Editor's Note:

The market's churn sideways is suggesting a lot of investor indecision. CHRW hit our buy-the-dip entry point and GS hit our breakout entry point.

-James

Current Portfolio:


CALL Play Updates

Baker Hughes - BHI - close: 71.22 change: +0.00

Stop Loss: 68.75
Target(s): 76.50, 79.75
Current Option Gain/Loss: -81.0% and -28.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: Oil stocks were mixed as crude oil rallied past $110 a barrel. Meanwhile BHI hovered near the $71 level and closed unchanged on the day. The lack of follow through lower after yesterday's drop is encouraging but I remain cautious here. There is still a good chance BHI will test support near $70.00 and its 50-dma. Wait for a dip near $70 (or a bounce) before considering new positions. Remember that April options expire soon. Our first target is $76.50. Our second target is $79.75. More aggressive traders could aim higher.

- Suggested Positions -

Long the April $75 calls (BHI1116D75) Entry @ $1.00

- or -

Long the May $75 calls (BHI1121E75) Entry @ $2.61

04/02 New stop loss @ 68.75

Entry on March 24th at $72.35 *gap higher*
Earnings Date 05/03/11 (unconfirmed)
Average Daily Volume = 4.6 million
Listed on March 23rd, 2011


Baidu, Inc. - BIDU - close: 139.10 change: +1.85

Stop Loss: 129.75
Target(s): 139.00, 147.50
Current Option Gain/Loss: +195.3%, and + 98.0%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/07 update: BIDU managed a bounce after yesterday's steep declines. I am not suggesting new bullish positions at these levels. Our final target is the $147.50 level.

We will plan to exit ahead of BIDU's late April earnings report. BIDU can be a volatile stock so I would consider this a more aggressive, higher-risk trade.

- Suggested Positions -

Long the April $130 calls (BIDU1116D130) entry @ $3.20

- or -

Long the May $135 calls (BIDU1121E135) entry @ $5.10

04/04 New stop loss @ 129.75
04/02 New stop loss @ 127.50
04/01 1st Target Hit @ $139.00. Options @ +201% & +100.9%
03/26 New stop loss @ 124.00

Entry on March 22 at $127.00
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume = 6.0 million
Listed on March 21st, 2010


Caterpillar Inc. - CAT - close: 109.85 change: -1.15

Stop Loss: 107.40
Target(s): 109.00, 114.00
Current Option Gain/Loss: + 50.0%, and +23.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: Shares of CAT continue to see profit taking. The stock's close under its 10-dma and under the $110.00 level is short-term bearish. The stock might be poised for a deeper pull back toward the $106-105 zone. Once again I'm suggesting more conservative traders seriously consider an early exit on their April positions. I am not suggesting new positions at this time. Our final target to exit is $114.00.

- Suggested Positions -

Long the April $105 calls (CAT1116D105) Entry @ $3.40

- or -

Long the May $110 calls (CAT1121E110) Entry @ $3.15

04/04/11 New stop loss @ 107.40.
04/02/11 New stop loss @ 104.75, Consider an early exit now
03/26/11 New stop loss @ 103.75
03/25/11 1st Target Hit @ 109.00, Options @ +58.8%, +37.7%

Entry on March 18th at $104.99 (gap higher)
Earnings Date 04/29/11 (unconfirmed)
Average Daily Volume = 7.4 million
Listed on March 17th, 2010


CH Robinson Worldwide Inc. - CHRW - close: 74.77 change: -0.85

Stop Loss: 71.90
Target(s): 79.50
Current Option Gain/Loss: - 2.2%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/07 update: The transportation sector is starting to retrace lower from last week's highs. Shares of CHRW fell toward their 10-dma and hit our buy-the-dip trigger at $74.50. The play is now open. I would still consider new positions now although given the market's lack of progress readers will want to keep their position size small to limit your risk.

We do not want to hold over the late April earnings report. FYI: The Point & Figure chart for CHRW is bullish with a $91 target.

- Suggested Positions -

Long the May $75.00 calls (CHRW1121E75) Entry @ $2.25

chart:

Entry on April 7th at $74.50
Earnings Date 04/26/11(confirmed)
Average Daily Volume = 1.2 million
Listed on April 2nd, 2011


Capital One Financial - COF - close: 51.95 change: -0.20

Stop Loss: 50.85
Target(s): 54.75, 59.00
Current Option Gain/Loss: -18.6% and -92.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: The financials did not see any follow through on yesterday's relative strength. I remain cautious on COF and would hesitate to open new positions.

- Suggested Positions -

Long the April $50 call (COF1116D50) Entry @ $2.63

- or -

Long the April $55 call (COF1116D55) Entry @ $0.65

04/05 New stop loss @ 50.85
03/24 New stop loss @ 49.49

Entry on March 16th at $51.08
Earnings Date 04/21/11 (unconfirmed)
Average Daily Volume = 4.4 million
Listed on March 15th, 2010


CSX Corp. - CSX - close: 77.91 change: +0.01

Stop Loss: 74.45
Target(s): 79.90, 83.75
Current Option Gain/Loss: -73.5%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: The railroad index closed fractionally lower on Thursday and CSX closed almost unchanged on the session. Overall it was a forgettable day although lack of follow through lower is encouraging. CSX should still have support in the $76-75 zone. If you're looking for a new entry point wait for a dip in that area. Our final target remains the $83.75 mark.

CSX is due to report earnings on April 19th and we plan to exit ahead of that report to avoid holding over the announcement.

Our plan was to keep our position size small to limit our risk. FYI: The Point & Figure chart for CSX is bullish with a $98 target.

- Small Bullish Positions -

Long the April $80 calls (CSX1116D80) Entry @ $1.06

04/05 New stop loss @ 74.45
03/28 1st Target Hit @ 79.90, Option @ $1.90 (+79.2%)

Entry on March 21 at $77.25
Earnings Date 04/19/11 (confirmed)
Average Daily Volume = 3.4 million
Listed on March 19th, 2010


Fortune Brands - FO - close: 63.27 change: +0.08

Stop Loss: 61.75
Target(s): 67.50, 69.75
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see trigger

Comments:
04/07 update: Several of the country's major retailers reported better than expected same-store sales numbers today. Some of the individual names like BBY and COST were up big. These gains did not translate into strength for FO but the sales data is a positive for the sector. FO still looks poised to rally higher and breakout of its trading range.

Aggressive traders may want to buy a move over $63.50. I am suggesting a trigger to buy calls at $64.00. If triggered our targets are $67.50 and $69.75. I would aim higher but we do want to exit ahead of the late April earnings report.

FYI: A move past $64.00 would create a brand new quadruple top breakout buy signal.

Trigger @ $64.00

- Suggested Positions -

Buy the May $65.00 call (FO1121E65) current ask $1.25

Entry on April xxth at $ xx.xx
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume = 973 thousand
Listed on April 5th, 2011


SPDR Gold ETF - GLD - close: 142.51 change: +0.13

Stop Loss: 137.00
Target(s): 149.50, 154.50
Current Option Gain/Loss: - 5.4%, and - 6.0%
Time Frame: 6 to 12 weeks
New Positions: see below

Comments:
04/07 update: The early morning bounce in the U.S. dollar failed but the green back still posted a gain today. Gold prices inched higher and the GLD is hovering near its highs. I would still consider new positions here or you can wait for a dip back toward the $141.00-140.00 zone as your entry point. Our targets are $149.50 and $154.50 within the next six to twelve weeks.

FYI: The Point & Figure chart for GLD is bullish with a $172 target.

- Suggested Positions -

Long the May $145 call (GLD1121E145) Entry @ $1.84

- or -

Long the June $150 call (GLD1118F150) Entry @ $1.33

Entry on April 6th at $142.40
Earnings Date --/--/--
Average Daily Volume = 12.5 million
Listed on April 5th, 2011


Goldman Sachs - GS - close: 162.40 change: +0.51

Stop Loss: 157.00
Target(s): 169.75
Current Option Gain/Loss: - 10.9%
Time Frame: about two weeks
New Positions: see below

Comments:
04/07 update: GS broke out past resistance near $162.00 and quickly rallied to $164.40 this morning. Unfortunately the gains didn't last. Shares faded back toward the $162 level after failing at technical resistance near its 100-dma.

Our trigger to buy calls was hit at $162.50 but I'm not sure I would launch positions now. Readers may want to wait and watch for GS to bounce from the $162.00 level (or if you're nimble enough a dip near $160.00).

Now that our play is open our target is $169.75. Since we plan to exit before April 19th and April options expire after April 20th I am suggesting April options but these will be much more volatile than May or later options.

- Suggested Positions -

Long the April $165.00 call (GS1116D165) Entry @ $1.10

Annotated Chart:

Entry on April 7th at $162.50
Earnings Date 04/19/11 (confirmed)
Average Daily Volume = 4.3 million
Listed on April 6th, 2011


Jones Lang Lasalle Inc. - JLL - close: 103.42 change: -1.16

Stop Loss: 97.90
Target(s): 102.50, 109.00
Current Option Gain/Loss: +17.6%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: JLL is starting to succumb to profit taking. Shares lost -1.1% and look like they could retest the $100 area soon. I am not suggesting new positions at this time but keep your eye on possible support near $102. Our second and final target is $109.00 but we do not want to hold over the late April earnings report.

Prior Comments:
We wanted to keep our position size small to limit our risk. Our targets are $102.50 and $109.00.

- Suggested Positions - (Small Positions)

Long the April $100 calls (JLL1116D100) Entry @ $3.40

04/02 New stop loss @ 97.90
04/01 1st Target hit @ 102.50, Option @ +2.9%
03/30 new stop loss @ 96.40
03/24 New stop loss @ 95.40
03/17 Exited March calls @ open, Estimated exit @ 0.10 (-94.2%)
03/10 New stop loss @ 93.85

Entry on February 28th at $97.96
Earnings Date 04/27/11 (unconfirmed)
Average Daily Volume = 386 thousand
Listed on February 26th, 2010


Noble Corp. - NE - close: 44.98 change: -0.02

Stop Loss: 43.95
Target(s): 49.75, 53.50
Current Option Gain/Loss: -31.3%, and -41.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/07 update: Energy stocks are still struggling in spite of a new two-year high for oil prices. On a positive note NE did not see much follow through lower after yesterday's steep decline. Shares seemed to find some support near their 30-dma. Readers may want to adjust their stop loss. I am not suggesting new positions at this time.

Our targets are $49.75 and $53.50. I would expect the $50.00 level to offer some resistance and it could take NE a little while to break through it. We will plan to exit ahead of the April 20th (unconfirmed) earnings report.

- Suggested Positions -

Long the May $46.00 calls (NE1121E46) Entry @ $2.17

- or -

Long the May $48.00 calls (NE1121E48) Entry @ $1.37

Entry on March 31st at $46.25
Earnings Date 04/20/11 (unconfirmed)
Average Daily Volume = 4.5 million
Listed on March 30th, 2011


Norfolk Southern - NSC - close: 68.13 change: -0.51

Stop Loss: 64.90
Target(s): 72.00, 74.90
Current Option Gain/Loss: - 60.0%, and -21.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/07 update: NSC is still testing short-term support near $68.00 but it looks like it may not be able to hold this level. Readers may want to focus on the $66 level and wait for a dip or a bounce near $66 as a potential entry point. Our targets are $72.00 and $74.90. We do not want to hold past NSC's late April earnings report.

- Suggested Positions -

Long the April $70 calls (NSC1116D70) Entry @ $0.50

- or -

Long the May $70 calls (NSC1121E70) Entry @ $1.40

Entry on March 25th at $67.84
Earnings Date 04/27/11 (unconfirmed)
Average Daily Volume = 3.0 million
Listed on March 24th, 2011


Panera Bread Co. - PNRA - close: 122.22 change: -1.68

Stop Loss: 119.00
Target(s): 129.50, 134.50
Current Option Gain/Loss: - 58.5%, and -25.3%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/07 update: The profit taking in PNRA continues. Shares gave up another -1.3%. Previous resistance is now acting as new support around the $122 area. A bounce from here or a bounce near $120.00 can be used as a new bullish entry point.

Our second and final target is $134.50. We do not want to hold over the late April earnings report but that date is currently unconfirmed.

FYI: PNRA is currently trading over the $120 area. The last time the company had a stock split it was back in June 2005 with shares in the $120s. You never know when they might announce a split although if they do it would probably be with their earnings report.

- Suggested Positions -

Long the April $125 call (PNRA1116D125) Entry @ $2.05

- or -

Long the May $130 call (PNRA1121E130) Entry @ $3.35

04/04 1st Target Hit @ 129.50. The April option was at $4.82 (+135.1%) and the May option was at $5.25 (+56.7%)

Entry on March 29th at $123.55
Earnings Date 04/27/11 (unconfirmed)
Average Daily Volume = 363 thousand
Listed on March 26th, 2011


Praxair Inc. - PX - close: 102.52 change: -0.61

Stop Loss: 97.40
Target(s): 104.75, 109.00
Current Option Gain/Loss: - 7.6%, and + 7.1%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/07 update: PX spent the day consolidating sideways. There is no change from my prior comments. I am still expecting a dip near the $100 area. Our first target to take profits is at $104.75. Our second and final target is $109.00. We will plan to exit ahead of the late April earnings report.

Open bullish positions now, above $100

- Suggested Positions -

Long the May $100 call (PX1121E100) entry @ $3.90

- or -

Long the May $105 call (PX1121E105) entry @ $1.40

Entry on March 30th at $101.54
Earnings Date 04/27/11 (unconfirmed)
Average Daily Volume = 1.4 million
Listed on March 29th, 2011


Quality Systems Inc. - QSII - close: 85.01 change: -1.38

Stop Loss: 82.95
Target(s): 87.00, Aprils-89.50, Junes-94.00
Current Option Gain/Loss: - 7.4%, and +29.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/07 update: Ouch! It's been a painful two-day correction in QSII. The stock plunged to $83.39 intraday before paring its losses and closing back above the $85.00 mark. I remain cautious here and we are not suggesting new bullish positions at this time. Our second and final target for the April calls is $89.50. Our second and final target for our June call is $94.00.

Prior Comments:
FYI: Readers will be interested to note that the most recent data listed short interest in QSII at almost 28% of the very small 17.5 million-share float. That's definitely a recipe for a short squeeze. Plus, the Point & Figure chart for QSII is bullish with a $119 target.

- Suggested Positions -

Long the April $85 calls (QSII1116D85) Entry @ $1.35

- or -

Long the June $85 calls (QSII1118F85) Entry @ $3.40

04/05 New stop loss @ 82.95
04/05 New exit target for our April options at $89.50
04/04 1st Target Hit @ 87.00. Options @ +81.4% and +55.8%
04/02 New stop loss @ 79.90, Adjusted targets to $87.00 and $94.00
03/24 New stop loss @ 78.60

Entry on March 4th at $81.44
Earnings Date 05/31/11 (unconfirmed)
Average Daily Volume = 154 thousand
Listed on March 3rd, 2010


Sohu.com - SOHU - close: 97.37 change: +2.89

Stop Loss: 87.40
Target(s): 99.00, 107.50
Current Option Gain/Loss: +36.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/07 update: SOHU delivered a strong bounce on Thursday with a +3.0% gain. Shares are nearing their highs and look poised to challenge round-number resistance at $100.00 soon. I am not suggesting new positions at these levels.

Our first exit target is $99.00.

We will plan to exit before the earnings report in late April. I want to reiterate that this is an aggressive, higher-risk trade. I'm suggesting we keep our position size small to limit our risk. FYI: The Point & Figure chart for SOHU is bullish with a $120 target.

Triggered

- Suggested Positions -

Long the May $100 call (SOHU1121E100) Entry @ $4.25

Entry on April 4th at $92.50
Earnings Date 04/25/11 (unconfirmed)
Average Daily Volume = 1.1 million
Listed on April 2nd, 2011


Stericycle Inc. - SRCL - close: 90.50 change: -1.78

Stop Loss: 86.75
Target(s): 93.50, 98.50
Current Option Gain/Loss: +28.0%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/07 update: SRCL has pulled back and is now testing the $90.00 level as support. We can use this dip as a new entry point to buy calls. Or if you're feeling cautious you can look for a dip toward the $88 area instead. Readers might want to adjust their stop losses higher. Our targets are $93.50 and $98.50.

We will plan to exit ahead of the late April earnings report.

- Suggested Positions -

Long the May $90 calls (SRCL1121E90) Entry @ $2.50

04/04 New stop loss @ 86.75
04/02 New stop loss @ 85.75

Entry on March 30th at $88.93
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume = 479 thousand
Listed on March 29th, 2011


Whole Foods Market Inc. - WFMI - close: 64.44 change: +0.68

Stop Loss: 59.90
Target(s): 64.75, 69.00
Current Option Gain/Loss: + 6.1%, and +32.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/07 update: Lack of follow through on yesterday's decline in WFMI is a positive sign but I remain cautious here. The next level of potential support would be the $62 area. I am not suggesting new positions at this time. Our final target is the $69.00 level. FYI: The Point & Figure chart for WFMI is bullish with an $86 target.

- Suggested Positions -

Long the April $65 calls (WFMI1116D65) Entry @ $0.65

- or -

Long the May $65 calls (WFMI1121E65) Entry @ $2.25

04/02/11 new stop loss @ 59.90
03/30/11 1st Target Hit @ 64.75, April $65 call @ 1.25 (+92.3%)
May $65 call @ 3.50 (+55.5%)
03/29/11 new stop loss @ 59.49
03/26/11 New stop loss @ 58.49

Entry on March 21 at $61.55
Earnings Date 05/11/11 (unconfirmed)
Average Daily Volume = 1.9 million
Listed on March 19th, 2010


Wellpoint Inc. - WLP - close: 69.07 change: +0.22

Stop Loss: 66.75
Target(s): 72.25, 74.75
Current Option Gain/Loss: -71.6%, and -36.4%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/07 update: Thursday proved to be a quiet day for WLP with shares churning sideways near $69. The stock did manage a gain, which outperformed the broader markets and the healthcare sector. If WLP can rally from current levels then I would buy another breakout over $70.00 again. We do not want to hold over the late April earnings report.

FYI: Readers may want to keep their position size small.

- Suggested Positions -

Long the April $70 call (WLP1116D70) Entry @ $1.55

- or -

Long the May $70 call (WLP1121E70) Entry @ $2.80

04/02 new stop loss @ 66.75

Entry on April 1st at $70.25
Earnings Date 04/27/11 (unconfirmed)
Average Daily Volume = 3.4 million
Listed on March 26th, 2011