In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates:
HMIN - the stock looks weak and a breakdown under round-number support at $20.00 could be a bearish entry point.
NUAN - this tech stock has already broken down under the $20.00 level and looks like a short at current levels.
SNTS - shares are showing relative strength and poised to hit new highs.
NEW BULLISH Plays
Nationstar Mortgage Holdings - NSM - close: 19.53 change: +0.56
Stop Loss: 18.69
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below
Why We Like It:
Facebook's recent IPO flop may have soured investors on IPOs but NSM recently IPO'd back in March and the stock is up significantly. Shares have ignored the markets recent weakness. Today appears to be a bullish breakout from a short-term sideways consolidation.
I am suggesting small bullish positions at the open tomorrow tiwht a stop loss at $18.69, just under Friday's low. It's possible the $20.00 level could be round-number resistance but we're aiming for $21.00.
Suggested Position: buy NSM stock @ (the open)
Entry on June xx at $ xx.xx
Earnings Date --/--/-- (unconfirmed)
Average Daily Volume = 639 thousand
Listed on June 04, 2011