Editor's Note:

We are running low on time for several of our bullish candidates. Earnings are fast approaching. While reaction to earnings this past week has been generally positive we still do not want to hold over an earnings announcement.

-James

Current Portfolio:


CALL Play Updates

Church & Dwight Co. Inc. - CHD - close: 79.76 change: +0.08

Stop Loss: 79.45
Target(s): 84.75, 89.00
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see Trigger

Comments:
04/23 update: We are still not seeing any action in shares of CHD. The stock is stuck hovering near the $80 level. Currently we are waiting for a breakout through the top of the trading range. I am suggesting a trigger to buy calls at $81.35. If triggered we'll use a stop loss at $79.45.

I do consider an aggressive trade because CHD doesn't have a lot of option volume and the spreads on its options are relatively wide. Keep your position size small to limit your risk.

Trigger @ $81.35 (Small Positions Only!)

- Suggested Positions -

Buy the May $85 call (CHD1121E85)

chart:

Entry on April xxth at $ xx.xx
Earnings Date 05/10/11 (unconfirmed)
Average Daily Volume = 390 thousand
Listed on April 16th, 2011


CH Robinson Worldwide Inc. - CHRW - close: 78.04 change: +0.93

Stop Loss: 74.95
Target(s): 79.50
Current Option Gain/Loss: +68.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/23 update: Our time for this CHRW play is almost up. The company is due to report earnings on Tuesday, April 26th after the closing bell. That gives us two days. I am suggesting we go ahead and take profits now by selling at least part of your position and then we'll exit the rest of the trade on Tuesday at the closing bell. Please note our new stop loss at $74.95. I am not suggesting new positions at this time. Our final target remains $79.50. I would keep your position size small to limit your risk.

- Suggested Positions -

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

04/23 New stop loss @ 74.95
04/23 Take Profits Now (sell part) option @ $3.80bid (+68.8%)
04/16 new stop loss @ 73.25
04/09 New stop loss @ 72.75

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


Deere & Co - DE - close: 95.25 change: +1.36

Stop Loss: 92.49
Target(s): 99.70
Current Option Gain/Loss: - 2.4%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
04/23 update: Our new play on DE has been triggered. Shares hit our entry point at $95.25. I would still consider new positions now in the $95.00-95.50 zone. Our target is $99.70. We will not hold positions over the mid May earnings report.

NOTE: Traders should be aware that DE's rival Caterpillar (CAT) reports earnings on April 29th. CAT's results could have a big impact on DE.

- Suggested Positions -

Long the May $97.50 call (DE1121E97.5) Entry @ $1.61

chart:

Entry on April 21st at $95.25
Earnings Date 05/18/11 (unconfirmed)
Average Daily Volume = 3.8 million
Listed on April 20th, 2011


Fortune Brands - FO - close: 63.68 change: +0.62

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:
04/23 update: FO is inching closer and closer to resistance near $64.00. The stock appears to be building up steam for a breakout higher. Let's hope the breakout happens soon. We have less than two weeks before FO reports earnings in early May.

Currently our plan is to buy calls when FO hits $64.00. If triggered at $64.00 our targets are $67.50 and $69.75. I would keep our position size small to limit our risk. We do not want to hold over the earnings report in early May.

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

Trigger @ $64.00 (Small Positions)

- Suggested Positions -

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

chart:

Entry on April xxth at $ xx.xx
Earnings Date 05/05/11 (confirmed)
Average Daily Volume = 973 thousand
Listed on April 5th, 2011


Fossil Inc. - FOSL - close: 96.71 change: +0.76

Stop Loss: 91.95
Target(s): 99.75, 104.75
Current Option Gain/Loss: - 5.6%, and - 1.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/23 update: It was a bullish week for FOSL with a breakout past resistance near $95.00 and new all-time highs. I would prefer to launch positions on a dip or bounce near $95.50-95.00 again. We do not want to hold positions over the earnings report in May.

Keep positions small. Our first target is $99.75. The $100.00 mark is probably round-number, psychological resistance. We'll set a secondary target at $104.75 but that might be wishful thinking.

(small positions only) - Suggested Positions -

Long the May $100 call (FOSL1121E100) Entry @ $2.65

- or -

Long the June $100 call (FOSL1118F100) Entry @ $3.75

chart:

Entry on April 20th at $95.60
Earnings Date 05/10/11 (unconfirmed)
Average Daily Volume = 858 thousand
Listed on April 13th, 2011


SPDR Gold ETF - GLD - close: 146.74 change: +0.24

Stop Loss: 139.90
Target(s): 149.50, 154.50
Current Option Gain/Loss: +76.6%, and +90.2%
2nd Option Position Gain/loss: +119.5% and +130.0%
Time Frame: 6 to 12 weeks
New Positions: see below

Comments:
04/23 update: New multi-year lows for the U.S. dollar has fueled new all-time highs for gold. The price of gold traded over $1,500 an ounce for the first time last week. Gold looks short-term overbought but that doesn't mean it can't grow more overbought. I am not suggesting new positions at this time. We'll wait to evaluate the next dip.

More conservative traders may want a stop closer to the $142 area. 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

- Second Entry Point, April 12th, Entry April 13th -

Long the May $145 call (GLD1121E145) Entry @ $1.48

- or -

Long the June $150 call (GLD1118F150) Entry @ $1.10

04/20 New stop loss @ 139.90

chart:

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


Intuit - INTU - close: 55.35 change: -0.72

Stop Loss: 53.45
Target(s): 57.50, 59.75
Current Option Gain/Loss: -20.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/23 update: Thursday morning Intuit issued a press release stating that its TurboTax "Federal Units" were up 11% from a year ago while its TurboTax online "units" were up 18% from last year. The initial reaction provoked a spike higher but then INTU sold off. Were investors expected bigger numbers? Overall the dip on Thursday looks like a new entry point but more conservative traders may want to wait for a dip closer to $54.00 before considering new positions.

I would keep our position size small to limit our risk (1/2 or less than your normal trade size). Our first target is $57.50.

- Suggested Positions -

Long the May $55.00 call (INTU1121E55) Entry @ $2.40

chart:

Entry on April 20th at $55.25
Earnings Date 05/19/11 (unconfirmed)
Average Daily Volume = 2.4 million
Listed on April 14th, 2011


Panera Bread Co. - PNRA - close: 122.07 change: -1.31

Stop Loss: 119.00
Target(s): 129.50, 134.50
Current Option Gain/Loss: -46.2%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
04/23 update: Time is almost up. PNRA is due to report earnings on Tuesday, April 26th after the closing bell. We will plan on exiting on Tuesday at the close to avoid holding over earnings. However, more conservative traders may want to exit now! PNRA has been going nowhere the last few days. I'm not really expecting a lot of movement between now and Tuesday night. Again, readers will want to seriously consider an early exit. If by some stroke of luck we see PNRA rally toward $130 soon I am setting our final exit at $129.00.

- Suggested Positions -

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

04/23 Prepare to exit on Tuesday at the close
04/16 April calls have expired @ -100%
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%)

chart:

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


Praxair Inc. - PX - close: 106.51 change: +0.28

Stop Loss: 103.45
Target(s): 104.75, 109.00
Current Option Gain/Loss: +74.3%, and +114.2%
2nd Position Gain/Loss: +106.0%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/23 update: Traders bought the dip on Friday allowing PX to close near its highs for the week. We only have two days left. PX is due to report earnings on Wednesday morning. That means we need to exit positions on Tuesday at the closing bell. Given this time frame I am raising our stop loss to $103.45. Our second and final target is $109.00.

- Suggested Positions -

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

- or -

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

- Second Entry Point, April 12th, Entry April 13th -
- Keep Positions Small -

Long the May $100 call (PX1121E100) Entry @ $3.30

04/23 new stop loss @ 103.45, prepare to exit on Tuesday
04/20 new stop loss @ 101.25
04/19 1st Target Hit @ $104.75. May $100 call @ $5.90 (+51.2%), May $105 call @ $1.80 (+28.5%), 2nd position on May $100 call @ $5.90 (+78.7%)
04/12 New stop loss at $98.90
04/12 Second position on dip near $100
04/09 new stop loss @ 97.90

chart:

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


Rockwell Automation - ROK - close: 95.19 change: +0.55

Stop Loss: 90.45
Target(s): 99.50
Current Option Gain/Loss: + 18.3%
Time Frame: six trading days
New Positions: see below

Comments:
04/23 update: The close above $95.00 is a short-term bullish development. However, we're almost out of time. ROK is due to report earnings on Wednesday morning. That means we need to plan on exiting this Tuesday, April 26th at the closing bell. Our exit target is $99.50. More conservative traders could exit around $97.50 instead since the current high is just under $98.00.

(Small Positions) - Suggested Positions -

Long the May $95 calls (ROK1121E95) Entry @ $2.45

04/23 Prepare to exit on Tuesday

chart:

Entry on April 20th at $93.75
Earnings Date 04/27/11 (confirmed)
Average Daily Volume = 1.1 million
Listed on April 16th, 2011


SL Green Realty Corp. - SLG - close: 78.71 change: +1.27

Stop Loss: 73.99
Target(s): 79.95
Current Option Gain/Loss: +22.7%
Time Frame: just a few days
New Positions: see below

Comments:
04/23 update: Traders bought the dip on Thursday morning and SLG rallied to new two-year highs. We are down to our last three days. SLG reports earnings on April 27th after the closing bell. We will plan on exiting on the 27th at the close to avoid holding over earnings. More conservative traders may want to raise their stops closer to the $76 level. Our target is $79.95. FYI: The Point & Figure chart for SLG is bullish with a $94 target.

- Small Bullish Positions -

Long the May 80.00 call (SLG1121E80) Entry @ $1.10

04/23 Prepare to exit on the 27th.

chart:

Entry on April 20th at $77.76
Earnings Date 04/27/11 (confirmed)
Average Daily Volume = 800 thousand
Listed on April 19th, 2011


Stericycle Inc. - SRCL - close: 93.16 change: +0.25

Stop Loss: 88.95
Target(s): 94.50, 98.50
Current Option Gain/Loss: +76.0%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
04/23 update: SRCL rallied to new highs on Thursday and almost hit the $94.00 level before paring its gains. More conservative traders may want to exit now to lock in a gain. We only have three days left. SRCL is due to report earnings on April 27th after the closing bell. We plan on exiting ahead of the earnings report. I am raising our stop loss to $89.45.

- Suggested Positions -

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

04/23 New stop loss @ 89.45
04/20 New stop loss @ 88.95, new first target @ 94.50
04/16 new stop loss @ 87.75
04/04 New stop loss @ 86.75
04/02 New stop loss @ 85.75

chart:

Entry on March 30th at $88.93
Earnings Date 04/27/11 (confirmed)
Average Daily Volume = 479 thousand
Listed on March 29th, 2011


Vertex Pharmaceuticals - VRTX - close: 49.37 change: +1.39

Stop Loss: 45.95
Target(s): 51.85, 58.50
Current Option Gain/Loss: +16.0%
Time Frame: about 2, maybe 3 weeks
New Positions: see below

Comments:
04/23 update: VRTX briefly touched a new relative high but Thursday's rally stalled under the $50.00 level. I would expect a short-term dip before seeing further gains. Look for some support near $48.00. More conservative traders may want to up their stops a little higher.

We'll exit ahead of the May 3rd earnings report, unless shares hit our targets first. Our first target is $51.85. Our second, much more aggressive target is $58.50.

- Very Small Bullish Positions -

Long the May $50.00 calls (VRTX1121E50) Entry @ $2.50

chart:

Entry on April 10th at $48.28
Earnings Date 05/03/11 (confirmed)
Average Daily Volume = 2.1 million
Listed on April 9th, 2011


Whole Foods Market Inc. - WFMI - close: 66.30 change: +0.63

Stop Loss: 61.70
Target(s): 64.75, 69.00
Current Option Gain/Loss: +60.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/23 update: Investors bought the dip on Thursday morning and WFMI rallied to a new two-week high. We have less than two weeks to go before the company reports earnings. I am not suggesting new positions at current levels. WFMI could have resistance at its early April highs near $67.00. Our final target is $69.00. More conservative traders may want to adjust their stops higher.

- Suggested Positions -

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

04/16/11 April calls have expired @ -100%
04/13/11 New stop loss @ 61.70
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

chart:

Entry on March 21 at $61.55
Earnings Date 05/04/11 (confirmed)
Average Daily Volume = 1.9 million
Listed on March 19th, 2010


PUT Play Updates

Apollo Group Inc. - APOL - close: 39.80 change: +1.12

Stop Loss: 42.55
Target(s): 38.15, 35.50
Current Option Gain/Loss: + 9.6%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/23 update: APOL saw a decent oversold bounce on Thursday (+2.8%) but shares remain under what should be psychological resistance at $40.00. If shares can rally past this level there is additional resistance at several key moving averages. I am not suggesting new positions at this time. Our profit targets are $38.15 and $35.50.
The Point & Figure chart for APOL is bearish with a $31 target.

- Suggested Positions -

Long the May $40.00 puts (APOL1121Q40) Entry @ $1.24

04/19 New stop loss @ 42.55

chart:

Entry on April 13th at $41.21
Earnings Date 06/30/11 (unconfirmed)
Average Daily Volume = 2.3 million
Listed on April 12th, 2011


CLOSED BULLISH PLAYS

Sohu.com - SOHU - close: 95.69 change: +0.78

Stop Loss: 91.49
Target(s): 99.90, 107.50
Current Option Gain/Loss: - 5.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/23 update: Our SOHU trade has run out of time. Our plan was to exit on Thursday at the close to avoid holding over earnings on Monday.

Prior Comments:
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.

- Suggested Positions -

May $100 call (SOHU1121E100) Entry @ $4.25, exit 4.00 (-5.8%)

04/21 Exit at the close. Option @ $4.00 (-5.8%)
04/20 Plan to exit tomorrow at the close.
04/19 New stop loss @ 91.49
04/19 1st Target Hit @ 99.90, Option @ +44.7%
04/13 New stop loss @ 89.75
04/11 Adjusted first exit target to $99.90

chart:

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