Editor's Note:

Investors were not showing any fear on Friday ahead of the Greek vote on Sunday.

Current Portfolio:


CALL Play Updates

Cerner Corp. - CERN - close: 82.64 change: +1.11

Stop Loss: 79.45
Target(s): 84.85 & 87.50
Current Option Gain/Loss: + 20.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/16/12 update: Friday was another strong day for CERN with shares adding +1.3%. The stock looks poised to test its early May highs soon. If you're looking for a new entry point readers may want to wait for a little dip first.

We have two different targets. Our conservative target is $84.85. Our more aggressive target is $87.50.

- Suggested Positions -

Long Jul $85 call (CERN1221G85) Entry $1.20

chart:

Entry on June 15 at $81.75
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 1.25 million
Listed on June 14, 2012


Dollar Tree, Inc. - DLTR - close: 110.34 change: +2.43

Stop Loss: 104.45
Target(s): 112.50
Current Option Gain/Loss: +43.4%
Time Frame: exit prior to the stock split on June 26th
New Positions: see below

Comments:
06/16/12 update: The market's bullish tone on Friday helped DLTR surge to a new high with a +2.2% gain. Our exit target is $112.50. More aggressive traders could aim higher but remember we want to exit prior to the stock split on June 26th. More conservative traders may want to take profits now and/or raise their stop loss. 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

chart:

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: 78.64 change: +2.33

Stop Loss: 73.25
Target(s): 79.50
Current Option Gain/Loss: + 88.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/16/12 update: MNST has also been able to surge to a new closing high on Friday. Shares were up big with a +3.0% gain. More conservative traders may want to take profits now (currently +88%). We're planning to exit at $79.50. 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

chart:

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: 66.61 change: +1.09

Stop Loss: 63.45
Target(s): 68.50
Current Option Gain/Loss: +40.4%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
06/16/12 update: Many of the retail names were showing strength on Friday. ROST outperformed the major indices with a +1.6% gain. Friday also represents a more convincing breakout past resistance near $65.00. I am not suggesting new positions at this time.

- 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

chart:

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: 94.47 change: +2.93

Stop Loss: 89.60
Target(s): 95.00 & 98.50
Current Option Gain/Loss: Jul $92.50c: +30.3% & Aug $95c: +14.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/16/12 update: Well that was quick!

WFM hit our trigger to buy calls at $92.05 and then hit our first exit target at $95.00, all on Friday's big move higher (+3.2%). We have two exit targets, one at $95.00 and another at $98.50. The July $92.50 call bid was $4.50 (+36.3%) and the Aug. $95 call bid was at $5.05 (+14.7%).

At this point, if you're looking for a new entry point I'd consider waiting for a dip or a bounce in the $93-92 area.

- Suggested Positions -

Long Jul $92.50 call (WFM1221G92.5) Entry $3.30

- or -

Long Aug $95 call (WFM1218H95) Entry $4.40

06/15/12 first target hit at $95.00, options values at:
Jul $92.50 call @ $4.50 (+36.3%)
Aug $95.00 call @ $5.05 (+14.7%)
06/15/12 triggered at $92.05

chart:

Entry on June 15 at $92.05
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 1.8 million
Listed on June 12, 2012


PUT Play Updates

Anixter Intl. - AXE - close: 53.03 change: -0.08

Stop Loss: 56.05
Target(s): 48.50
Current Option Gain/Loss: -20.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/16/12 update: AXE did not participate in the market's widespread rally on Friday, which is good news if you're bearish! I would still consider new bearish positions now or you could wait for a new failed rally in the $54-55 zone.

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

chart:

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: 49.30 change: +0.27

Stop Loss: 51.51
Target(s): 48.00
Current Option Gain/Loss: (Jun$50p: +40.9%) & Jul50p: + 1.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/16/12 update: BAX also underperformed the market on Friday. Shares gapped higher and then spent the day churning sideways in a narrow range. Readers may want to lower their stops closer to the $50 level. I am not suggesting new positions at this time.

- 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

chart:

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: 21.48 change: +0.21

Stop Loss: 22.55
Target(s): 20.15
Current Option Gain/Loss: -29.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/16/12 update: The strength in NDAQ is a little bit surprising on Friday considering the headlines. The disastrous Facebook (FB) IPO continues to haunt the NASDAQ. FB is pointing the finger at NDAQ as investors plan lawsuits over the event. Both stocks did close up on Friday.

NDAQ remains inside its bearish channel but I'll admit that Friday's session looks like a potential bullish reversal pattern. NDAQ should have resistance at the top of its bearish channel near $22.00. I am not suggesting new positions at this time.

(SMALL Positions) - Suggested Positions -

Long July $21 PUT (NDAQ1221S21) Entry $0.85

chart:

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: 65.79 change: +3.13

Stop Loss: 67.25
Target(s): 60.25
Current Option Gain/Loss: -36.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/16/12 update: The market's recent bounce may have spooked some shorts in NFLX on Friday. The stock outperformed the market with a +4.9% bounce. Technically shares did break one trend line of lower highs but the overall trend remains 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

chart:

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


CLOSED BEARISH PLAYS

Oil States Intl. - OIS - close: 68.32 change: +1.30

Stop Loss: 68.55
Target(s): 61.50
Current Option Gain/Loss: -64.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/16/12 update: On Thursday night we decided it was time to exit our OIS trade. The plan was to exit at the open on Friday morning. Shares opened at $67.69 before climbing to a +1.9% gain.

- Suggested Positions -

Jul $60 PUT (OIS1221S60) Entry $2.25 exit $0.80 (-64.4%)

06/15/12 early exit at the open
06/14/12 prepare to exit positions at the open tomorrow

chart:

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