In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates:
SNA - Snap On is showing relative strength today. A rally past its February high near $62.60 could be a bullish entry point.
LULU - The yoga sportswear stock is showing weakness with a breakdown under its 50-dma. A drop below today's low (69.64) could be a bearish entry point. I'd target a drop toward $65.50.
Plus the REIT names are showing strength and trending higher:
SPG, ESS, BXP, AVB, MAA, CPT, MAC, TCO
NEW DIRECTIONAL PUT PLAYS
Tiffany & Co - TIF - close: 65.93 change: -1.07
Stop Loss: 67.65
Current Option Gain/Loss: Unopened
Time Frame: exit prior to the late May earnings report
New Positions: Yes, see below
Why We Like It:
Shares of this high-end retailer do not look well. The stock has been churning sideways in the $65.50 to 67.50 zone for over two weeks. Now TIF looks poised to break down from this trading range.
I am suggesting a trigger to buy puts at $65.40 with a stop loss at $67.65. Our exit target is $60.50 but we do not want to hold over the late May earnings report.
Trigger @ 65.40
- Suggested Positions -
buy the May $65 PUT (TIF1219Q65) current ask $1.37
- or -
buy the Jun $65 PUT (TIF1216R60) current ask $1.13
Entry on April xx at $ xx.xx
Earnings Date 05/24/12 (unconfirmed)
Average Daily Volume = 2.0 million
Listed on April 24, 2012