Editor's Note:

The U.S. markets are extending their gains. The S&P 500 is poised to mark its 10th weekly gain out of the last eleven weeks if the trend continues tomorrow.

Tomorrow could see a little volatility since it is a quadruple witching options expiration Friday.

Current Portfolio:


CALL Play Updates

Allergan Inc. - AGN - close: 94.18 change: +0.59

Stop Loss: 89.75
Target(s): 98.00
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
03/15 update: Hmm... our AGN trade is still not open yet. I am adjusting our entry point strategy since the current one is not working. We will instead choose to buy calls on a dip at $92.25.

We will start with a stop at $89.75. Our multi-week target is $98.00. FYI: The Point & Figure chart for AGN is bullish with a $110 target.

New buy-the-dip trigger @ 92.25

- Suggested Positions -

buy the Apr $95 call (AGN1221D95)

03/15/12 not open yet. New buy-the-dip trigger @ 92.25
03/14/12 not open yet. try again.

Entry on March xx at $ xx.xx
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 1.5 million
Listed on March 13, 2012


Airgas Inc. - ARG - close: 84.95 change: +0.98

Stop Loss: 81.75
Target(s): 87.00
Current Option Gain/Loss: (Mar82.5c: +45%) & Apr$85c: +24.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: ARG is extending its gains. Traders bought the dip near $84.00 midday. The stock rallied to a +1.1% gain and is now challenging potential round-number resistance at $85.00. I am not suggesting new positions at this time.

- Suggested Positions -

March position is closed.
Mar $82.50 call (ARG1217C82.5) Entry $1.00, exit $1.45 (+45%)

- or -

Long Apr $85.00 call (ARG1221D85) Entry $1.25

03/14/12 April $85 call play opened
Exited March $82.50 calls at the close (bid $1.45, +45%)
03/13/12 new stop loss @ 81.75
Buy April calls (see 2nd position) if ARG hits $84.05
Plan to sell our March calls at the closing bell tomorrow.
03/03/12 new stop loss @ 79.90
02/28/12 trade opened @ 82.21
02/27/12 not open yet, buy calls at the open tomorrow
02/24/12 not open yet, try again.

Entry on February 28 at $82.21
Earnings Date 05/07/12 (unconfirmed)
Average Daily Volume = 528 thousand
Listed on February 23, 2012


American Express Co - AXP - close: 56.72 change: +0.57

Stop Loss: 53.40
Target(s): 57.00
Current Option Gain/Loss: +83.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
03/15 update: Financial stocks continue to surge. AXP added another +1.0%. The intraday high today was $56.76. Our exit target is $57.00. Readers may want to start taking profits early right now. I am raising our stop loss up to $53.45.

Earlier Comments:
The plan was to keep our position size small.

- Suggested Positions - (Small Positions)

Long Apr 52.50 call (AXP1221D52.5) Entry $2.40

03/15/12 new stop loss @ 53.40
03/14/12 new stop loss @ 52.40, adjust exit to $57.00
03/03/12 new stop loss @ 51.40
02/29/12 AXP gapped down at $53.46
02/28/12 not open yet. buy calls at the open tomorrow.
02/27/12 not open yet, try again.

Entry on February 29 at $53.46
Earnings Date 04/19/12 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on February 25, 2012


Clean Harbors, Inc. - CLH - close: 68.96 change: -0.02

Stop Loss: 66.75
Target(s): 71.50
Current Option Gain/Loss: +11.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: There is no change from my prior comments. CLH is still churning sideways under resistance near $70.00. Failure to breakout past $70 is worrisome. Readers may want to exit early now. I am not suggesting new positions at this time.

Earlier Comments:
Our target is $71.50 but more conservative traders may want to exit near $70.00. Aggressive trades could aim higher.

- Suggested Positions -

Long Apr $70 call (CLH1221D70) Entry $1.30

03/13/12 new stop loss @ 66.75
03/10/12 CLH is testing the $70.00 level. Readers may want to take profits now.

Entry on March 08 at $67.77
Earnings Date 05/02/12 (unconfirmed)
Average Daily Volume = 344 thousand
Listed on March 07, 2012


Capital One Financial - COF - close: 53.63 change: +1.30

Stop Loss: 49.75
Target(s): 54.75
Current Option Gain/Loss:(Mar$50c: +83.8%) & Apr$50c: +86.9%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: We are relatively lucky with our COF trade. Investors could have sold the stock on news out last night that COF would raise $1.25 billion in cash by selling 24.4 million shares of common stock today (at $51.65 a share). That's about 5% of its float. COF did see a small gap lower at the open but strength in the financials helped push shares to a +2.4% gain. Now I'm wishing we'd held on to our March calls for one more day.

The intraday high today was $54.20. Our exit target is $54.75. Please note that I am raising our stop loss to $49.75. I am not suggesting new positions at this time.

Earlier Comments:
We want to keep our position size small to limit our risk.

(small positions)

- Suggested Positions -

March position is closed.
Mar $50 call (COF1217C50) entry $1.30, exit $2.39 (+83.8%)

- or -

Long Apr $50 call (COF1221D50) entry $2.30

03/15/12 new stop loss @ 49.75
03/14/12 new stop loss @ 48.60
03/14/12 as planned, closed Mar $50 call, bid @ $2.39 (+83.8%)
03/13/12 prepare to exit March calls at the close tomorrow
03/03/12 new stop loss at $47.95
02/28/12 triggered at $50.25

Entry on February 28 at $50.25
Earnings Date 04/23/12 (unconfirmed)
Average Daily Volume = 6.4 million
Listed on February 15, 2012


FedEx Corp. - FDX - close: 94.61 change: +2.41

Stop Loss: 89.75
Target(s): 96.75
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
03/15 update: Sadly our new FDX trade is not open. Shares of FDX opened higher and then surged to a +2.6% gain. Yet the S&P 500 index ticked lower at the open and then bounced. Technically that doesn't meet our entry point requirement for both to open positive. I do not want to chase FDX here. We will adjust our entry point strategy to buy a dip at $92.75.

New buy-the-dip trigger @ 92.75

- Suggested Positions -

buy the Apr $95 call (FDX1221D95)

03/15/12 not open yet. new buy-the-dip trigger @ 92.75
03/14/12 not open yet. try again.

Entry on March xx at $ xx.xx
Earnings Date 03/22/12 (unconfirmed)
Average Daily Volume = 2.1 million
Listed on March 13, 2012


Herbalife Ltd. - HLF - close: 69.90 change: +0.03

Stop Loss: 67.75
Target(s): 74.75
Current Option Gain/Loss: - 3.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: Our brand new trade on HLF has been opened. Shares rallied past the $70.00 level and hit new all-time highs. Our trigger to buy calls was hit at $70.50.

Our quick target is $74.75. More aggressive traders may want to aim higher. FYI: The Point & Figure chart for HLF is bullish with a long-term $103 target.

- Suggested Positions -

Long Apr $70 call (HLF1221D70) Entry $3.10

Entry on March 15 at $70.50
Earnings Date 05/02/12 (unconfirmed)
Average Daily Volume = 1.6 million
Listed on March 14, 2012


Tractor Supply Co. - TSCO - close: 87.28 change: -0.35

Stop Loss: 85.75
Target(s): 94.00
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
03/15 update: I am growing more and more worried about TSCO. The larger trend is up but shares are not making any progress even though the major indices are in rally mode. The consolidation in TSCO under resistance near $88 is getting more and more narrow, which would suggest a breakout is imminent. If TSCO doesn't show some improvement tomorrow we will likely drop it.

Earlier Comments:
We want to keep our position size small. Our exit target is $94.00. More aggressive traders could aim higher. If you have enough patience you could aim for the $99-100 area instead. The Point & Figure chart for TSCO is bullish with a $109 target.

Trigger @ $88.75 (small positions)

- Suggested Positions -

buy the Apr $90 call (TSCO1221D90)

03/14/12 adjust trigger to $88.75
03/13/12 if triggered at $88.50, only use small positions, move stop loss to $85.75

Entry on March xx at $ xx.xx
Earnings Date 04/19/12 (unconfirmed)
Average Daily Volume = 566 thousand
Listed on March 10, 2012


Whole Foods Market - WFM - close: 85.49 change: +0.36

Stop Loss: 81.75
Target(s): 87.50
Current Option Gain/Loss: +33.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
03/15 update: WFM posted a minor gain that was inline with the S&P 500's advance. I am not suggesting new positions at this time.

Currently our exit target is $87.50. More aggressive traders may want to aim for the $89.50-90.00 zone instead.

- Suggested Positions -

Long Apr $85 call (WFM1221D85) Entry $1.88

03/13/12 new stop loss @ 81.75

Entry on March 02 at $82.55
Earnings Date 05/03/12 (unconfirmed)
Average Daily Volume = 1.9 million
Listed on March 01, 2012


PUT Play Updates

AMERIGROUP Corp. - AGP - close: 65.26 change: -0.27

Stop Loss: 68.05
Target(s): 61.00
Current Option Gain/Loss: (Mar$65P: -82.1%) & Apr$60P: -25.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: AGP continues to underperform the market and shares failed at resistance near $66.00 again. Yet the stock is not making any progress lower either. I am not suggesting new positions at this time.

- Suggested Positions -

March position is closed.
Mar $65 PUT (AGP1217o65) entry $1.40, exit $0.25 (-82.1%)

- or -

Long Apr $60 PUT (AGP1221p60) entry $1.20 <-- 0.90/1.10 -->

03/14/12 planned exit for the Mar.$65 put, bid @ 0.25 (-82.1%)
03/13/12 new stop loss at $68.05
prepare to exit the March $65 puts at the open tomorrow,
we will keep the April $60 puts active.
03/06/12 AGP gapped open lower at $66.00

Entry on March 06 at $66.00
Earnings Date 05/02/12 (unconfirmed)
Average Daily Volume = 950 thousand
Listed on March 05, 2012


Centene Corp. - CNC - close: 46.29 change: +0.81

Stop Loss: 46.25
Target(s): 40.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
03/15 update: CNC bounced from support near $45.00. Shares appear to be in a new $45-47 trading range. I don't see any changes from my prior comments.

I am suggesting a trigger to open bearish put positions at $44.75. This will require CNC to trade under its 50-dma and potential support at the $45.00 mark. If triggered we'll use a stop loss at $46.25. Our target is $40.50.

Trigger to buy PUTS @ $44.75

- Suggested Positions -

buy the Apr $45 PUT (CNC1221P45)

Entry on March xx at $ xx.xx
Earnings Date 04/24/12 (unconfirmed)
Average Daily Volume = 529 thousand
Listed on March 12, 2012


Edwards Lifesciences - EW - close: 70.01 change: +0.32

Stop Loss: 72.25
Target(s): 63.00
Current Option Gain/Loss: -45.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: EW sank at the open but recovered to close up +0.4%. Shares settled on round-number support/resistance at the $70.00 mark. I don't see any changes from my prior comments.

Earlier Comments:
You could argue the current five-day bounce in EW looks like a bear-flag pattern. I am not suggesting new positions at this time. More conservative traders may want to lower their stop loss.

- Suggested (Small) Positions -

Long Apr $65 PUT (EW1221p65) Entry $1.65

Entry on March 07 at $68.76
Earnings Date 04/19/12 (unconfirmed)
Average Daily Volume = 1.1 million
Listed on March 06, 2012


Joy Global, Inc. - JOY - close: 78.57 change: -0.07

Stop Loss: 81.65
Target(s): 72.50
Current Option Gain/Loss: -15.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/15 update: Our put play on JOY has been triggered. We had a trigger to buy puts at $77.75 but JOY gapped open lower at $77.38 this morning thanks to an analyst downgrade. The stock recovered and closed almost unchanged on the session. Shares remain inside the $78-82 trading range.

Our trade is open but the bounce back in JOY is troublesome. Wait for a new drop under $77.50 before considering new positions.

Earlier Comments:
Our target is $72.50. More aggressive traders could aim lower. The Point & Figure chart for JOY is bearish with a $70 target.

- Suggested Positions -

Long Apr $75 PUT (JOY1221P75) Entry $2.52

03/15/12 trade opened on JOY's gap down at $77.38, which is under our trigger to buy puts at $77.75.

Entry on March 15 at $77.38
Earnings Date 06/04/12 (unconfirmed)
Average Daily Volume = 2.8 million
Listed on March 12, 2012