Additional Trading Ideas:
In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these may need to see a break past key support or resistance:
DNKN, IMAX, ADSK, PAYX, CFN, HIG, NWSA, FARO
NEW BULLISH Plays
Spirit Airlines, Inc. - SAVE - close: 46.45 change: +0.83
Stop Loss: 44.75
Current Gain/Loss: unopened
Entry on November -- at $--.--
Listed on November 27, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 929 thousand
New Positions: Yes, see below
Why We Like It:
SAVE is an airline with about 200 flights a day in the U.S., Latin America, and the Caribbean. The company operates as a deep discount airline. It seems to be working. Shares of SAVE have been outperforming their peers. The recent sell-off in oil prices also gives the airline group a boost. There has been some concern that the big storm hitting much of the country during this Thanksgiving holiday might hurt the airlines. What many investors don't know is that the airline industry plans for such events so any impact to SAVE's bottom line should be minimal. There was clearly no worry today with SAVE outperforming the market with a +1.8% gain and a new all-time high.
I am suggesting a trigger to open bullish positions at $46.75. If triggered our target is $54.00. However, that is a bit optimistic. The $50.00 level is potential round-number, psychological resistance.
On the other hand the point & figure chart has recently produced a new triple-top breakout buy signal that is currently forecasting a long-term $76 price target.
Trigger @ 46.75
Suggested Position: buy SAVE stock @ (trigger)
- (or for more adventurous traders, try this option) -
Buy the 2014 Jan $50 call (SAVE1418a50) current ask $0.95