Editor's Note:

Yellen's comments today spooked the stock market and the U.S. indices produced widespread declines.

ASML and PANW hit our entry triggers. STZ was stopped out. AKAM was closed this morning. We want to exit our CNC trade tomorrow.


Current Portfolio:


CALL Play Updates

ASML Holdings - ASML - close: 90.99 change: -0.73

Stop Loss: 89.75
Target(s): 99.50
Current Option Gain/Loss: -15.7%
Time Frame: exit prior to earnings on April 16th
New Positions: see below

Comments:
03/19/14: ASML was slowly drifting higher today. Then right at 2:00 p.m., when the market shot lower, shares of ASML spiked higher to $92.28 and then immediately reversed. Thus our suggested trigger was hit at $92.25. The stock fell to $90.99 before paring its losses with a late afternoon bounce.

At this point I would wait for a new rally above $92.25 before considering new positions. FYI: The Point & Figure chart for ASML is bullish with a $104 target.

- Suggested Positions -

Long Apr $95 call (ASML1419D95) entry $1.90*

03/19/14 triggered @ 92.25
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on March 19 at $92.25
Average Daily Volume = 1.6 million
Listed on March 18, 2014


Chicago Bridge & Iron - CBI - close: 86.41 change: -0.31

Stop Loss: 80.90
Target(s): 94.75
Current Option Gain/Loss: +10.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/19/14: It was a quiet day for shares of CBI with the stock ignoring much of the market's volatility. If by chance CBI does fill the recent gap with a dip near $84.00 I would use it as a new entry point.

Earlier Comments:
Our target is $89.50. More aggressive investors could aim higher since the Point & Figure chart for CBI is bullish with a $111 target.

- Suggested Positions -

Long Apr $85 call (CBI1419D85) entry $2.80

03/18/14 adjust exit target from $89.50 to $94.75
03/04/14 triggered @ 84.50

Entry on March 04 at $84.50
Average Daily Volume = 1.16 million
Listed on March 01, 2014


Centene Corp. - CNC - close: 64.77 change: +0.29

Stop Loss: 61.75
Target(s): 67.75
Current Option Gain/Loss: -72.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/19/14: We are out of time for our March calls on CNC. Shares briefly traded above $65.00 intraday before paring their gains. I am suggesting we exit positions tomorrow at the closing bell.

- Suggested Positions -

Long Mar $65 call (CNC1422C65) entry $1.25

03/19/14 prepare to exit positions tomorrow at the close
03/01/14 new stop loss @ 61.75
02/24/14 triggered @ 63.60

Entry on February 25 at $63.60
Average Daily Volume = 656 thousand
Listed on February 24, 2014


Greenbrier Companies - GBX - close: 46.03 change: -1.17

Stop Loss: 44.30
Target(s): April call target: $49.85, June call target: $54.75
Current Option Gain/Loss: Apr$50c: -33.3% & Jun$50c: -17.5%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/19/14: GBX was hit with some profit taking today but managed to close near short-term support at its 10-dma. I am not suggesting new positions at this time.

- Suggested Positions -

Long Apr $50 call (GBX1419D50) entry $0.90

- or -

Long Jun $50 call (GBX1421F50) entry $2.00

03/18/14 adjust exit target for June calls from $53.50 to $54.75
03/13/14 opened at $46.25

Entry on March 13 at $46.25
Average Daily Volume = 608 thousand
Listed on March 12, 2014


Russell 2000 ETF - IWM - close: 119.00 change: -0.78

Stop Loss: 115.25
Target(s): TBD
Current Option Gain/Loss: + 4.0%
Time Frame: exit prior to May expiration
New Positions: see below

Comments:
03/19/14: In the post-FOMC meeting aftermath the IWM spiked down toward $118.00 before bouncing. If you're looking for a new entry point then a rally past $119.50 could work.

- Suggested Positions -

Long May $120 call (IWM1417E120) entry $2.50*

03/17/14 triggered @ 118.25
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on March 17 at $118.25
Average Daily Volume = 43 million
Listed on March 15, 2014


Lockheed Martin - LMT - close: 160.90 change: -3.08

Stop Loss: 159.90
Target(s): 169.75 & 174.75
Current Option Gain/Loss: -63.0%
Time Frame: exit prior to April option expiration
New Positions: see below

Comments:
03/19/14: The stock market's widespread post-FOMC meeting sell-off pushed LMT to support near $160.00. While LMT was bouncing from support this afternoon I would hesitate to launch new positions.

We have two different targets. Our conservative target is $169.75. Our more aggressive target is $174.75. FYI: The Point & Figure chart for LMT is very bullish with a $221 target.

- Suggested Positions -

Long Apr $165 call (LMT1419D165) entry $4.20

03/04/14 triggered @ 164.35

Entry on March 04 at $164.35
Average Daily Volume = 2.3 million
Listed on March 03, 2014


Palo Alto Networks, Inc. - PANW - close: 78.66 change: -1.16

Stop Loss: 77.25
Target(s): 89.00
Current Option Gain/Loss: -41.3%
Time Frame: exit prior to April expiration
New Positions: see below

Comments:
03/19/14: PANW hit our entry trigger at $80.25 before reversing with the market's afternoon sell-off. I would wait for a new rally above $80.00 before initiating new positions.

Earlier Comments:
PANW's recent strength has generated a new triple-top breakout buy signal on its point & figure chart, which now forecasts a $102 target.

More conservative traders might want to wait for a rally past the recent high ($80.84) before initiating positions.

- Suggested Positions -

Long Apr $85 call (PANW1419D85) entry $2.30*

03/19/14 triggered @ 80.25

Entry on March 19 at $80.25
Average Daily Volume = 2.3 million
Listed on March 18, 2014


Raytheon Co. - RTN - close: 99.39 change: -1.92

Stop Loss: 98.40
Target(s): to be determined
Current Option Gain/Loss: -42.7%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
03/19/14: RTN just announced a +10% increase in its dividend. Unfortunately the news didn't help the stock price. The stock was in sell-off mode almost all day long and underperformed with a -1.89% decline. Technically today's move has created a bearish engulfing candlestick reversal pattern. If there is any follow through lower tomorrow odds are good we'll see RTN hit our stop at $98.40.

- Suggested Positions -

Long APR $100 call (RTN1419D100) entry $2.83

03/18/14 triggered on gap open higher at $101.34, suggested entry point was $101.25

Entry on March 18 at $101.34
Average Daily Volume = 1.9 million
Listed on March 17, 2014


Spirit Airlines - SAVE - close: 62.99 change: -0.06

Stop Loss: 58.45
Target(s): 67.50
Current Option Gain/Loss: +28.1%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
03/19/14: SAVE shot lower this morning and spent the rest of the day recovering. SAVE ignored most of the market's early afternoon sell-off and almost made it back into positive territory by the closing bell.

More conservative traders may want to raise their stop loss closer to the $60.00 mark.

- Suggested Positions -

Long Apr $60 call (SAVE1419D60) entry $3.20

03/18/14 new stop @ 58.45, adjust exit target from $65.00 to $67.50
03/11/14 triggered @ 60.50

Entry on March 11 at $60.50
Average Daily Volume = 1.0 million
Listed on March 10, 2014


Varian Medical Systems - VAR - close: 84.41 change: -0.55

Stop Loss: 83.40
Target(s): 89.75
Current Option Gain/Loss: -42.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/19/14: VAR continues to churn sideways. Shares did see some volatility today with a spike above $85 this morning and a spike below $84 this afternoon. Investors may want to wait for a close above $85.50 before initiating positions in an effort to avoid this intraday failed rallies.

The Point & Figure chart for VAR is bullish with a $91 target.

- Suggested Positions -

Long Apr $85 call (VAR1419D85) entry $2.08

03/11/14 triggered @ 85.05

Entry on March 11 at $85.05
Average Daily Volume = 573 thousand
Listed on March 08, 2014


VMware, Inc. - VMW - close: 109.35 change: -0.87

Stop Loss: 104.45
Target(s): 114.75
Current Option Gain/Loss: + 80.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/19/14: The profit taking in VMW today could have been worse. Shares actually held up reasonably well this afternoon while the rest of the market was sinking.

I am not suggesting new positions at this time.

- Suggested Positions -

Long Apr $105 call (VMW1419D105) entry $3.50

03/18/14 new stop @ 104.45, adjust exit target from $114.00 to $114.75
03/17/14 new stop @ 103.80, traders may want to take profits now
03/11/14 triggered on gap higher at $104.08, suggested entry was $103.55

Entry on March 11 at $104.08
Average Daily Volume = 2.0 million
Listed on March 10, 2014


Workday, Inc. - WDAY - close: 102.05 change: -2.20

Stop Loss: 99.65
Target(s): 114.00
Current Option Gain/Loss: -36.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/19/14: WDAY gave back the lion's share of yesterday's gains with a -2.1% pullback today. I am growing concerned that WDAY is stuck in this $100-105 zone and unable to build on its rally attempts.

Tonight we're adjusting the stop loss to $99.65.

Earlier Comments:
The stock could move quickly. The most recent data listed short interest at 20% of the 80.2 million share float.

- Suggested Positions -

Long Apr $105 call (WDAY1419D105) entry $4.30

03/19/14 new stop @ 99.65
03/18/14 adjust target to $114.00
03/13/14 triggered on gap higher at $103.82. plan was a trigger @ 103.25

Entry on March 13 at $103.82
Average Daily Volume = 1.9 million
Listed on March 12, 2014




PUT Play Updates

Charter Communications - CHTR - close: 126.47 change: +0.48

Stop Loss: 127.05
Target(s): 1st target: 120.50, 2nd target: $116.00
Current Option Gain/Loss: Unopened
Time Frame: 4 to 5 weeks
New Positions: Yes, see below

Comments:
03/19/14: Hmm... relative strength on a down day for the market is not what we like to see in our put candidates. CHTR dipped to $124.87 before bouncing today. It looks like a rebound off its exponential 200-dma.

Currently we are still on the sidelines. The plan is to buy puts at $124.60. I am suggesting we use small positions to limit our risk.

f triggered I am setting two different targets. Our conservative target is $120.50, the February low. Our more aggressive target is $116.00. FYI: The Point & Figure chart for CHTR is bearish with a $110 target.

Trigger @ 124.60 *small positions*

- Suggested Positions -

Buy the APR $120 PUT (CHTR1419P120)

03/19/14 use small positions.

Entry on March -- at $---.--
Average Daily Volume = 2.5 million
Listed on March 13, 2014


Twitter, Inc. - TWTR - close: 51.24 change: +0.11

Stop Loss: 56.15
Target(s): 41.85
Current Option Gain/Loss: + 8.3%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
03/19/14: TWTR spent Wednesday chopping sideways. Shares did manage to outperform the major indices with a small gain (+0.2%). On a short-term basis the stock looks poised to bounce. Look for resistance in the $53-55 zone.

Earlier Comments:
TWTR currently has 544.7 million shares outstanding. There is a major lock up expiring on May 6th when another 474 million shares will come available for sale by insiders. It seems unlikely that TWTR is going to rally ahead of such a massive lock up expiration.

TWTR can be a volatile stock. Therefore we are suggesting small positions to limit risk.

- Suggested Positions -

Long Apr $50 PUT (TWTR1419P50) entry $1.80

03/18/14 adjust the exit target from $46.50 to $41.85
03/15/14 adjust exit target from $50.25 to $46.50
03/12/14 trade opens at $54.25

Entry on March 12 at $54.25
Average Daily Volume = 11.4 million
Listed on March 11, 2014



CLOSED BULLISH PLAYS

Constellation Brands Inc. - STZ - close: 81.68 change: -1.09

Stop Loss: 81.45
Target(s): March calls: exit tomorrow (03/19/14)
Target(s): Target for April calls @ $88.00
Current Option Gain/Loss: Mar$80c: -17.6% & Apr$80c: +13.6%
Time Frame: 6 to 8 weeks
New Positions: see below

Comments:
03/19/14: We were planning to close our March calls at the closing bell today. Unfortunately today's weakness pushed STZ to our stop loss at $81.45 first.

- Suggested Positions -

MAR $80 call (STZ1422C80) entry $1.70 exit $1.40* (-17.6%)

- or -

APR $80 call (STZ1419D80) entry $3.30 exit $3.75* (+13.6%)

03/19/14 stopped out @ 81.45
*option exit price is an estimate since the option did not trade at the time our play was closed.
03/18/14 prepare to exit March calls tomorrow at the closing bell
03/08/14 new stop loss @ 81.45
move the target to exit the March calls to $84.50
move the target to exit the April calls to $88.00
03/01/14 new stop loss @ 79.65
02/25/14 new stop loss @ 78.75
02/22/14 new stop loss @ 77.80
02/18/14 new stop loss @ 77.40
02/13/14 new stop loss @ 76.40
02/12/14 triggered @ 79.00

chart:

Entry on February 12 at $79.00
Average Daily Volume = 1.5 million
Listed on February 11, 2014


CLOSED BEARISH PLAYS

Akamai Tech. - AKAM - close: 60.11 change: -0.50

Stop Loss: 61.05
Target(s): 55.10
Current Option Gain/Loss: -45.7%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/19/14: Our plan was to exit our AKAM trade at the opening bell this morning. Shares opened at $60.54 before declining toward support near $60.00 and its 30-dma.

- Suggested Positions -

Apr $57.50 put (AKAM1419P57.5) entry $1.42 exit $0.77 (-45.7%)

03/19/14 planned exit
03/18/14 exit immediately tomorrow morning
03/17/14 new stop @ 61.05
03/11/14 triggered @ 58.95

chart:

Entry on March 11 at $58.95
Average Daily Volume = 3.0 million
Listed on March 10, 2014


State Street Corp. - STT - close: 66.15 change: +0.81

Stop Loss: 65.25
Target(s): 60.25
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/19/14: Some of the financial names were showing strength today following the Fed's FOMC meeting. STT rallied +1.23%. Our trade has not opened yet so we're removing STT as a candidate.

Trade did not open.

03/19/14 removed from the newsletter, suggested trigger was $63.90

chart:

Entry on March -- at $---.--
Average Daily Volume = 2.9 million
Listed on March 15, 2014