Editor's Note:
The S&P 500 index and the small cap Russell 2000 index both closed at new all-time highs today. As long as the jobs report doesn't disappoint tomorrow we could see stocks surge higher again on Friday.

Our BBY trade was triggered on Thursday.
We have updated multiple stop losses tonight.


Current Portfolio:


BULLISH Play Updates

Best Buy Co. - BBY - close: 30.71 change: +0.62

Stop Loss: 29.75
Target(s): 33.50
Current Gain/Loss: + 1.0%

Entry on August 01 at $30.40
Listed on July 25, 2013
Time Frame: exit PRIOR to earnings in late August
Average Daily Volume = 4.9 million
New Positions: Yes, see below

Comments:
08/01/13: After patiently waiting for a new high BBY finally pushed past resistance near $30.35. Our trigger to launch bullish positions was hit at $30.40. If the jobs report doesn't tank the market tomorrow morning I would still consider positions at current levels.

We are adjusting the stop loss to $29.75.

Earlier Comments:
If triggered we will target a move to $33.50 but we do not want to hold over the late August earnings report.

current Position: Long the stock @ $30.40

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

Long Sep $32 call (BBY1321i32) entry $1.20

08/01/13 new stop loss @ 29.75



Broadcom Corp. - BRCM - close: 27.63 change: +0.06

Stop Loss: 26.49
Target(s): 31.00
Current Gain/Loss: unopened

Entry on July -- at $--.--
Listed on July 30, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 13.1 million
New Positions: Yes, see below

Comments:
08/01/13: BRCM's performance has been rather disappointing the last couple of sessions. If shares do not improve tomorrow then we will likely drop it as a candidate this weekend. Overall I don't see any changes from my prior comments (Tuesday's new play description).

I am suggesting a trigger to launch small bullish positions at $28.05. If triggered our target is $31.00 although I will point out that it is possible the $30.00 level could act like round-number resistance. We will start with a stop loss at $26.49 but more conservative traders may want to use a stop loss closer to $27.20 instead.

Trigger @ 28.05 *small positions*

Suggested Position: buy BRCM stock @ (trigger)

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

Buy the Sep $30 call (BRCM1321i30)



The Gap, Inc. - GPS - close: 46.32 change: +0.42

Stop Loss: 45.49
Target(s): 49.50
Current Gain/Loss: + 1.2%

Entry on July 29 at $45.75
Listed on July 27, 2013
Time Frame: exit PRIOR to earnings in late August
Average Daily Volume = 2.5 million
New Positions: see below

Comments:
08/01/13: GPS gapped open higher and then spent the rest of the day drifting sideways. Fortunately today does cancel yesterday's bearish reversal candlestick.

Tonight we are adjusting the stop loss up to $45.49.

We will plan to exit prior to GPS' earnings report in late August.

current Position: Long GPS stock @ $45.75

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

Long Sep $45 call (GPS1321i45) entry $2.27

08/01/13 new stop loss @ 45.49
07/30/13 new stop loss @ 44.75



L Brands, Inc. - LTD - close: 57.55 change: +1.78

Stop Loss: 54.65
Target(s): 58.50
Current Gain/Loss: + 6.9%

Entry on July 29 at $53.85
Listed on July 27, 2013
Time Frame: exit PRIOR to the earnings report on Aug. 21st
Average Daily Volume = 1.7 million
New Positions: see below

Comments:
08/01/13: Thursday was a big day for LTD as shares outperformed the market with a +3.19% gain. Our exit target is $58.50 but more aggressive traders could aim higher. We are adjusting the stop loss up to $54.65. Our call option has already more than doubled. Readers may want to take profits now.

FYI: The Point & Figure chart for LTD is bullish with a $68.00 target.

*small positions*

current Position: Long LTD stock @ $53.85

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

Long Sep $55 call (LTD1321i55) entry $1.45

08/01/13 new stop loss @ 54.65
07/31/13 new stop loss @ 53.45



Rackspace Hosting - RAX - close: 46.10 change: +0.81

Stop Loss: 44.45
Target(s): 49.00
Current Gain/Loss: +1.7%

Entry on July 25 at $45.35
Listed on July 24, 2013
Time Frame: exit PRIOR to earnings on Aug. 8th
Average Daily Volume = 1.9 million
New Positions: see below

Comments:
08/01/13: RAX managed a bounce from support near $45 and its 10-dma. Yet today's session produced an "inside day" (inside the prior day's range), and this might suggest investor indecision.

We are not suggesting new positions. Tonight we're raising the stop loss to $44.45.

*small positions*

current Position: Long RAX stock @ $45.35

08/01/13 new stop loss @ 44.45
07/27/13 new stop loss @ 43.85



BEARISH Play Updates

Ixia - XXIA - close: 14.61 change: +0.71

Stop Loss: 14.65
Target(s): 10.25
Current Gain/Loss: unopened

Entry on July -- at $--.--
Listed on July 31, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 909 thousand
New Positions: Yes, see below

Comments:
08/01/13: We are not expecting such a big bounce in XXIA today. Shares gapped open higher and rush to a +5.1% gain. Yet the rally stopped dead at short-term technical resistance at the 10-dma.

Currently we are on the sidelines. We are suggesting a trigger to launch bearish positions at $13.40. If triggered our target is $10.25 but it could take a few weeks to get there.

Trigger @ 13.40

Suggested Position: short XXIA stock @ (trigger)