Option Investor
Newsletter

Daily Newsletter, Thursday, 12/16/2010

Table of Contents

  1. Market Wrap
  2. New Plays
  3. In Play Updates and Reviews

Market Wrap

Market Winding Down Ahead of Holidays

by Jim Brown

Click here to email Jim Brown
With five trading days left before Christmas the market is already winding down and excitement over the potential year-end rally is fading.

Market Statistics

If it were not for the positive economics this morning we would have had no market action at all. The volume is fading even with option expiration tomorrow. Once the bell rings on Friday the market will be unofficially closed for the year. Fund managers have shuffled their portfolios and over and over and finally have their final year-end configuration. While there will be someone manning the trading desks until year end it will only be a skeleton crew. As volume declines further the volatility may increase but the big moves should be over.

The economics this morning spurred a few traders into action with the Philly Fed Survey leading the list of surprises. The headline number on the Philly Fed Manufacturing Survey for December rose to 24.3 from 22.5 in November. That may not sound like a big gain but the consensus estimates were for a decline to 15.0. Compared to an expected drop it was a great number. It was also the highest level for the index since 2005.

New orders and backorders both rose slightly but the big gains came from lesser-noticed components. Prices received jumped from -2.1 to +10.7 and the average workweek rose to 19.3 from 10.9. The jump in hours suggests the employment component should rise in future months. That would be good since it fell from 13.3 to 5.1 in December. The prices paid component rose sharply to 51.2 from 34.0 and suggests inflation is rising on raw materials. This was the highest level since July 2008. Capital expenditure plans rose from 20.2 to 30.1 for a big boost and also suggest employment could begin to improve soon.

The Philly Fed gains suggest the recovery is accelerating, price inflation is beginning improve and deflation risks are declining.

Philly Fed Survey Chart

Jobless claims fell slightly to 420,000, a decline if 3,000. This was not as much as some had expected and could be nearing the short-term bottom. Once the holidays are behind us hundreds of thousands of workers who took part time or temporary jobs for the holidays will be looking for work again. The weekly jobless claims should rise again in January.

New Residential Construction rose to 555,000 units in November from 519,000 units in October. Single-family permits rose by +3%. Housing completions totaled 513,000, which is a 14% decline from October and a new record low. Single-family completions declined -10% and multifamily declined -23%.

It appears builders are ramping up construction in preparation for what they believe will be a decent selling season next spring. We are still far off the pace of building during normal cycles but any improvement is appreciated. Analysts believe the pace of building won't ramp up significantly until 2012 when annualized units should again move over the one million mark. The large amount of distressed homes still on the market is weighing on the new home market.

The blast of winter weather caused a sharp draw from natural gas in storage. The weekly gas report showed a withdrawal of 164.0 bcf from storage. That number was roughly inline with estimates and we could see an even bigger draw next week with continued cold weather across most of the nation. Despite the big draw on supplies the price of gas continued its weeklong plunge to end just above $4. Inventories are still at near record levels.

Natural Gas Chart

There are no economic reports on Friday with the ability to move the market. State income, risk of recession, regional employment and CB Leading Indicators are mostly ignored.

MasterCard and Visa were crushed today after the government outlined new fee restrictions for debit cards. Shares of Visa lost -12.7% and MasterCard -10.3%. The new fee proposal would limit transaction fees to 12-cents compared to the average interchange fee today of 44-cents. Card issuers may also be required to offer services over multiple networks, which would increase competition and narrow profits even further. This is more of a problem for MasterCard and Visa than the banks that actually issue the cards. The fee changes won't hurt large card issuing banks like Citigroup and Bank America. This is a direct attack on the transaction costs that drive up expenses for everyone in the payment chain. The changes are required by the Dodd-Frank financial industry reforms signed into law last July. The Fed is required by law to put out a final ruling on the fees by April 21st and enact the changes in July.

Visa Chart

Research in Motion (RIMM) posted earnings of $1.74 that easily beat estimates of $1.65. Revenue was up +19% from Q2 and +40% over the year ago quarter at $5.49 billion. RIMM also raised guidance to $1.80 from $1.74 or the current quarter and analysts were expecting $1.61. Gross margin also rose to 43.6% from 42%. Net subscriber additions were 5.1 million new BlackBerry users and sales of new BlackBerry phones rose 14.2 million. That represents a lot of current subscribers upgrading to the new models. These earnings and sales numbers and the guidance up grade should dissuade those who believe the iPhone and Android have killed the BlackBerry. The first real smartphone is alive and well. RIMM shares were up a couple dollars in after hours trading.

Research in Motion Chart

Oracle (ORCL) posted profits of 51-cents topping analyst estimates of 46-cents. Revenue jumped +47% to $8.58 billion. The spike was influenced by the addition of Sun Microsystems to Oracle's books. Oracle did not yet own Sun in Q3 of 2009. Revenue for new software licenses rose 21% to $2 billion compared to prior forecasts of +16%. Oracle predicted gains of 10-20% in Q4. Oracle also raised Q4 guidance to a median of 49-cents compares to analyst estimates of 46-cents.

Oracle Chart

FedEx reported earnings before the bell and missed estimates by a mile. The earnings of $1.16 were well below the estimates for $1.31. Operating margins were 6.3%. The two biggest expenses was a reinstatement of employee compensation programs that had been put on hold during the recession and the sharp increase in fuel costs. They are also incurring extra costs as they restructure the freight segment.

The stock was hammered at the open for about a $4 loss to $89 but immediately rallied back to close up +1.83 after the conference call. FedEx raised guidance saying volume growth was stronger and expenses were going to be lower. Global volume in Q4 is exploding and their cost cutting measures over the last two years are going to reap large gains. They raised full year guidance to $5.00 to $5.30 from $4.80 to $5.25.

From what FedEx said about volume trends it appears not only is the U.S. economy accelerating but the global economy as well. Of course they pointed out that China was the biggest volume increase.

Federal Express Chart

The market was also confused by the mixed signals coming out of Washington on the tax compromise bill. Various factions in the house were trying to stall the bill or modify it in some way to make it appear they were not simply caving in to the President and the republicans. However, slowly but surely it is winding its way through the House process and could be voted on as early as tonight or first thing Friday morning. Most analysts believe it will eventually pass in its original form. This should remove one more reason for worry from the market with a tax freeze for the next two years and some additional benefits for businesses. This would be a nice way to end the year and I think the market would move higher once the bill is signed.

We are seeing some profit taking in some of the momentum issues of the last quarter. Gold fell $15, oil is trending lower, silver and copper are also lower. Some highflying tech stocks have been sold over the last week as traders take profits to offset losses in other areas. This is probably what we are going to see the rest of the year. The broader market is likely to rise but individual issues with big gains could see some selling. After a year of some extreme volatility we could end the year with a whimper.

The S&P finally posted a decent gain after several days of struggling to stay afloat. The SPX closed at 1243 and just a decent day away from 1250 and the level most analysts were predicting for year-end back in January. You don't think they will try to pin the index to that number next week just to say, "We told you so." We would be fools not to think they would not at least try.

Initial support is 1235 followed by 1228 and I really wish we would not have to see a print at those levels again this year. However, I would be happy with any close higher than we are today. Resistance is 1250 and again at 1270.

S&P-500 Chart

The Dow pulled back to use the November resistance highs at 11,445 as support and managed to return to 11,500 but no higher. There appears to be a lack of conviction, which is probably more of a lack of involvement with traders shutting down for the year. If the tax bill is approved it should give us one more small sentiment push that could give us that breakout spike.

However, closing the year at the highs for the year is a good recipe for a January decline. We need to be thinking about that possibility as we accumulate positions going into year-end. Support on the Dow is 11,445 and resistance just over the close at 11,510.

Dow Chart

The Nasdaq continues to look weak to me. The breakdown in several big cap techs could continue into year-end as traders take profits. However, we could also see funds prop up these big caps until year-end to make their portfolios look better in the year-end statements.

This makes me neutral on the tech sector. There is resistance at 2640 and 2650. Support is well below at 2600. I believe the tech sector is going to be a stock pickers market for the next couple weeks but I would love to be proven wrong.

Nasdaq Chart

The Russell chart looks identical to the Nasdaq. The strong bullish conviction of the last month has faded now that fund managers have finished loading their portfolios for year-end statements. I could easily see the Russell treading water between 765-780 until year-end unless we get some news event to break the monotony.

Russell Chart

The Dow Transports rallied for 1.34% today thanks to the FedEx earnings and the Philly Fed Survey but that only took it back to strong resistance at 5100. The transports have also lost their bullish conviction. A move over 5100 should pull the broader markets higher but a failure there would be a warning sign the year-end rally is over.

Dow Transports Chart

In summary the anticipation of a tax deal provided a market boost for a couple weeks but that is already priced into the market today. If a deal is done we could see a return of the trend higher but I don't see a big spike on short covering. It is already old news.

The European debt problems have moved from Ireland to Spain and analysts are starting to discuss how a Spanish bailout would be handled. Spain is significantly bigger than the other failing countries and the current bail out loan guarantees in place could not handle a bailout of Spain. We are still weeks away from this becoming a problem but the sharks are circling. If it happens it will be much worse than Ireland. The markets are going to be watching this development mature.

Friday is option expiration but our volatility for this period is already behind us. I would expect the markets to be calm unless driven by an external news event. Friday before Christmas is usually a vacation day for traders as they hit the malls. This means volume should dry up rather quickly and volatility along with it.

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Don't fight the Fed!

Jim Brown

Send Jim an email


New Plays

Business Services

by James Brown

Click here to email James Brown


NEW BULLISH Plays

Automatic Data Processing - ADP - close: 46.85 change: +0.25

Stop Loss: 45.95
Target(s): 49.75, 52.50
Current Option Gain/Loss: unopened
Time Frame: 10 to 12 weeks
New Positions: Yes, see trigger

Company Description

Why We Like It:
The last three month for ADP have been impressive. Shares have powered through multiple layers of resistance. In the past three weeks ADP broke through key resistance at $46.00 to hit new three-year highs. Now shares look ready to breakout again after a two-week consolidation under the $47.00 level. The high on December 7th was $47.17. I am suggesting a trigger to open bullish positions at $47.25. If triggered we'll use a stop loss at $45.95. Our first target is $49.75. While the trend is up ADP doesn't move super fast so this could take several weeks.
FYI: The Point & Figure chart for ADP is forecasting a bullish price target of $66.00.

Buy-the-breakout Trigger @ $47.25

Suggested Position: Buy ADP stock @ $47.25

- or -

Buy the 2011 February $50.00 call (ADP1119B50)

*Note: just because the Feb. $50 calls are cheap don't go overboard and buy too many. They're cheap for a reason. ADP may not hit $50 by Feb. expiration.

Annotated chart:

Entry on December xx at $xx.xx
Earnings Date 01/26/11 (unconfirmed)
Average Daily Volume: 2.8 million
Listed on December 16th, 2010


In Play Updates and Reviews

Debit Card Issuers Tumble

by James Brown

Click here to email James Brown

Editor's Note:
One of the big stories today was big declines in Visa and Mastercard. The government wants to set a limit on the amount these two companies charge to use our debit cards. Both stocks tumbled and even AXP saw a strong decline. Yet AXP doesn't issue debit cards. We want to take advantage of this pull back in AXP and buy the dip. You can read the details below.

-James

Current Portfolio:


BULLISH Play Updates

Alcoa Inc - AA - close: 14.46 change: +0.50

Stop Loss: 12.90
Target(s): 14.95, 15.95
Current Option Gain/Loss: + 9.7%
Time Frame: 8 to 10 weeks
New Positions: see below

Comments:
12/16 update: Investors were in the mood for industrials plays following the Philly Fed data. AA was one of the DJIA's best performers with a +3.5% gain. The stock is back to challenging short-term resistance near $14.50. I am not suggesting new bullish positions at this time.

Current Position: Long AA stock @ 13.18

Entry on November 16 at $13.18
Earnings Date 01/10/11 (unconfirmed)
Average Daily Volume: 26.1 million
Listed on November 6th, 2010


Alaska Air Group - ALK - close: 56.52 change: -0.07

Stop Loss: 54.90
Target(s): 59.75
Current Option Gain/Loss: + 2.9%
Time Frame: 8 to 9 weeks
New Positions: see below

Comments:
12/16 update: Hmm.... the XAL airline index, which had been underperforming, managed a nice rebound with a +0.79% gain. Oddly enough ALK did not participate and closed virtually unchanged on the session. I remain cautious on ALK. I am not suggesting new bullish positions at this time.

Current Position: Long ALK stock @ $54.91

- or -

Long the 2011 January $60 calls (symbol: ALK1122A60) entry @ $1.60

Entry on November 22 at $54.91
Earnings Date 01/27/11 (unconfirmed)
Average Daily Volume: 331 thousand
Listed on November 20th, 2010


American Express - AXP - close: 44.57 change: -1.55

Stop Loss: 41.95
Target(s): 47.50, 49.85
Current Option Gain/Loss: + 0.0%
Time Frame: 10 to 12 weeks
New Positions: Yes, see below

Comments:
12/16 update: Entry point alert! We've been waiting for AXP to pull back to the $44.50 level so we could buy the dip. Shares lost -3.3% but only hit $44.54 this afternoon. I am suggesting we go ahead and initiate positions now! Cautious traders may want to take a step back and wait a day to see how far this decline might go. AXP should have support in the $44-42 zone. Huge declines in Mastercard (MA) and Visa (V) are the reason AXP was falling today. The Federal Reserve is thinking about mandating a cap on what the transaction fee is to use your debit card. Naturally MA and V plunged on this news. Yet AXP does not issue debit cards so this decline is artificial.

If triggered I'm suggesting a stop loss at $41.95.

Open Positions Now at current levels! Suggested Position: Buy AXP stock @ current levels

- or -

Buy the 2011 April $45 calls (AXP1116D45) current ask $2.74

Entry on December 17 at $xx.xx
Earnings Date 01/20/11 (unconfirmed)
Average Daily Volume: 9.0 million
Listed on December 2nd, 2010


Popular Inc. - BPOP - close: 2.89 change: -0.04

Stop Loss: 2.69
Target(s): 3.40, 3.95
Current Option Gain/Loss: - 3.6%
Time Frame: 12 to 16 weeks
New Positions: Yes, see below

Comments:
12/16 update: Uh-oh! Now I'm worried. BPOP has broken down under the $2.90 mark and closed below technical support at its simple 200-dma. Volume was pretty low on the move but the action remains very bearish. I am not suggesting new positions at this time! More conservative traders may want to raise their stop loss.

Current Position: Long BPOP stock @ $3.00

- or -

Long the 2011 April $3.00 calls (BPOP1116D3) Entry @ $0.34

Entry on December 14 at $ 3.00
Earnings Date 01/20/11 (unconfirmed)
Average Daily Volume: 11.7 million
Listed on December 11th, 2010


Companhia Brasileira de Distribuicao - CBD - close: 41.12 change: +0.78

Stop Loss: 36.75
Target(s): 44.95, 49.00
Current Option Gain/Loss: + 2.1%
Time Frame: 10 to 12 weeks
New Positions: see below

Comments:
12/16 update: CBD is still rebounding higher. I don't see any changes from my prior comments. If you're looking for a new entry point we can use a dip into the $40.00-38.00 zone.

FYI: We have a wide stop because CBD can be so volatile. Bear in mind this is a higher-risk trade.

Current Position: Long CBD stock @ $40.25

Entry on November 23 at $40.25
Earnings Date 03/02/11 (unconfirmed)
Average Daily Volume: 608 thousand
Listed on November 20th, 2010


City National Corp. - CYN - close: 60.40 change: +0.22

Stop Loss: 54.75
Target(s): 60.00, 64.00
Current Option Gain/Loss: unopened
Time Frame: 6 to 8 weeks
New Positions: Yes, see trigger

Comments:
12/16 update: CYN is churning sideways near the $60.00 level. We are still waiting for a correction. The plan is to wait for a dip to $57.00. FYI: The Point & Figure chart is bullish with a $77 target.

Trigger @ $57.00

Suggested Position: buy CYN stock @ $57.00

- or -

Buy the 2011 February $60 calls (cyn1119B60)*

*Caution: most of the option spreads on CYN seem a little too wide. I consider the options a more aggressive trade. You may want to keep your position size small.

Entry on December xx at $xx.xx
Earnings Date 01/27/11 (unconfirmed)
Average Daily Volume: 223 thousand
Listed on December 4th, 2010


JB Hunt Transport Services - JBHT - close: 40.07 change: +0.78

Stop Loss: 36.75
Target(s): 40.70, 43.75
Current Option Gain/Loss: unopened
Time Frame: 8 to 10 weeks
New Positions: Yes, see trigger

Comments:
12/16 update: Widespread market gains and relative strength in the transportation sector helped JBHT deliver a +1.9% bounce. I still don't want to chase this move. Currently our plan is to open bullish positions at $38.00.

FYI: A week ago the NASDAQ announced they were removing JBHT from the NASDAQ-100 index and this removal takes place on Dec. 20th. Firms should start selling shares of JBHT to make room for those stocks being added to the index.

Trigger to buy the dip at $38.00

Suggested Position: Buy JBHT stock @ 38.00

- or -

Buy the 2011 February $40 calls (JBHT1119B40)

Entry on December xx at $xx.xx
Earnings Date 01/28/11 (unconfirmed)
Average Daily Volume: 1.2 million
Listed on December 13th, 2010


Microsoft Corp. - MSFT - close: 27.99 change: +0.14

Stop Loss: 25.45
Target(s): 27.45, 29.00
Current Gain/Loss: + 9.5%
Time Frame: 8 to 10 weeks
New Positions: see below

Comments:
12/16 update: MSFT posted its third gain in a row. The stock is up +12% off its late November lows. Shares remain overbought. I would not launch new positions at current levels.

Current Position: Long MSFT stock @ 25.55

- or -

Buy the 2011 January $25.00 calls (symbol: MSFT1122A25) Entry @ $1.39

12/14/10 Target hit @ 27.45 (+7.4%), option @ $2.55 (+83.4%)
12/11/10 New stop @ 25.45
11/29/10 New stop @ 24.70

Entry on November 17 at $25.55
Earnings Date 01/27/11 (unconfirmed)
Average Daily Volume: 68.4 million
Listed on November 15th, 2010


Starbucks Corp. - SBUX - close: 32.59 change: +0.72

Stop Loss: 29.90
Target(s): 34.75
Current Option Gain/Loss: unopened
Time Frame: 8 to 10 weeks
New Positions: Yes, see trigger

Comments:
12/16 update: An analyst upgrade for SBUX this morning pushed the shares to a +2.2% gain. We're still waiting on an entry point. We have a trigger to launch bullish positions at $31.25. If triggered our first target is $34.75.

FYI: SBUX is currently in a legal battle with Kraft Foods (KFT) over distribution of SBUX's ground coffee brand but investors seem to be ignoring it.

Trigger @ $31.25

Suggested Position: Buy SBUX stock @ $31.25

- or -

Buy the 2011 January $32.00 call (SBUX1122A32)
Buy the 2011 April $33.00 call (SBUX1116D33)

Entry on December xx at $xx.xx
Earnings Date 01/20/11 (unconfirmed)
Average Daily Volume: 7.1 million
Listed on December 8th, 2010


SAKS Inc. - SKS - close: 11.67 change: +0.22

Stop Loss: 10.90
Target(s): 13.95, 14.95
Current Option Gain/Loss: - 2.5%
Time Frame: 10 to 12 weeks
New Positions: No

Comments:
12/16 update: SKS managed a bounce from its 40-dma. Shares gained +1.9%, which was enough to outperform the rebound in the RLX retail index. I remain cautious on SKS. I am not suggesting new bullish positions at this time.

Suggested Position: Long SKS stock @ $11.98

- or -

Buy the 2011 February $12.50 calls (SKS1119B12.5) Entry @ $0.65

Entry on December 13 at $11.98
Earnings Date 02/22/11 (unconfirmed)
Average Daily Volume: 3.1 million
Listed on December 11th, 2010


Sara Lee Corp - SLE - close: 16.39 change: +0.24

Stop Loss: 14.70
Target(s): 17.00, 17.90
Current Option Gain/Loss: + 4.5%
Time Frame: 10 to 12 weeks
New Positions: see below

Comments:
12/16 update: Shares of SLE continue to show strength. The stock added +1.4% to close at new 52-week highs. SLE remains short-term overbought. I would not begin new positions at this time.
FYI: the Point & Figure chart is suggesting a long-term bullish target of $32 for SLE.

Current Position: Long SLE stock @ $15.68

- or -

Long the 2011 April $15.00 calls (SLE1116D15) Entry @ $1.35

Entry on December 8 at $15.68
Earnings Date 02/03/11 (unconfirmed)
Average Daily Volume: 7.6 million
Listed on December 7th, 2010


Sony Corp. - SNE - close: 35.59 change: -0.06

Stop Loss: 33.45
Target(s): 36.50, 39.00
Current Option Gain/Loss: unopened
Time Frame: 10 to 12 weeks
New Positions: Yes, see trigger

Comments:
12/16 update: SNE is still slowly correcting lower. Shares dipped to $35.16 intraday. We want to open bullish positions on a dip at $34.50.

Trigger @ $34.50

Suggested Position: Buy SNE stock
- or -
Buy the 2011 APRIL $35 calls (SNE1116D35)

Entry on December xx at $xx.xx
Earnings Date 02/03/11 (unconfirmed)
Average Daily Volume: 888 thousand
Listed on November 23rd, 2010


Trimble Navigation - TRMB - close: 39.64 change: -0.15

Stop Loss: 36.40
Target(s): 41.00, 43.00
Current Option Gain/Loss: unopened
Time Frame: 8 to 10 weeks
New Positions: Yes, see trigger

Comments:
12/16 update: TRMB slipped again marking its third drop in a row. There is no change from my prior comment. The stock should have support near $38.00. Our plan is to open bullish positions at $38.50.

Trigger @ $38.50

Suggested Position: Buy TRMB stock @ $38.50

- or -

Buy the 2011 February $40.00 calls (TRMB1119B40) current ask $2.35

Entry on December xx at $xx.xx
Earnings Date 02/02/11 (unconfirmed)
Average Daily Volume: 435 thousand
Listed on December 4th, 2010


Ternium S.A. - TX - close: 39.18 change: +0.06

Stop Loss: 35.85
Target(s): 43.00, 45.00
Current Option Gain/Loss: unopened
Time Frame: 12 to 14 weeks
New Positions: Yes, see trigger

Comments:
12/16 update: Thursday proved to be a very quiet day for TX with the stock drifting sideways in a narrow range. I am suggesting we buy this stock on a dip at $38.25. If triggered we'll use a stop loss at $35.85. Our targets are $43.00 and $45.00. Keep in mind that it could take several weeks for TX to hit these targets.
FYI: The Point & Figure chart for TX is forecasting a bullish target of $48.

Buy-the-Dip Trigger @ $38.25

Suggested Position: Buy TX stock

Note: TX does have options but the spreads are horrendously wide so I'm not suggesting any calls on this trade.

Entry on December xx at $xx.xx
Earnings Date 02/23/11 (unconfirmed)
Average Daily Volume: 295 thousand
Listed on December 14th, 2010


Wells Fargo & Co - WFC - close: 30.02 change: +0.23

Stop Loss: 27.90
Target(s): 29.25, 31.90
Current Option Gain/Loss: +11.6%
Time Frame: 10 to 12 weeks
New Positions: see below

Comments:
12/16 update: You probably couldn't tell by the big 23-cent gain in WFC today but it was a momentous day for the bank. WFC has surpassed rival JPM to become the largest U.S. bank by market cap. JPM's market cap is $156.4 billion. WFC just hit $157.6 billion. This little factoid has no impact on our trade and odds are JPM and WFC could trade this title back and forth for months.

WFC outperformed its peers today but the stock continues to look a little overbought here. No new positions at this time. Our final target to exit is $31.90.

Current Position: Long WFC stock @ $26.88

- or -

Long the 2011 January $27.50 call (WFC1122A27.5) Entry @ $1.16

12/09: New stop loss @ $27.90
12/08: Target Hit $29.25 (+8.8%), Option @ $2.30 (+98.2%)

Entry on November 30 at $26.88
Earnings Date 01/19/11 (unconfirmed)
Average Daily Volume: 32.7 million
Listed on November 29th, 2010


World Wrestling Entertainment - WWE - close: 14.21 change: -0.04

Stop Loss: 13.75
Target(s): 14.95, 16.40
Current Option Gain/Loss: + 0.7%
Time Frame: 10 to 12 weeks
New Positions: see below

Comments:
12/16 update: WWE spent the day trading sideways inside a 10-cent range. The stock could pull back to test support near $14.00 and its 50-dma. Readers may want to wait for that dip (near $14.00) before considering new bullish positions.

Suggested Position: Long WWE stock @ $14.10

- or -

Buy the 2011 April $15.00 calls (WWE1116D15), entry @ $0.45

*Note: The call options on WWE have very large spreads, making them a higher-risk trade.

Entry on December 13 at $14.10
Earnings Date 02/10/11 (unconfirmed)
Average Daily Volume: 242 thousand
Listed on December 9th, 2010