In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates:
HITT, HCP, CTL, HPQ, DFS, JBL
Many of the candidates above need to see a breakout past resistance directly overhead.
NEW BULLISH Plays
Flextronics Intl. Ltd. - FLEX - close: 7.09 change: +0.22
Stop Loss: 6.75
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below
Why We Like It:
This is a momentum trade. After hovering near resistance in the $6.80 area for a few days, shares of FLEX are suddenly accelerating higher. We want to keep our position size very small. This is an aggressive trade. I am suggesting we open new positions tomorrow morning but only if both FLEX and the S&P 500 index open higher. We'll use a stop loss at $6.75, just under the 10-dma and prior resistance at $6.80.
Our multi-week target is $8.00. FYI: The Point & Figure chart for FLEX is bullish with a $9.00 target.
Do not enter position unless FLEX and the S&P 500 are both positive at the open
Suggested Position: buy FLEX stock @ the open
- or -
buy the Feb $7.00 call (FLEX1218B7) current ask $0.26
Entry on February xx at $ xx.xx
Earnings Date 04/26/12 (unconfirmed)
Average Daily Volume = 6.0 million
Listed on February 01, 2011