Option Investor
New Plays

New Option Plays

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Play Editor's Note: We looked at a lot of stocks today trying to find something to add to the newsletter. Unfortunately, nothing seemed that compelling. Right now my bias is still bearish and readers will want to think about adding to bearish positions on market bounces. Here are a few stocks that did catch my eye. FWLT broke down from its two-month trendline of support today. This may or may not be an entry point but today's move suggests a possible change in direction. MON, while trading near all-time highs, is also trading under its resistance trendline of higher highs. Today's decline broke its two-week trendline of support. This might be a very aggressive entry point for short-term put plays. I remain longer-term bullish on the fertilizer group. CY just broke under its exponential 200-dma and appears to have completed a bearish head-and-shoulders pattern that forecast a $21 target. Now check out the DRG drug index. The DRG is testing its 2008 lows and could be poised to make a bullish double bottom. Then go check out BMY, which is testing $20 and a possible double bottom. The $20 level happens to be long-term support for BMY (check the weekly chart).

New Calls

None today.

New Puts

None today.

New Strangles

None today.

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