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New Short Plays

AXA - AXA - close: 35.11 change: -0.72 stop: 36.11

Company Description:
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. Full year 2007 IFRS revenues amounted to Euro 94 billion and adjusted earnings to Euro 6,138 million. (source: company press release or website)

Why We Like It:
The markets are still generally cautious on the financials and that includes the insurance sector. The S&P IUX index just produced a new lower high in its bearish trend of lower highs. Fueling the move was weakness in AIG, which lost 4% ahead of its earnings report tonight. AIG's earnings were negative and the stock is trading down after hours, which should put more pressure on insurance and financial sectors tomorrow. Speaking of earnings, AXA reported earnings this morning. The results for AXA actually look pretty good but investors sold the news anyway. Shares of AXA recently stalled at resistance near $36.00 and its 50-dma. That looks like a natural break point for our stop loss. Aggressive traders may want to short AXA here. We are suggesting a trigger to short it at $34.49. If triggered our target is the $31.00-30.00 zone. AXA is based in Europe so we can expect shares to gap open, up or down, everyday when trading begins in New York.

Picked on February xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 02/28/08 (confirmed)
Average Daily Volume: 1.1 million
 

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