Editor's Note:

The S&P 500 index seems like it's losing speed as it nears resistance at the 1600 level. Meanwhile the NASDAQ composite has stopped near resistance at the 3300 level.

Our ROST trade was triggered on Friday.

We want to exit our AMT trade on Monday. See play update for details.


Current Portfolio:


CALL Play Updates

American Tower Corp. - AMT - close: 83.84 change: +2.84

Stop Loss: 80.95
Target(s): 84.50
Current Option Gain/Loss: + 65.8%
Time Frame: Exit prior to earnings on May 1st
New Positions: see below

Comments:
04/27/13: After surging to new highs on Thursday shares of AMT hit some profit taking on Friday with a -1.0% decline. The trend is up but our time here is almost over. AMT is due to report earnings on May 1st, before the opening bell. I am suggesting we plan on closing positions on Monday, April 29th, at the closing bell. That's assuming AMT does not hit our exit target or stop first. Speaking of targets and stops I am moving our target down to $84.50 and moving our stop loss to $80.95.

- Suggested Positions -

Long May$80 call (AMT1318E80) entry $2.05

04/27/13 new stop loss @ 80.95, new target at $84.50
prepare to exit on Monday, April 29th, at the closing bell
04/25/13 new stop loss @ 80.40, readers may want to exit now since our option has doubled (+100%).

chart:

Entry on April 11 at $80.25
Average Daily Volume = 2.2 million
Listed on April 09 2013


Conns Inc. - CONN - close: 44.35 change: -0.51

Stop Loss: 43.45
Target(s): 49.50
Current Option Gain/Loss: -28.2%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
04/27/13: CONN pulled back -1.1% on Friday. Shares are still hovering just below resistance at the $45.00 level. Thursday's high was $45.18. I would wait for a rally past $45.20 before initiating new positions.

Earlier Comments:
CONN has a high amount of short interest and a small float. A breakout past resistance could spark another short squeeze.

- Suggested Positions -

Long May $45 call (CONN1318E45) open $1.95

chart:

Entry on April 25 at $45.10
Average Daily Volume = 758 thousand
Listed on April 24 2013


Gilead Sciences - GILD - close: 51.38 change: -0.05

Stop Loss: 49.95
Target(s): 56.50
Current Option Gain/Loss: -32.4%
Time Frame: Exit PRIOR to earnings on May 2nd
New Positions: see below

Comments:
04/27/13: Prior to the rally on April 19th shares of GILD were struggling with resistance near the $52.00 level. Shares are once again struggling with resistance near the $52.00 level. Unfortunately we are almost out of time with this trade. We've only got a couple of days left. GILD is scheduled to report earnings on May 2nd. We will plan on exiting positions on April 30th at the closing bell assuming our trade lasts that long. I am inching our stop loss up to $49.95.

Earlier Comments:
I do consider this a more aggressive entry point.

- Suggested Positions -

Long May $52.50 call (GILD1318e52.5) entry $1.94

04/27/13 new stop loss @ 49.95
Prepare to exit on April 30th at the closing bell

chart:

Entry on April 15 at $52.25
Average Daily Volume = 11.7 million
Listed on April 13 2013


Ross Stores - ROST - close: 65.12 change: +0.09

Stop Loss: 63.45
Target(s): 69.00
Current Option Gain/Loss: - 9.6%
Time Frame: exit prior to earnings in late May
New Positions: see below

Comments:
04/27/13: Our new trade on ROST has been opened. Shares managed to outperform the broader market with a small gain on Friday. ROST hit our entry trigger at $65.25. The high was $65.40. Depending on your style of trading you could wait for a new relative high ($65.50) or a dip toward the simple 10-dma (near $63.60) as alternative entry points.

- Suggested Positions -

Long Jun $67.50 call (ROST1322F67.5) entry $1.55

chart:

Entry on April 26 at $65.25
Average Daily Volume = 2.3 million
Listed on April 25 2013


PUT Play Updates

Atlas Air Worldwide - AAWW - close: 37.65 change: -1.06

Stop Loss: 39.25
Target(s): 33.50
Current Option Gain/Loss: -20.5%
Time Frame: exit PRIOR to earnings on May 2nd
New Positions: see below

Comments:
04/27/13: AAWW reaffirmed the down trend with a -2.7% sell-off on Friday. The stock looks poised to slide past last week's low. Unfortunately we are almost out of time. AAWW is now scheduled to report earnings on May 2nd, before the opening bell. We do not want to hold over the announcement. I am suggesting we plan on closing positions on April 30th (Tuesday) at the closing bell. I am not suggesting new positions at this time.

- Suggested Positions -

Long May $37.50 PUT (AAWW1318Q37.5) entry $1.70

04/27/13 only a couple of days left!
prepare to exit on April 30th at the closing bell
04/24/13 new stop loss @ 39.25

chart:

Entry on April 17 at $38.00
Average Daily Volume = 262 thousand
Listed on April 16 2013


Agrium Inc. - AGU - close: 91.13 change: -1.21

Stop Loss: 92.05
Target(s): 85.25
Current Option Gain/Loss: Unopened
Time Frame: Exit prior to earnings on May 9th
New Positions: Yes, see below

Comments:
04/27/13: The recent bounce in the agricultural chemical names is reversing. Shares of AGU underperformed the wider market with a -1.3% decline on Friday. Shares look poised to test and break down below support near $90.00 soon.

Earlier Comments:
I am suggesting a trigger to buy AGU puts at $89.75. If triggered our target is $85.25. More aggressive traders could certainly aim lower. The Point & Figure chart for AGU is bearish with an $82 target.

NOTE: AGU could see some volatility when investors react to earnings from its rivals. POT is due to report earnings on April 25th. CF reports in early May.

Trigger @ 89.75

- Suggested Positions -

buy the May $90 PUT (AGU1318Q90)

chart:

Entry on April -- at $---.--
Average Daily Volume = 1.5 million
Listed on April 23 2013


S&P500 ETF - SPY - close: 158.24 change: -0.28

Stop Loss: 160.50
Target(s): 150.25
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
04/27/13: The stock market's recent rebound could be in trouble. The S&P 500 looks like it might be losing momentum as it nears resistance at the 1,600 level (160 on the SPY). A failure here would look like a short-term bearish double top pattern.

Currently the plan is to use a trigger at $157.00 to buy put options on the SPY. Use a stop loss at $160.50. The target is $150.25.

This is a much more aggressive entry point since the S&P 500's trend is still higher. Traders will want to strongly consider limiting your position size to reduce your exposure.

Trigger @ 157.00

- Suggested Positions -

buy the May $155 PUT (SPY1318Q155)

04/23/13 adjust strategy: new trigger @ $157.00,
new stop loss @ 160.50, new target @ 150.25
adjust option strike to 2013 May $155 put

chart:

Entry on April -- at $---.--
Average Daily Volume = 130 million
Listed on April 18 2013



Longer-Term Play Updates



Chicago Bridge & Iron Co. - CBI - close: 53.28 change: -0.22

Stop Loss: 49.25
Target(s): 62.50
Current Option Gain/Loss: July's: + 9.0% or Jan's: +3.4%
Time Frame: 3 to 4 months
New Positions: see below

Comments:
04/27/13: CBI built a nice bounce off technical support at its rising 100-dma this past week. Shares rallied more than $2.00 for the week before paring gains on Friday.

This coming week could be volatile for CBI. If the S&P 500 reverses at 1600 it could put downward pressure across the entire market. More importantly CBI is scheduled to report earnings on May 2nd, after the closing bell. Wall Street expects a profit of 77 cents a share. Shares of CBI could see big moves on Friday morning as investors react to earnings news.

Look for short-term technical support at the 100-dma. The $55-56 zone and its 50-dma is short-term resistance.

Please review our original play description on this page here.

- Suggested Positions -

Long 2013 Jul $55 call (CBI1320G55) Entry $2.20*

- or -

Long 2014 Jan $60 call (CBI1418A60) Entry $2.90*

*option entry price is an estimate since the option did not trade at the time our play opened.

chart:

Entry on April 22 at $51.53
Average Daily Volume = 2.5 million
Listed on April 20 2013