close: 12.67 change: -0.03

Stop Loss: 11.95
Target(s): 13.50
Current Gain/Loss: +22.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/30/12 update: MMR has produced huge gains over the last three weeks. This past week saw a breakout past significant resistance near $12.00 and its 200-dma. Now MMR is hovering under the next level of resistance near $13.00 and its 300-dma.

Readers will want to seriously consider taking profits right now. I am not suggesting new positions. Our official exit target is $13.50. We are raising our stop loss up to $11.95.

I am suggesting we go ahead and exit the Aug. $10 calls at the opening bell on Monday. They closed with a bid at $2.96.

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

06/28/12 the $13 level could be resistance. Readers will want to seriously consider taking profits right here!
06/30/12 prepare to exit the Aug $10 call on Monday morning.
06/30/12 new stop loss @ 11.95
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: 3.26 change: +0.00

Stop Loss: 2.89
Target(s): 3.70
Current Gain/Loss: + 4.2%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/30/12 update: S managed to tag a new relative high at $3.33, just above technical resistance at its 300-dma before paring its gains. The stock eventually closed unchanged on the session. More conservative traders may want to raise their stop loss. 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


Six Flags Entertainment - SIX - close: 54.18 change: +1.07

Stop Loss: 51.75
Target(s): 56.50
Current Gain/Loss: + 4.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/30/12 update: SIX rallied again, marking its fifth gain in a row. The stock closed at a new record high. I would not chase it here. We are adjusting our stop loss to $51.75.

current Position: Long SIX stock @ $52.05

06/30/12 new stop loss @ 51.75
06/26/12 triggered @ 52.05

chart:

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


Ventas, Inc. - VTR - close: 63.12 change: +1.27

Stop Loss: 60.20
Target(s): 64.50
Current Gain/Loss: + 5.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/30/12 update: VTR gapped open higher on Friday and closed with a +2.0% gain. The stock is at record highs. We are adjusting our stop loss to $60.20 so it's just under Thursday's low. More aggressive traders will want to leave their stop under the $60.00 mark instead.

current Position: Long VTR stock @ $59.71

06/30/12 new stop loss @ 60.20
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.

chart:

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: 39.59 change: +1.41

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

Comments:
06/30/12 update: ZUMZ has spent the week hovering under round-number resistance at the $40.00 mark. The larger trend is still up but we want to see a breakout first before initiating positions. I am adjusting our trigger to open bullish positions from $40.05 to $40.30.

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.

Trigger @ 40.30

Suggested Position: buy ZUMZ stock @ (trigger)

- or -

buy the Aug $45 call (ZUMZ1218H45)

06/30/12 adjusted entry trigger to $40.30

chart:

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: 18.65 change: +0.69

Stop Loss: 21.05
Target(s): 17.00
Current Gain/Loss: + 6.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/30/12 update: APKT was not immune to the stock market's widespread bounce on Friday. shares gained +3.8%. The $20.00 level and the 10-dma should be overhead resistance. I don't see any changes from my prior comments. Readers may want to take profits now. 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

06/28/12 readers may want to take profits now
06/25/12 triggered @ 19.90

chart:

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: 38.00 change: +0.99

Stop Loss: 39.35
Target(s): 35.10
Current Gain/Loss: + 0.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/30/12 update: After tagging new 52-week lows on Thursday BRJI saw an oversold bounce on Friday (+2.6%). Shares are testing prior support and now new resistance near $38.00. 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

chart:

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: 39.63 change: +2.15

Stop Loss: 38.51
Target(s): 35.25
Current Gain/Loss: -0.2%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
06/30/12 update: ETN doesn't have that much short interest (about 6% of the float) but Friday's huge pop (+5.7%) definitely looks like short covering. The stock is above several short-term resistance levels including the $38 level, the 10-dma and the 20-dma. Readers may want to abandon ship right now. I am not suggesting new positions.

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


7 Days Group Holdings Ltd. - SVN - close: 10.56 change: +0.35

Stop Loss: 10.65
Target(s): 8.50
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Comments:
06/30/12 update: SVN produced a strong bounce (+3.4%) on Friday but the rebound stalled at technical resistance at the 50-dma.

I don't see any changes from my prior comments. Currently, I am suggesting a trigger to open small bearish positions at $9.95. If triggered we'll use a stop loss at $10.65, just above today's high. Our exit target is $8.50.

Trigger @ 9.95 *SMALL Positions*

Suggested Position: short SVN stock @ (trigger)

chart:

Entry on June xx at $ xx.xx
Earnings Date 08/16/12 (unconfirmed)
Average Daily Volume = 88.7 thousand
Listed on June 27, 2011


CLOSED BEARISH PLAYS

SanDisk Corp. - SNDK - close: 36.48 change: +1.78

Stop Loss: 35.35
Target(s): 31.25
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/30/12 update: We are giving up on SNDK. The big reversal higher on Friday (+5.1%) doesn't help our bearish bias. We were waiting for a breakdown under $34.00 (trigger 33.90) but that's unlikely to happen any time soon. We will remove SNDK from the newsletter with the trade unopened.

Trigger @ 33.90

Trade did not open.

06/30/12 removed SNDK. trade did not open.

chart:

Entry on June xx at $ xx.xx
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 5.5 million
Listed on June 28, 2011