Editor's Note:
The U.S. market faded lower into the weekend as investors look ahead to next week's FOMC meeting.

Our RYAAY trade was triggered on Friday.


Current Portfolio:


BULLISH Play Updates

Acadia Healthcare - ACHC - close: 34.05 change: -0.07

Stop Loss: 33.35
Target(s): 38.50
Current Gain/Loss: - 3.1%

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:
06/15/13: Friday proved to be a quiet session for shares of ACHC. The stock consolidated sideways in a narrow range near the $34.00 level. As long as ACHC remains above the 30-dma, we will likely remain bullish on it. Traders could use a bounce from current levels as a new entry point.

current Position: Long ACHC stock @ $35.15

06/13/13 new stop loss @ 33.35

chart:



Delphi Automotive - DLPH - close: 51.22 change: +0.16

Stop Loss: 47.85
Target(s): 54.50
Current Gain/Loss: + 1.9%

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:
06/15/13: DLPH also produced a quiet day on Friday. Shares drifted sideways near $51.00. It's worth noting that DLPH did buck the market's down trend on Friday. Nimble traders could buy a dip near $50.00.

current Position: Long DLPH stock @ $50.25

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

Long Aug $50 call (DLPH1317H50) entry $2.40

chart:



Ryanair Holdings - RYAAY - close: 50.07 change: +0.55

Stop Loss: 48.75
Target(s): 55.00
Current Gain/Loss: - 0.9%

Entry on June 14 at $50.50
Listed on June 08, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 319 thousand
New Positions: see below

Comments:
06/15/13: We were poised to drop RYAAY for lack of movement but shares shot higher on Friday morning. The stock broke out to new all-time highs and hit our trigger to open bullish positions at $50.50. Unfortunately, RYAAY pared its gains to close back at the $50.00 mark.

Our trade is open but if you are looking for a new positions you might want to wait for a new rally past $50.66 before launching positions. The plan was to keep our position size small.

*Small Positions*

current Position: Long RYAAY stock @ $50.50

chart:



Spirit Airlines - SAVE - close: 32.12 change: -0.18

Stop Loss: 29.75
Target(s): 34.00
Current Gain/Loss: + 6.2%

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:
06/15/13: SAVE did not see any follow through on Thursday's bounce. The stock drifted sideways in a narrow range. The stock did post a gain for the week. Shares are up four weeks in a row and up six out of the last seven weeks. Yet this past week seems to have identified new resistance in the $32.40-32.50 area.

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

chart:



BEARISH Play Updates

Universal Display Corp. - PANL - close: 27.84 change: +0.12

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:
06/15/13: PANL managed to post a gain on Friday but shares are still trading below short-term resistance at their 10-dma. 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)

chart:



Rackspace Holdings - RAX - close: 34.62 change: +0.12

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:
06/15/13: Hmm... RAX did not seem to react at all to Cramer's rant about how bad the stock was on Thursday night. Instead shares of RAX actually outperformed the market on Friday with a +0.3% bounce. Support near $34.00 seems to be holding for now.

I am not suggesting new positions at this time. 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 five trading days.

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:



Rentech Nitrogen Partners - RNF - close: 29.50 change: +0.30

Stop Loss: 31.05
Target(s): 25.15
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 13, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 159 thousand
New Positions: Yes, see below

Comments:
06/15/13: RNF delivered a bounce on Friday. I couldn't find any headlines to account for the sudden show of relative strength. The stock posted a +1.0% gain. Yet the action on Friday actually looks bearish with a failed rally near the $30.00 mark, which should be new resistance.

Officially the newsletter is suggesting a trigger to open bearish positions at $29.00 but I would be seriously tempted to launch new positions now at current levels.

We want to keep our position size small because RNF is arguably already oversold. Of course it can remain oversold for months but we still want to limit our risk.

Trigger @ 29.00 *small positions*

Suggested Position: short RNF stock @ (trigger)

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

Buy the Jul $27.50 PUT (RNF1320s27.5) current ask $0.60

chart:



Trimble Navigation - TRMB - close: 26.25 change: +0.15

Stop Loss: 27.01
Target(s): 23.00
Current Gain/Loss: - 1.4%

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:
06/15/13: TRMB also displayed relative strength on Friday with a +0.9% bounce. Yet the overall trend remains a bearish one of lower highs and lower lows. I would still consider bearish positions now or you could wait for a new drop under Friday's low (25.90) as an entry point.

current Position: short TRMB stock @ $25.90

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

Long AUG $25 PUT (TRMB1317T25) entry $1.10

chart: