Editor's Note:
The market's Thursday afternoon rebound continued with a boost from better than expected jobs data and stocks surged on Friday.

DLPH was triggered. AKAM hit our stop.


Current Portfolio:


BULLISH Play Updates

ACADIA Pharma. - ACAD - close: 17.01 change: +0.44

Stop Loss: 14.95
Target(s): (see below)
Current Gain/Loss: +12.1%

Entry on June 06 at $15.17
Listed on June 05, 2013
Time Frame: 4 to 6 weeks
Average Daily Volume = 3.1 million
New Positions: see below

Comments:
06/08/13: The rally in ACAD continued on Friday. Traders bought the dip on Friday morning and shares posted a +2.6% gain by the close. The stock is short-term overbought here. Right now we do not have an official exit target. The plan is to see how high will ACAD run. However, the $17.00 and $18.00 levels have been resistance in the past. Thus more conservative traders may want to take profits now.

*Small Positions*

current Position: Long ACAD stock @ $15.17

06/06/13 new stop loss @ 14.95, adjust exit target to $17.90
06/06/13 trade opened on gap higher at $15.17

chart:



Delphi Automotive - DLPH - close: 50.40 change: +1.01

Stop Loss: 47.85
Target(s): 54.50
Current Gain/Loss: + 0.3%

Entry on June 07 at $50.25
Listed on June 06, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 2.3 million
New Positions: see below

Comments:
06/08/13: Our new trade on DLPH has been triggered. Shares gapped open higher and managed to breakout past round-number resistance at the $50.00 level by Friday's close. Our trigger to open bullish positions was hit at $50.25.

current Position: Long DLPH stock @ $50.25

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

Long Aug $50 call (DLPH1317H50) entry $2.40

chart:



Electronic Arts - EA - close: 23.61 change: +0.33

Stop Loss: 22.40
Target(s): 25.75
Current Gain/Loss: + 2.2%

Entry on May 28 at $23.10
Listed on May 23, 2013
Time Frame: 4 to 6 weeks
Average Daily Volume = 6.0 million
New Positions: see below

Comments:
06/08/13: Video game giant EA continues to rally and set a new 52-week high on Friday. This stock could see a boost next week as the annual E3 video game conference occurs in Los Angeles next week (June 11-13th).

Earlier Comments:
If triggered our target is $25.75. However, that is a slightly aggressive target. The $25.00 level has been resistance in the past and could be resistance again.

current Position: Long EA stock @ $23.10

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

Long Jul $25 call (EA1320G25) Entry $0.62

06/01/13 new stop loss @ 22.40

chart:



Spirit Airlines - SAVE - close: 31.07 change: +0.43

Stop Loss: 29.49
Target(s): 34.00
Current Gain/Loss: + 2.7%

Entry on May 28 at $30.25
Listed on May 25, 2013
Time Frame: 8 to 9 weeks
Average Daily Volume = 686 thousand
New Positions: see below

Comments:
06/08/13: SAVE landed a +1.4% gain on Friday. Shares look like they are about to breakout from the recent sideways trading range. Another plus for SAVE is the potential three-day bullish reversal pattern in the XAL airline index. If the industry rallies it could give SAVE a nice boost.

The simple 20-dma has risen to $29.63. We will raise our stop loss to $29.49.

current Position: Long SAVE stock @ $30.25

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

Long Jul $30 call (SAVE1320G30) entry $1.50

06/08/13 new stop loss @ 29.49
06/01/13 new stop loss @ 29.20

chart:



BEARISH Play Updates

ConAgra Foods - CAG - close: 33.75 change: +0.59

Stop Loss: 33.85
Target(s): 30.15
Current Gain/Loss: -0.2%

Entry on June 03 at $33.67
Listed on June 01, 2013
Time Frame: Exit PRIOR to earnings on June 27th
Average Daily Volume = 2.8 million
New Positions: see below

Comments:
06/08/13: Ouch! CAG delivered a +1.77% bounce on Friday. Traders were buying the dip Friday afternoon near $33.50. The stock looks poised to hit our stop loss at $33.85 soon. Nimble traders may want to look for a new bearish entry point on a failed rally near $35.00 and its 50-dma.

Earlier Comments:
Our target is $30.15. However, we will plan on exiting positions prior to CAG's earnings report on June 27th.

Suggested Position: short CAG stock @ $33.67

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

Long Jul $33 PUT (CAG1320S33) entry $0.80

06/06/13 new stop loss @ 33.85

chart:



Rackspace Holdings - RAX - close: 35.52 change: +0.62

Stop Loss: 37.25
Target(s): 31.00
Current Gain/Loss: +6.6%

Entry on May 22 at $38.02
Listed on May 21, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.0 million
New Positions: see below

Comments:
06/08/13: Shares of RAX were oversold and due for a bounce. The market's broad-based rebound on Friday helped RAX post a +1.77% gain. If this bounce continues the May 23rd low near $36.50 and the 10-dma near $37.00 should be overhead resistance. I am not suggesting new positions and more conservative traders may want to lock in gains now.

current Position: short RAX stock @ $38.02

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

Long Jun $37.50 PUT (RAX1322r37.5) entry $1.60

06/06/13 new stop loss @ 37.25
06/05/13 new stop loss @ 37.75
05/25/13 new stop loss at $40.10, more conservative traders may want to exit early now.
05/24/13 RAX confirms the bullish reversal pattern.
05/23/13 RAX produced a bullish reversal candlestick.

chart:



Safeway Inc. - SWY - close: 22.71 change: +0.18

Stop Loss: 23.15
Target(s): 20.00
Current Gain/Loss: + 0.8%

Entry on June 03 at $22.90
Listed on June 01, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.4 million
New Positions: see below

Comments:
06/08/13: SWY was not immune to the market's widespread rebound on Friday. Yet SWY only posted a +0.7% gain versus a +1.28% rally in the S&P 500. I suspect that we will see SWY test the $23.00 level and its 10-dma soon. If the bounce goes any higher we'll see it hit our stop loss at $23.15.

Earlier Comments:
I am suggesting we keep our position size small because the most recent data listed short interest at 23% of the 234 million-share float. That does raise the risk of a short squeeze. You could try and limit your risk by trading the options.

*Small Positions*

Suggested Position: short SWY stock @ $22.90

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

Long Jul $23 PUT (SWY1320S23) entry $1.35

06/06/13 new stop loss @ 23.15

chart:



CLOSED BEARISH PLAYS

Akamai Tech. - AKAM - close: 45.26 change: +0.70

Stop Loss: 45.15
Target(s): 40.25
Current Gain/Loss: - 1.6%

Entry on June 05 at $44.45
Listed on June 04, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 2.2 million
New Positions: see below

Comments:
06/08/13: We tried to limit our risk by lowering our AKAM stop loss on Thursday night to $45.15. The widespread market rally on Friday lifted AKAM to $45.28 intraday.

*Small Positions*

closed Position: short AKAM stock @ $44.45 exit $45.15 (-1.6%)

06/07/13 stopped out
06/06/13 new stop loss @ 45.15

chart: