Editor's Note:
Shares of MMR continue to soar and the stock hit our bullish exit target. Most of our bullish candidates continued to climb today.

Current Portfolio:


BULLISH Play Updates

ACI Worldwide, Inc. - ACIW - close: 45.11 change: +0.90

Stop Loss: 41.25
Target(s): 49.00
Current Gain/Loss: + 2.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/02/12 update: The rally for ACIW continues with another new high today. Readers may want to inch up their stop loss closer to the $42 level. I am not suggesting new positions at this time. ACIW should have short-term support at the simple 10-dma. 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

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


Sprint-Nextel Corp. - S - close: 3.40 change: +0.14

Stop Loss: 2.89
Target(s): 3.70
Current Gain/Loss: + 8.6%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
07/02/12 update: After underperforming on Friday shares of Sprint outperformed today. The stock was up +5.8% intraday and settled with a +4.2% gain. Readers may want to start adjusting their stop loss higher. 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: 54.49 change: +0.31

Stop Loss: 51.75
Target(s): 56.50
Current Gain/Loss: + 4.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/02/12 update: SIX managed to tag another high but the $55.00 level acted as overhead resistance today. Readers may want to take profits now or exit on another rally near $55.00. Officially our exit target remains $56.50 for now.

current Position: Long SIX stock @ $52.05

06/30/12 new stop loss @ 51.75
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


Ventas, Inc. - VTR - close: 63.35 change: +0.23

Stop Loss: 60.20
Target(s): 64.50
Current Gain/Loss: + 6.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/02/12 update: VTR gapped open higher this morning and closed with a +0.3% gain. I suspect we'll see VTR fill the gap and dip toward $62.00 again so I'm not suggesting new positions at this time. 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.

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: 39.99 change: +0.40

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

Comments:
07/02/12 update: ZUMZ continues to build up steam for a bullish breakout past resistance near the $40.00 mark. I am suggesting we launch positions when ZUMZ trades at $40.30 or higher.

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

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

Aetna Inc. - AET - close: 38.57 change: -0.20

Stop Loss: 40.10
Target(s): 35.10
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Comments:
07/02/12 update: AET continues to sink. The stock underperformed again and lost -0.5%. Shares came close but did not hit our trigger to launch positions at $38.45. The low today was $38.46. I don't see any changes from my prior comments.

I am suggesting a trigger to open bearish positions at $38.45. Our first target is $35.10. FYI: The Point & Figure chart for AET is bearish with a $29 target.

Trigger @ 38.45

Suggested Position: short AET stock @ (trigger)

- or -

buy the Aug $38 PUT (AET1218T38)

Entry on June xx at $ xx.xx
Earnings Date 07/31/12 (unconfirmed)
Average Daily Volume = 6.0 million
Listed on June 30, 2011


Acme Packet, Inc. - APKT - close: 18.20 change: -0.45

Stop Loss: 21.05
Target(s): 17.00
Current Gain/Loss: + 8.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
07/02/12 update: The oversold bounce in APKT is already reversing. Shares lost -2.4% today. 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

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: 37.77 change: -0.23

Stop Loss: 39.35
Target(s): 35.10
Current Gain/Loss: - 0.2%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
07/02/12 update: The bounce attempt in BJRI also seems to be fading. The stock closed near its lows for the session, which doesn't bode well for tomorrow. 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: 39.21 change: -0.42

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

Comments:
07/02/12 update: After ETN's big bounce on Friday the stock saw a little pullback today (-1.0%). Cautious 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

Entry on June 21 at $39.54
Earnings Date 07/23/12 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on June 20, 2011


First Solar Inc. - FSLR - close: 15.28 change: +0.22

Stop Loss: 15.51
Target(s): 12.00, 10.50
Current Gain/Loss: unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Comments:
07/02/12 update: Hmm... FSLR is showing just a bit too much strength here. The stock is on the verge of breaking out past technical resistance at its 50-dma. We were expecting a breakdown and a resumption of the bearish trend.

There has been some short-term support near $14.50. We are suggesting a trigger to launch bearish positions at $14.40. We'll set two targets. Our first target is $12.00. Our longer-term, more aggressive target is $10.50.

Trigger @ 14.40

Suggested Position: short FSLR stock @ (trigger)

- or -

buy the Aug $14 PUT (FSLR1218T14)

Entry on June xx at $ xx.xx
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 7.3 million
Listed on June 30, 2011


7 Days Group Holdings Ltd. - SVN - close: 10.32 change: -0.24

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

Comments:
07/02/12 update: It looks like the bounce in SVN is reversing at technical resistance near the simple 50-dma. Shares underperformed today with a -2.2% decline.

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)

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 BULLISH PLAYS

McMoRan Exploration - MMR - close: 13.74 change: +1.07

Stop Loss: 11.95
Target(s): 13.50
Current Gain/Loss: +30.4%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/02/12 update: Target achieved.

The rally in MMR continues to impress. The stock dipped to $12.39 this morning and then soared past its 300-dma and closed with a +8.4% gain. Our exit target was hit at $13.50 (+30.4%).

This past weekend I suggested we exit our August $10 calls at the open this morning. The bid this morning was $3.10 (+113.7%). If we had waited and exited when MMR hit $13.50 the bid would have been closer to $3.70 (+155%).

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.

closed Position: Long MMR stock @ $10.35 exit $13.50 (+30.4%)

- or -

Aug $10 call (MMR1218H10) Entry $1.45 exit $3.10 (+113.7%)

07/02/12 MMR hits our target at $13.50
07/02/12 exit calls at the open
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