NEW BEARISH Plays

Medtronic Inc. - MDT - close: 32.80 change: +0.07 stop: 35.20

Why We Like It:
Normally we might consider medical device stocks as more defensive plays but the market doesn't seem to care. Almost everything looks vulnerable to more downside. MDT looks like a bearish candidate with a fresh head-and-shoulders pattern. I am suggesting bearish positions now. More nimble traders could wait and try and launch positions on a bounce near $34.00 and its 200-dma. While more conservative traders may want to wait for a new decline under $32.00, which was support in mid June. Our first target to take profits is $30.10. Our second target is $28.25.

Annotated chart:

Entry on      July 11 at $32.80 
Change since picked:     + 0.00   			
Earnings Date          08/18/09 (unconfirmed)    
Average Daily Volume:       6.3 million 
Listed on  July 11, 2009    


TTM Tech. - TTMI - close: 8.25 change: -0.08 stop: 9.01

Why We Like It:
TTMI is a tech stock that is forming its own (bearish) head-and-shoulders pattern. If the market marches lower like we think it will then last week's highs should be a top. I'm suggesting bearish positions now with a stop loss at $9.01. Our first target to take profits is $7.05. Our second target is $6.15.

Annotated chart:

Entry on      July 11 at $ 8.25 
Change since picked:     + 0.00   			
Earnings Date          07/29/09 (unconfirmed)    
Average Daily Volume:       378 thousand
Listed on  July 11, 2009    


Walgreen Co. - WAG - close: 28.84 change: -0.54 stop: 30.51

Why We Like It:
Upward momentum in WAG has stalled and shares have reversed lower. The oversold bounce last week has failed at new resistance near $30.00. I'm suggesting new bearish positions now with a stop loss at $30.51. More conservative traders may want to consider a stop loss closer to $30.00 (like 30.05). Our first target is $26.10.

Annotated chart:

Entry on      July 11 at $28.84 
Change since picked:     + 0.00   			
Earnings Date          09/21/09 (unconfirmed)    
Average Daily Volume:       8.4 million 
Listed on  July 11, 2009