NEW BULLISH Plays
MetLife, Inc. - MET - close: 46.10 change: +0.70
Stop Loss: 44.70
Current Gain/Loss: unopened
Entry on June -- at $--.--
Listed on June 27, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 8.7 million
New Positions: Yes, see below
Why We Like It:
MET has been outperforming many of its peers in the insurance sector. The stock has rallied to resistance near $46.00 this week. A breakout here would be close to a new two-year high. While the short-term and intermediate trend in MET is up I am cautiously bullish here based on the action in the broader market indices. If the S&P 500 fails at 1620 again tomorrow I would not want to launch new bullish positions. However if the index can breakout and close above 1620 then the market could see some short covering. That would help clear the path for MET to keep the rally going.
I am suggesting we keep our position size pretty small on MET. Today's high was $46.11. We'll use a trigger at $46.25 to launch positions. If triggered our target is $50.00.
Trigger @ 46.25 *small positions*
Suggested Position: buy MET stock @ (trigger)