Editor's Note:

The U.S. market saw stocks close near their session highs on late afternoon headlines about coordinated central bank efforts to provide liquidity should it be needed following the Greek election on Sunday.

Current Portfolio:


CALL Play Updates

Dollar Tree, Inc. - DLTR - close: 107.91 change: +1.38

Stop Loss: 104.45
Target(s): 112.50
Current Option Gain/Loss: + 7.5%
Time Frame: exit prior to the stock split on June 26th
New Positions: see below

Comments:
06/14/12 update: DLTR displayed some relative strength with a +1.3% gain and a new closing higher. We only have seven trading days left before it's time to exit prior to the stock split. 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: 76.31 change: +1.54

Stop Loss: 73.25
Target(s): 79.50
Current Option Gain/Loss: + 23.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/14/12 update: MNST was also showing some relative strength today with a +2.0% gain. The stock looks ready to challenge Monday's high. More conservative traders may want to adjust their stops closer to $74.00. 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: 65.52 change: +1.28

Stop Loss: 63.45
Target(s): 68.50
Current Option Gain/Loss: +16.6%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
06/14/12 update: ROST rallied to a new all-time high and closed up +1.99%. Readers may want to start inching up their stop loss. Today's move could also be used as a new bullish entry point.

- 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: 91.54 change: +1.64

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:
06/14/12 update: WFM is hovering under 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

Anixter Intl. - AXE - close: 53.11 change: -0.12

Stop Loss: 56.05
Target(s): 48.50
Current Option Gain/Loss: - 6.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/14/12 update: AXE continues to underperform the market's major indices. Shares tagged a new relative low today. I would still consider new bearish positions now.

Earlier Comments:
We want to keep our position size small because AXE has above average short interest. The most recent data listed short interest at 15% of the small 27.6 million share float.

*Small positions* - Suggested Positions -

Long Jul $50 PUT (AXE1221S50) Entry $1.07

Entry on June 14 at $53.35
Earnings Date 07/24/12 (unconfirmed)
Average Daily Volume = 339 thousand
Listed on June 13, 2012


Baxter Intl. - BAX - close: 49.03 change: -0.77

Stop Loss: 51.51
Target(s): 48.00
Current Option Gain/Loss: Jun$50p: +40.9% & Jul50p: +19.3%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/14/12 update: BAX sank to new relative lows with today's -1.5% decline. It was our plan to exit our June $50 puts at the closing bell tonight! We're still planning to exit any remaining positions at our $48.00 target.

- Suggested Positions -

(exit on Thursday, June 14th @ the close)
Jun $50 PUT (BAX1216R50) Entry $0.66 exit $0.93 (+40.9%)

- or -

Long Jul $50 PUT (BAX1221S50) Entry $1.55

06/14/12 planned exit for Jun $50 puts at the close (+40.9%)
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


NASDAQ OMX Group - NDAQ - close: 21.27 change: -0.06

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:
06/14/12 update: NDAQ is still underperforming the market and is hovering near its lows. The stock looks poised to break down. 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: 62.66 change: -0.17

Stop Loss: 67.25
Target(s): 60.25
Current Option Gain/Loss: - 6.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/14/12 update: NFLX is also underperforming the major indices and continues to slowly drift lower. 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: 67.02 change: +1.08

Stop Loss: 68.55
Target(s): 61.50
Current Option Gain/Loss: -53.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/14/12 update: OIS is showing too much strength. The stock looks poised to breakout past resistance near $68.00. I am suggesting an early exit. We'll close positions at the open tomorrow morning.

- Suggested Positions -

Long Jul $60 PUT (OIS1221S60) Entry $2.25

06/14/12 prepare to exit positions at the open tomorrow

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


CLOSED BEARISH PLAYS

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

Stop Loss: 65.55
Target(s): 60.50
Current Option Gain/Loss: -35.9%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/14/12 update: Biotech stocks were showing relative strength today with the BTK biotech index outperforming the major indices. CELG helped lead the charge higher after the stock garnered some bullish analyst comments this morning. Shares of CELG surged +3.6% and broke out back above the $65.00 mark and its 300-dma. Our stop loss was hit at $65.55.

- Suggested Positions -

Jul $62.50 PUT (CELG1221S62.5) Entry $2.03 Exit $1.30 (-35.9%)

06/14/12 stopped out at $65.55

chart:

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