Editor's Note:
The U.S. equity markets bounced on Friday as traders bought the dip following a two-day decline.

Note: we want to exit our CZR trade on Monday.


Current Portfolio:


BULLISH Play Updates

Conns Inc. - CONN - close: 30.41 change: -0.05

Stop Loss: 29.85
Target(s): 33.50
Current Gain/Loss: + 2.9%

Entry on February 05 at $29.55
Listed on February 4, 2013
Time Frame: 4 to 6 weeks
Average Daily Volume = 416 thousand
New Positions: see below

Comments:
02/23/13: CONN dipped to round-number support at $30.00 as we expected. Shares are starting to rebound. Readers could use this bounce as a new bullish entry point. I am raising our stop loss to $29.85.

Our target is $33.50. More aggressive traders could aim higher. FYI: The Point & Figure chart for CONN is bullish with a long-term $48.00 target.

current Position: Long CONN stock @ $29.55

02/23/13 new stop loss @ 29.85
02/19/13 new stop loss @ 29.45
02/12/13 new stop loss @ 28.85
02/09/13 new stop loss @ 28.45

chart:



Gilead Sciences - GILD - close: 42.45 change: +0.91

Stop Loss: 40.75
Target(s): 44.85
Current Gain/Loss: +3.1%

Entry on February 14 at $41.18
Listed on February 13, 2013
Time Frame: 4 to 8 weeks
Average Daily Volume = 8.0 million
New Positions: see below

Comments:
02/23/13: GILD rebounded off of short-term technical support at its 10-dma. The stock added +2.1% on Friday. I am raising our stop loss to $40.75.

Earlier Comments:
We do want to keep our position size small. Biotech stocks can be volatile.
FYI: The Point & Figure chart for GILD is bullish with a $47.50 target.

*Small Positions*

current Position: Long GILD stock @ $41.18

02/23/13 new stop loss @ 40.75

chart:



National Instruments - NATI - close: 29.91 change: +0.50

Stop Loss: 29.60
Target(s): 32.75
Current Gain/Loss: unopened

Entry on February -- at $--.--
Listed on February 16, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 340 thousand
New Positions: Yes, see below

Comments:
02/23/13: NATI erased Thursday's decline with a strong +1.7% rebound on Friday. The stock is back above its simple 10-dma and the next hurdle for the bulls is round-number resistance near $30.00.

I am suggesting a trigger to open bullish positions at $30.35. That would be a new 52-week high. If triggered our multi-week target is $32.75.
FYI: The Point & Figure chart for NATI is bullish with a $40.00 target.

Trigger @ 30.35

Suggested Position: buy NATI stock @ (trigger)

chart:



Progressive Corp. - PGR - close: 24.72 change: +0.24

Stop Loss: 23.75
Target(s): 26.00
Current Gain/Loss: + 5.1%

Entry on February 11 at $23.52
Listed on February 9, 2013
Time Frame: 9 to 12 weeks
Average Daily Volume = 4.8 million
New Positions: see below

Comments:
02/23/13: PGR continues to show leadership. The stock broke out past resistance near $24.50 this past week. The next obstacle is the $25.00 mark. More conservative traders might want to consider an early exit at the $25.00 level. I am raising our stop loss to $23.75. I am not suggesting new positions at this time.

current Position: Long PGR stock @ $23.52

02/23/13 new stop loss @ 23.75
02/20/13 new stop loss @ 23.40
02/13/13 new stop loss @ 22.95

chart:



Splunk, Inc. - SPLK - close: 35.01 change: +0.97

Stop Loss: 33.75
Target(s): 39.50
Current Gain/Loss: - 1.2%

Entry on February 15 at $35.44
Listed on February 14, 2013
Time Frame: exit PRIOR to earnings on Feb. 28th
Average Daily Volume = 1.5 million
New Positions: see below

Comments:
02/23/13: SPLK gave us a little bit of a scare this past week as shares flirted with a breakdown below support near $34.00. Fortunately the market's widespread rebound on Friday sparked a +2.8% bounce in shares of SPLK. Readers can use Friday's bounce as a new bullish entry point. However, please keep in mind that we plan to exit on February 28th at the closing bell to avoid holding over earnings later that evening (assuming SPLK doesn't hit our stop or target first).

Earlier Comments:
A breakout here could spark a short squeeze. The most recent data listed short interest a 16% of the 55.6 million share float.

current Position: Long SPLK stock @ $35.44

02/23/13 remember - plan to exit prior to earnings on Feb. 28th
02/15/13 trade opened on gap higher at $35.44, trigger was $35.30

chart:



Symantec Corp - SYMC - close: 22.93 change: +0.62

Stop Loss: 21.95
Target(s): 24.90
Current Gain/Loss: + 2.8%

Entry on February 06 at $22.30
Listed on February 5, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 10 million
New Positions: see below

Comments:
02/23/13: Software security firms may be getting additional attention thanks to a busy week of cyber attacks. Shares of SYMC bounced off the 20-dma and outperformed the market on Friday with a +2.7% gain. I am not suggesting new positions at this time.

*Small positions*

current Position: long SYMC stock @ $22.30

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

Long Mar $23 call (SYMC1316c23) entry $0.38

02/16/13 new stop loss @ 21.95

chart:



BEARISH Play Updates

Apollo Group Inc. - APOL - close: 18.58 change: +0.03

Stop Loss: 19.60
Target(s): 15.50
Current Gain/Loss: unopened

Entry on February -- at $--.--
Listed on February 21, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.1 million
New Positions: Yes, see below

Comments:
02/23/13: There was no follow through on Thursday's decline in APOL. Shares spent Friday's session churning sideways. I don't see any changes from my Thursday night post. Here's a re-print:

Why We Like It:
Education stock APOL looks weak and poised to breakdown from its four-month consolidation in the $18-22 zone. Shares have been trending lower for over a year. Now that its attempt at a bottom appears to be failing APOL could be poised for the next leg lower. Where it stops is a good question. APOL hasn't traded below the $18.00 level since the year 2000.

The recent lows have seen traders buying the dip near $18.50. I am suggesting a trigger to open bearish positions at $18.25. We do want to keep our position size small. There is already a large amount of shorts in the stock. Traders may want to consider buying put options to limit their risk but they'll also be more volatile. If triggered at $18.25 our initial target is $15.50.

Trigger @ 18.25

Suggested Position: short APOL stock @ (trigger)

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

buy the Mar $18 PUT (APOL1316o18) current ask $0.45

chart:



Caesars Entertainment - CZR - close: 11.59 change: +0.41

Stop Loss: 13.25
Target(s): 10.10
Current Gain/Loss: + 7.5%

Entry on February 13 at $12.53
Listed on February 12, 2013
Time Frame: Exit prior to earnings on Feb. 25th
Average Daily Volume = 1.3 million
New Positions: see below

Comments:
02/23/13: The bounce in CZR continued on Friday following news on Thursday that Nevada's governor had signed a law okaying online gambling. Shares of CZR added +3.6% on Friday.

Our trade is almost over because we're out of time. CZR is due to report earnings on Monday, Feb. 25th after the closing bell. We are planning to exit on Monday at the closing bell to avoid holding over the announcement.

current Position: short CZR stock @ $12.53

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

Long Mar $10 PUT (CZR1316o10) entry $0.45

02/23/13 time is almost over. prepare to exit on Monday. Feb. 25th at the closing bell

chart:



DuPont Fabros Tech. - DFT - close: 22.87 change: +0.25

Stop Loss: 23.60
Target(s): 20.25
Current Gain/Loss: - 0.1%

Entry on February 20 at $22.85
Listed on February 16, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.25 million
New Positions: see below

Comments:
02/23/13: DFT managed a bit of an oversold bounce on Friday but the rebound stalled near the $23.00 level midday. I would still consider new bearish positions at current levels. We will lower our stop loss to $23.60.

Earlier Comments:
Please note that we do want to keep our position size small. That's because there is already a lot of short interest. The most recent data listed short interest at 22% of the 62.2 million share float. That raises the risk of a short squeeze. Readers may want to buy the put options to limit their risk to their size of their position.
FYI: The Point & Figure chart for DFT is bearish with a $10.00 target.

*Small Positions*

current Position: short DFT stock @ $22.85

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

Long Mar $25 PUT (DFT1316o25) entry $2.35

02/23/13 new stop loss @ 23.60

chart:



Ford Motor Co. - F - close: 12.48 change: +0.09

Stop Loss: 13.05
Target(s): 11.50
Current Gain/Loss: + 0.2%

Entry on February 21 at $12.51
Listed on February 20, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 43.7 million
New Positions: see below

Comments:
02/23/13: Ford saw its correction lower stall on Friday. Shares hovered under the $12.50 level. If the market bounces again this week I would not be surprised to shares of F rebound up toward the $12.75 area. Readers might want to wait for a new failed rally before launching new positions. We do want to keep our position size small. Our initial target is $11.50 but we'll make adjustments along the way.

current Position: short F stock @ $12.51

chart: