This may seem like a "captain obvious" short however I would recommend a few calls against the position going into earnings as a hedge. Target would be near last Summers low near $55 and then possibly down to $40 and take out the 2011 low. Cover above the upper trend line. Time in the market 1-6 months.
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Booyah as LULU tanks after earnings. Those calls paid off and I faded the move. Currently trading @ $61. Target within sight. http://screencast.com/t/UkumcJ9HYFX
After the close, LULU lowered Q1 guidance stating certain shipments didn't meet specifications (defective). Shares dropped -10.0% but recovered to -5.0% in late trading. This will definitely break support and any back-n-fill should be faded.