Editor's Note:
After a three-day rally the markets drifted sideways into the end of the quarter and end of the first half of 2013.

ACHC was stopped out. SSTK hit our target.


Current Portfolio:


BULLISH Play Updates

American Realty Capital Prop. - ARCP - close: 15.26 change: +0.06

Stop Loss: 13.85
Target(s): 16.00
Current Gain/Loss: + 4.5%

Entry on June 24 at $14.60
Listed on June 22, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.8 million
New Positions: see below

Comments:
06/29/13: There were several headlines about ARCP on Friday. The main story was the announcement that ARCP had completed its purchase of 447 properties from GE's finance division for $774 million. Most of the properties are leased to fast food franchises. ARCP also announced that its annual cash dividend is $0.91 per share but it's payable in chunks each month. July's dividend will be $0.07583. ARCP's annual dividend will soon be $0.94.

Friday's session saw ARCP briefly traded above resistance near its 100-dma and the mid June highs before shares pared their gains.

*small positions*

current Position: Long ARCP stock @ $14.60

chart:



Community Health Systems - CYH - close: 46.88 change: -0.83

Stop Loss: 44.85
Target(s): 51.00
Current Gain/Loss: - 0.4%

Entry on June 26 at $47.05
Listed on June 25, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.2 million
New Positions: see below

Comments:
06/29/13: Ouch! CYH gave back a good chunk of Thursday's rally with a -1.7% pullback on Friday. Traders should note that CYH's rebound has stalled near the 50% retracement of the recent pullback from its highs. I'm not suggesting new positions at this time. I would expect a dip back into the $46-45 area.

current Position: Long CYH stock @ $47.05

chart:



Engility Holdings - EGL - close: 28.42 change: -0.08

Stop Loss: 27.45
Target(s): 32.50
Current Gain/Loss: + 0.6%

Entry on June 25 at $28.25
Listed on June 24, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 96 thousand
New Positions: see below

Comments:
06/29/13: Friday was a choppy session for EGL but traders did buy the dip Friday afternoon. I am raising our stop loss to $27.45. Readers may want to wait for a rally past Friday's high (28.65) before considering new bullish positions.

Earlier Comments:
There appears to be some short-term resistance near $28.20 and a breakout past this level could spark some short covering. The most recent data listed short interest a 10% of the small 12.7 million share float.

current Position: Long EGL stock @ $28.25

06/29/13 new stop loss @ 27.45

chart:



MetLife, Inc. - MET - close: 45.76 change: -0.34

Stop Loss: 44.70
Target(s): 50.00
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 27, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 8.7 million
New Positions: Yes, see below

Comments:
06/29/13: MET quietly drifted sideways on Friday, hovering below resistance near $46.00. There is no change from my Thursday night, new-play comments and I remain cautiously bullish here.

Earlier Comments:
MET has been outperforming many of its peers in the insurance sector. The stock has rallied to resistance near $46.00 this week. A breakout here would be close to a new two-year high. While the short-term and intermediate trend in MET is up I am cautiously bullish here based on the action in the broader market indices. If the S&P 500 fails at 1620 again tomorrow (Friday) I would not want to launch new bullish positions. However if the index can breakout and close above 1620 then the market could see some short covering. That would help clear the path for MET to keep the rally going.

I am suggesting we keep our position size pretty small on MET. Today's high was $46.11. We'll use a trigger at $46.25 to launch positions. If triggered our target is $50.00.

Trigger @ 46.25 *small positions*

Suggested Position: buy MET stock @ (trigger)

chart:



Nexstar Broadcasting - NXST - close: 35.46 change: +0.00

Stop Loss: 33.49
Target(s): 39.50
Current Gain/Loss: - 0.2%

Entry on June 27 at $35.53
Listed on June 26, 2013
Time Frame: 4 to 8 weeks
Average Daily Volume = 615 thousand
New Positions: see below

Comments:
06/29/13: Hmm... Friday's session was almost identical to Thursday's with NXST spiking higher in the first few minutes, failing at $36.00, and then spending the rest of the day in a narrow range above $35.20. NXST managed to end Friday unchanged.

I remain bullish here but readers may want to wait for a dip near $34.50 area or better yet a bounce from this level before considering new positions.

*small positions*

current Position: Long NXST stock @ $35.53

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

Long Aug $40 call (NXST1317H40) entry $1.14

06/27/13 triggered on gap higher at $35.53 (trigger was 35.50)

chart:



BEARISH Play Updates

Cliffs Natural Res. - CLF - close: 16.25 change: +0.55

Stop Loss: 16.51
Target(s): 12.15
Current Gain/Loss: unopened

Entry on June -- at $--.--
Listed on June 26, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 11.5 million
New Positions: Yes, see below

Comments:
06/29/13: Shares of CLF spent Friday's session drifting sideways and the stock closed unchanged on the session. There is no change from my Wednesday night, new-play comments.

Earlier Comments:
If the $15.50 level breaks the next stop could be its 2009 lows near $12.00 (actually $11.84). I am suggesting small bearish positions if CLF hits $15.40 or lower. If triggered our target is $12.15. I am suggesting small positions because CLF is arguably oversold here. Instead of shorting CLF you may want to try and limit your risk by using put options (your risk being the cost of the option).

Trigger @ 15.40 *small positions*

Suggested Position: short CLF stock @ (trigger)

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

Buy the Aug $15 PUT (CLF1317T15)

chart:



Energy XXI Ltd. - EXXI - close: 22.18 change: -0.75

Stop Loss: 23.55
Target(s): 20.25
Current Gain/Loss: + 5.2%

Entry on June 27 at $23.40
Listed on June 25, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.0 million
New Positions: see below

Comments:
06/29/13: Many commodity-related names continue to underperform. EXXI lost another -3.25% on Friday. This is a new eight-week low. Tonight we're adjusting the stop loss down to $23.55.

We are aiming for $20.25 as our exit target but the April 2013 lows could be support. More conservative traders may want to take profits early in the $22.00-21.50 area.

current Position: short EXXI stock @ $23.40

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

Long Jul $24 PUT (EXXI1320S24) entry $1.20

06/29/13 new stop loss @ 23.55

chart:



Freeport-McMoRan - FCX - close: 27.61 change: +0.31

Stop Loss: 28.75
Target(s): 25.50
Current Gain/Loss: + 3.3%

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:
06/29/13: The down trend in FCX seems to have stalled. Shares hit new multi-year lows this past week and bounced. This weekend there should be new economic data from China that is likely to disappoint. That could re-ignite the commodity sell-off and FCX should follow it lower.

Nimble traders could look for a failed rally near the 10-dma (about $28.00) as another bearish entry point.

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

06/26/13 new stop loss @ 28.75
06/24/13 new stop loss @ 29.05
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

Acadia Healthcare - ACHC - close: 33.07 change: -1.08

Stop Loss: 33.60
Target(s): 38.50
Current Gain/Loss: - 4.4%

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:
06/29/13: ACHC has not been acting very healthy the last few days and we warned readers that its lack of participation in the rally was a problem. Shares broke down on Friday and closed below several layers of technical support. ACHC hit our stop loss at $33.60 midday Friday.

closed Position: Long ACHC stock @ $35.15 exit $33.60 (-4.4%)

06/28/13 stopped out
06/18/13 new stop loss @ 33.60
06/13/13 new stop loss @ 33.35

chart:



Shutterstock, Inc. - SSTK - close: 55.78 change: +2.22

Stop Loss: 49.40
Target(s): 54.85
Current Gain/Loss: + 8.6%

Entry on June 27 at $50.50
Listed on June 24, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 106 thousand
New Positions: see below

Comments:
06/29/13: Target achieved.

SSTK rallied another +4.1% on Friday on top of Thursday's +7.5% gain. The stock hit an intraday high of $57.49 before paring its gains. At $57.49 shares were up more than +15% in just two session prior to profit taking on Friday afternoon.

Our exit target was hit at $54.85.

*small positions*

closed Position: Long SSTK stock @ $50.50 exit $54.85 (+8.6%)

06/28/13 target hit
06/27/13 new stop loss @ 49.40
06/27/13 triggered @ 50.50

chart: