Editor's Note:

I want to remind readers that if you are holding March options they expire after tomorrow. The market's rally looks a little tired but that hasn't stopped it before.

Current Portfolio:


CALL Play Updates

ADSK - Autodesk - $29.42 Change -0.10 Stop $28.75

ADSK did not see much action today. The stock has effectively filled the gap from yesterday morning. I don't see any changes from my prior comments. ADSK is clearly overbought and due for a reversal but continues to drift higher anyway. I am suggesting we exit at $31.00. I am not suggesting new bullish positions in ADSK at this time.

Current Position: CALL APR 30.00 (ADSK 10D30.00) @ $0.55

Entry on March 8th at $ 28.72
Earnings Date 02/24/10 (confirmed)
Average Daily Volume = 2.75 million
Listed on March 6th, 2010


Cash America - CSH - close: 40.69 change: +0.09 stop: 35.95

The consolidation in shares of CSH is narrowing and the stock looks even closer to breaking out over resistance at $41.00. I am adjusting our entry point strategy to have two potential entries.

First, we'll keep the buy-the-dip strategy with a trigger to buy calls at $38.25. If CSH hits $38.25 we want to buy the April $40 calls and we'll use a stop loss at $35.95. Our first target is $41.00. Our second target is $44.00.

However, we will add a second entry point to buy calls on a breakout at $41.20. This is a much more aggressive entry point so we want to keep positions small. If CSH hits our trigger at $41.20 we'll use a stop loss at $39.40. Our target is $44.25. We want to buy the April $45 calls. They are cheap so don't go overboard. Remember, small positions! This way if CSH reverses on us we will limit our risk.

Buy-the-Dip: Use a trigger at $38.25 to buy calls.

Suggested Position: BUY CALL APRIL $40 (CSH 10D40.00) current ask $1.95

Buy-the-Breakout: Use a trigger at $41.20 to buy calls.

Suggested Position: BUY CALL APRIL $45 (CSH 10D45.00) current ask $0.15

Entry on March xxth at $ xx.xx
Earnings Date 04/22/10
Average Daily Volume = 272 thousand
Listed on March 13th, 2010


Cognizant Technology - CTSH - close: 51.83 change: +0.21 stop: 49.75 *new*

CTSH displayed some relative strength with a 0.4% gain. The stock looks poised to go higher given its recent breakout from the two-week consolidation. However, some of the technical indicators are looking tired. I am adjusting our stop loss to $49.75. Our initial target is $54.75.

Current Position: BUY CALL APRIL $55 (CTSH 10D55.00) @ 0.40

Entry on March 11th at $ 50.54
Earnings Date 05/04/10
Average Daily Volume = 4.05 million
Listed on March 10th, 2010


Green Mountain Coffee Roasters - GMCR - cls: 96.80 chg: -0.81 stop: 92.75

Hmmm... I am surprised that GMCR did not show more strength today. The stock had its price target raised to $105 by a Wall Street firm this morning. The stock opened higher but failed to clear yesterday's high. On an optimistic note traders did buy the dip several times near $96.00.

This is an aggressive trade with small positions. Our first target to take profits is at $99.75. More aggressive traders may want to aim higher.

Current Position: BUY CALL APRIL $100 (GMCR 10D100.00) @ $2.00

Entry on March 17th at $ 95.26
Earnings Date 04/29/10
Average Daily Volume = 1.17 million
Listed on March 13th, 2010


L-3 Communications - LLL - close: 94.18 change: +0.17 stop: 91.25

LLL is off to an okay start. The market really didn't move much today. Shares opened at $93.88 (our entry point) and traders bought the dip near $93.50, which is close to prior resistance. The overall trend remains higher. There is no change from my prior comments.

Aggressive traders willing to take the risk of buying calls in this environment can buy calls on LLL at current levels. Our first target is $97.00. Our final target is $99.75.

Normally I would probably choose the $95 calls but this is a very aggressive entry point given the market's condition. I'd rather have the least amount of capital invested so I'm suggesting the $100 strike. Keep your position size limited.

Current Position: BUY CALL APRIL 100.00 (LLL 10D100.00) @ $0.30

Entry on March 18th at $ 93.88
Earnings Date 04/22/10
Average Daily Volume = 908 thousand
Listed on March 17th, 2010


NII Holdings Inc. - NIHD - close: 40.84 change: -0.40 stop: 38.45 *new*

It was a quiet session for NIHD. Shares traded inside of yesterday's range. Nimble traders could try buying dips near $40.00. I am still concerned that the wider market is too overbought and due to correct. I am raising our stop loss to $38.45. Our first target is the $44.00 level.

Suggested Position: BUY CALL APRIL $40 (NIHD 10D40.00) @ $1.85

Entry on March 11th at $ 40.10
Earnings Date 04/22/10
Average Daily Volume = 2.68 million
Listed on March 10th, 2010


Panera Bread Co. - PNRA - close: 78.59 change: +0.32 stop: 74.75

PNRA continues to bounce around the $78-79 zone. I don't see any changes from my prior comments. Some of the technical indicators are suggesting this rally is tired. I am not suggesting new positions at current levels. Remember, this is an aggressive trade with both PNRA and the market so overextended. Our first target is $82.45. FYI: It is worth noting that PNRA could announce a stock split one of these days. The last time shares split was in the $75-80 zone back in June 2002.

Suggested Position: CALL APR 80.00 (PNRA 10D80.00) @ $1.35

Entry on March 11th at $ 77.18
Earnings Date 04/28/10
Average Daily Volume = 519 thousand
Listed on March 9th, 2010


Transocean Ltd. - RIG - close: 83.67 change: -1.80 stop: 83.45

Concerns over Greece sent the euro currency lower and that boosted the dollar. A stronger dollar sent oil lower and RIG under performed with a 2.1% decline. The stock is now testing technical support at its 200-dma. I am going to give this stock one more day to bounce or we'll drop it as a bullish candidate. Currently we're still sitting on the sideline with a plan to buy calls if RIG hits $87.55.

If triggered our first target to take profits is at $93.50. Our second and final target is $99.00 but that could take a few weeks.

Trigger to buy calls @ 87.55

Suggested Position: BUY CALL APRIL $90 (RIG 10D90.00) current ask $1.25

Entry on March xxth at $ xx.xx
Earnings Date 05/05/10
Average Daily Volume = 7.0 million
Listed on March 16th, 2010


PUT Play Updates

*Currently we do not have any put play updates*


CLOSED BULLISH PLAYS

Mobile Telesystems - MBT - close: 55.06 change: -3.02 stop: 54.40

We have been stopped out of MBT. Unfortunately I can't explain what sparked the sell-off today. The Russian stock market did not see any big moves. The profit taking in European markets was mild. I didn't see any downgrades for MBT. Yet shares opened lower and dove toward the $54.00 level. This play is closed but I would keep MBT on your watch list. A dip toward $52.00 or $50.00 might be another bullish entry point.

Stopped at $54.40

Closed Position: CALL APR 60.00 (MBT 10D60.00) @ $0.65
Entry was $1.10

Chart:

Entry on March 12th at $ 56.34
Earnings Date 03/31/10 (unconfirmed)
Average Daily Volume = 1.26 million
Listed on March 11th, 2010