Editor's Note:
Shares of EBAY and SMG hit our bullish targets on Friday. We also saw AET and JIVE hit our stop losses. I have updated a few stop losses tonight.

Current Portfolio:


BULLISH Play Updates

Energy XXI Ltd. - EXXI - close: 37.37 change: +0.84

Stop Loss: 35.45
Target(s): 39.75
Current Gain/Loss: + 5.1%

Entry on September 12 at $35.55
Listed on September 11, 2011
Time Frame: 4 to 6 weeks
Average Daily Volume = 790 thousand
New Positions: see below

Comments:
09/15/12: Readers may want to consider taking some money off the table in our EXXI trade. Shares are up sharply the last two weeks. EXXI is starting to look overbought here and the early May highs near $38.50 could be resistance.

I am raising our stop loss up to $35.45. I am also suggesting we exit our October $35 calls at the open on Monday morning. The current bid on the calls is at $3.10.

current Position: Long EXXI stock @ $35.55

- (or for more adventurous traders, try this option) -

Long Oct $35 CALL (EXXI1220j35) Entry $2.25

09/15/12 new stop loss @ 35.45, prepare to exit our Oct. calls at the open on Monday
09/13/12 new stop loss @ 34.40

chart:



Netgear Inc. - NTGR - close: 39.25 change: -0.45

Stop Loss: 38.80
Target(s): 44.75
Current Gain/Loss: - 2.5%

Entry on September 13 at $40.25
Listed on September 10, 2011
Time Frame: 6 to 8 weeks
Average Daily Volume = 562 thousand
New Positions: see below

Comments:
09/15/12: NTGR's performance on Friday is very troubling and readers may want to exit immediately. Our trade was opened on the failed breakout above resistance at $40.00 on Thursday. Shares reversed on Thursday and the reversal continued on Friday. Technical traders will note that Friday's session has created a bearish engulfing candlestick reversal pattern. The low on Friday was $38.92. If there is any follow through lower on Monday we'll get stopped out at $38.80.

I am not suggesting new positions at this time.

current Position: Long NTGR stock @ $40.25

09/13/12 triggered @ 40.25

chart:



Veeco Instruments - VECO - close: 37.76 change: +1.17

Stop Loss: 35.45
Target(s): 39.75
Current Gain/Loss: + 5.2%

Entry on September 10 at $35.88
Listed on September 08, 2011
Time Frame: 6 to 8 weeks
Average Daily Volume = 723 thousand
New Positions: see below

Comments:
09/15/12: VECO rallied just past its August high and then pared its gains. The stock outperformed the market on Friday with a +3.1% gain. Readers may want to start taking some money off the table even though we are aiming for $39.75.

On a short-term basis I would expect a pullback before VECO can generate enough steam to really breakout past the August high. We are raising our stop loss to $35.45. Plus, I am suggesting we exit our October $37 calls at the open on Monday. The calls currently have a bid of $2.30.

Our plan was to limit our risk by keeping our position size small.

*Small Positions to Limit Risk*

current Position: Long VECO stock @ $35.88

- (or for more adventurous traders, try this option) -

Long Oct $37.00 call (VECO1220j37) Entry $1.60

09/15/12 new stop loss @ 35.45, prepare to exit our October calls at the open on Monday morning
09/13/12 new stop loss @ 34.45

chart:



Virgin Media, Inc. - VMED - close: 29.80 change: -0.21

Stop Loss: 28.45
Target(s): 32.00
Current Gain/Loss: unopened

Entry on September xx at $ xx.xx
Listed on September 06, 2011
Time Frame: 6 to 8 weeks
Average Daily Volume = 2.5 million
New Positions: see below

Comments:
09/15/12: After several days of gains VMED finally saw a little profit taking on Friday. Shares remain short-term overbought and we're still expecting a pullback. After reviewing our trading plan I am adjusting our buy-the-dip trigger to $29.00 and we'll move the stop loss up to $28.45. We will move our multi-week target to $32.00. We'll up the strike price on the option to the October $30s.

Earlier Comments:
I suspect VMED could see more short covering since the most recent data listed short interest at 20% of the 256 million-share float. FYI: The Point & Figure chart for VMED is bullish with a $41 target.

Buy-the-Dip Trigger @ $29.00

Suggested Position: buy VMED stock @ (trigger)

- (or for more adventurous traders, try this option) -

buy the Oct $30 call (VMED1220j30)

09/15/12 adjust buy-the-dip trigger to $29.00 and stop to $28.45
09/13/12 adjust the entry trigger to $28.75
09/08/12 adjust the buy-the-dip trigger higher from $28.25 to $28.55 and adjust the stop loss to $27.45

chart:



BEARISH Play Updates

Synacor, Inc. - SYNC - close: 7.60 change: +0.14

Stop Loss: 7.70
Target(s): 6.10
Current Gain/Loss: unopened

Entry on September xx at $ xx.xx
Listed on September 13, 2011
Time Frame: 6 to 8 weeks
Average Daily Volume = 628 thousand
New Positions: Yes, see below

Comments:
09/15/12: SYNC is still hovering near support at the $7.50 level. I don't see any changes from my prior comments.

Thursday's low was $7.35. I am suggesting bearish positions if shares can hit $7.30. I do consider this an aggressive, higher-risk trade. The most recent data listed short interest at 15% of the very small 8.0 million share float. We will target a drop to $6.10.

Trigger @ 7.30

Suggested Position: short SYNC stock @ (trigger)

chart:



Westport Innovations - WPRT - close: 30.83 change: -1.00

Stop Loss: 33.10
Target(s): 27.50
Current Gain/Loss: + 7.8%

Entry on September 07 at $33.45
Listed on September 05, 2011
Time Frame: 3 to 4 weeks
Average Daily Volume = 798 thousand
New Positions: see below

Comments:
09/15/12: WPRT is still performing well for the bears. The stock underperformed again with a -3.1% decline on Friday. The $30.00 level could be round-number support and I would not be surprised to see a short-lived bounce. More conservative traders may want to take profits and exit as WPRT nears the $30 level. We are aiming for $27.50. The simple 10-dma has fallen to $32.95 so we will adjust our stop loss down to $33.10.

Please note that I am suggesting we go ahead and exit our October puts when WPRT hits $30.15. Currently the bid on the put is at $1.55.

Earlier Comments:
We do want to keep our position size small to limit our risk because WPRT does have a high amount of short interest. The most recent data listed short interest at 37% of the 40 million-share float. That does raise the risk of a short squeeze. Readers may want to consider limiting their risk by buying put options instead of shorting the stock. FYI: The Point & Figure chart for WPRT is bearish with a $28.00 target.

*Small Positions to Limit Risk*

current Position: short WPRT stock @ $33.45

- (or for more adventurous traders, try this option) -

Long Oct $30 PUT (WPRT1220v30) entry $1.05

09/15/12 new stop loss @ 33.10, plan to exit our October puts when WPRT hits $30.15. 09/13/12 new stop loss @ 33.65, adjust target to $27.50
09/10/12 new stop loss @ 34.05
09/07/12 triggered @ 33.45

chart:



CLOSED BULLISH PLAYS

eBay Inc. - EBAY - close: 49.97 change: +1.10

Stop Loss: 47.45
Target(s): 49.75
Current Gain/Loss: + 7.6%

Entry on August 17 at $46.25
Listed on August 16, 2011
Time Frame: 4 to 6 weeks
Average Daily Volume = 12.3 million
New Positions: see below

Comments:
09/15/12: Target achieved.

EBAY outperformed on Friday and surged to $50.65 before settling with a +2.2% gain. Our exit target was hit at $49.75.

current Position: Long EBAY stock @ $46.25 exit $49.75 (+7.6%)

- or -

(exited options on 09-10-2012 at the open)
Oct $47 call (EBAY1220J47) Entry $1.89 exit $3.05 (+61.3%)

09/14/12 target hit at $49.75
09/13/12 new stop loss @ 47.45
09/12/12 new stop loss @ 46.75
09/10/12 closed option position this morning (+61.3%)
09/08/12 prepare to exit our call option on Monday morning
09/06/12 new stop loss @ 46.25
09/01/12 new stop loss @ 45.75
08/17/12 triggered at $46.25

chart:



Scotts Miracle-Gro Company - SMG - close: 44.58 change: +0.63

Stop Loss: 41.75
Target(s): 44.85
Current Gain/Loss: + 7.2%

Entry on September 04 at $41.85
Listed on September 01, 2011
Time Frame: 4 to 6 weeks
Average Daily Volume = 500 thousand
New Positions: see below

Comments:
09/15/12: Target achieved.

SMG rallied to technical resistance at its exponential 200-dma on Friday and hit an intraday high of $45.00. Our exit target was hit at $44.85 along the way.

current Position: Long SMG stock @ $41.85 exit $44.85 (+7.2%)

09/14/12 target hit at $44.85
09/13/12 new stop loss @ 41.75
09/06/12 new stop loss @ 41.30
09/04/12 triggered @ 41.85

chart:



CLOSED BEARISH PLAYS

Aetna Inc. - AET - close: 39.04 change: +0.87

Stop Loss: 38.65
Target(s): 35.05
Current Gain/Loss: -3.7%

Entry on September 13 at $37.27
Listed on September 12, 2011
Time Frame: 3 to 6 weeks
Average Daily Volume = 4.0 million
New Positions: see below

Comments:
09/15/12: Some of the healthcare names were in rally mode on Friday and AET outperformed with a +2.2% gain. Shares also hit our stop loss at $38.65. I cautioned readers on Thursday that Thursday's session looked like a bullish reversal pattern.

closed Position: short AET stock @ $37.27 exit $38.65 (-3.7%)

- (or for more adventurous traders, try this option) -

Oct $35 PUT (AET1220v35) Entry $0.35 exit $0.16 (-54.2%)

09/14/12 stopped out at $38.65

chart:



Jive Software, Inc. - JIVE - close: 14.91 change: +0.38

Stop Loss: 15.05
Target(s): 10.25
Current Gain/Loss: - 8.5%

Entry on September 11 at $13.90
Listed on September 10, 2011
Time Frame: 4 to 6 weeks
Average Daily Volume = 1.0 million
New Positions: see below

Comments:
09/15/12: Our aggressive trade on JIVE did not pay off. With the market in rally mode this stock saw too much short covering. The breakdown under major support near $14.00 proved to be a bear-trap pattern. Shares hit our stop at $15.05 on Friday.

Earlier Comments:
It looks like lots of investors are already bearish with short interest at 28% of the small 24.8 million-share float. That does raise the risk of a short squeeze so I would limit our position size to reduce our risk. You can also limit your risk by using the put options.

*Small Positions*

closed Position: short JIVE stock @ $13.90 exit $15.05 (-8.5%)

- (or for more adventurous traders, try this option) -

Oct $15 PUT (JIVE1220v15) Entry $1.90 exit $0.90 (-52.6%)

09/14/12 stopped out at $15.05

chart: