Editor's Note:
The U.S. stock market ignored another sell-off in Japan and stocks surged with a widespread bounce on Thursday.

We are removing SBGI. TRMB has been triggered.


Current Portfolio:


BULLISH Play Updates

Acadia Healthcare - ACHC - close: 34.12 change: -0.64

Stop Loss: 33.35
Target(s): 38.50
Current Gain/Loss: - 2.9%

Entry on June 11 at $35.15
Listed on June 10, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 273 thousand
New Positions: see below

Comments:
06/13/13: It was a disappointing day for ACHC. The stock underperformed the market with a -1.8% decline. Yet the up trend remains intact with traders buying ACHC at its rising 30-dma, which has been consistent support. Tonight we are raising the stop loss to $33.35.

current Position: Long ACHC stock @ $35.15

06/13/13 new stop loss @ 33.35



Delphi Automotive - DLPH - close: 51.06 change: +1.06

Stop Loss: 47.85
Target(s): 54.50
Current Gain/Loss: + 1.6%

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:
06/13/13: It was a strong session for DLPH with shares advancing off the $50 level. Shares outperformed the market with a +2.1% gain and closed at a new all-time high.

current Position: Long DLPH stock @ $50.25

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

Long Aug $50 call (DLPH1317H50) entry $2.40



Ryanair Holdings - RYAAY - close: 49.52 change: -0.14

Stop Loss: 48.75
Target(s): 55.00
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 08, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 319 thousand
New Positions: Yes, see below

Comments:
06/13/13: RYAAY did not participate in the market's broad based rally today. That is disappointing and arguably a sign of relative weakness. If RYAAY doesn't show some improvement tomorrow we will likely drop it as a candidate this weekend.

I am suggesting small bullish positions if RYAAY can trade at $50.50. If triggered our target is $55.00.

Earlier Comments:
Please note I want to point out that RYAAY is a foreign company and its stock tends to gap open, up or down, each day as trading in the U.S. reacts to trading in Europe. Secondly I want to point out that there is a legal drama brewing between RYAAY and the U.K. government. There have been news articles discussing how the U.K. government "may force RYAAY to sell its 30% stake in Aer Lingus" (Reuters) because this ownership stake may allow RYAAY too much influence over its rival. The minority stake might prevent Aer Lingus from merging with another airline. Thus far this story does not seem to have any impact on RYAAY's stock price but investors should be aware of it.

Trigger @ $50.50 *Small Positions*

Suggested Position: buy RYAAY stock @ (trigger)



Spirit Airlines - SAVE - close: 32.30 change: +0.85

Stop Loss: 29.75
Target(s): 34.00
Current Gain/Loss: + 6.8%

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:
06/13/13: SAVE rallied off a test of its rising 10-dma and outperformed the market with a +2.7% gain. I don't see any changes from my prior comments. More conservative traders may want to consider taking profits now or raising your stop loss closer to $31.00.

current Position: Long SAVE stock @ $30.25

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

Long Jul $30 call (SAVE1320G30) entry $1.50

06/10/13 new stop loss @ 29.75
06/08/13 new stop loss @ 29.49
06/01/13 new stop loss @ 29.20



BEARISH Play Updates

Universal Display Corp. - PANL - close: 27.72 change: +0.63

Stop Loss: 28.35
Target(s): 22.50
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 12, 2013
Time Frame: 3 to 6 weeks
Average Daily Volume = 727 thousand
New Positions: Yes, see below

Comments:
06/13/13: There was no follow through on PANL's breakdown. The stock bounced off yesterday's low at $26.80 and produced a +2.3% rebound. The larger trend remains bearish. I don't see any changes from my prior comments.

Earlier Comments:
I do consider this a higher-risk, more aggressive trade. First of all shares of PANL can be very volatile. The last few months have been very choppy. Second, the most recent data listed short interest at 34.8% of the small 35.7 million share float. That does raise the risk of a short squeeze (and helps explain some of the volatility). You may want to try and limit your risk by buying put options instead of shorting the stock.

I am suggesting a trigger to open bearish positions at $26.70. If triggered our target is $22.50. FYI: The Point & Figure chart for PANL is bearish with a $22.00 target.

Trigger @ 26.70

Suggested Position: short PANL stock @ (trigger)

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

Buy the Jul $25 PUT (PANL1320s25)



Rackspace Holdings - RAX - close: 34.50 change: -0.33

Stop Loss: 37.25
Target(s): 31.00
Current Gain/Loss: +9.3%

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:
06/13/13: It was not a good day for RAX. The stock underperformed the market again with a -0.9% loss. After the closing bell the stock was roasted on Jim Cramer's Mad Money with Jim calling RAX a dangerous stock to hold and likely to be crushed for years to come. Cramer believes that RAX is caught in a crossfire between heavyweights like Amazon.com and IBM who are competing with RAX in the cloud computing industry.

Our target to exit this trade is $31.00 on RAX. More aggressive traders may want to aim lower. Keep in mind that we only have the June puts that will expire in about six trading days. The option has almost doubled so traders may want to take profits in the option tomorrow as RAX might see further losses following Cramer's comments.

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.



Trimble Navigation - TRMB - close: 26.00 change: -0.15

Stop Loss: 27.01
Target(s): 23.00
Current Gain/Loss: - 0.4%

Entry on June 13 at $25.90
Listed on June 11, 2013
Time Frame: 4 to 6 weeks
Average Daily Volume = 1.7 million
New Positions: see below

Comments:
06/13/13: TRMB was down on an up day for the market. That's a good sign for our bearish play. Shares spiked down past support near $26.00 and hit our trigger to open shorts at $25.90. TRMB did pared its losses to close right on the $26.00 level. Traders looking for a new entry point may want to wait for a drop below $25.80 or a drop below Thursday's low of $25.64 before initiating new positions.

current Position: short TRMB stock @ $25.90

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

Long AUG $25 PUT (TRMB1317T25) entry $1.10



CLOSED BEARISH PLAYS

Sinclair Broadcast Group - SBGI - close: 27.15 change: +3.06

Stop Loss: 25.51
Target(s): 20.15
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 12, 2013
Time Frame: 3 to 6 weeks
Average Daily Volume = 1.5 million
New Positions: , see below

Comments:
06/13/13: News that Gannett Company (GCI) was buying Belo Corp. (BLC) for $1.5 billion spurred a rally in SBGI. Today's move makes GCI the third largest television broadcaster, leapfrogging SBGI. Wall Street might be betting that a larger suitor will try and buy SBGI. Thus the +12.7% pop in SBGI's stock today.

Our plan was a short on a breakdown below support. That is unlikely to happen any time soon. We are removing SBGI as a candidate.

Trade did not open.

06/13/13 removed from the newsletter

Annotated chart: