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New Option Plays

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ECA None None

New Calls

Encana - ECA - close: 69.61 change: +1.65 stop: 67.75

Company Description:
With an enterprise value of approximately US$60 billion, EnCana is a leading North American unconventional natural gas and integrated oilsands company. By partnering with employees, community organizations and other businesses, EnCana contributes to the strength and sustainability of the communities where it operates. (source: company press release or website)

Why We Like It:
ECA is currently a strangle play in the newsletter but we have decided to add it as a normal call play as well. The stock has a bullish pattern of higher lows and shares look poised to breakout over resistance at $70.00 soon. We're suggesting a trigger to buy calls at $70.10. If triggered then our target is the $74.85-75.00 range.

Suggested Options:
Aggressive traders could use January options but they expire in less than three weeks. We're suggesting the February calls.

BUY CALL FEB 70.00 ECA-BN open interest=247 current ask $3.10
BUY CALL FEB 75.00 ECA-BO open interest= 63 current ask $1.15

Picked on January xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 02/14/08 (unconfirmed)
Average Daily Volume = 2.7 million
 

New Puts

None today.
 

New Strangles

None today.
 

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