Editor's Note:

The U.S. market did not see any follow through on the Wednesday afternoon, post-FOMC meeting drop.

Don't forget that tomorrow is a quadruple-witching option expiration Friday. March options will expire after the close.

CNC was closed today. LMT, PANW, and RTN hit our stop loss.
MNST hit our entry trigger.

We want to exit VAR and WDAY tomorrow.


Current Portfolio:


CALL Play Updates

ASML Holdings - ASML - close: 92.48 change: +1.49

Stop Loss: 89.75
Target(s): 99.50
Current Option Gain/Loss: - 5.2%
Time Frame: exit prior to earnings on April 16th
New Positions: see below

Comments:
03/20/14: ASML surged from its Thursday morning lows and outpaced the market with a +1.6% gain. Today's move puts it back above the 150-dma and at new multi-week highs. Investors can use it as a new bullish entry point.

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: 85.95 change: -0.46

Stop Loss: 80.90
Target(s): 94.75
Current Option Gain/Loss: - 3.5%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/20/14: The relative weakness in CBI today (-0.5%) is a little bit surprising but it's probably just profit taking after yesterday's surge higher.

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


Clovis Oncology, Inc. - CLVS - close: 85.80 change: -0.96

Stop Loss: 82.95
Target(s): 99.00
Current Option Gain/Loss: -20.0%
Time Frame: exit prior to April expiration
New Positions: see below

Comments:
03/20/14: CLVS also saw some profit taking today. Yet shares pared their losses with a rebound in the last 90 minutes of trading. Our plan was to open positions a this morning. I would still consider new positions now at current levels.

Earlier Comments:
I want to remind readers that trading biotech stocks should be considered higher-risk. The wrong headline about a clinical trial, or some step in the FDA approval process could send a biotech stock crashing. Of course the opposite is true as well. CLVS can see some wide intraday swings so expect volatility and use small positions to limit your risk.

- Suggested Positions -

Long Apr $95 call (CLVS1419D95) entry $5.00*

03/20/14 opened this morning at $86.38
*option entry price is an estimate since the option did not trade at the time our play was opened.
03/19/14 This is a higher-risk trade!

Entry on March 20 at $86.38
Average Daily Volume = 498 thousand
Listed on March 19, 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: -20.0%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/20/14: GBX did not see any follow through on yesterday's pullback but the bounce wasn't very inspiring either. 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: 119.16 change: +0.16

Stop Loss: 115.25
Target(s): TBD
Current Option Gain/Loss: + 9.6%
Time Frame: exit prior to May expiration
New Positions: see below

Comments:
03/20/14: The IWM bounced off of short-term technical support at its 20-dma but gains were limited.

- 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


Spirit Airlines - SAVE - close: 61.98 change: -1.01

Stop Loss: 58.45
Target(s): 67.50
Current Option Gain/Loss: + 6.2%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
03/20/14: SAVE was hit with some turbulence today. Shares reversed near this week's highs and lost -1.6% by the close. If this pullback continues we can look for support near $60.00.

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: 84.25 change: -0.16

Stop Loss: 83.40
Target(s): 89.75
Current Option Gain/Loss: -51.9%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/20/14: Unfortunately shares of VAR are just not cooperating. I am suggesting we exit immediately tomorrow morning. We can revisit the stock once shares close above $85.50.

- Suggested Positions -

Long Apr $85 call (VAR1419D85) entry $2.08

03/20/14 prepare to exit
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: 110.67 change: +1.32

Stop Loss: 105.85
Target(s): 114.75
Current Option Gain/Loss: +105.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/20/14: VMW displayed some relative strength today. Traders bought the dip this morning and shares closed back above the $110 level with a +1.2% gain on the session. The simple 10-dma has risen to $106.46. I am raising our stop loss to $105.85.

I am not suggesting new positions at this time.

- Suggested Positions -

Long Apr $105 call (VMW1419D105) entry $3.50

03/20/14 new stop @ 105.85
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: 100.15 change: -1.90

Stop Loss: 99.65
Target(s): 114.00
Current Option Gain/Loss: -48.8%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
03/20/14: Warning! The recent action in WDAY looks ominous. Shares reversed near resistance at $105 on Wednesday and now WDAY is down almost five points. It is possible that WDAY will bounce from the $100 level but I am suggesting an immediate exit tomorrow morning.

- Suggested Positions -

Long Apr $105 call (WDAY1419D105) entry $4.30

03/20/14 prepare to exit tomorrow morning
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: 126.70 change: +0.23

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:
03/20/14: CHTR looks like it's trying to rally and right now shares are poised to breakout past their short-term bearish trend of lower highs. If we see shares push higher from here we will likely remove CHTR from the newsletter.

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


Monster Beverage - MNST - close: 69.65 change: +0.03

Stop Loss: 71.60
Target(s): 63.00
Current Option Gain/Loss: -23.5%
Time Frame: exit prior to April expiration
New Positions: see below

Comments:
03/20/14: Our new trade on MNST has been triggered. The stock continued to trade lower this morning and fell to $68.92. Our plan was to launch positions at $69.00. MNST managed to bounce back to virtually unchanged on the session. I would still consider new positions now or you could wait for a new relative low (under 68.92) before launching positions.

Earlier Comments:
Our target is $63.00 (just above the 200-dma). More conservative traders may want to exit near $65.00, which could be new support. FYI: The Point & Figure chart for MNST is bearish with a $64 target.

- Suggested Positions -

Long APR $65 PUT (MNST1419P65) entry $0.85

03/20/14 triggered @ 69.00

Entry on March 20 at $69.00
Average Daily Volume = 1.7 million
Listed on March 19, 2014


Twitter, Inc. - TWTR - close: 50.12 change: -1.12

Stop Loss: 55.15
Target(s): 41.85
Current Option Gain/Loss: +36.1%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
03/20/14: Shares of TWTR continue to underperform the broader market with a -2.1% drop today. The stock is still holding at round-number support near the $50.00 level. A breakdown here could spark another wave of selling lower.

I am adjusting our stop loss to $55.15. More conservative traders may want to consider a much lower stop. Keep in mind that TWTR is at support and could bounce.

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

03/20/14 new stop @ 55.15
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

Centene Corp. - CNC - close: 65.20 change: +0.43

Stop Loss: 61.75
Target(s): 67.75
Current Option Gain/Loss: -68.0%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
03/20/14: Our plan was to exit positions today at the closing bell before our March options expired.

- Suggested Positions -

Mar $65 call (CNC1422C65) entry $1.25 exit $0.40 (-68.0%)

03/20/14 planned exit
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

chart:

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


Lockheed Martin - LMT - close: 159.93 change: -0.97

Stop Loss: 159.90
Target(s): 169.75 & 174.75
Current Option Gain/Loss: -72.6%
Time Frame: exit prior to April option expiration
New Positions: see below

Comments:
03/20/14: After yesterday's mini-breakdown shares of LMT continued to sink today and broke down below short-term support near $160.00. The stock hit our stop loss @ 159.90.

- Suggested Positions -

Apr $165 call (LMT1419D165) entry $4.20 exit $1.15 (-72.6%)

03/20/14 stopped out
03/04/14 triggered @ 164.35

chart:

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


Palo Alto Networks, Inc. - PANW - close: 78.52 change: -0.14

Stop Loss: 77.25
Target(s): 89.00
Current Option Gain/Loss: -45.6%
Time Frame: exit prior to April expiration
New Positions: see below

Comments:
03/20/14: PANW has just been a little too volatile for us. The stock saw a spike lower this morning and hit $77.00 before bouncing. Our stop loss was tagged at $77.25. Forty minutes later PANW was back at the $80.00 level.

The overall trend is still bullish and traders may want to consider buying calls on a breakout to new highs but make sure you can stomach the intraday swings.

- Suggested Positions -

Apr $85 call (PANW1419D85) entry $2.30* exit $1.25** (-45.6%)

03/20/14 stopped out
**option exit price is an estimate since the option did not trade at the time our play was closed.
03/19/14 triggered @ 80.25
*option entry price is an estimate since the option did not trade at the time our play was opened.

chart:

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


Raytheon Co. - RTN - close: 98.57 change: -0.82

Stop Loss: 98.40
Target(s): to be determined
Current Option Gain/Loss: -56.8%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
03/20/14: RTN appears to be confirming yesterday's bullish reversal candlestick pattern. The stock tried to bounce but failed near $100 and its 10-dma before reversing to breakdown below its 20-dma. Our stop was hit at $98.40.

- Suggested Positions -

APR $100 call (RTN1419D100) entry $2.83 exit $1.22* (-56.8%)

03/20/14 stopped out
*option exit price is an estimate since the option did not trade at the time our play was closed.
03/18/14 triggered on gap open higher at $101.34, suggested entry point was $101.25

chart:

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