Editor's Note:

Additional stocks that caught my eye tonight were:

PLCM - Readers may want to launch bullish positions on a move past $51.00.

CRK - Traders might want to buy a dip in the $28-27 zone.

DKS - Wait to see how DKS reacts to NKE's earnings report that released tonight.

CBT & JBHT - A move past the 2011 highs could be an entry point.

- James


NEW BULLISH Plays

Patterson-UTI Energy Inc. - PTEN - close: 27.49 change: +1.34

Stop Loss: 25.95
Target(s): 31.50, 34.00
Current Gain/Loss: unopened
Time Frame: 4 to 6 weeks
New Positions: Yes, see trigger

Company Description

Why We Like It:
The oil and oil service stocks have weathered the recent market volatility pretty well. Shares of PTEN have already broken the very short-term bearish trend of lower highs seen over the last few days. Now the stock looks poised to challenge resistance near $28.00. Given the ongoing violence in Libya and rising worries over the situation in Bahrain and what might happen if things spread to Saudi will all contribute to strong oil prices.

I am suggesting we open bullish positions on PTEN if the stock can breakout past $28.00. We'll use a trigger at $28.25 to launch positions. The $30.00 mark might offer some resistance but I'm targeting a climb to $31.50 and the $34.00 levels.

Trigger @ 28.25

Suggested Position: buy PTEN stock @ 28.25

- or -

Buy the May $30 calls (PTEN1121E30) current ask $0.90

Annotated chart:

Entry on March x at $xx.xx
Earnings Date 04/28/11 (unconfirmed)
Average Daily Volume: 2.8 million
Listed on March 17th, 2010