NEW BEARISH Plays
Intl. Speedway - ISCA - close: 24.00 chg: -1.39 stop: 27.05
Why We Like It:
ISCA recently reported earnings and investors were unhappy with management's guidance. The stock has spent almost a month consolidation under resistance near $27.00 and its exponential 200-dma. Now that the earnings news is out I don't see a catalyst for investors to buy this stock. Rising unemployment and a struggling consumer will continue to weigh on sales.
More aggressive traders may want to open bearish positions now. I think the market and ISCA might bounce tomorrow. Our plan is to open positions in the $24.75-25.50 zone. I'm suggesting a stop loss at $27.05 but more conservative traders may want to try a stop closer to $26.00. Our first target is $22.10. Our second target is $20.25. My time frame is six to eight weeks.
Entry on July xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/07/09 (confirmed)
Average Daily Volume: 342 thousand
Listed on July 08, 2009