In addition to tonight's new candidate, consider these stocks as possible trading ideas:
Bullish candidate ideas:
IBB, PSMT, SWK, ALXN, DLTR, and NKE
NEW DIRECTIONAL PUT PLAYS
Autodesk, Inc. - ADSK - close: 30.40 change: +0.49
Stop Loss: 31.25
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below
Why We Like It:
ADSK is an software company (architectural designs) and shares have been underperforming recently. The looks like it's on the verge of breaking down under support near $30.00. The late November low was $29.76. I am suggesting a trigger to buy puts at $29.65 with a stop loss at $31.25, which is just above this week's high.
Our exit target is $25.50.
FYI: The Point & Figure chart for ADSK is bearish with a $23 target.
Trigger @ 29.65
- Suggested Positions -
buy the 2012Jan $30 PUT (ADSK1221M30) ask $1.13
- or -
buy the Feb $28 PUT (ADSK1218N28) ask $1.07
Entry on December xx at $ xx.xx
Earnings Date 02/23/12 (unconfirmed)
Average Daily Volume = 2.9 million
Listed on December 29, 2011