Editor's Note:

The U.S. market's major indices managed a bounce on Thursday.

We did see TDC hit our entry trigger and our exit target on the same session. NBL was stopped out.


Current Portfolio:


CALL Play Updates

Allergan Inc. - AGN - close: 114.42 change: +0.57

Stop Loss: 110.75
Target(s): 117.50
Current Option Gain/Loss: +18.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: Traders bought the dip in AGN midday and the stock rebounded to a +0.4% gain. More conservative traders may want to start raising their stop loss.

- Suggested Positions -

Long May $115 call (AGN1318E115) entry $2.28

04/02/13 triggered on gap open higher

Entry on April 02 at $113.24
Average Daily Volume = 1.2 million
Listed on April 01, 2013


Cabela's Inc. - CAB - close: 59.77 change: -0.06

Stop Loss: 59.65
Target(s): 67.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Comments:
04/04/13: We may end up dropping CAB as a candidate soon. The stock did not participating in the market's rebound on Thursday. Shares are hovering near the $60.00 level and flirting with a break below its 20-dma. I don't see any changes from my prior comments.

I am suggesting a trigger to buy calls at $62.35. If triggered our target is $67.50.

Trigger @ 62.35

- Suggested Positions -

buy the May $65 call (CAB1318E65)

Entry on April -- at $---.--
Average Daily Volume = 688 thousand
Listed on April 02, 2013


Ingredion Inc. - INGR - close: 73.37 change: +0.48

Stop Loss: 71.35
Target(s): 74.50
Current Option Gain/Loss: +94.1%
Time Frame: 3 to 4 weeks
New Positions: , see below

Comments:
04/04/13: INGR posted +0.6% gain and continues to hit new highs. Shares could easily hit our exit target at $74.50 tomorrow. Our call option is up +94% and readers may want to consider an early exit tomorrow no matter what just to lock in gains. I am not suggesting new positions.

FYI: The Point & Figure chart for INGR is bullish with an $83 target.

- Suggested Positions -

Long Apr $70 call (INGR1320D70) entry $1.70

04/03/13 new stop loss @ 71.35
04/02/13 our option is up +88%, readers may want to take profits now
Adjusting the exit target to $74.50
03/30/13 new stop loss @ $69.75

Entry on March 25 at $70.65
Average Daily Volume = 585 thousand
Listed on March 23, 2013


PUT Play Updates

CF Industries - CF - close: 190.07 change: +2.65

Stop Loss: 191.55
Target(s): 176.00
Current Option Gain/Loss: -15.3%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: The oversold bounce in CF continued on Thursday and shares added +1.4%. The stock's bounce did stall near resistance at $190 and its 10-dma. I am cautious here. We are lowering our stop loss down to $191.55. A reversal here, at resistance near $190, could be used as a new bearish entry point.

Earlier Comments:
I do consider this an aggressive, higher-risk trade because CF can be a volatile stock. If triggered our target is $176.00. More conservative traders may want to take profits early in the $181-180 zone instead. FYI: The Point & Figure chart for CF is bearish with a $144 target.

*Small Positions* - Suggested Positions -

Long May $180 PUT (CF1318Q180) entry $3.90

04/04/13 new stop loss @ 191.55

Entry on April 01 at $188.75
Average Daily Volume = 1.1 million
Listed on March 30, 2013


Concur Technologies - CNQR - close: 66.10 change: +0.50

Stop Loss: 66.75
Target(s): 60.25
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
04/04/13: CNQR dipped to round-number support at $65.00 and bounced. I don't see any changes from my prior comments.

Earlier Comments:
Now CNQR is testing technical support at its simple 300-dma. A breakdown here could signal a drop toward its November lows. I am suggesting a trigger to buy puts at $64.75. If triggered our target is $60.25. Readers may want to keep their position size small. The most recent data listed short interest at 21% of the small 53.5 million share float. That does raise the risk of a short squeeze should CNQR suddenly reverse higher. FYI: The Point & Figure chart for CNQR is bearish with a $59 target.

Trigger @ 64.75

- Suggested Positions -

buy the May $65 PUT (CNQR1318Q65)

Entry on April -- at $---.--
Average Daily Volume = 325 thousand
Listed on April 03, 2013


CVR Energy, Inc. - CVI - close: 50.70 change: +2.01

Stop Loss: 51.65
Target(s): 45.25
Current Option Gain/Loss: -46.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: Our CVI trade is not working and readers may want to consider an early exit right here. Shares outperformed the market with a +4.1% bounce and a close back above $50.00 and its 100-dma, which is bullish.

I am not suggesting new positions at this time.

Earlier Comments:
Keep position size small to limit risk.

- Suggested Positions -

Long May $45 PUT (CVI1318Q45) Entry $1.40

04/04/13 readers may want to exit early right here following today's close back above $50 and its 100-dma.

Entry on April 03 at $49.55
Average Daily Volume = 538 thousand
Listed on April 02, 2013


Joy Global, Inc. - JOY - close: 56.74 change: +0.73

Stop Loss: 58.65
Target(s): 52.50
Current Option Gain/Loss: +19.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: A generally positive day for the stock market helped JOY produce an oversold bounce (+1.3%). Shares should find resistance near $58.00. I am not suggesting new positions at this time.

- Suggested Positions -

Long Apr 60 PUT (JOY1320P60) entry $3.05

04/03/13 new stop loss @ 58.65

Entry on March 25 at $57.50
Average Daily Volume = 2.7 million
Listed on March 20, 2013


Rackspace Hosting - RAX - close: 46.86 change: -1.07

Stop Loss: 50.25
Target(s): 45.50
Current Option Gain/Loss: +48.9%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: RAX continues to show relative weakness with a -2.2% drop and another new relative low. Readers may want to start taking profits now. I am not suggesting new positions at this time.

Earlier Comments:
If triggered our short-term target is $45.50. The $45.00 level does look like it could be significant support.

NOTE: I would keep our position size small. While there is growing competition in the cloud computing field there are also expectations that the industry could see consolidation and smaller companies, like RAX, could be takeover targets.

*Small Positions* - Suggested Positions -

Long Apr $50 PUT (RAX1320P50) entry $2.35

04/02/13 triggered on gap open lower at $48.86

Entry on April 02 at $48.86
Average Daily Volume = 2.4 million
Listed on March 27, 2013


Vitamin Shoppe, Inc. - VSI - close: 47.14 change: -0.45

Stop Loss: 50.15
Target(s): 45.50
Current Option Gain/Loss: +50.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: Our April put option is starting to catch up with the decline in shares of VSI. The stock fell to another new relative low. I am not suggesting new positions at this time. Fortunately the spread on our option has narrowed.

- Suggested Positions -

Long Apr $50 PUT (VSI1320P50) entry $2.00

04/01/13 new stop loss @ 50.15

Entry on March 21 at $49.75
Average Daily Volume = 736 thousand
Listed on March 11, 2013


CLOSED BULLISH PLAYS

Noble Energy - NBL - close: 112.71 change: -2.53

Stop Loss: 113.85
Target(s): 119.75
Current Option Gain/Loss: -41.9%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/04/13: NBL raised its reserve estimates on the Tamar natural gas field near Israel. Yet the good news failed to help the stock price today. Energy stocks were underperformers but for some unknown reason shares of NBL were real underperformers with a -2.19% drop. Shares hit our stop loss at $113.85. There is a chance that NBL will bounce near its rising 50-dma (currently near $112) but our trade is closed.

- Suggested Positions -

May $120 call (NBL1318E120) entry $1.55 exit $0.90 (-41.9%)

04/04/13 stopped out
04/03/13 new stop loss @ 113.85
04/01/13 new stop loss @ 113.45
03/26/13 triggered @ 115.35
03/25/13 adjust entry trigger to $115.35, adjust stop to $112.65

chart:

Entry on March 26 at $115.35
Average Daily Volume = 1.0 million
Listed on March 23, 2013


CLOSED BEARISH PLAYS

Teradata Corp. - TDC - close: 51.89 change: -4.18

Stop Loss: 57.55
Target(s): 50.50
Current Option Gain/Loss: +89.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/04/13: Wow! TDC hit our trigger at $55.50 and our exit target at $50.50 on the same session. Today's breakdown saw a -10.1% drop intraday. TDC managed to settle with a -7.45% decline. The call option opened at $2.50 and hit an intraday high of $5.50.

- Suggested Positions -

May $55 PUT (TDC1318Q55) entry $2.75 exit $5.20 (+89.0%)

04/04/13 target hit at $50.50
04/04/13 trigger hit at $55.50

chart:

Entry on April -- at $---.--
Average Daily Volume = 1.6 million
Listed on April 03, 2013