Editor's Note:
The U.S. market produced widespread declines as traders continue to sell the post-FOMC meeting pop.

CLDX hit our bullish target on Friday.
MLNX hit our bearish target on Friday.
LGF was stopped out.


Current Portfolio:


BULLISH Play Updates

Avago Technologies - AVGO - close: 41.62 change: +0.87

Stop Loss: 39.40
Target(s): 44.50
Current Gain/Loss: + 3.4%

Entry on September 17 at $40.25
Listed on September 10, 2013
Time Frame: 9 to 12 weeks
Average Daily Volume = 2.1 million
New Positions: see below

Comments:
09/21/13: It was a big week for AVGO. Not only did AVGO gain +6.7% for the week but the stock broken out past major resistance near the $40.00 level. These are new all-time highs for the stock.

AVGO outperformed the market on Friday with a +2.1% gain and that was after pulling back from its intraday highs near $42.50. The move on Friday was likely a reaction to news that AVGO is one of the parts supplier for the new Apple iPhones.

Shares are arguably short-term overbought here. I would not chase it. We are raising our stop loss to $39.40.

Earlier Comments:
FYI: The Point & Figure chart for AVGO is bullish with a long-term $56.00 target.

current Position: long AVGO stock @ $40.25

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

Long 2014 Jan $40 call (AVGO1418a40) entry $2.80

09/21/13 new stop loss @ 39.40

chart:



Freeport-McMoRan Copper & Gold - FCX - close: 33.87 change: -0.73

Stop Loss: 32.75
Target(s): 36.00
Current Gain/Loss: + 4.9%

Entry on September 11 at $32.30
Listed on September 09, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 11.5 million
New Positions: see below

Comments:
09/21/13: Gold and silver saw some heavy profit taking on Friday with the GLD losing -2.8% and the SLV falling -5.4%. Copper dropped -1.1%. Altogether this sell-off in the metals pushed FCX to a -2.1% decline. This isn't too surprising since FCX had produced a big rally and just stalled at resistance near $35.00 on Thursday.

We are turning more defensive here and raising our stop loss to $32.75. More conservative traders may want to just exit now to lock in gains.

current Position: Long FCX stock @ $32.30

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

Long 2014 Jan $35 call (FCX1418a35) entry $1.15

09/21/13 new stop loss @ 32.75
09/18/13 new stop loss @ 31.85

chart:



Goodyear Tire & Rubber Co. - GT - close: 22.22 change: -0.02

Stop Loss: 21.39
Target(s): 25.00
Current Gain/Loss: - 1.3%

Entry on September 19 at $22.50
Listed on September 18, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 4.2 million
New Positions: see below

Comments:
09/21/13: GT ended Friday's session virtually unchanged. That might seem bullish given the market's widespread decline but that doesn't tell the whole story. GT actually gapped open higher on Friday morning at $23.07 (+3.7% gain) as investors reacted to company news. Friday morning GT announced a 5-cent dividend and a $100 million stock buyback program. This is the first dividend in eleven years.

The announcement is positive for investors but the fact that GT couldn't hold these gains was disappointing and potentially bearish. I am not suggesting new positions at this time. We'll see how GT performs on Monday.

current Position: long GT stock @ $22.50

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

Long 2014 Jan $23 call (GT1418a23) entry $1.63

chart:



NVIDIA - NVDA - close: 15.80 change: -0.13

Stop Loss: 15.45
Target(s): 16.90
Current Gain/Loss: + 1.3%

Entry on September 11 at $15.60
Listed on September 10, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 8.4 million
New Positions: see below

Comments:
09/21/13: We are urging a little caution here. NVDA's upward momentum has stalled. Shares look poised to correct lower toward the $15.50 area, which was prior resistance and should offer some new support. We're going to try and limit our risk by raising the stop loss to $15.45.

Earlier Comments:
Our plan was to use small positions to limit our risk.
FYI: The Point & Figure chart for NVDA is bullish with a long-term $23.00 target.

current Position: long NVDA stock @ $15.60

09/21/13 new stop loss @ $15.45

chart:



PerkinElmer Inc. - PKI - close: 38.24 change: -0.34

Stop Loss: 37.60
Target(s): 42.50
Current Gain/Loss: + 0.2%

Entry on September 16 at $38.15
Listed on September 12, 2013
Time Frame: 6 to 9 weeks
Average Daily Volume = 784 thousand
New Positions: see below

Comments:
09/21/13: Hmm... PKI just failed near the $39.00 level for the second day in a row. That could be telling us the rally is tired and it's time for a dip. Prior resistance near $37.70 should offer some short-term support. We are going to try and reduce our risk by raising the stop loss to $37.60.
FYI: The Point & Figure chart for PKI is bullish with a $46.50 target.

current Position: Long PKI stock @ $38.15

09/21/13 new stop loss @ 37.60

chart:



Toro Co. - TTC - close: 54.56 change: -0.06

Stop Loss: 53.75
Target(s): 59.50
Current Gain/Loss: - 1.2%

Entry on September 16 at $55.20
Listed on September 14, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 235 thousand
New Positions: see below

Comments:
09/21/13: TTC has been stuck churning sideways in the $54-55 zone for about two weeks now. The stock's lack of progress could be a warning. We are turning more defensive here and raising the stop loss to $53.75.
FYI: The Point & Figure chart for TTC is bullish with a long-term $72.00 target.

current Position: long TTC stock @ $55.20

09/21/13 new stop loss @ 53.75
09/16/13 trade opened on gap higher at $55.20
suggested trigger was $55.15

chart:



Yahoo! Inc. - YHOO - close: 30.93 change: -0.11

Stop Loss: 29.75
Target(s): 34.75
Current Gain/Loss: + 1.1%

Entry on September 19 at $30.60
Listed on September 18, 2013
Time Frame: 9 to 12 weeks
Average Daily Volume = 13.3 million
New Positions: see below

Comments:
09/21/13: YHOO delivered another strong week (+5.7%) with a rally to new multi-year highs. The breakout past round-number resistance near $30.00 is bullish. Yet if the market continues to sink we could see YHOO pullback and retest this area near $30.00 as new support. Tonight we are adjusting our stop loss higher to $29.75.

Earlier Comments:
Our plan was to keep our position size small to limit our risk.

*small positions*

current Position: Long YHOO stock @ $30.60

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

Long 2014 Jan $32 call (YHOO1418a32) entry $1.70*

09/21/13 new stop loss @ $29.75
*option entry price is an estimate since the option did not trade at the time our play was opened.

chart:



BEARISH Play Updates

Axiall Corp. - AXLL - close: 39.03 change: -0.78

Stop Loss: 40.65
Target(s): 35.25
Current Gain/Loss: -0.7%

Entry on September 18 at $38.75
Listed on September 17, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.0 million
New Positions: see below

Comments:
09/21/13: The market weakness on Friday helped AXLL reverse at resistance near $40.00 again. The stock underperformed the market with a -1.95% decline. I would be tempted to consider new bearish positions here. More conservative traders may want to wait for AXLL to trade below its Sept. 18th low of $38.66 instead.

Earlier Comments:
Our target is $35.25. More aggressive traders may want to aim lower since the P&F chart is bearish with a quadruple-bottom breakdown sell signal and a $29.00 target.

FYI: AXLL is due to begin trading ex-dividend on September 25th. The quarterly cash dividend should be 16 cents.

current Position: short AXLL stock @ $38.75

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

Long Oct $40 PUT (AXLL1319v40) entry $2.20*

*option entry price is an estimate since the option did not trade at the time our play was opened.

chart:



Urban Outfitters - URBN - close: 38.10 change: -0.02

Stop Loss: 38.60
Target(s): 34.50
Current Gain/Loss: unopened

Entry on September -- at $--.--
Listed on September 19, 2013
Time Frame: 3 to 4 weeks
Average Daily Volume = 2.8 million
New Positions: Yes, see below

Comments:
09/21/13: Friday's widespread market weakness should have helped URBN breakdown to new relative lows. Instead shares closed virtually unchanged on the session. The stock actually gapped open higher as traders reacted to bullish analyst comments and an upgrade to a "buy" that came out before the opening bell. URBN gave back all of its gains.

We're going to hold on and see how URBN performs on Monday. At the moment our strategy is unchanged.

Earlier Comments:
Wednesday's low was $37.34. I am suggesting a trigger to launch bearish positions at $37.25. If triggered our target is the November 2012 lows near $34.50.

FYI: The Point & Figure chart has produced a sell signal and is forecasting at $31.00 target.

Trigger @ 37.25

Suggested Position: short URBN stock @ (trigger)

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

buy the Oct $38 PUT (URBN1319v38)

chart:



CLOSED BULLISH PLAYS

Celldex Therapeutics - CLDX - close: 28.96 change: +0.36

Stop Loss: 24.75
Target(s): 29.00
Current Gain/Loss: +15.3%

Entry on September 17 at $25.15
Listed on September 16, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.5 million
New Positions: see below

Comments:
09/21/13: Target achieved.

As expected the rally in CLDX continued on Friday and shares hit our suggested exit target at $29.00.

*small positions*

closed Position: long CLDX stock @ $25.15 exit $29.00 (+15.3%)

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

Oct $25 call (CLDX1319j25) entry $2.05 exit $4.30 (+109.7%)

09/20/13 target hit
09/19/13 new stop loss @ 24.75
prepare to exit the October $25 calls at the open tomorrow morning
09/18/13 new stop loss @ 23.90
*option entry price is an estimate since the option did not trade at the time our play was opened.

chart:



Lions Gate Entertainment - LGF - close: 33.83 change: -1.62

Stop Loss: 34.90
Target(s): 39.90 & 42.50
Current Gain/Loss: - 6.7%

Entry on September 16 at $37.41
Listed on September 14, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.1 million
New Positions: see below

Comments:
09/21/13: Friday proved to be an ugly day for shares of LGF with a -4.5% plunge and a bearish breakdown below technical support at its 50-dma. The move seemed to be a reaction that their CFO was planning to retire soon. Yet shares of LGF had been weak four days in a row. Is it possible that this news leaked before Friday's announcement?

The technical damage to LGF's up trend is pretty ugly. Our stop loss was hit on Friday at $34.90.

closed Position: long LGF stock @ $37.41 exit $34.90 (-6.7%)

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

2014 Jan $40 call (LGF1418a40) entry $1.75 exit $0.95 (-45.7%)

09/20/13 stopped out
09/16/13 trade opened on gap higher at $37.41
suggested trigger was $37.20.

chart:



CLOSED BEARISH PLAYS

Mellanox Technologies - MLNX - close: 34.93 change: -0.71

Stop Loss: 39.25
Target(s): 35.25
Current Gain/Loss: +10.8%

Entry on August 21 at $39.50
Listed on August 20, 2013
Time Frame: 3 to 6 weeks
Average Daily Volume = 713 thousand
New Positions: see below

Comments:
09/21/13: Target achieved.

MLNX continued to sink on Friday with a -1.99% loss. Shares hit our suggested exit target at $35.25 and kept right on going.

Earlier Comments:
I would keep position small because MLNX does have above average short interest at 15% of the 37.5 million share float. FYI: The Point & Figure chart for MLNX is bearish with a $27.00 target.

closed Position: short MLNX stock @ $39.50 exit $35.25 (+10.8%)

09/20/13 target hit
09/19/13 new stop loss @ 38.25
09/14/13 new stop loss @ 39.25
09/04/13 new stop loss @ 40.15
08/22/13 warning! MLNX has produced a one-day bullish reversal pattern

chart: