Option Investor
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New Plays
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Short Plays
None IPI

New Long Plays

None today.

New Short Plays

Intrepid Potash - IPI - close: 19.11 change: -1.49 stop: 20.85

Why We Like It:
We are going to try again on IPI. Yesterday's short-covering rally sent the stock over resistance at $20.00 but IPI failed to hold those gains. It looks like a return to the pattern of lower highs. This would be a new entry point for shorts. Our first target is $16.65. We suggest readers exit the majority of their position there. Then we'll aim for our secondary target of $13.00. Readers need to be aware that some of IPI's rivals report earnings this week, like POT on Thursday, and the news could move shares of IPI.

Picked on October 21 at $19.11
Change since picked: + 0.00
Earnings Date 11/11/08 (confirmed)
Average Daily Volume: 2.3 million


Ultra Russell2000 ProShares - UWM - cls: 25.73 chg: -1.47 stop: 27.35

Why We Like It:
The UWM is currently on our newsletter as a long but with an entry point to buy the dip near $20.00. Instead of waiting for the drop to $20.00 we want to profit from the retracement to its lows. We're suggesting bearish positions now with a stop loss at $27.35. Our target to exit is $20.75. Our target to switch directions and buy the UWM is the $20.65-20.00 zone.

Picked on October 21 at $25.73
Change since picked: + 0.00
Earnings Date 00/00/00
Average Daily Volume: 3.7 million

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