Editor's Note:

After last week's market sell-off stocks managed a big of an oversold bounce today. The dip-buyers picked up right where they left off on Friday.


Current Portfolio:


CALL Play Updates

Allergan Inc. - AGN - close: 112.70 change: +0.19

Stop Loss: 110.75
Target(s): 117.50
Current Option Gain/Loss: -16.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: AGN spent most of the day consolidating sideways near the $112.00 level before finally rebounding higher in the last hour. Readers might want to consider a new rally past $113.00 as a new bullish entry point.

- 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: 60.27 change: +0.13

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:
04/08/13: Monday was a quiet session for shares of CAB, which churned sideways on either side of the $60.00 level. Right now we are still on the sidelines waiting for a breakout higher.

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: 73.99 change: +0.74

Stop Loss: 71.75
Target(s): 74.50
Current Option Gain/Loss: +123.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: The rally continues in shares of INGR with a +1.0% gain and another high. Our option has more than doubled. Readers may want to take profits now. I am not suggesting new positions.

- Suggested Positions -

Long Apr $70 call (INGR1320D70) entry $1.70

04/06/13 new stop loss @ 71.75
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


Kimberly-Clark - KMB - close: 99.45 change: +0.14

Stop Loss: 97.25
Target(s): 104.00
Current Option Gain/Loss: Unopened
Time Frame: Exit PRIOR to earnings on April 19th
New Positions: Yes, see below

Comments:
04/08/13: Traders bought the dip in shares of KMB this morning but the stock failed to breakout past resistance near $100.00.

I am suggesting a trigger to buy calls at $100.25. If triggered our target is $104.00. However, we will plan to exit prior to KMB's earnings report on April 19th.

Trigger @ 100.25

- Suggested Positions -

buy the May $100 call (KMB1318E100) current ask $1.90

Entry on April -- at $---.--
Average Daily Volume = 2.3 million
Listed on April 06 2013


Under Armour - UA - close: 54.02 change: +0.98

Stop Loss: 50.75
Target(s): 58.50
Current Option Gain/Loss: +38.5%
Time Frame: Exit prior to earnings on April 19th
New Positions: Yes, see below

Comments:
04/08/13: UA displayed relative strength on Monday with a +1.8% gain and a new multi-month closing high. Readers may want to start inching up their stop losses.

Earlier Comments:
Our target is $58.50 but we will plan on exiting prior to the April 19th earnings report.

- Suggested Positions - *Small Positions*

Long May $55 call (UA1318e55) entry $1.48

04/05/13 trade opened on gap down at $52.45

Entry on April 05 at $52.45
Average Daily Volume = 1.4 million
Listed on April 04, 2013


PUT Play Updates

Baidu, Inc. - BIDU - close: 84.07 change: +0.48

Stop Loss: 86.05
Target(s): 76.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
04/08/13: Shares of BIDU did not see much movement on Monday as the stock drifted sideways on either side of the $84.00 level. I don't see any changes from my weekend comments.

Earlier Comments:
The stock is sitting on its March lows. Further weakness could spark a drop toward $75.00. Friday's low was $82.98. I am suggesting a trigger to buy puts at $82.75. If triggered our target is $76.50. FYI: The Point & Figure chart for BIDU is bearish with a $60 target.

BIDU can be a volatile stock. Readers may want to limit their position size.

Trigger @ 82.75

- Suggested Positions -

buy the May $80 PUT (BIDU1318Q80)

Entry on April -- at $---.--
Average Daily Volume = 3.6 million
Listed on April 06 2013


CF Industries - CF - close: 189.69 change: -0.28

Stop Loss: 191.55
Target(s): 176.00
Current Option Gain/Loss: -16.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: CF underperformed the market with a -0.1% decline but I wouldn't put too much stock behind today's move. CF didn't move very much today. The stock remains just under resistance near $190 and its 10-dma. I am not suggesting new positions at this time.

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: 64.95 change: +0.52

Stop Loss: 66.75
Target(s): 60.25
Current Option Gain/Loss: -11.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: CNQR slowly drifted higher and managed a +0.8% gain by the closing bell. The stock should find resistance in the $65-66 zone and its 300-dma. Nimble traders could look for a failed rally under $66.00 as a new bearish entry point.

Earlier Comments:
Now CNQR is testing technical support at its simple 300-dma. A breakdown here could signal a drop toward its November lows.
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.

- Suggested Positions -

Long May $65 PUT (CNQR1318Q65) entry $3.40

Entry on April 05 at $64.75
Average Daily Volume = 325 thousand
Listed on April 03, 2013


CVR Energy, Inc. - CVI - close: 50.67 change: -0.03

Stop Loss: 51.65
Target(s): 45.25
Current Option Gain/Loss: -50.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: CVI spent a second day drifting sideways near the $50.00 mark and its 100-dma. There is no change from my prior comments.

The big rebound off Wednesday's low is still a concern. Readers may want to wait for a new drop below $49.00 before considering new bearish positions.

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: 56.83 change: +0.10

Stop Loss: 58.65
Target(s): 52.50
Current Option Gain/Loss: +13.1%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: The Monday morning rally attempt failed in JOY but traders did buy the dip soon thereafter. Shares managed to eke out a small gain. I am expecting a bounce back toward $58 or its 10-dma. 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


Kirby Corp. - KEX - close: 74.41 change: +0.58

Stop Loss: 76.05
Target(s): 67.00
Current Option Gain/Loss: -38.8%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/08/13: The bounce in KEX continued on Monday. I cautioned readers that we could see KEX rebound back toward resistance near $75.00. Wait for the rise to falter or reverse before launching new positions. More conservative traders could adjust their stops closer to the $75.00 mark.

- Suggested Positions -

Long May $70 PUT (KEX1318Q70) entry $1.80

Entry on April 05 at $72.60
Average Daily Volume = 391 thousand
Listed on April 04, 2013


Vitamin Shoppe, Inc. - VSI - close: 48.97 change: +1.51

Stop Loss: 50.15
Target(s): 45.50
Current Option Gain/Loss: -20.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/08/13: Hmm... okay, now we have reason to worry. VSI outperformed the market with a +3.1% gain and closed above technical resistance at the simple 10-dma. There is still likely resistance at the $50.00 level. I could not find any news to account for the show of relative strength.

I am not suggesting new positions at this time. Keep in mind that our April options only have two weeks left.

- 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