Editor's Note:
Shares of MICROS Systems (MCRS) hit our bearish target on Friday.

Elsewhere ESI hit our trigger. I have updated a handful of stop losses tonight.

Current Portfolio:


BULLISH Play Updates

Bank of America - BAC - close: 10.58 change: +0.04

Stop Loss: 9.89
Target(s): 11.50
Current Gain/Loss: + 4.8%

Entry on December 05 at $10.10
Listed on December 01, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 150 million
New Positions: see below

Comments:
12/15/12: BAC spent the entire week digesting its prior gains and churning sideways in the $10.50-10.70 zone. The lack of any real profit taking is encouraging but I would not launch new positions here. More conservative traders may want to take profits now or raise your stop near $10.50.

Earlier Comments:
If triggered our target is $11.50. More aggressive traders could aim for $12.00. This is a multi-week trade.

current Position: Long BAC stock @ $10.10

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

Long 2013 Jan $10 call (BAC1319a10) entry $0.51

12/08/12 new stop loss @ 9.89

chart:



Banner Corp. - BANR - close: 30.29 change: +0.04

Stop Loss: 29.40
Target(s): 34.00
Current Gain/Loss: - 0.7%

Entry on November 21 at $30.49
Listed on November 20, 2012
Time Frame: 8 to 10 weeks
Average Daily Volume = 157 thousand
New Positions: see below

Comments:
12/15/12: I warned readers early on that we need to be patient because BANR doesn't move very quickly. The stock has spent the last three weeks churning sideways while still remaining inside its longer-term bullish channel. Shares should be poised to rally higher but that will probably depend on the wider market. I am raising our stop loss up to $29.40. More aggressive traders will want to keep their stop under $29.00.

NOTE: BANR doesn't move very fast. This trade could take a couple of months.

*Small Positions*

current Position: Long BANR stock @ $30.49

12/15/12 new stop loss @ 29.40
11/21/12 out trade opened on the gap higher.

chart:



Ball Corp. - BLL - close: 44.25 change: -0.30

Stop Loss: 43.45
Target(s): 48.00
Current Gain/Loss: + 0.9%

Entry on November 06 at $43.85
Listed on November 3, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 687 thousand
New Positions: see below

Comments:
12/15/12: BLL followed the market's pattern of higher early in the week, a reversal lower on Wednesday and then more profit taking. Shares of BLL failed at resistance near $45.00 again. We have our stop loss at $43.45. More conservative traders may want to inch their stops higher. I am not suggesting new positions.

current Position: Long BLL stock @ $43.85

12/12/12 new stop loss @ 43.45
11/24/12 new stop loss @ 43.25
11/17/12 new stop loss @ 42.55
11/06/12 triggered @ 43.85

chart:



Cree, Inc. - CREE - close: 33.92 change: +0.41

Stop Loss: 32.45
Target(s): 39.00
Current Gain/Loss: + 0.5%

Entry on December 11 at $33.75
Listed on December 10, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.3 million
New Positions: see below

Comments:
12/15/12: CREE dipped to short-term support near its 10-dma and bounced. The stock managed to outperform the market with a +1.2% gain on Friday. The move looks like a new bullish entry point but readers may want to be cautious here given what looks like weakness in the major indices. I am raising our stop loss up to $32.45.

Earlier Comments:
If this rally continues CREE could see a short squeeze. The most recent data listed short interest at 17% of the 113 million-share float. If triggered our multi-week target is $39.00. FYI: The Point & Figure chart for CREE is bullish with a $42 target.

current Position: long CREE stock @ $33.75

12/15/12 new stop loss @ 32.45

chart:



Electronic Arts - EA - close: 15.30 change: +0.05

Stop Loss: 14.49
Target(s): 17.50
Current Gain/Loss: + 3.9%

Entry on December 10 at $14.72
Listed on December 08, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.5 million
New Positions: see below

Comments:
12/15/12: There was no follow through in EA's reversal on Thursday. The stock bounced with a +0.3% gain on Friday. While the move is encouraging I am not convinced the profit taking is over. I am not suggesting new positions at this time.

Earlier Comments:
More conservative traders might want to wait and look for a rally past $15.00 before initiating positions. EA can be volatile so we'll keep our position size small to limit our risk. We will target a move to $17.50 over the next few weeks. FYI: The Point & Figure chart for EA is bullish with a $21 target.

*Small Positions*

current Position: Long EA stock @ $14.72

12/12/12 new stop loss @ $14.49

chart:



ITT Educational Services - ESI - close: 19.37 change: -0.22

Stop Loss: 18.99
Target(s): 24.75
Current Gain/Loss: - 3.9%

Entry on December 14 at $20.15
Listed on December 12, 2012
Time Frame: 2 to 6 weeks
Average Daily Volume = 500 thousand
New Positions: see below

Comments:
12/15/12: Uh-oh! We need to be careful here. We added ESI as a bullish candidate a few days ago. The plan was to wait for a bullish breakout over resistance at $20.00. I set a trigger to launch positions at $20.15. The stock spiked higher on Friday morning and hit $20.16 and then immediately reversed lower. Our trade is now open but I am concerned that this looks like a failed rally type of move and any decent follow through lower will probably hit our stop loss at $18.99.

If we do not get stopped out on Monday I would wait for a new relative high (above 20.16) before considering new bullish positions.

Earlier Comments:
A breakout past this level could spark a significant short squeeze. The most recent data listed short interest at almost 200% of the very small 14.9 million share float. Yes, you read that right, 200% of the float. You'll notice the rally in early September. That looks like a short squeeze. We'd like to catch the next one.

I do consider this a more aggressive, higher-risk trade.

*Small positions*

current Position: Long ESI stock @ $20.15

chart:



Gulfport Energy - GPOR - close: 38.71 change: -0.19

Stop Loss: 37.40
Target(s): 44.00
Current Gain/Loss: unopened

Entry on December xx at $ xx.xx
Listed on December 13, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.0 million
New Positions: Yes, see below

Comments:
12/15/12: GPOR is a new bullish candidate from our Thursday night newsletter. I don't see any changes from my earlier comments.

Earlier Comments:
The stock has spent the last week and a half digesting its late November gains. Now GPOR is hitting new all-time record highs.

I am suggesting we use a trigger to open bullish positions at $39.25. If triggered we will target the $44.00 level. More conservative traders may want to wait for GPOR to rally past $40.00 since the $40 level could be round-number resistance.

Trigger @ 39.25

Suggested Position: buy GPOR stock @ (trigger)

chart:



Granite Construction - GVA - close: 32.68 change: +1.04

Stop Loss: 30.75
Target(s): 34.50
Current Gain/Loss: + 4.6%

Entry on December 10 at $31.23
Listed on December 08, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 240 thousand
New Positions: see below

Comments:
12/15/12: GVA displayed relative strength on Friday with a +3.2% gain. Shares have rallied to new multi-year highs. I am raising our stop loss up to $30.75.

Our multi-week target is $34.50. FYI: The Point & Figure chart for GVA is bullish with a long-term $43.50 target.

Suggested Position: buy GVA stock @ (the open)

12/15/12 new stop loss @ $30.75

chart:



Pegasystems Inc. - PEGA - close: 22.33 change: +0.56

Stop Loss: 20.95
Target(s): 24.00
Current Gain/Loss: + 5.1%

Entry on December 10 at $21.25
Listed on December 04, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 257 thousand
New Positions: see below

Comments:
12/15/12: Good news! Midweek it looked like PEGA was reversing under resistance at its 50-dma. The stock looked poised to correct lower. Yet there was no follow through on Friday. The stock bounced with a +2.5% gain. PEGA remains under its 50-dma so the moving average is still an obstacle. I am not suggesting new positions at this time. Please note our new stop loss at $20.95.

current Position: Long PEGA stock @ $21.25

12/15/12 new stop loss @ $20.95
12/12/12 new stop loss @ $20.49

chart:



Stamps.com Inc. - STMP - close: 25.37 change: +0.20

Stop Loss: 24.95
Target(s): 29.50
Current Gain/Loss: unopened

Entry on December xx at $ xx.xx
Listed on December 11, 2012
Time Frame: 4 to 8 weeks
Average Daily Volume = 250 thousand
New Positions: Yes, see below

Comments:
12/15/12: As expected STMP bounced at the $25.00 level on Friday. More aggressive traders could buy this bounce and use a tight stop just under $25.00. I am suggesting readers actually wait for a breakout to new relative highs. We will use a trigger to open bullish positions at $26.25. As you can tell from the chart, STMP is a volatile stock. Therefore I am suggesting we keep our position size small to limit our risk.

Trigger @ 26.25 *Small Positions*

Suggested Position: buy STMP stock @ (trigger)

chart:



Tenneco Inc. - TEN - close: 32.42 change: +0.02

Stop Loss: 31.85
Target(s): 37.00
Current Gain/Loss: - 2.2%

Entry on December 12 at $33.15
Listed on December 04, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 517 thousand
New Positions: Yes, see below

Comments:
12/15/12: I remain cautious on our TEN trade. Wednesday's breakout past resistance and reversal definitely looks like a bull trap pattern. Yet there hasn't been that much follow through lower - at least not yet. I am not suggesting new positions at current levels. We will raise the stop loss to $31.85.

Earlier Comments:
If triggered our multi-week target is $37.00. This trade could take weeks.

*Small positions*

current Position: Long TEN stock @ $33.15

12/15/12 new stop loss @ $31.85

chart:



ValueClick, Inc. - VCLK - close: 19.49 change: +0.32

Stop Loss: 18.95
Target(s): 19.85
Current Gain/Loss: + 7.1%

Entry on November 20 at $18.20
Listed on November 19, 2012
Time Frame: 4 to 6 weeks
Average Daily Volume = 666 thousand
New Positions: see below

Comments:
12/15/12: Thankfully there was no follow through on the midweek reversal lower and traders bought the dip near its 10-dma. VCLK outperformed the market with a +1.6% gain on Friday. More conservative traders may want to take profits now. We are still aiming for $19.85. Please note our new stop loss at $18.95.

Earlier Comments:
I would keep our position size small. VCLK has been volatile in the past.

current Position: Long VCLK stock @ $18.20

12/15/12 new stop loss @ 18.95
12/11/12 new stop loss @ 18.75
12/08/12 new stop loss @ 18.45, adjust target down to $19.85
11/28/12 new stop loss @ 17.85

chart:



BEARISH Play Updates

Chesapeake Granite Wash Trust - CHKR - close: 17.36 change: +0.01

Stop Loss: 18.25
Target(s): 16.40
Current Gain/Loss: + 3.0%

Entry on December 04 at $17.90
Listed on November 26, 2012
Time Frame: 6 to 8 weeks
Average Daily Volume = 226 thousand
New Positions: see below

Comments:
12/15/12: For the week CHKR saw a bounce that failed at resistance near $18.00. Now shares look poised to retest the $17 level. A breakdown there should lead to a drop toward our exit target at $16.40. I am not suggesting new positions at this time.

Earlier Comments:
Our initial target is $16.40 but we might reconsider and aim lower.

*Small Positions*

current Position: short CHKR stock @ $17.90

12/10/12 new stop loss @ 18.25

chart:



Stone Energy Corp. - SGY - close: 19.93 change: -0.12

Stop Loss: 21.35
Target(s): 16.00
Current Gain/Loss: - 0.7%

Entry on December 04 at $19.80
Listed on December 03, 2012
Time Frame: 3 to 6 weeks
Average Daily Volume = 719 thousand
New Positions: see below

Comments:
12/15/12: SGY is finally breaking down through round-number support at $20.00 again. Readers can use Friday's decline as a new bearish entry point.

The next major support is all the way down near $15.00. We will target a drop to $16.00. FYI: The Point & Figure chart is bearish and forecasting at long-term $12 target.

current Position: short SGY stock @ $19.80

12/05/12 SGY surges following M&A news with peers.

chart:



CLOSED BEARISH PLAYS

MICROS Systems - MCRS - close: 39.72 change: -1.21

Stop Loss: 43.05
Target(s): 40.25
Current Gain/Loss: + 6.1%

Entry on December 03 at $42.85
Listed on November 28, 2012
Time Frame: 3 to 6 weeks
Average Daily Volume = 542 thousand
New Positions: see below

Comments:
12/15/12: Target achieved.

MCRS continues to underperform. The stock plunged another -2.9% on Friday and broke down under what should have been round-number support at $40.00. Our exit target was hit at $40.25.

closed Position: short MCRS stock @ $42.85 exit $40.25 (+6.1%)

12/14/12 target hit
12/13/12 new stop loss @ 43.05
12/08/12 adjust exit target to $40.25
12/03/12 triggered at $42.85

chart: