Editor's Note:

Traders can't make up their minds as they wait for the upcoming Greek vote this weekend. The market is left to chop sideways while we wait.

COST and ORLY were stopped out.

Current Portfolio:


CALL Play Updates

Dollar Tree, Inc. - DLTR - close: 106.53 change: -0.62

Stop Loss: 104.45
Target(s): 112.50
Current Option Gain/Loss: -12.8%
Time Frame: exit prior to the stock split
New Positions: see below

Comments:
06/13/12 update: DLTR continues to hover between $106 and $108. Unfortunately the lack of movement either suggests indecision on the part of traders. I am not suggesting new positions at this time.

- Suggested Positions -

Long Jul $110 call (DLTR1221G110) Entry $2.37

06/12/12 new stop loss @ 104.45
06/11/12 trade opened with DLTR gapping higher at $107.42

Entry on June 11 at $107.42
Earnings Date 08/16/12 (unconfirmed)
Average Daily Volume = 1.3 million
Listed on June 09, 2012


Monster Beverage - MNST - close: 74.77 change: -0.62

Stop Loss: 73.25
Target(s): 79.50
Current Option Gain/Loss: + 5.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/13/12 update: Plus 60 cents yesterday, minus 62 cents today. MNST isn't going anywhere. Look for another dip toward short-term support at $74.00 and its 10-dma. I am not suggesting new positions at this time.

- Suggested Positions -

Long Jul $80 call (MNST1221G80) Entry $1.70

06/09/12 new stop loss @ 73.25
06/06/12 new stop loss @ 70.75
06/06/12 triggered at $74.25

Entry on June 06 at $74.25
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 1.9 million
Listed on June 04, 2012


Ross Stores Inc. - ROST - close: 64.24 change: -0.80

Stop Loss: 63.45
Target(s): 68.50
Current Option Gain/Loss: -11.9%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
06/13/12 update: The sideways churn in ROST is sign of indecision by traders. Readers may want to wait for a new relative high over $65.40 before considering new positions.

- Suggested Positions -

Long Jul $65 call (ROST1221G65) Entry $2.10

06/12/12 new stop loss @ 63.45
06/07/12 triggered on gap higher at $64.47

Entry on June 07 at $64.47
Earnings Date 08/16/12 (unconfirmed)
Average Daily Volume = 2.3 million
Listed on June 06, 2012


Whole Foods Market, Inc. - WFM - close: 89.90 change: -1.41

Stop Loss: 89.60
Target(s): 95.00 & 98.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Comments:
06/13/12 update: It was a volatile day for WFM. Something caused a spike in volume and volatility between 10:00 and 11:00 a.m. this morning. The intraday spike lower dipped to the 30-dma and the spike higher failed at resistance near $92.00.

I am suggesting a trigger to buy calls at $92.05. I am listing two different exit targets. Our conservative exit target is $95.00. Our more aggressive exit target is $98.50.

Trigger @ 92.05

- Suggested Positions -

buy the Jul $92.50 call (WFM1221G92.5)

- or -

buy the Aug $95 call (WFM1218H95)

Entry on June xx at $ xx.xx
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 1.8 million
Listed on June 12, 2012


PUT Play Updates

Baxter Intl. - BAX - close: 49.80 change: -0.59

Stop Loss: 51.51
Target(s): 48.00
Current Option Gain/Loss: Jun$50p: -33.3% & Jul50p: - 2.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/13/12 update: The spike higher this morning quickly failed in what looks like a new lower high. BAX fell to a -1.1% decline and looks poised to hit new lows soon. More conservative traders may want to adjust their stop so it's closer to $51.00.

I am suggesting that we exit our JUNE $50 PUTS at the closing bell on Thursday, unless BAX hits our $48 target first! (or readers might want to consider exiting if these hit our breakeven market at 66 cents)

- Suggested Positions -

Long Jun $50 PUT (BAX1216R50) Entry $0.66

- or -

Long Jul $50 PUT (BAX1221S50) Entry $1.55

06/13/12 prepare to exit our June $50 puts at the close on Thursday
06/02/12 new stop loss @ 51.51
05/31/12 triggered at $50.95

Entry on May 31 at $50.95
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 2.4 million
Listed on May 29, 2012


Celgene Corp. - CELG - close: 63.59 change: +0.52

Stop Loss: 65.55
Target(s): 60.50
Current Option Gain/Loss: + 1.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/13/12 update: CELG was making headlines today when the company's board of directors approved a $2.5 billion stock buyback program.

The news-inspired rally was short lived and the stock reversed at short-term resistance at the 10-dma. Readers can use this move as a new bearish entry point.

FYI: The Point & Figure chart for CELG is bearish with a $47 target.

- Suggested Positions -

Long Jul $62.50 PUT (CELG1221S62.5) Entry $2.03

Entry on June 12 at $63.88
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 2.9 million
Listed on June 11, 2012


NASDAQ OMX Group - NDAQ - close: 21.33 change: -0.26

Stop Loss: 22.55
Target(s): 20.15
Current Option Gain/Loss: -11.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/13/12 update: There was no follow through on yesterday's intraday reversal higher. The NDAQ now looks poised to breakdown to new lows. The key level to watch is $21.25.

(SMALL Positions) - Suggested Positions -

Long July $21 PUT (NDAQ1221S21) Entry $0.85

Entry on June 06 at $21.95
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 3.8 million
Listed on June 05, 2012


Netflix, Inc. - NFLX - close: 62.83 change: -0.19

Stop Loss: 67.25
Target(s): 60.25
Current Option Gain/Loss: - 3.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/13/12 update: NFLX is still slowly drifting lower without any follow through on its attempts to bounce. I am not suggesting new positions at this time.

Earlier Comments:
I am suggesting we keep our position size small because NFLX can be volatile at times and being short the stock is a popular position with short interest at 20% of the 54 million share float. Our first target is $60.25. More aggressive traders could aim a lot lower. The Point & Figure chart is suggesting a $48 target although I suspect the $50 level could be significant support.

(Small positions) - Suggested Positions -

Long Jul $60 PUT (NFLX1221S60) Entry $3.57

Entry on June 08 at $64.37
Earnings Date 07/23/12 (unconfirmed)
Average Daily Volume = 4.9 million
Listed on June 07, 2012


Oil States Intl. - OIS - close: 65.94 change: -0.11

Stop Loss: 68.55
Target(s): 61.50
Current Option Gain/Loss: -37.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/13/12 update: It was a mixed day for the oil stocks. The OIX index closed in the green while the OSX index closed down -2.0%. Shares of OIS saw its intraday rally stall and shares closed virtually flat. Readers may want to wait for a new drop under $65.00 before initiating positions.

- Suggested Positions -

Long Jul $60 PUT (OIS1221S60) Entry $2.25

Entry on June 08 at $66.04
Earnings Date 07/30/12 (unconfirmed)
Average Daily Volume = 720 thousand
Listed on June 07, 2012


CLOSED BULLISH PLAYS

Costco Wholesale - COST - close: 87.43 change: -1.07

Stop Loss: 87.25
Target(s): 91.50
Current Option Gain/Loss: -20.0%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/13/12 update: COST is just not cooperating. Shares started sinking this afternoon and didn't stop until they dipped under the 10-dma. Our stop loss was hit at $87.25.

- Suggested Positions -

Jul $90 call (COST1221G90) Entry $1.10 exit $0.88 (-20.0%)

06/13/12 stopped out at $87.25
06/11/12 COST has produced a bearish reversal candlestick pattern
06/09/12 new stop loss @ 87.25
06/06/12 new stop loss @ 86.25
06/06/12 triggered at $87.25

chart:

Entry on June 06 at $87.25
Earnings Date 10/03/12 (unconfirmed)
Average Daily Volume = 2.6 million
Listed on June 04, 2012


O'Reilly Automotive - ORLY - close: 97.59 change: -2.39

Stop Loss: 97.75
Target(s): 106.50
Current Option Gain/Loss: -37.9%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/13/12 update: It was another choppy day for ORLY. Shares managed to trade to new relative highs, above resistance at $100 midday. The stock hit our trigger to buy calls at $100.25, and shortly thereafter ORLY reversed lower. It was a sharp drop to a -2.39% decline and hit our stop loss at $97.75 along the way.

- Suggested Positions -

Jul $105 call (ORLY1221G105) Entry $1.45 exit $0.90 (-37.9%)

06/13/12 stopped out at $97.75
06/13/12 triggered at $100.25

chart:

Entry on June xx at $ xx.xx
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 1.5 million
Listed on June 12, 2012