Editor's Note:

The U.S. stock market ignored another big sell-off in the Japanese markets today.

Meanwhile our new SUSS put play was triggered.


Current Portfolio:


CALL Play Updates

The Boeing Co. - BA - close: 100.54 change: +1.45

Stop Loss: 97.75
Target(s): 104.50
Current Option Gain/Loss: - 2.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: BA rebounded higher this morning as traders bought the dip at its 10-dma. The stock spent most of the session churning sideways inside the $100.50-101.00 zone. More conservative traders may want to tighten their stop loss.

*Small Positions* - Suggested Positions -

Long Jun $100 call (BA1322F100) entry $2.55

Entry on May 24 at $100.25
Average Daily Volume = 5.0 million
Listed on May 23 2013


OpenTable, Inc. - OPEN - close: 67.58 change: +0.72

Stop Loss: 64.90
Target(s): 74.00
Current Option Gain/Loss: -30.4%
Time Frame: 4 weeks
New Positions: see below

Comments:
05/30/13: Shares of OPEN slowly drifted higher throughout the session today. I don't see any changes from my prior comments.

Earlier Comments:
If the rally continues OPEN could see another short squeeze. The most recent data listed short interest at 24% of the small 21 million-share float.

NOTE: Keep in mind that OPEN is a volatile stock. Traders may want to limit their position size.

- Suggested Positions -

Long Jun $70 call (OPEN1322F70) entry $2.30

05/28/13 trade opened on gap higher at $68.26

Entry on May 28 at $68.26
Average Daily Volume = 823 thousand
Listed on May 25 2013


Panera Bread Co. - PNRA - close: 193.82 change: +1.42

Stop Loss: 199.00
Target(s): 187.25
Current Option Gain/Loss: +66.6%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: PNRA's rebound picked up right where it left off yesterday. Shares managed to tag a new high on an intraday basis. PNRA outperformed the market with a +0.7% gain. I would not launch new positions at this time.

FYI: The Point & Figure chart for PNRA is bullish with a $234 target.

*Small Positions* - Suggested Positions -

Long Jun $190 call (PNRA1322F190) entry $3.60

05/28/13 new stop loss @ 187.25

Entry on May 20 at $187.00
Average Daily Volume = 558 thousand
Listed on May 18 2013


Western Digital - WDC - close: 63.79 change: +0.06

Stop Loss: 59.65
Target(s): 64.75
Current Option Gain/Loss: +74.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: WDC struggled with resistance at the $64.00 level all day long. Readers may want to seriously consider taking profits right here.

*small positions* - Suggested Positions -

Long Jun $60 call (WDC1322F60) entry $2.55

05/29/13 more conservative traders may want to lock in gains now.
05/28/13 new stop loss @ 59.65

Entry on May 21 at $60.65
Average Daily Volume = 3.3 million
Listed on May 18 2013


PUT Play Updates

AthenaHealth, Inc. - ATHN - close: 84.55 change: -0.54

Stop Loss: 85.10
Target(s): 76.00
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
05/30/13: There was no convincing follow through on yesterday's bounce in ATHN. Instead the stock has produced another failed rally at its 20-dma. We are leaving our strategy unchanged.

I am suggesting a trigger to buy puts at $82.00. If triggered our target is $76.00. Please note that I am also suggesting traders keep their position size small to limit risk. The most recent data listed short interest at 26% of the small 36.1 million share float. That does raise the risk of a short squeeze. FYI: The Point & Figure chart for ATHN is bearish with a $67 target.

Trigger @ 82.00 *Small Positions*

- Suggested Positions -

buy the Jun $80 PUT (ATHN1322R80)

Entry on May -- at $---.--
Average Daily Volume = 495 thousand
Listed on May 28 2013


Caterpillar Inc. - CAT - close: 86.41 change: -0.08

Stop Loss: 87.25
Target(s): 80.50
Current Option Gain/Loss: -24.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: CAT bounced up toward short-term resistance at its 10-dma and then began to fade. More aggressive traders could launch new put positions right here at current levels. Or as an alternative entry point consider waiting for a new drop below $85.50.

Earlier Comments:
More conservative traders might want to wait for a drop below $85.00 as an alternative entry point since it's possible that $85.00 could be round-number support.

- Suggested Positions -

Long Jun $85 PUT (CAT1322R85) entry $1.45

05/29/13 adjust stop loss to $87.25, just above the 10-dma

Entry on May 29 at $85.50
Average Daily Volume = 7.0 million
Listed on May 25 2013


Concur Technologies - CNQR - close: 80.57 change: +1.44

Stop Loss: 82.25
Target(s): 76.50
Current Option Gain/Loss: -25.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: After yesterday's big drop CNQR started today's session with an oversold bounce. Yet traders were selling the rally by late morning and CNQR pared its gains. Readers may want to look for a drop below today's low (79.45) as an alternative entry point to buy puts.

- Suggested Positions -

Long Jun $80 PUT (CNQR1322R80) entry $2.35

Entry on May 29 at $80.50
Average Daily Volume = 489 thousand
Listed on May 25 2013


Facebook, Inc. - FB - close: 24.55 change: +1.23

Stop Loss: 25.10
Target(s): 21.50
Current Option Gain/Loss: - 4.5%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: FB was upgraded by not one but two analyst firms this morning. The combination was enough to spark a gap open higher and short covering helped fuel a +5.2% oversold bounce.

There was also some chatter today about FB's technical reversal signal higher. It's called an "island" reversal pattern (see chart). This pattern needs to see confirmation but it's definitely a warning signal for the bears.

Shares of FB should have resistance at $25.00. This resistance level is bolstered by both the 10-dma (currently 25.03) and the 200-dma (currently 25.04). We are moving our stop loss down to $25.10.

- Suggested Positions -

Long Jun $25 PUT (FB1322R25) entry $1.10

05/30/13 new stop loss @ 25.10, FB was upgraded by two analysts today. The stock has created a technical reversal pattern higher.

chart:

Entry on May 24 at $24.65
Average Daily Volume = 38 million
Listed on May 22 2013


iShares Russell 2000 - IWM - close: 98.89 change: +0.66

Stop Loss: 102.25
Target(s): 95.25
Current Option Gain/Loss: + 5.0%
Time Frame: 2 to 3 weeks
New Positions: see below

Comments:
05/30/13: The IWM managed a +0.6% bounce today. That was enough to outperform its large-cap rivals. This ETF is starting to coil sideways between what looks like a brand new trend of lower highs (short-term) and its larger trend of higher lows. Readers may want to tighten their stops down toward last week's high ($100.38).

Earlier Comments:
Readers may want to keep their position size small since this is a riskier entry point.

- Suggested Positions -

Long Jun $95 PUT (IWM1322R95) entry $0.60

05/22/13 triggered @ 99.75
05/21/13 added a secondary entry trigger at $98.75
05/18/13 adjust entry trigger to $99.75
adjust the stop loss to $102.25, adjust the exit target to $95.25.

Entry on May 22 at $99.75
Average Daily Volume = 41.8 million
Listed on May 16 2013


Susser Holdings - SUSS - close: 48.17 change: -1.01

Stop Loss: 51.05
Target(s): 45.25
Current Option Gain/Loss: - 3.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
05/30/13: Our brand new put play on SUSS is off to a good start. Shares broke down below support near $49.00 and hit our trigger to buy puts at $48.75 this morning.

FYI: The Point & Figure chart for SUSS is bearish with a $41 target.

- Suggested Positions -

Long Jun $50 PUT (SUSS1322R50) entry $2.60

Entry on May 30 at $48.75
Average Daily Volume = 369 thousand
Listed on May 29 2013