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New Plays
Long Plays
Short Plays
None CS
  IBN

Play Editor's Note: Concerns about a global slowdown and the possibility of another round of write downs for the financial sector have banking stocks looking weak. We are adding some bearish plays on a couple of foreign banks. A few more stocks you might want to check out are: BCS, IRE, ITU, and MTU. I would also keep an eye on Wachovia Bank (WB).


New Long Plays

None today.
 

New Short Plays

Credit Suisse - CS - cls: 44.93 change: -2.36 stop: 47.51

Company Description:
Credit Suisse Group is a major money-center bank based on Zurich, Switzerland.

Why We Like It:
A global slowdown is bad news for the foreign banks. Shares of CS have seen the recent bounce reverse. We're suggesting shorts right here. Another potential entry point would be a failed rally in the $46-47 zone. More conservative traders or those who want to see more momentum might want to wait for a new relative low under $44.15 before initiating positions. Our target is $40.10. Aggressive traders could aim for the July lows around $38.50.

Picked on September 04 at $44.93
Change since picked: + 0.00
Earnings Date 00/00/00 (unknown)
Average Daily Volume: 1.2 million

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ICICI Bank - IBN - cls: 30.64 change: -1.89 stop: 33.25

Company Description:
ICICI Bank Ltd. is a large money-center bank based in India.

Why We Like It:
This is an aggressive entry point for bearish plays in IBN. The stock could have support at its 50-dma near $30.40, possible support at $30.00, and it still has a short-term trend of higher lows. However, if the world markets are truly worried about global growth and the credit crisis still has another round or two to go then IBN could easily retest its lows. We will try and reduce our risk with a stop loss above Wednesday's high. Our target is the $26.00-25.00 zone.

Picked on September 04 at $30.64
Change since picked: + 0.00
Earnings Date 10/13/08 (unconfirmed)
Average Daily Volume: 4.4 million
 

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