Editor's Note:

In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates:

(bearish ideas) BTE, PETD, VLO, BRCM, SCCO, GNTX, and the QQQ (under its 100-dma)


NEW BULLISH Plays

SCANA Corp. - SCG - close: 46.65 change: +0.12

Stop Loss: 44.99
Target(s): 49.85
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
SCG is an electric utility company. The company recently reported earnings in May and missed both the earnings and revenue numbers. Yet here it is a few days later hitting new multi-year highs. It could be investors looking for defensive, high-yielding names. SCG has a 4.3% dividend yield.

I am cautiously bullish here. We can use a trigger at $46.85 to open small bullish positions with a stop loss at $44.99. More conservative traders could use a stop closer to $46.00 instead.

Trigger @ 46.85 (small positions)

Suggested Position: buy SCG stock @ (trigger)

Annotated chart:

Entry on May xx at $ xx.xx
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 607 thousand
Listed on May 14, 2011


NEW BEARISH Plays

General Motors - GM - close: 21.63 change: -0.37

Stop Loss: 23.05
Target(s): 19.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
Worries over the global economy slowing down are not helping one of the world's largest automakers. GM just broke down under last week's support. Shares are trading in a bearish trend of lower highs and lower lows.

I am suggesting we launch bearish positions at the open tomorrow. We'll use a stop at $23.05. Our multi-week target is $19.25. FYI: The Point & Figure chart for XXXX is bullish with a $XXXX target.

Suggested Position: short GM stock @ (the open)

- or -

buy the Jun $20 PUT (GM1216R20) current ask $0.39

Annotated chart:

Entry on May xx at $ xx.xx
Earnings Date 08/02/12 (unconfirmed)
Average Daily Volume = 10.5 million
Listed on May 14, 2011