Editor's Note:
The FOMC decision and Bernanke's comments today sparked a market sell-off this afternoon.

ACOR and HPQ were both triggered. I've adjusted a few stop losses tonight.


Current Portfolio:


BULLISH Play Updates

ACADIA Pharmaceuticals - ACAD - close: 18.09 change: -0.34

Stop Loss: 18.20
Target(s): 24.50
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 15, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.1 million
New Positions: Yes, see below

Comments:
06/19/13: The correction in ACAD continues with the stock down three days in a row. We are currently on the sidelines waiting for a breakout past $20.00.

Earlier Comments:
A rally past resistance at $20 could fuel another bout of short covering. The most recent data listed short interest at 14% of the small 49.3 million share float.

I do consider this an aggressive, higher-risk trade because ACAD can be a volatile stock. Therefore we do want to keep our position size small. The June 10th high was $20.09. I am suggesting a trigger at $20.20 to buy the stock. If triggered our target is $24.50.

Trigger @ 20.20 *Small Positions*

Suggested Position: buy ACAD stock @ (trigger)



Acadia Healthcare - ACHC - close: 34.74 change: -0.69

Stop Loss: 33.60
Target(s): 38.50
Current Gain/Loss: - 1.2%

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:
06/19/13: Hmm... ACHC saw a very brief spike higher this morning and then immediately reversed lower. Shares gave back a good chunk of yesterday's rally. I am not suggesting new positions at this time.

current Position: Long ACHC stock @ $35.15

06/18/13 new stop loss @ 33.60
06/13/13 new stop loss @ 33.35



Acorda Therapeutics - ACOR - close: 34.84 change: -0.11

Stop Loss: 33.40
Target(s): 39.00
Current Gain/Loss: - 1.3%

Entry on June 19 at $35.30
Listed on June 18, 2013
Time Frame: 3 to 8 weeks
Average Daily Volume = 315 thousand
New Positions: see below

Comments:
06/19/13: Our new trade on ACOR has been triggered. Shares spiked higher this morning and hit our entry trigger at $35.30. Unfortunately, shares spent the rest of the day slowly fading lower. Nimble traders could buy a dip or a bounce near $34.00 if the pullback continues. Otherwise I would wait for a new rally past $35.40 before initiating positions.

Earlier Comments:
You will notice on the chart that ACOR can be volatile. The big rally back in April was a reaction to news regarding ACOR's Phase 2 data on its AMPYRA drug. The rally ran out of steam and ACOR eventually gave back all of its gains but the prior trend of higher lows remains intact.

I do consider this an aggressive, higher-risk trade. Biotechs can be very volatile due to headline risk. I am suggesting we keep our position size small.

*Small Positions*

current Position: long ACOR stock @ $35.30



Addus HomeCare - ADUS - close: 19.85 change: -0.50

Stop Loss: 18.49
Target(s): 24.00
Current Gain/Loss: -1.5%

Entry on June 17 at $20.15
Listed on June 15, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 178 thousand
New Positions: see below

Comments:
06/19/13: ADUS just gave back about two-thirds of yesterday's gains but it's worth noting that ADUS did bounce off its lows midday. This looks like another rebound off of short-term technical support at its rising 10-dma. I am inching our stop loss higher to $18.49.

*small positions*

current Position: Long ADUS stock @ $20.15

06/19/13 new stop loss @ 18.49



Delphi Automotive - DLPH - close: 52.09 change: +0.16

Stop Loss: 49.75
Target(s): 54.50
Current Gain/Loss: + 3.7%

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:
06/19/13: DLPH managed to ignore the market's weakness today. Shares broke through short-term resistance at the $52.00 level to hit another new high. Tonight we are raising the stop loss up to $49.75.

current Position: Long DLPH stock @ $50.25

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

Long Aug $50 call (DLPH1317H50) entry $2.40

06/19/13 new stop loss @ 49.75
06/17/13 new stop loss @ 49.25



Hewlett-Packard - HPQ - close: 25.43 change: -0.01

Stop Loss: 24.40
Target(s): 29.50
Current Gain/Loss: - 0.9%

Entry on June 19 at $25.65
Listed on June 17, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 22 million
New Positions: see below

Comments:
06/19/13: HPQ was showing relative strength this morning and hit new 52-week highs. The stock also hit our suggested entry trigger at $25.65. Shares did follow the market lower this afternoon and HPQ closed unchanged on the session. If the market continues to dip we could see HPQ slip toward the $25.00 mark. I would still be tempted to buy the stock near $25.00. More conservative traders could wait for a new relative high instead.

current Position: Long HPQ stock @ $25.65

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

Long Aug $25 call (HPQ1317H25) entry $1.70



Ryanair Holdings - RYAAY - close: 49.90 change: -0.06

Stop Loss: 48.95
Target(s): 55.00
Current Gain/Loss: - 1.2%

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:
06/19/13: You could argue that only losing six cents on today's session is a win by the bulls in RYAAY. I am concerned that today's move looks more like a failed rally at $51.00 and RYAAY's short-term trend of higher highs instead. I am not suggesting new positions. More conservative traders may want to raise their stops closer to $49.40. I am inching our stop loss up to $48.95.

Earlier Comments:
The plan was to keep our position size small.

*Small Positions*

current Position: Long RYAAY stock @ $50.50

06/19/13 new stop loss @ 48.95



Spirit Airlines - SAVE - close: 33.43 change: +0.44

Stop Loss: 30.95
Target(s): 34.00
Current Gain/Loss: +10.5%

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:
06/19/13: SAVE ignored the market's weakness today and kept its rally alive with a +1.3% gain. This is another new record high for the stock. Shares hit $33.75 intraday. Our target exit $34.00. More aggressive traders may want to aim higher instead. The simple 20-dma has risen to $31.12. I am adjusting our stop loss to $30.95.

Don't forget that it was our plan to exit the July $30 calls at the opening bell this morning. SAVE's gap higher was a bonus.

current Position: Long SAVE stock @ $30.25

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

Jul $30 call (SAVE1320G30) entry $1.50 exit $3.05 (+103.3%)

06/19/13 new stop loss @ 30.95
06/19/13 closed the July $30 calls this morning
06/18/13 prepare to exit July $30 calls at the open tomorrow morning.
06/18/13 new stop loss @ 30.80
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

Freeport-McMoRan - FCX - close: 29.19 change: -0.33

Stop Loss: 30.35
Target(s): 25.50
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 15, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 20 million
New Positions: Yes, see below

Comments:
06/19/13: FCX struggled with resistance near the $30.00 level most of the day. When the market sold off this afternoon shares reversed sharply and plunged to a new relative low. Yet we're still waiting for shares to hit our entry trigger at $29.00. That could happen tomorrow morning.

I am suggesting a trigger to open bearish positions at $29.00. If triggered our target is $25.50 but I will point out that the April low near $27.25 could be short-term support and FCX might bounce on its initial test of this level.

FYI: FCX has a special $1.00 dividend payable on July 1st, 2013 to shareholders of record on June 14th.

Trigger @ 29.00

Suggested Position: short FCX stock @ (trigger)

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

Buy the Aug $27 PUT (FCX1317T27)



Rentech Nitrogen Partners - RNF - close: 27.95 change: +0.10

Stop Loss: 30.05
Target(s): 25.15
Current Gain/Loss: + 3.6%

Entry on June 17 at $29.00
Listed on June 13, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 159 thousand
New Positions: see below

Comments:
06/19/13: Warning! The action in RNF today looks like a bullish reversal. Shares dipped down to $26.90 midday. That was a new 11-month low. Then RNF rebounded and closed up +0.35% on the session. While the rest of the market was plunging this afternoon, shares of RNF were accelerating higher.

The stock looks poised to bounce and we could see it rally up to its first level of resistance at the 10-dma near $29.60. I am adjusting our stop loss down to $30.05. More conservative traders may want to lower their stop even further.

If you're trading the put option you might want to exit now to lock in gains. Current bid is $0.95.

Earlier Comments:
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.

*small positions*

current Position: short RNF stock @ $29.00

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

Long Jul $27.50 PUT (RNF1320s27.5) entry $0.65

06/19/13 warning, RNF looks like it's reversing higher.
06/19/13 new stop loss @ 30.05
06/18/13 new stop loss @ 30.55