Editor's Note:
The U.S. market produced a broad-based pullback. The end of the two-day Fed meeting proved uneventful.

We want to exit our BIG trade tomorrow morning.

STRZA was closed as planned. TRLA was stopped out at the open.


Current Portfolio:


BULLISH Play Updates

AbbVie Inc. - ABBV - close: 45.55 change: -0.50

Stop Loss: 44.90
Target(s): 49.50
Current Gain/Loss: unopened

Entry on May -- at $--.--
Listed on April 30, 2013
Time Frame: 2 to 4 weeks
Average Daily Volume = 8.1 million
New Positions: Yes, see below

Comments:
05/01/13: A down day for the market left shares of ABBV drifting sideways. Shares ended the session with a -1.0% decline. I don't see any changes from my prior comments.

Currently shares are hovering just below short-term resistance near $46.30. A breakout past this level could spark the next leg higher.

ABBV has been a little bit volatile over the last couple of weeks so I am suggesting we keep our position size small to limit our risk. Tonight I'm listing a trigger to launch bullish positions at $46.50. If triggered our target is $49.50.

Trigger @ 46.50 (small positions)

Suggested Position: buy ABBV stock @ (trigger)



Big Lots Inc. - BIG - close: 36.17 change: -0.25

Stop Loss: 35.65
Target(s): 41.50
Current Gain/Loss: -1.7%

Entry on April 23 at $36.80
Listed on April 20, 2013
Time Frame: 3 to 6 weeks
Average Daily Volume = 650 thousand
New Positions: see below

Comments:
05/01/13: BIG is still drifting lower. Although it might be worth noting shares only gave back -0.6% versus the S&P 500's -0.9% today. I am still growing increasingly cautious here. We're three days into the week and BIG's current candlestick on its weekly chart is painting a bearish reversal pattern.

I am suggesting we exit positions immediately at the open tomorrow morning. More aggressive traders may want to let it ride and merely adjust your stop loss so it's below technical support at the simple 50-dma (currently near $35.20).

current Position: Long BIG stock @ $36.80

05/01/13 prepare to exit positions at the open tomorrow morning
04/30/13 new stop loss @ 35.65



The Kroger Co. - KR - close: 34.20 change: -0.18

Stop Loss: 33.15
Target(s): 36.50
Current Gain/Loss: +1.0%

Entry on April 19 at $33.85
Listed on April 18, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.2 million
New Positions: see below

Comments:
05/01/13: KR tried to rally but succumbed to the market's widespread weakness. Shares reversed back to short-term technical support at the rising 10-dma. We are going to turn more defensive given the market's pullback so I'm raising the stop loss to $33.15, which is just below the April 25th low. More conservative traders might want to adjust their stops closer to breakeven instead.

Earlier Comments:
Shares of KR are now hitting new 13-year highs. We should take note of its old highs. The closing high was $34.16 and the intraday high was $34.91 from March 1999. These levels could be potential overhead resistance. Yet it was so long ago they may not matter anymore. If you're worried about KR seeing resistance at these levels then you may want to wait for KR to close above these levels before initiating positions.

FYI: KR should begin trading ex-dividend on May 13th, 2013. The quarterly dividend should be 15 cents.

current Position: buy KR stock @ $33.85

05/01/13 new stop loss @ 33.15
04/25/13 new stop loss @ 32.90



Altria Group - MO - close: 36.32 change: -0.19

Stop Loss: 35.35
Target(s): 40.00
Current Gain/Loss: - 0.5%

Entry on April 29 at $36.50
Listed on April 27, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 8.6 million
New Positions: see below

Comments:
05/01/13: MO rallied to a new record high this morning. Unfortunately the stock failed to maintain these gains. I suspect this is a short-term top for MO and we will see shares dip toward their 10-dma near $35.75 or possible $35.50. Wait for the dip before launching new positions.

Earlier Comments:
If triggered our target is $40.00 but keep in mind that MO does not move very fast. This could be a multi-week trade.

current Position: Long MO stock @ $36.50

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

Long Jun $35 call (MO1322F35) entry $1.80



The TJX Companies - TJX - close: 48.36 change: -0.41

Stop Loss: 46.45
Target(s): 52.00
Current Gain/Loss: + 1.3%

Entry on April 09 at $47.75
Listed on April 08, 2013
Time Frame: exit PRIOR to earnings on May 21
Average Daily Volume = 4.7 million
New Positions: see below

Comments:
05/01/13: Hmm... TJX gave back -0.8% today. After the recent bounce I'm not surprised to see a little dip on a down day for the market. Yet a reversal here will look like a bearish double top. More conservative traders may want to raise their stops closer to $47.50 or closer to the 30-dma near $47.40. I am not suggesting new positions.

Earlier Comments:
Our target is $52.00. However, there is a risk that the $50.00 mark could be round-number resistance.

current Position: Long TJX stock @ $47.75

04/18/13 today's decline is bad news. TJX looks ready to hit our stop at $46.45 soon.



BEARISH Play Updates

Home Inns & Hotels - HMIN - close: 24.86 change: -0.06

Stop Loss: 25.25
Target(s): 20.25
Current Gain/Loss: unopened

Entry on April -- at $--.--
Listed on April 27, 2013
Time Frame: exit PRIOR to earnings on May 13th
Average Daily Volume = 371 thousand
New Positions: Yes, see below

Comments:
05/01/13: Wednesday turned out to be a relatively quiet day for shares of HMIN. The stock pared its losses as it bounced back toward the $25.00 level. We are still looking for a breakdown to new relative lows.

I am suggesting a trigger to launch bearish positions at $24.00. More aggressive traders could jump in sooner. If triggered our target is $20.25. We do not want to hold over the earnings report on May 13th.

Trigger @ 24.00

Suggested Position: short HMIN stock @ (trigger)



Virtusa Corp. - VRTU - close: 22.02 change: -0.19

Stop Loss: 22.65
Target(s): 20.10
Current Gain/Loss: -1.0%

Entry on April 26 at $21.80
Listed on April 22, 2013
Time Frame: exit PRIOR to earnings on May 8th
Average Daily Volume = 116 thousand
New Positions: see below

Comments:
05/01/13: VRTU appears to be rolling over under short-term technical resistance at its simple 10-dma again. I would still consider new bearish positions now or you could wait for a new relative low (under 21.76).

Earlier Comments:
I would keep our position size small to limit our risk.

*Small Positions*

current Position: short VRTU stock @ $21.80



CLOSED BULLISH PLAYS

Starz - STRZA - close: 23.59 change: +0.21

Stop Loss: 21.75
Target(s): 24.00
Current Gain/Loss: +7.5%

Entry on April 10 at $21.75
Listed on April 06, 2013
Time Frame: exit PRIOR to earnings on May 9th
Average Daily Volume = 1.6 million
New Positions: see below

Comments:
05/01/13: As of yesterday it looked like STRZA's strength was starting to fade. We adjusted our plan to exit positions at the open this morning. Thus it was surprising to see STRZA buck the market's decline and rally +0.89%.

*Small Positions*

closed Position: Long STRZA stock @ $21.75 exit $23.39 (+7.5%)

05/01/13 scheduled exit
04/30/13 prepare to exit tomorrow at the opening bell
04/27/13 new stop loss @ 21.75, adjust exit target to $24.00
04/24/13 new stop loss @ 21.49
04/17/13 new stop loss @ 20.85
04/13/13 new stop loss @ 20.65
04/10/13 trade opened on gap higher at $21.75
04/09/13 adjust entry trigger from $21.50 to $21.55

chart:



CLOSED BEARISH PLAYS

Trulia, Inc. - TRLA - close: 32.79 change: +3.73

Stop Loss: 31.55
Target(s): 25.25
Current Gain/Loss: -12.7%

Entry on April 30 at $29.27
Listed on April 29, 2013
Time Frame: exit PRIOR to earnings in mid-May
Average Daily Volume = 581 thousand
New Positions: see below

Comments:
05/01/13: Ouch! As I said last night, TRLA reported earnings and raised their Q2 forecast. This sparked a surge after hours last night. The stock gapped open higher at $32.99. I urged readers to exit at the open this morning to try and limit any damage.

This trade is a good example of why we do not hold over an earnings announcement.

closed Position: short TRLA @ $29.27 exit $32.99 (-12.7%)

05/01/13 planned exit/stopped out
04/30/13 TRLA reported earnings after the closing bell. Shares look poised to gap open tomorrow morning.
We want to exit immediately at the open!

chart: