Editor's Note:

The OIX oil index was one of the market's worst performers today. Weak economic data helped send oil to a new 2012 low.

Our APC trade was stopped out. WMT was triggered.

Current Portfolio:


CALL Play Updates

Citrix Systems - CTXS - close: 78.05 change: -2.84

Stop Loss: 77.75
Target(s): 86.50
Current Option Gain/Loss: -61.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21/12 update: Readers may want to hit the eject button and abandon ship. CTXS' bullish breakout over resistance at $80.00 hags reversed. Now the stock is back under $80 and back under its 50-dma. If there is any follow through lower tomorrow CTXS should hit our stop loss at $77.75 pretty quickly.

I am not suggesting new positions at this time.

- Suggested Positions -

Long Jul $82.50 call (CTXS1221G82.5) Entry $3.40

06/19/12 trade opened on gap higher at $81.40

Entry on June 19 at $81.40
Earnings Date 07/25/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on June 18, 2012


Snap-on Inc. - SNA - close: 61.95 change: -1.41

Stop Loss: 61.95
Target(s): 69.00
Current Option Gain/Loss: Unopened
Time Frame: 6 to 9 weeks
New Positions: see below

Comments:
06/21/12 update: The market's reversal lower is also evident in shares of SNA. The stock's two-day slide has erased four days of gains. If SNA doesn't improve soon we'll drop it as a candidate. Currently I am suggesting we stick to our original plan and wait for SNA to hit our trigger at $64.55 as our entry point.

FYI: The Point & Figure chart for SNA is bullish with a long-term $79 target.

Trigger @ 64.55

- Suggested Positions -

buy the Jul $65 call (SNA1221G65)

- or -

Buy the Sep $65 call (SNA1222I65)

Entry on June xx at $ xx.xx
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 424 thousand
Listed on June 19, 2012


Whole Foods Market, Inc. - WFM - close: 94.17 change: -1.97

Stop Loss: 93.25
Target(s): 95.00 & 98.50
Current Option Gain/Loss: Jul $92.50c: + 7.5% & Aug $95c: - 2.2%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/21/12 update: WFM was a clear target for profit taking after hitting new highs yesterday. Shares fell -2.0% and painted a bearish engulfing candlestick reversal pattern today. Readers may want to exit early now since the market looks weak and WFM could easily retreat back toward the $91-90 zone before it finds any support. We have a stop loss at $93.25.

- Suggested Positions -

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

- or -

Long Aug $95 call (WFM1218H95) Entry $4.40

06/18/12 new stop loss @ 93.25
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

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


Wal-Mart Stores Inc. - WMT - close: 67.70 change: -0.82

Stop Loss: 67.40
Target(s): 72.00
Current Option Gain/Loss: Jul$70c: -43.4% & Aug$70c: -28.7%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/21/12 update: Our new trade on WMT is not off to a very good start. The stock rallied just high enough this morning to hit our trigger and then reverse lower. We wanted to buy calls at $68.65. WMT hit $68.66 at its high today. The reversal looks kind of ugly with WMT dipping to short-term support at its rising 10-dma. If there is any follow through lower tomorrow then WMT will most likely hit our stop loss at $67.40.

- Suggested Positions -

Long Jul $70 call (WMT1221G70) Entry $0.46

- or -

Long Aug $70 call (WMT1218H70) Entry $0.94

06/21/12 triggered @ 68.65

Entry on June 21 at $68.65
Earnings Date 08/16/12 (unconfirmed)
Average Daily Volume = 11.7 million
Listed on June 20, 2012


PUT Play Updates

Deckers Outdoor Corp. - DECK - close: 44.71 change: -2.40

Stop Loss: 50.05
Target(s): 42.00
Current Option Gain/Loss: Jul45p: +66.6% & Aug45P: +27.5%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
06/21/12 update: A bad day for stocks proved to be a good day for our new put play on DECK. Shares opened at $47.31 and then plunged to a -5.0% decline. I am not suggesting new positions at this time.

Earlier Comments:
This is an aggressive trade because so many investors are already short this stock. The most recent data listed short interest at 26% of the small 36.7 million share float. That does raise the risk of a short squeeze, although DECK hasn't seen a squeeze in a while. FYI: The Point & Figure chart for DECK is bearish with a $34 target.

- Suggested (SMALL) Positions -

Long Jul $45 PUT (DECK1221S45) Entry $1.35

- or -

Long Aug $45 PUT (DECK1218T45) Entry $2.90

Entry on June 21 at $47.31
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 1.45 million
Listed on June 20, 2012


CLOSED BULLISH PLAYS

Anadarko Petroleum - APC - close: 60.56 change: -3.65

Stop Loss: 63.40
Target(s): 69.75
Current Option Gain/Loss: -57.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
06/21/12 update: Another round of slowing economic data pushed oil prices to a new 2012 low and the energy sector was pummeled to a significant loss. APC fell -5.6%. Our trade was stopped out at $63.40.

- Suggested Positions -

Jul $67.50 call (APC1221G67.5) Entry $1.75* exit $0.75 (-57.1%)

06/21/12 stopped out at $63.40
*option entry price is an estimate. looks like there was a bad tick at $5.00 this morning (06/19/12)
06/19/12 triggered @ 65.55

chart:

Entry on June 19 at $65.55
Earnings Date 07/23/12 (unconfirmed)
Average Daily Volume = 5.2 million
Listed on June 16, 2012