Editor's Note:

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

(bullish ideas) CCI, CPLA, SUSS, APOL, SPRD, INTC, BAC, JNPR, LKQ, DIS, LUV


NEW BULLISH Plays

JetBlue Airways - JBLU - close: 5.23 change: +0.14

Stop Loss: 4.99
Target(s): 6.00
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
Shares of JBLU have seen a dramatic reversal higher in the last few weeks. The market's recent strength has lifted JBLU toward resistance near the $5.25 level. Now shares are on the verge of breaking out. If a breakout does occur JBLU could see a short squeeze. The most recent data listed short interest at 20% of the 233 million-share float.

I am suggesting a trigger to buy JBLU at $5.30 with a stop loss at $4.99. Our multi-week target is $6.00.

Trigger @ 5.30

Suggested Position: buy JBLU stock @ (trigger)

- or -

buy the Jul $5.00 call (JBLU1221G5) current ask $0.50

Annotated chart:

Entry on June xx at $ xx.xx
Earnings Date 07/24/12 (unconfirmed)
Average Daily Volume = 5.7 million
Listed on June 09, 2011


NEW BEARISH Plays

Baker Hughes Inc. - BHI - close: 39.25 change: -0.87

Stop Loss: 40.15
Target(s): 35.25
Current Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
BHI is an oil services stock that's been sinking under a long-term trend of lower highs. The past several weeks have seen BHI try to build support at the $40.00 level but Friday just saw a breakdown below this key support.

Friday's intraday low was $38.91. I am suggesting a trigger to launch bearish positions at $38.85. Our target is $35.25.

Trigger @ 38.85

Suggested Position: short BHI stock @ (trigger)

- or -

buy the Jul $37 PUT (BHI1221S37) current ask $1.43

Annotated chart:

Entry on June xx at $ xx.xx
Earnings Date 07/20/12 (unconfirmed)
Average Daily Volume = 6.8 million
Listed on June 09, 2011