Option Investor
Newsletter

Daily Newsletter, Tuesday, 10/22/2013

Table of Contents

  1. Market Wrap
  2. New Option Plays
  3. In Play Updates and Reviews

Market Wrap

Data Please!

by Thomas Hughes

Click here to email Thomas Hughes
Introduction

The global markets were relatively quiet in the overnight sessions. The lack of follow through from Friday's rally and anticipation of today's long awaited NFP release are the likely reasons. Today we finally received the NFP, unemployment and other data that was held back by the government shut down. Futures trading was up ahead of the release. Earnings reports were rolling in left and right as well as talk over yesterday's reports released after the bell. Netflix was one stock everybody was talking about, the company blew away the projected earnings estimates and gained roughly 7.5% in the premarket hours. Other positive reports from companies like United Technologies and Travelers Insurance also provided a lift for the markets.


Just ahead of the report futures trading started to lift. Following the report the indices extended their gains and remained strong going into the open. After the bell the markets rallied broadly in the middle part of the morning. Two of today's leading sectors were the transports and technology. The Dow Transportation Average hit a new all time high while the various tech following indices and ETF's all extended a two week rally that looks nearly vertical on the charts. The S&P was up nearly 10 points by 10AM, the Dow 75 and the Nasdaq 18 or so. A look at the charts will show that the blue chips are still lagging the broader markets. The Dow remains contained within its 6 month trading range while other indices are making new highs.

The Dow

At 10 AM new construction spending data was released and it helped to spur the markets higher. The SPX extended its gains to +12 with the Nasdaq up over 20. However, a late morning reversal in Netflix weighed heavily on the Nasdaq pushing it down to just below break even. A huge miss by Radioshack also helped to pressure the Nasdaq into negative territory. The indices tread water for most of the rest of the day. The SPX moved between +5 and +10, the Dow hung around the +70 level and the Nasdaq clawed it's way back to just above flat line. About an hour before the close the indices began to move back toward the top of today's range where they held until the bell sounded.

The Data

The NFP number was a bit below the expectations but it may not matter. For one thing the markets lifted after the news and extended gains after the open. Perhaps traders were fearful the number may have been even worse than it was? September job growth totalled 148,000 versus an expected 170,000. This is down from an upward revision to the previous month which pushed the number of new jobs in August up to 193,000. The softness in the jobs number added fuel to the debate of when/if the FOMC will begin to taper. While low this number is still about average for the last 12 months and should help to support things as they are. What will be more important for this perspective are the next two weeks of data. This week we will get jobless claims data. The last two weeks have seen claims elevate but I think it may be blamed on the Cali computer glitch. This weeks data could help to confirm or deny that theory. Next week will be the monthly ADP and Challenger reports and then the week after the next NFP report(it's being delayed because of the shut-down). Strong jobs equals better economy and tapering; weak jobs equals slowing economy and no tapering.


The Unemployment Rate declined unexpectedly by -0.1% to 7.2%. This is the low since 2008. I think economists and analysts alike were looking for the rate to remain stable or even to increase. At the current rate of decline, if things remain as they are, total U.S. unemployment could reach the threshold set by the FOMC by the 2nd quarter of next year. The labor force participation rate held steady at 63.2%. In my view this is good for overall unemployment. The participation rate is being heavily impacted by the retiring baby boomers (roughly 20% of our population). If participation can remain high while so many people are or are approaching retirement it must mean that more and more young people are entering the work force. I would like to see a figure on employment/participation rates for people under 50 and also for those under 30. In my small amount of research into the boomers I discovered that while there was a baby boom after WWII there was also a baby bust during the 70's and then another boom in the 80's.


Other data released today was net Long Term TIC flows. This measures the amount of internationally based money that flows into and out of U.S. backed securities including bonds and equities. The flow fell to -$8.9 billion versus the expected $31 billion and the previous months $31 billion.

Construction spending moved up unexpectedly, especially after yesterday's reported drop in home sales. The actual 0.6% is double the expected 0.3% and in line with the revision to the previous month's figures. A rise in construction spending goes hand in hand with jobs creation and is one positive indication for the next round of employment data. The rest of the week is full with housing data, employment claims, Michigan Sentiment and other gauges of the economy.


The Gold Index

Gold was indicated lower in the early hours. Just before the release of the NFP gold was trading down about -$4. However, the weakness in the data helped to support the idea that tapering wasn't coming anytime soon, weakening the dollar the strengthening gold. Gold prices shot higher by about $15 and then extended that gain to near $25 by lunchtime. Gold is still being influenced by taper talk and could continue to make wild swings over the next two weeks as we get caught up with the data. The Gold Index was lifted by gold's gains today and moved higher into the pennant formation I have been tracking. The index formed a long white candle today that may indicate a continuation of the near term rally. Looking ahead of the present it appears as if the near term sideways trend/pennant formation will converge with the longer term trend in the early part of next month, just after the next FOMC meeting(Oct 30-31st). Indicators are bullish and rising.

Gold Index

The Oil Index

Oil held steady today around $99 a barrel, a near four month low, until just after lunch. Then, the price of benchmark West Texas crude fell to below $98 for the first time in nearly five months. Declining political tension in Iran, rising U.S. stockpiles of oil and natural gas are all adding downward pressure to prices along with concern over fourth quarter and 2014 economic growth. Delayed data shows that last week oil inventory rose by nearly 6 million barrels, nearly double the expectations. The oil index moved up again today, opposite the price of oil, as it has been doing for the past two weeks. The index is looks extended and is showing signs of slowing the upward progression. The candles today and yesterday are very small, today's has a bearish looking upper wick. Indicators are still bullish but rolling over, forming potential divergences in MACD and stochastics. The long term trend is still up with supportive indicators. If a pull back does occur it may be only short term in nature. Look for support around 1430, the point of the most recent break out.

Oil Index

The Ten Year

I am by no means a bond trader so I won't try to analyze bond prices. I do know that bonds are an important part of the investment world, incredibly important to market function and an indicator of market sentiments. Lately there has been a lot of concern over rising interest rates and their impact on global markets. This has quieted somewhat since the 10 year treasury hit it's top near 3.0%. Today the 10 year treasury fell again, moving down to a 3 month low. The yield is now just above 2.5%, a level that could provide support for the short to near term.

Ten Year

Story Stocks

Earnings was the big news today but Apple also made an appearance in the headlines. Apple was scheduled to reveal new versions of the iPad today at it's event. The stock had traded up initially but about 10AM sellers began to outweigh buyers, pushing the stock down. Shares of Apple hit an intra day bottom just before 11 when they began to move back up. The Apple shareholder event released a new Mac operating system and a new iPad, the Air.

Apple

Earnings was the story of the day. Netflix reported after the bell yesterday and really got traders psyched up. The company reported earnings that beat expectations by a large margin driven mostly by an increase in new subscribers. Netflix is now the largest provider of streaming on line media, surpassing HBO. The stock shot up in the after hours, stayed up this morning for a while and then fell heavily on profit taking. The stock at one point today was up more than 300% on the year, an attractive place for many to take some money off the table. Future expectations for this company are still positive so I wouldn't count on a bearish trend just yet. There may be a correction in the offing though, a reversion to trend would bring the stock down about 8% from the current level while keeping yearly gains in the 200% range.

Netflix

United Technologies reported earnings that beat estimates by a penny on lighter than expected revenue. This is a trend I have noted several times over the past few quarters, not for this stock in particular but for companies in general. Revenue and earnings were both up 13% from the comparable quarter last year and were negatively impacted by restructuring costs. Without these costs the companies earnings would have been up 19%. Although the company sees revenue and earnings growth to continue into the next year they guided below analysts estimates citing weakness in government spending here and in Europe. Restructuring will continue this year and into next, providing further savings and margin growth. The stock trade up initially but reversed mid day, falling by about 1.25%. The $105 level is current support.

United Technology

Travelers was another company reporting earnings that beat estimates. The stock shot up in the early hours of the pre market, then sold off during the open session. The stock gapped up at to open above resistance and at what would have been a 12 month high. Net income was up 4% over last year, resulting in eps $0.28 cents above expectations. Improving margins and rate gains are the two main reasons for the increase. The board of directors also authorized another $5 billion in share repurchases. Pulling back to the long term charts the stock appears to be consolidating after a 1.5 year rally. Indicators are bullish long term but there may be some weakness in the shorter term.

Travelers

Radioshack was one of few companies today to report an actually bad report. There were quite a few that weren't up to expectations but this is the one that really stunk. The electronics retailer reported a loss larger than expected. The loss was attributed to the current turnaround and restructuring efforts by company CEO Joseph Magnacca. The plan is to reposition the brand utilizing the data they compiled from a handful of concept stores. The company is expecting up to 100 stores to reflect the new concept by the end of the year. The report also commented on a near $1 billion debt refinancing deal that is in the works. The stock fell by more than 20% today, coming close to the long term support around $2.50. Long term indicators also show that support is building at this level.

Radioshack

The Indices

I have already pointed out that the Dow is lagging the broader markets. This is especially true of the tech sector which has been skyrocketing this month. Looking at the Nasdaq we can see that the index has gained 8.5% over the last ten days, in line with the S&P 500 gains while the Dow has only gained 4.9%. On the short term daily charts the index's gain is accompanied by strong, rising, bullish MACD and stochastic. However, today's candle formation is a warning that the current rally may be peaking. Support levels on a pullback may be found at the 3900, 3800 and 3750 levels.

Nasdaq Composite

The transports are another sector that has been on a serious tear the last two weeks. This index is up more than 8% in the same time ten day time frame. This index is displaying similar technicals as the Nasdaq Composite although today's candle is a little less ominous. Even though there is a fat white candle body the long upper wick is a sign of bearishness from above. The indicators remain bullish on the weekly charts although the long term divergences we have all been tracking are still present. A correction to the long term trend would equal roughly 3% of the current price level.

Transports

The SPX powered higher in the late afternoon to close near the daily high and setting a new all time high. The daily charts are bullish, the index has broken above two potential support lines with strong bullish indicators. Even though the index is above a potential support area it is extended from the long term trend and could easily enter a consolidation or correction from this point. In the near term earnings reports will affect prices, in the long term earnings outlook and economic will do the same. The long term trend is still up so I remain bullish longer term with caution, especially in the nearer term.

SPX

For now it seems as if the political turmoil we could be facing at the end of the year (next round of debt ceiling shenanigans) is not at the forefront of traders minds. Earnings and economic data are back on the scene and influencing stock prices. Today we were just playing catch-up with last months data. It wasn't great but it wasn't worse than expected either, it was just right for the market to keep keeping on until the FOMC or the next round of data changes the whole perspective, or supports it. Tomorrow's trading will be impacted by the housing index on the economic front and by earnings from Caterpillar, Boeing, AT&T, Wal-Mart de Mexico, a handful of regional banks and dozens of well known mid-caps.

Until then, remember the trend!

Thomas Hughes


New Option Plays

Entertainment Content

by James Brown

Click here to email James Brown


NEW DIRECTIONAL CALL PLAYS

Viacom, Inc. - VIAB - close: 84.65 change: +0.79

Stop Loss: 82.75
Target(s): 89.50
Current Option Gain/Loss: Unopened
Time Frame: exit PRIOR to earnings on November 14th.
New Positions: Yes, see below

Company Description

Why We Like It:
Right now entertainment and content companies have been showing strength. VIAB is one of them with the stock trading near all-time highs today. VIAB has a long-term bullish trend of higher lows and higher highs. The last few weeks have seen shares consolidate sideways in the $80-85 zone. Now VIAB is poised for a breakout.

The September 27th intraday high was $85.22. I am suggesting a trigger to buy calls at $85.30. If triggered our target is $89.50. However, we will plan to exit prior to VIAB's earnings report in mid November.

Trigger @ 85.30

- Suggested Positions -

Buy the DEC $85 call (VIAB1322L85) current ask $2.80

Annotated Chart:

Entry on October -- at $---.--
Average Daily Volume = 2.6 million
Listed on October 22, 2013



In Play Updates and Reviews

Jobs Data Removes Taper Fears

by James Brown

Click here to email James Brown

Editor's Note:

The jobs data this morning pushed out expectations for any taper to the Fed's QE program into the second quarter of 2014. Naturally the market rallied on such expectations.

CTRP has been removed. DIS and MDT were triggered.

I have updated our stop and exit strategy for the VGK trade.


Current Portfolio:


CALL Play Updates

3D Systems - DDD - close: 57.29 change: -0.41

Stop Loss: 53.45
Target(s): 64.00
Current Option Gain/Loss: + 0.0%
Time Frame: exit PRIOR to earnings on Oct. 29th
New Positions: see below

Comments:
10/22/13: DDD traded to a new high this morning. Then on no news I could find the stock shot lower late morning. Traders bought the dip near $55.85 but DDD closed with a loss, underperforming the market. I would hesitate to launch new positions here.

Earlier Comments:
DDD could see some short covering. The most recent data listed short interest at 32.5% of the 94.5 million share float.

Our target is $64.00. However, we will plan to exit prior to DDD's earnings report on October 29th.

- Suggested Positions -

Long NOV $60 call (DDD1316K60) entry $2.25

Entry on October 18 at $57.05
Average Daily Volume = 6.8 million
Listed on October 17, 2013


The Walt Disney Company - DIS - close: 69.00 change: +1.39

Stop Loss: 65.85
Target(s): 74.00
Current Option Gain/Loss: + 59.0%
Time Frame: exit PRIOR to earnings on November 7th.
New Positions: see below

Comments:
10/22/13: Our brand new play on DIS has been opened. Shares gapped open at $67.94 and then raced past resistance near the $68.00 level. Our trigger was hit at $68.10.

Our target is $74.00 but we will plan to exit prior to DIS' earnings report on November 7th.

FYI: Tuesday's rally has produced a new buy signal on the Point & Figure chart that is currently suggesting an $80 price target.

- Suggested Positions -

Long NOV $70 call (DIS1316K70) entry $0.66

Entry on October 22 at $68.10
Average Daily Volume = 7.1 million
Listed on October 21, 2013


Dril-Quip, Inc. - DRQ - close: 119.18 change: +1.37

Stop Loss: 114.75
Target(s): 124.50
Current Option Gain/Loss: Nov120c: -18.9% & Dec125c -15.3%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
10/22/13: DRQ has spent the last few days chopping sideways below resistance near $120. Unfortunately the choppiness continued today. The stock rallied on news of a new multi-year deal with BP. DRQ traded above resistance at $120 but couldn't hold it. I would stay cautious here. More conservative traders may want to raise their stops. I am not suggesting new positions at this time.

Earlier comments:
Our target is $124.50. However, we will most likely exit prior to DRQ's earnings report expected in early November. If you are willing to hold over the earnings announcement then you may want to use the December options instead of November options. I am suggesting small positions because the spread on DRQ's November options are a bit wide.

*small positions* - Suggested Positions -

Long NOV $120 call (DRQ1316k120) entry $2.90*

- or -

Long DEC $125 call (DRQ1322L125) entry $1.95

*option price is an estimate.

Entry on October 16 at $118.25
Average Daily Volume = 281 thousand
Listed on October 14, 2013


Helmerich & Payne, Inc. - HP - close: 76.89 change: +0.40

Stop Loss: 73.75
Target(s): 79.50
Current Option Gain/Loss: +34.1%
Time Frame: 4 to 5 weeks
New Positions: see below

Comments:
10/22/13: HP sprinted toward the $78 level again this morning. The rally failed and shares pared their gains down to +0.5%. I am raising our stop loss up toe $73.75. I am not suggesting new positions at this time.

We do not want to hold over the mid-November earnings report. FYI: The Point & Figure chart for HP is bullish with an $82 target.

- Suggested Positions -

Long NOV $75 call (HP1316K75) entry $2.31

10/22/13 new stop loss @ 73.75

Entry on October 14 at $74.50
Average Daily Volume = 1.1 million
Listed on October 12, 2013


iShares Russell 2000 ETF - IWM - close: 110.76 change: +0.29

Stop Loss: 104.80
Target(s): 114.00
Current Option Gain/Loss: +27.8%
Time Frame: 8 to 12 weeks
New Positions: see below

Comments:
10/22/13: The IWM set another round of new all-time highs today. It's worth noting that the IWM did pare its gain from the morning spike higher. The market is arguably short-term overbought. I wouldn't be surprised to see a short-term dip. Look for support near $108.00.

- Suggested Positions -

Long 2014 Jan $110 call (IWM1418a110) entry 2.80

Entry on October 16 at $108.55
Average Daily Volume = 41 million
Listed on October 14, 2013


J2 Global, Inc. - JCOM - close: 55.50 change: +0.33

Stop Loss: 53.25
Target(s): 59.75
Current Option Gain/Loss: - 2.3%
Time Frame: exit PRIOR to earnings on November 5th
New Positions: see below

Comments:
10/22/13: JCOM extended its gains on Tuesday with a +0.59% advance. Shares marked their fourth gain in a row. The pullback from its intraday high might suggest a little exhaustion in the rally. Do not be surprised to see a dip back into the $54.50-54.00 zone.

Earlier Comments:
The stock looks ready to launch its next leg higher. New highs could spark a short squeeze. The most recent data listed short interest at 31% of the 43.7 million share float. Our target is $59.75 but more aggressive traders could aim higher. The Point & Figure chart for JCOM is bullish with a $77 target.

- Suggested Positions -

Long NOV $55 call (JCOM1316K55) entry $2.15

Entry on October 21 at $55.05
Average Daily Volume = 329 thousand
Listed on October 19, 2013


Medtronic, Inc. - MDT - close: 56.73 change: +0.24

Stop Loss: 55.40
Target(s): 59.75
Current Option Gain/Loss: - 2.8%
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
10/22/13: Our new play on MDT has opened. Shares were strong right from the start this morning and MDT hit new highs and our trigger at $56.75. I would still consider new positions at current levels.

- Suggested Positions -

Long NOV $55 call (MDT1316K55) entry $2.07

Entry on October 22 at $56.75
Average Daily Volume = 3.4 million
Listed on October 21, 2013


Starbucks Corp. - SBUX - close: 80.90 change: +1.44

Stop Loss: 75.75
Target(s): 84.00
Current Option Gain/Loss: +63.0%
Time Frame: exit PRIOR to earnings on October 31st
New Positions: see below

Comments:
10/22/13: SBUX displayed relative strength on Tuesday with a rally past round-number resistance at the $80.00 level and a +1.8% gain. More conservative traders may want to raise their stops closer to the $78.00 level, which should be new support.

Tonight we are raising our suggested exit target from $82.50 to $84.00. Keep in mind that we do not want to hold over SBUX's earnings report on October 31st.

- Suggested Positions -

Long NOV $80 call (SBUX1316k80) entry $1.65

10/22/13 adjust exit target to $84.00

Entry on October 14 at $78.25
Average Daily Volume = 3.7 million
Listed on October 12, 2013


Constellation Brands - STZ - close: 64.42 change: +0.00

Stop Loss: 61.90
Target(s): 67.50
Current Option Gain/Loss: +84.7%
Time Frame: 4 to 6 weeks
New Positions: see below

Comments:
10/22/13: I have previously cautioned readers that the $65.00 level might be round-number resistance for STZ. The stock traded up to $64.95 today before paring its gains to close unchanged.

More conservative traders may want to take profits now with our option up +84.7%. I suspect we could see STZ dip toward its 10-dma soon. I am raising our stop loss to $61.90.

Earlier Comments:
Our target is $67.50 but we may end up exiting near $65.00, which could be potential round-number resistance.

- Suggested Positions -

Long NOV $62.50 call (STZ1316k62.5) entry $1.38

10/22/13 new stop loss @ 61.90, readers may want to take profits now. Our option is up +84%.
10/16/13 new stop loss @ 59.75
10/11/13 trade opened on gap higher at $61.25,
trigger was $61.10

Entry on October 11 at $61.25
Average Daily Volume = 1.9 million
Listed on October 10, 2013


Thor Industries - THO - close: 59.79 change: +1.25

Stop Loss: 57.75
Target(s): 64.75
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Comments:
10/22/13: THO continued to rally on Tuesday and outperformed the market with a +2.1% gain. The stock is now testing resistance at the $60.00 level.

There is no change from my weekend comments. I am suggesting a trigger to buy calls at $60.25. If triggered our target is $64.75.

Trigger @ 60.25

- Suggested Positions -

Buy the NOV $60 call (THO1316K60) current ask $1.65

Entry on October -- at $---.--
Average Daily Volume = 528 thousand
Listed on October 19, 2013


Vipshop Holdings Limited - VIPS - close: $73.58 change: -2.90

Stop Loss: 69.75
Target(s): 78.50
Current Option Gain/Loss: +10.4%
Time Frame: 3 to 5 weeks
New Positions: see below

Comments:
10/22/13: Ouch! Many of the momentum Chinese stocks were hit with profit taking today. VIPS was no exception. Shares spiked down toward round-number support at $70.00 and technical support at the 10-dma before paring its losses. I cautioned readers that it might be time for a pullback but we were not expecting a $6.50 drop toward $70. I am not suggesting new positions.

Earlier Comments:
If this rally continues the stock could see some short covering. The most recent data listed short interest at 8.7% of the very small 20.5 million share float.

- Suggested Positions -

Long NOV $75 call (VIPS1316K75) entry $4.80

10/19/13 new stop loss @ 69.75, adjust exit target from 77.50 to 78.50

Entry on October 17 at $71.55
Average Daily Volume = 1.25 million
Listed on October 16, 2013


PUT Play Updates


Currently we do not have any active put trades.




Longer-Term Play Updates



Chicago Bridge & Iron - CBI - close: 74.78 change: -0.22

Stop Loss: 68.40
Target(s): 79.00
Current Option Gain/Loss: +307.8%
Time Frame: 4 to 6 months
New Positions: see below

Comments:
10/22/13: CBI tagged a new high at $75.70 this morning before fading lower. The stock is overbought here and due for some profit taking. More conservative investors may want to lock in gains now. I am not suggesting new positions at this time.

FYI: CBI is due to report earnings on October 29th.

*Small Positions* - Suggested Positions -

Long 2014 Jan $65 call (CBI1418A65) entry $2.55

10/19/13 new stop loss @ 68.40
10/01/13 new stop loss @ 64.00, adjust target to $79.00
09/21/13 new stop loss @ 59.75
09/11/13 new stop loss @ 57.65
07/20/13 new stop loss @ 55.75
06/29/13 CBI might be poised to dip into the $57-55 zone again.
06/24/13 triggered @ 56.75
06/22/13 adjust entry trigger to $56.75
06/15/13 entry strategy change: change the breakout trigger at $65.25 to a buy-the-dip trigger at $56.50. Adjust the stop loss to $53.75.
Adjust the option strike to the 2014 Jan. $65 call

Entry on June 24 at $56.75
Average Daily Volume = 1.8 million
Listed on June 01, 2013


Vanguard FTSE Europe ETF - VGK - close: 57.35 change: +0.63

Stop Loss: 53.90
Target(s): Sell half @ $58.00, sell the rest at $63.00
Current Option Gain/Loss: +88.8%
Time Frame: exit PRIOR to 2014 March option expiration
New Positions: see below

Comments:
10/22/13: The VGK continues to race higher. The ETF surged another +1.1% today and is up eight out of the last nine sessions. The VGK is moving a lot faster than we expected so we're adjusting our exit strateg.

I am suggesting that we sell half of our position at $58.00 and we will sell the rest at $63.00. Tonight we are raising our stop loss to $53.90.

Earlier Comments:
We are taking a multi-month time frame with this trade. FYI: The Point & Figure chart for VGK is bullish with a $63 target.

- Suggested Positions -

Long 2014 Mar $55 call (VGK1422L55) entry $1.80*

10/22/13 Strategy Update: Plan to exit half @ $58.00 and exit the rest at $63.00. New stop loss @ 53.90
10/19/13 new stop loss @ 52.75
09/11/13 trade opens. VGK @ 53.60
*option entry @ 1.80 is an estimate. Ask closed at $1.75 yesterday
09/10/13 entry trigger met. open positions tomorrow.
09/10/13 new stop loss @ 50.95
08/24/13 adjust the option strike from 2013 Dec $55 to $2014 Mar $55.

Entry on September 11 at $---.--
Average Daily Volume = 3.0 million
Listed on August 10, 2013


CLOSED BULLISH PLAYS

Ctrip.com - CTRP - close: 56.96 change: -1.25

Stop Loss: 58.25
Target(s): 68.50
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: see below

Comments:
10/22/13: The stock market continues to hit new highs. Yet CTRP is not participating. The stock's failed rally near the early October high looks like a potential bearish double top formation.

Our trade has not opened yet. Tonight we are removing CTRP as a candidate.

Trade did not open.

10/22/13 removed from the newsletter. trigger was 61.25

chart:

Entry on October -- at $---.--
Average Daily Volume = 2.65 million
Listed on October 19, 2013