Editor's Note:
The market's major indices managed an intraday bounce on Friday.

DLPH, HPQ, and RNF were stopped out. RYAAY was closed. PBYI was triggered.


Current Portfolio:


BULLISH Play Updates

Acadia Healthcare - ACHC - close: 34.30 change: +0.14

Stop Loss: 33.60
Target(s): 38.50
Current Gain/Loss: - 2.4%

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:
06/22/13: ACHC is still respecting technical support at the rising 30-dma. Shares bounced there again on Friday. I would use the Friday afternoon bounce as a new bullish entry point.

current Position: Long ACHC stock @ $35.15

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

chart:



Addus HomeCare - ADUS - close: 19.54 change: -0.43

Stop Loss: 18.75
Target(s): 24.00
Current Gain/Loss: -3.0%

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:
06/22/13: ADUS tried to rally on Friday morning. Shares managed to hit a new all-time high by a few cents and then reverse. The stock settled with a -2.1% decline but it's still holding support at the rising 10-dma.

I am raising our stop loss to $18.75 just in case ADUS breaks down below the $19.00 level.

*small positions*

current Position: Long ADUS stock @ $20.15

06/22/13 new stop loss @ 18.75
06/19/13 new stop loss @ 18.49

chart:



Fiesta Restaurant Group, Inc. - FRGI - close: 35.67 change: -0.45

Stop Loss: 34.35
Target(s): 39.75
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 20, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 238 thousand
New Positions: Yes, see below

Comments:
06/22/13: FRGI slowly faded lower on Friday to post a -1.2% decline. Shares closed near technical support at its rising 20-dma. More aggressive traders may want to buy this dip and use a tight stop loss. I am suggesting traders wait for a bounce and launch small bullish positions at $36.50.

NOTE: FRGI does have options available. If you are considering the options I would probably use the Septembers.

Trigger @ 36.50 *Small Positions*

Suggested Position: buy FRGI stock @ (trigger)

chart:



Puma Biotechnology - PBYI - close: 42.55 change: +3.66

Stop Loss: 38.90
Target(s): 44.75
Current Gain/Loss: +4.8%

Entry on June 21 at $40.60
Listed on June 19, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 194 thousand
New Positions: see below

Comments:
06/22/13: PBYI displayed significant relative strength on Friday with a bullish breakout past resistance at $40.00. Shares hit our trigger to launch positions at $40.60 and kept going, closing up +9.4% on the session.

Earlier Comments:
We do want to keep our position size small. Biotech stocks can be dangerous. The wrong headline with disappointing news about a drug trials or something similar can send a biotech stock gapping lower.

*Small Positions*

Current Position: Long PBYI stock @ $40.60

chart:



Spirit Airlines - SAVE - close: 32.70 change: -0.73

Stop Loss: 31.25
Target(s): 34.00
Current Gain/Loss: + 7.8%

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:
06/22/13: SAVE continues to hold up pretty well. The profit taking on Friday was mild with a -0.3% pullback. Shares settled right on their rising 10-dma. More conservative investors may still want to consider an early exit to lock in gains. The 20-dma has risen to $31.41. I am adjusting our stop loss up to $31.25. I am not suggesting new positions.

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%)

06/22/13 new stop loss @ 31.25
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

chart:



BEARISH Play Updates

Freeport-McMoRan - FCX - close: 28.16 change: +0.44

Stop Loss: 29.51
Target(s): 25.50
Current Gain/Loss: + 1.3%

Entry on June 20 at $28.54
Listed on June 15, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 20 million
New Positions: see below

Comments:
06/22/13: Hmm... FCX managed a bounce off of Thursday's low. Shares displayed relative strength on Friday but it could just be an oversold bounce. The U.S. dollar is arguably short-term overbought with last week's rally. If the dollar dips it could fuel a rebound in commodities, especially since commodities also look oversold here. A bounce in commodities would help fuel a bounce in FCX. In summary, I am expecting FCX to bounce on Monday. The top of the gap near $29.20 should be resistance and the simple 10-dma at $29.43 should also be short-term resistance. We are lowering our stop loss down to $29.51. More conservative traders may want to lower their stop even further but you'll risk getting closed on a fill-the-gap move in FCX.

Earlier Comments:
Bear in mind that the April low in the $27.24 area could actually be short-term support and FCX may manage a short-term bounce from this level.

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

current Position: short FCX stock @ $28.54

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

Long Aug $27 PUT (FCX1317T27) entry $0.85

06/22/13 new stop loss @ 29.51
06/20/13 trade opened on gap down at $28.54. Trigger was $29.00

chart:



CLOSED BULLISH PLAYS

Delphi Automotive - DLPH - close: 49.69 change: -0.56

Stop Loss: 49.75
Target(s): 54.50
Current Gain/Loss: - 1.0%

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:
06/22/13: The profit taking in DLPH continued on Friday and shares broke down below support at $50.00 and its 20-dma. The longer-term trend is still higher but our stop loss was hit at $49.75. It is worth noting that last week's performance did create a bearish engulfing candlestick reversal pattern on the weekly chart.

closed Position: Long DLPH stock @ $50.25 exit $49.75 (-1.0%)

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

Aug $50 call (DLPH1317H50) entry $2.40 exit $2.00 (-16.6%)

06/21/13 stopped out
06/19/13 new stop loss @ 49.75
06/17/13 new stop loss @ 49.25

chart:



Hewlett-Packard - HPQ - close: 24.15 change: -0.57

Stop Loss: 24.40
Target(s): 29.50
Current Gain/Loss: - 4.9%

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:
06/22/13: HPQ continued to see profit taking. The stock hit a new 52-week high just a few days ago but reversed sharply on Thursday and Friday. Shares hit our stop loss at $24.40 on Friday.

If HPQ fills the gap and dips to the $22.00 level I would be tempted to buy a bounce. We'll have to wait and see.

closed Position: Long HPQ stock @ $25.65 exit $24.40 (-4.9%)

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

Aug $25 call (HPQ1317H25) entry $1.70 exit $0.98 (-42.3%)

06/21/13 stopped out.

chart:



Ryanair Holdings - RYAAY - close: 49.72 change: +0.10

Stop Loss: 48.95
Target(s): 55.00
Current Gain/Loss: + 1.6%

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:
06/22/13: How convenient! On Thursday night we decided to exit our RYAAY trade on Friday morning. Shares gapped open higher at $51.29 before falling back into its recent trading range.

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

*Small Positions*

closed Position: Long RYAAY stock @ $50.50 exit $51.29 (+1.6%)

06/21/13 closed at the open (gap higher)
06/20/13 prepare to exit at the open tomorrow morning
06/19/13 new stop loss @ 48.95

chart:



CLOSED BEARISH PLAYS

Rentech Nitrogen Partners - RNF - close: 28.89 change: +0.89

Stop Loss: 28.35
Target(s): 25.15
Current Gain/Loss: + 2.2%

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:
06/22/13: The oversold bounce in RNF continued on Friday. Shares hovered near $28.00 the first half of the session and then rebounded higher. The stock pierced its 10-dma before paring gains. RNF hit our stop loss at $28.35 early Friday morning. Broken support near $30.00 should still be resistance and RNF still has a significant trend of lower highs working against it. Traders may want to keep RNF on their radar for a failed rally at resistance as a new entry point.

Earlier Comments:
We want to keep our position size small because RNF is arguably already oversold.

*small positions*

closed Position: short RNF stock @ $29.00 exit $28.35 (+2.2%)

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

Jul $27.50 PUT (RNF1320s27.5) entry $0.65 exit $0.65*

06/21/13 stopped out
*option exit price is an estimate since the option did not trade at the time our play was closed.
06/20/13 new stop loss @ 28.35
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

chart: