Editor's Note:

Spring may be here but stock market bears are still hibernating. The bulls have pushed the S&P 500 index to a new record high.

KMB, LLL, SNDK were all triggered.
CVI was closed this morning.
KEX and VSI were stopped out.


Current Portfolio:


CALL Play Updates

Allergan Inc. - AGN - close: 114.78 change: +1.08

Stop Loss: 111.75
Target(s): 117.50
Current Option Gain/Loss: +18.4%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/10/13: The rebound continues with AGN gaining +0.9%. The stock has rallied right to resistance near $115.00. A breakout here would be a new all-time high. I am raising our stop loss to $111.75.

- Suggested Positions -

Long May $115 call (AGN1318E115) entry $2.28

04/10/13 new stop loss @ 111.75
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


American Tower Corp. - AMT - close: 79.87 change: +0.58

Stop Loss: 78.75
Target(s): 84.75
Current Option Gain/Loss: Unopened
Time Frame: Exit prior to earnings in early May
New Positions: Yes, see below

Comments:
04/10/13: The rebound in AMT is now up three days in a row. Shares are challenging round-number resistance at the $80.00 level and look poised to break out higher.

Use a trigger at $80.25. If triggered our target is $84.75. More aggressive traders could aim higher. FYI: The Point & Figure chart for AMT is bullish with a $94 target.

Trigger @ $80.25

- Suggested Positions -

buy the May$80 call (AMT1318E80) current ask $1.65

Entry on April -- at $---.--
Average Daily Volume = 2.2 million
Listed on April 09 2013


Ingredion Inc. - INGR - close: 73.57 change: +0.62

Stop Loss: 71.75
Target(s): 74.50
Current Option Gain/Loss: +100.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/10/13: The market's widespread rally helped INGR recover from yesterday's stumble. Shares added +0.8% and our option has bounced back to a +100% gain. 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: 100.30 change: +0.99

Stop Loss: 97.25
Target(s): 104.00
Current Option Gain/Loss: - 6.1%
Time Frame: Exit PRIOR to earnings on April 19th
New Positions: see below

Comments:
04/10/13: A bullish market environment helped KMB break out past resistance at the $100.00 mark. Shares hit our entry trigger at $100.25. I would still consider new positions now at current levels.

Our target is $104.00. However, we will plan to exit prior to KMB's earnings report on April 19th.

- Suggested Positions -

Long May $100 call (KMB1318E100) entry $2.45

Entry on April 10 at $100.25
Average Daily Volume = 2.3 million
Listed on April 06 2013


L-3 Communications - LLL - close: 83.37 change: +1.53

Stop Loss: 79.90
Target(s): 84.85
Current Option Gain/Loss: +12.5%
Time Frame: Exit prior to earnings on April 25th
New Positions: see below

Comments:
04/10/13: LLL delivered a strong session with shares breaking out to new 52-week highs. The stock hit our trigger to buy calls at $82.50 early this morning.

Our short-term target is $84.85. However, we will plan on exiting positions prior to LLL's earnings report on April 25th.

- Suggested Positions -

Long May $85 call (LLL1318E85) entry $0.80

Entry on April 10 at $82.50
Average Daily Volume = 600 thousand
Listed on April 08 2013


SanDisk Corp. - SNDK - close: 58.32 change: +2.01

Stop Loss: 54.95
Target(s): 59.75
Current Option Gain/Loss: +31.9%
Time Frame: exit PRIOR to earnings on April 17th
New Positions: see below

Comments:
04/10/13: The NASDAQ managed to outperform the other big cap indices and SNDK managed to outpace the NASDAQ with a +3.5% gain. The stock gapped open higher at $56.54 and surged to a new multi-year high. Our trigger to buy calls was hit at $56.75.

Earlier Comments:
Our short-term target is $59.75. Keep in mind that this is going to be a short-term trade. SNDK is scheduled to report earnings on April 17th and we do not want to hold over the report. FYI: The Point & Figure chart for SNDK is bullish with a long-term $79 target.

- Suggested Positions -

Long May $57.50 call (SNDK1318e57.5) entry $2.35

Entry on April 10 at $56.75
Average Daily Volume = 3.3 million
Listed on April 09 2013


Under Armour - UA - close: 54.97 change: +0.76

Stop Loss: 50.75
Target(s): 58.50
Current Option Gain/Loss: +65.5%
Time Frame: Exit prior to earnings on April 19th
New Positions: Yes, see below

Comments:
04/10/13: UA continues to post gains but not surprisingly the stock has stalled near the $55 level. I cautioned readers that UA might find resistance near $55.00. More conservative traders may want to take profits right now. We are aiming for $58.50 but will plan to exit prior to the April 19th earnings.

- Suggested Positions - *Small Positions*

Long May $55 call (UA1318e55) entry $1.48

04/10/13 UA has hit potential resistance at $55.00. Readers may want to take profits right now
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

Concur Technologies - CNQR - close: 65.34 change: +1.56

Stop Loss: 66.05
Target(s): 60.25
Current Option Gain/Loss: -17.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/10/13: CNQR pierced potential resistance at $65 and its 300-dma but the rally reversed at the $66.00 mark. Our trade is still open for now with a stop loss at $66.05. If the market continues to rally we will likely see CNQR hit our stop loss. I am not suggesting new positions.

Earlier Comments:
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

04/09/13 new stop loss @ 66.05

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


Joy Global, Inc. - JOY - close: 57.24 change: -0.91

Stop Loss: 59.05
Target(s): 52.50
Current Option Gain/Loss: + 1.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/10/13: Considering the stock market's widespread rally today I would not have been surprised to see JOY rally higher. However, we were fortunate that the stock reversed right where we expected it would. Shares underperformed with a -1.5% decline. More conservative traders may want to lower their stops toward today's high (58.47).

- Suggested Positions -

Long Apr 60 PUT (JOY1320P60) entry $3.05

04/09/13 adjust stop loss to $59.05
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


CLOSED BEARISH PLAYS

CVR Energy, Inc. - CVI - close: 50.62 change: -0.04

Stop Loss: 51.65
Target(s): 45.25
Current Option Gain/Loss: -67.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/10/13: CVI continues to churn sideways. The stock has been stuck in a narrow range the last few days. The fact that shares did not rally with the market today might be interpreted as bearish. However, we had already decided to exit positions at the opening bell this morning.

Earlier Comments:
Keep position size small to limit risk.

- Suggested Positions -

Long May $45 PUT (CVI1318Q45) Entry $1.40 exit $0.45 (-67.8%)

04/10/13 planned exit
04/09/13 prepare to exit tomorrow at the opening bell
04/04/13 readers may want to exit early right here following today's close back above $50 and its 100-dma.

chart:

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


Kirby Corp. - KEX - close: 74.19 change: -0.22

Stop Loss: 76.05
Target(s): 67.00
Current Option Gain/Loss: -44.4%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/10/13: Yesterday KEX looked ready to roll over. Today shares reversed higher and with the market's help the stock pushed through resistance at $75.00 at $76.00 and its 10, 20, 30, and 40-dma. Our stop loss was hit at $76.05.

- Suggested Positions -

May $70 PUT (KEX1318Q70) entry $1.80 exit $1.00 (-44.4%)

04/10/13 stopped out at $76.05

chart:

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


Vitamin Shoppe, Inc. - VSI - close: 50.75 change: +2.31

Stop Loss: 50.15
Target(s): 45.50
Current Option Gain/Loss: -70.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/10/13: Shorts appear to be in panic mode now that the S&P 500 is breaking out to new highs. Shares of VSI slowly climbed all day long and pushed past resistance at $50.00 to hit our stop loss at $50.15. By the closing bell VSI was up +4.7% on the session. Sadly, our loss was exaggerated by a sudden jump in the bid/ask spread.

- Suggested Positions -

Apr $50 PUT (VSI1320P50) entry $2.00 exit $0.60* (-70.0%)

04/10/13 stopped out at $50.15
04/01/13 new stop loss @ 50.15

chart:

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