Time to kick the bears where it hurts! This rally might only be some short cover or it could be the start to a longer uptrend, either way I’m hoping to use it as an opportunity to close out some or all of my current swing trades for profit.

U.S. stock futures are surging after a strong start to the holiday shopping season and hopes for progress by European leaders in addressing the euro-zone debt crisis. Today’s economic calendar has October new-home sales due at 10 a.m. Eastern time followed by Texas manufacturing at 10:30 a.m. Eastern.

Updates on the portfolio: http://www.jasonbondpicks.com/portfolio (Sometimes you need to click 2-3 times, we’re working on the problem)

LOCM turned off $2 support Friday closing at $2.19. I’m looking for $.75 cents per share short term up to $3 but with 20k shares I’d certainly consider $.25 to $.50 per share on this one. My mental stop continues to be a hard break below $2.

RENN is totally oversold at this point an I think it’s due to turn soon. When it does you can expect to see quite a bit of short cover and if the company can mix in some positive press we should see RENN in the upper $4’s again soon. My goal is $1-$2 per share on the turn. I’ll stop 1/2 my position out if it breaks $3.70 hard to the downside. I’d love nothing more than to pull $10,000 to $20,000 out of this trade after I messed up the earning bet.

EK has good support at $1.05 so minus any bad news I like it off the $1.10 range and will look to buy another 10k shares today early on. My stop continues to be a hard break of $1.05 with an upside goal just before $1.50 resistance.

HKN is a Ledbed pick and to be quite honest his picks have been performing lately which is why I jumped on board. I’d like to get $.50 to $1 per share profit on this position before closing it out which means $3.40 to $4 from my $2.90 average. My mental stop continues to be a hard break of $2.70.

USAT seems to want to hold $1.10 so as long as it turns back up today then I’m still okay with this trade. My first goal is $1.40 but I’ll probably look for $1.60 – $1.70 instead. A break of $1.10 will get my attention and I’ll probably then look to scale back on my position.

COOL is like EK in that I’ve been waiting to buy my second set of shares. While I wanted to jump in last week I just didn’t trust the market and to be honest, I still don’t. This morning will probably be my opportunity to grab more shares so don’t be surprised to see me alert grabbing a 5k block so long as it doesn’t gap up too much. If for whatever reason COOL wants to go lower on a day like today then I’ll be forced to take my loss and buy back at $2.40 – however I highly doubt COOL heads down today so I’m not too worried there.