NEW BULLISH Plays

Sothebys Holding - BID - close: 49.28 change: +0.46

Stop Loss: 47.45
Target(s): 54.90
Current Gain/Loss: unopened
Time Frame: 2 to 3 weeks
New Positions: Yes, see trigger

Company Description

Why We Like It:
BID's long-term bullish trend of higher lows is still intact. The correction from its early April highs in the $55-56 zone appears to be over. Traders have been buying the dip near $47-48 and its 50-dma. Now BID is on the verge of breaking out past resistance near $50.00 again. The high today was $50.21. I am suggesting we use a trigger at $50.35 to open new bullish positions. If triggered our target is $54.90. We do not want to hold positions over the early May earnings report. FYI: The Point & Figure chart for BID is bullish with an $80 target.

Trigger @ 50.35

Suggested Position: buy BID stock @

- or -

Buy the May $50 calls (BID1121E50) current ask $2.35

Annotated chart:

Entry on April x at $xx.xx
Earnings Date 05/05/11 (unconfirmed)
Average Daily Volume: 1.0 million
Listed on April 20th, 2011