New Option Plays, Monday, 11/17/2008
HAVING TROUBLE PRINTING?
NEW DIRECTIONAL PUT PLAYS
ConocoPhillips - COP - close: 46.76 chg: -0.63 stop: 50.05
Why We Like It:
There seems to be no stopping the slide in oil. Now shares of COP look poised to resume their fall after last Thursday's bounce has failed under the $50.00 level. We are trying to play the trend and the trend is down. The Point & Figure chart is bearish with a $41.00 target.
We're suggesting readers buy puts with a stop loss at $50.05. Our target is the $41.00-40.00 zone. More aggressive traders may want to aim lower.
We are suggesting the December puts.
BUY PUT DEC 45.00 COP-XI open interest=2572 current ask $3.90
BUY PUT DEC 40.00 COP-XH open interest=3349 current ask $2.23
Picked on November 17 at $ 46.76
Change since picked: + 0.00
Earnings Date 01/22/09 (unconfirmed)
Average Daily Volume = 18.1 million