Editor's Note:

The S&P 500 index closed at a new all-time high to start off the second quarter of 2014.

We want to exit our CVS trade tomorrow morning.


Current Portfolio:


CALL Play Updates

Alaska Air Group - ALK - close: 94.10 change: +0.79

Stop Loss: 90.75
Target(s): 99.75
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see below

Comments:
04/01/14: ALK continued to push higher and closed above resistance at $94.00 but has not yet hit our suggested entry point at $94.25. Odds are good ALK will hit our trigger tomorrow.

Trigger @ 94.25

- Suggested Positions -

Buy the May $95 call (ALK1417E95) current ask $3.40

Entry on April -- at $---.--
Average Daily Volume = 692 thousand
Listed on March 31, 2014


ASML Holdings - ASML - close: 93.57 change: +0.21

Stop Loss: 89.75
Target(s): 99.50
Current Option Gain/Loss: - 7.8%
Time Frame: exit prior to earnings on April 16th
New Positions: see below

Comments:
04/01/14: ASML slowly drifted higher on Tuesday. Today's +0.2% underperformed the S&P 500's +0.7%. The $94.00 level appears to be acting as overhead resistance.

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: 87.22 change: +0.07

Stop Loss: 82.85
Target(s): 94.75
Current Option Gain/Loss: + 5.3%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/01/14: Traders bought the dip in CBI this morning near $86.00. The stock closed today's session poised to breakout past short-term resistance in the $87.25-87.50 area.

Our target is $94.75. More conservative traders may want to exit near $90.00, which could be potential round-number resistance.

- Suggested Positions -

Long Apr $85 call (CBI1419D85) entry $2.80

03/29/14 new stop @ 82.85
03/26/14 new stop @ 81.30
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


CVS Caremark - CVS - close: 74.29 change: -0.57

Stop Loss: 73.45
Target(s): 79.75
Current Option Gain/Loss: -39.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/01/14: CVS is not cooperating. Shares underperformed today with a failed rally near $75.00 and a -0.7% decline on the session. We're suggesting an immediate exit tomorrow morning.

- Suggested Positions -

Long May $75 call (CVS1417E75) entry $2.23

04/01/14 prepare to exit tomorrow morning
03/26/14 triggered on gap higher at $75.78, suggested trigger was $75.10

Entry on March 26 at $75.78
Average Daily Volume = 5.4 million
Listed on March 24, 2014


Tableau Software, Inc. - DATA - close: 76.08 change: -0.12

Stop Loss: 74.75
Target(s): 87.50
Current Option Gain/Loss: Apr80c: +50.0% & May80c: +22.4%
Time Frame: 3 to 6 weeks
New Positions: see below

Comments:
04/01/14: Shares of DATA were upgraded this morning and the stock soared +6.7%. The breakout past the $80.00 mark is short-term bullish. We are raising the stop loss to $74.75.

Earlier Comments:
The stock could see some short covering. The most recent data listed short interest at 13% of the small 29 million share float.

April options have less than three weeks left.

- Suggested Positions -

Long Apr $80 call (DATA1419D80) entry $2.60*

- or -

Long May $80 call (DATA1417E80) entry $5.80*

04/01/14 new stop @ 74.75
03/31/14 triggered @ 76.50
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on March 31 at $76.50
Average Daily Volume = 1.7 million
Listed on March 29, 2014


Halliburton Company - HAL - close: 59.63 change: +0.74

Stop Loss: 57.75
Target(s): to be determined
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see below

Comments:
04/01/14: HAL added +1.25% today but still remains under potential resistance at the $60.00 mark.

We're suggesting a trigger to buy calls at $60.25. We are not setting an exit target yet.

Trigger @ 60.25

- Suggested Positions -

Buy the May $60 call (HAL1417E60) current ask $1.83

Entry on March -- at $---.--
Average Daily Volume = 7.7 million
Listed on March 29, 2014


Lockheed Martin - LMT - close: 163.71 change: +0.47

Stop Loss: 157.90
Target(s): to be determined
Current Option Gain/Loss: Apr$160c: +40.6% & Jun$165c: +29.4%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/01/14: LMT rebounded off its midday lows and closed up +0.28%. I don't see any changes from my prior comments.

- Suggested Positions -

Long Apr $160 call (LMT1419D160) entry $3.20

- or -

Long Jun $165 call (LMT1421F165) entry $3.40*

03/29/14 new stop @ 157.90
03/25/14 triggered @ 160.75
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on March 25 at $160.75
Average Daily Volume = 2.0 million
Listed on March 24, 2014


3M Company - MMM - close: 136.53 change: +0.87

Stop Loss: 131.90
Target(s): to be determined.
Current Option Gain/Loss: +33.8%
Time Frame: Exit PRIOR to earnings on April 24th
New Positions: Yes, see below

Comments:
04/01/14: Today's +0.6% gain marks MMM's third gain in a row. We'll move the stop to $131.90.

- Suggested Positions -

Long May $135 call (MMM1417E135) entry $2.95*

04/01/14 new stop @ 131.90
03/26/14 triggered @ 134.66, suggested entry was $134.65
*option entry price is an estimate since the option did not trade at the time our play was opened.

Entry on March 26 at $134.65
Average Daily Volume = 3.0 million
Listed on March 25, 2014


QUALCOMM Inc. - QCOM - close: 80.10 change: +1.24

Stop Loss: 77.75
Target(s): to be determined
Current Option Gain/Loss: Unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see below

Comments:
04/01/14: QCOM outperformed most of the market with a +1.5% gain today. Shares also closed above potential resistance at $80.00 but it failed to hit our suggested entry point at $80.25. Odds are good we'll see QCOM hit our entry trigger tomorrow morning.

Earlier Comments:
The $80.00 level could be round-number, psychological resistance. Therefore we're suggesting a trigger to buy calls at $80.25. We're not setting an exit target yet but the Point & Figure chart for QCOM is bullish with a $90 target.

Trigger @ $80.25

- Suggested Positions -

Buy the May $80 call (QCOM1417E80) current ask $2.28

Entry on March -- at $---.--
Average Daily Volume = 10.5 million
Listed on March 29, 2014


Cimarex Energy Co. - XEC - close: 118.29 change: -0.82

Stop Loss: 114.75
Target(s): 128.50
Current Option Gain/Loss: Apr$120c: -38.3% & Jun$125c: -20.3%
Time Frame: 4 to 8 weeks
New Positions: see below

Comments:
04/01/14: I don't see any news that explains the relative weakness in XEC today (-0.6%). I am raising the stop loss to $114.75. More conservative traders may want to raise their stop even higher.

- Suggested Positions -

Long APR $120 call (XEC1419D120) entry $3.49

- or -

Long JUN $125 call (XEC1421F125) entry $5.40

04/01/14 new stop @ 114.75
03/27/14 new stop @ 113.75
03/21/14 triggered @ 118.25

Entry on March 21 at $118.25
Average Daily Volume = 1.3 million
Listed on March 20, 2014




PUT Play Updates

LinkedIn Corp. - LNKD - close: 187.96 change: +3.02

Stop Loss: 194.05
Target(s): 161.00
Current Option Gain/Loss: -10.4%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
04/01/14: LNKD did not see any follow through on yesterday's bearish reversal move lower. That could be a problem for us. The stock gapped open higher at $185.00 and then spent most of the day churning sideways in the $184-188 zone. Traders may want to wait for a new drop under today's intraday low at $183.36 before initiating new puts.

The plan was to use small positions to limit our risk.

*small positions* - Suggested Positions -

Long MAY $175 PUT (LNKD1417Q175) entry $8.10

04/01/14 trade opens on gap higher at $185.00

Entry on April 01 at $185.00
Average Daily Volume = 2.5 million
Listed on March 31, 2014