"I initiated a long position in Shanda Interactive (NASDAQ: SNDA). Price action for SNDA has been strong, with the stock gaining more than 70% year-to-date. 

"The stock has recently pulled back to potential support near its 50-day moving average. Upgrades are a possibility for SNDA, as only 5 of the 9 analysts rate the stock a 'buy.'

"I also initiated a long position in Riverbed Technology (NASDAQ: RVBD), which has been in a strong uptrend since reaching a low in November 2008. In fact, the equity has gained more than 92% year-to-date. 

"The stock recently pulled back to potential support from its 50-day moving average. Upgrades are a possibility for RVBD, as only 6 of the 18 analysts covering the stock rate it a 'buy.'

"I initiated a long position in VistaPrint (NASDAQ: VPRT); the stock has gained more than 116% year-to-date. The equity pulled back to potential support from its 50-day moving average. 

"Short interest for VPRT is high, with more than 28% of the stock's float sold short. A continued rise in the shares' price could spark a short-covering rally.

"I also initiated a long position in NetLogic (NASDAQ: NETL). Price action for NETL has been strong, with the stock gaining more than 51%t year-to-date. The equity has pulled back to its 80-day moving average, presenting a potential buying opportunity. 

"Despite its strong uptrend, short-sellers continue to target the stock. More than 27% of its float is sold short. A continued rise in the shares' price could spark a short-covering rally.

"In my Schaffer's Master Short Portfolio, I initiated a short position in PowerShares QQQ Trust (NASDAQ: QQQQ), which has just broken below its 50-day moving average for the first time since March 17.

"It also faces resistance from long-term moving averages, specifically its 50-week moving average, located near the 35 level. There is heavy call open interest for QQQQ at the July 40 strike. An unwinding of the long positions related to this open interest may provide an additional headwind.

"Also on the short side, I have initiated a short position in the iShares Russell 2000 Index (NYSE: IWM). The index has broken below both its 80-day and 200-day moving averages. 

"It also faces potential resistance from its 20-week moving average, located near the 49 level. There is heavy out-of-the-money call open interest for IWM in the July option series. An unwinding of the long positions related to this open interest could provide an additional headwind."