Editor's Note:
Shares of both BJRI and EDU surged higher on Thursday and hit our stop loss closing these bearish trades.

Current Portfolio:


BULLISH Play Updates

ACI Worldwide, Inc. - ACIW - close: 46.30 change: +0.90

Stop Loss: 43.75
Target(s): 49.00
Current Gain/Loss: + 5.1%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/05/12 update: ACIW surged to $46.90 intraday before settling with a +0.69% gain. The stock is up four days in a row and looks a little bit overbought here. It might be time for a pullback. Readers may want to consider taking profits early. I am not suggesting new positions at this time.

current Position: Long ACIW stock @ $44.05

07/03/12 new stop loss @ 43.75
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: 3.31 change: -0.16

Stop Loss: 3.18
Target(s): 3.70
Current Gain/Loss: + 5.8%
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
07/05/12 update: Ouch! Sprint just gave up -4.6%. It might have been a reflection of this low-volume environment. Shares retreated back to their simple 300-dma. I am not suggesting new positions at this time.

current position: Long S stock @ $3.13

07/03/12 new stop loss @ 3.18

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: 54.29 change: -0.14

Stop Loss: 53.25
Target(s): 56.50
Current Gain/Loss: + 4.7%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/05/12 update: The early morning strength in shares of SIX didn't last very long. The stock spent the rest of the day drifting sideways. I am not suggesting new positions at this time.

current Position: Long SIX stock @ $52.05

07/03/12 new stop loss @ 53.25
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


VeriSign, Inc. - VRSN - close: 44.99 change: +0.70

Stop Loss: 42.85
Target(s): 49.00
Current Gain/Loss: unopened
Time Frame: exit prior to the late July earnings report
New Positions: see below

Comments:
07/05/12 update: Our entry point strategy did not work very well today. The plan was to open bullish positions this morning but only if both VRSN and the S&P 500 index opened positive. Both of them opened negative but VRSN quickly reversed higher and outperformed with a +1.5% gain.

The jobs report tomorrow could produce a lot of volatility in the market. We will hold off on new positions tomorrow and then adjust our entry point for VRSN this weekend for a potential trade on Monday.

Trade did not open on Thursday.

Wait and watch how it trades on Friday. We'll re-evaluate an entry this weekend.

07/05/12 trade did not open. No new trades until Monday. Look for a new entry strategy this weekend.

Entry on July xx at $ xx.xx
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on July 03, 2011


Ventas, Inc. - VTR - close: 63.19 change: -0.66

Stop Loss: 62.45
Target(s): 64.50
Current Gain/Loss: + 5.8%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
07/05/12 update: I warned readers that VTR looked due for a pullback. Shares gave up -1% on Thursday. Readers may want to take profits early now. I'm not suggesting new positions at this time.

current Position: Long VTR stock @ $59.71

07/03/12 new stop loss @ 62.45
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: 38.97 change: -1.22

Stop Loss: 38.40
Target(s): 44.00
Current Gain/Loss: - 3.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
07/05/12 update: The trading action in ZUMZ is very disappointing. Analysts were expecting +8.6% same-store sales figures. ZUMZ reported +8.2% June same-store sales. This miss sent the stock lower. The close back under $40.00 is short-term bearish. I am not suggesting new positions at this time.

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.

current Position: Long ZUMZ stock @ $40.30

- or -

Long Aug $45 call (ZUMZ1218H45) Entry $0.70

07/03/12 triggered @ 40.30
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: 37.86 change: -0.29

Stop Loss: 39.55
Target(s): 35.10
Current Gain/Loss: + 1.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
07/05/12 update: AET continues to sink and shares closed under $38.00 for the first time in months. I am not suggesting new positions at this time. After five down days in a row it might be time for a bounce.

FYI: The Point & Figure chart for AET is bearish with a $29 target.

current Position: short AET stock @ $38.45

- or -

Long Aug $38 PUT (AET1218T38) Entry $1.65

07/03/12 new stop loss @ 39.55
07/03/12 triggered @ 38.45

Entry on July 03 at $38.45
Earnings Date 07/31/12 (unconfirmed)
Average Daily Volume = 6.0 million
Listed on June 30, 2011


Acme Packet, Inc. - APKT - close: 18.40 change: -0.01

Stop Loss: 19.25
Target(s): 17.00
Current Gain/Loss: +7.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
07/05/12 update: Thursday's performance in APKT looked a lot like Tuesday. Shares drifted sideways in a narrow range and closed virtually flat on the session.

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

07/03/12 new stop loss @ 19.25
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


First Solar Inc. - FSLR - close: 15.43 change: -0.24

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:
07/05/12 update: Thursday's performance in FSLR is almost identical to Tuesday's with a failed rally in the morning and a slow fade lower the rest of the session.

There is no change from my prior comments.

Currently 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: 10.43 change: -0.05

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

Comments:
07/05/12 update: SVN drifted sideways in a narrow range under resistance at its 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)

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

BJ's Restaurants, Inc. - BJRI - close: 38.85 change: +1.13

Stop Loss: 38.55
Target(s): 35.10
Current Gain/Loss: - 2.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
07/05/12 update: BJRI outperformed the market with a +2.99% gain. This looks like a short squeeze that was exacerbated by the low-volume market. BJRI hit our stop loss at $38.55.

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.

closed Position: short BJRI stock @ $37.69 exit $38.55 (-2.3%)

- or -

Jul $40 PUT (BJRI1221S40) Entry $2.86 exit $1.70 (-40.5%)

07/05/12 stopped out at $38.55
07/03/12 new stop loss @ 38.55
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


New Oriental Education - EDU - close: 24.85 change: +0.85

Stop Loss: 24.85
Target(s): 22.00
Current Gain/Loss: - 4.2%
Time Frame: exit prior to the July 17th earnings
New Positions: see below

Comments:
07/05/12 update: I could not find any news to explain the relative strength in EDU today. The stock normally trades about 820 thousand shares a day. Yet Thursday saw 3.14 million shares traded. EDU surged from $24.00 to round-number resistance at $25.00 intraday. Our stop was hit at $24.85.

closed Position: short EDU stock @ $23.85 exit $24.85 (-4.2%)

- or -

JUL $24 PUT (EDU1221S24) Entry $1.50 exit $0.80 (-46.6%)

07/05/12 stopped out at $24.85
07/03/12 adjust stop loss to $24.85
07/03/12 triggered @ 23.85

chart:

Entry on July 03 at $23.85
Earnings Date 07/17/12 (confirmed)
Average Daily Volume = 820 thousand
Listed on July 02, 2011