NEW DIRECTIONAL PUT PLAYS

Helmerich & Payne Inc. - HP - close: 49.28 change: -1.53

Stop Loss: 52.30
Target(s): 45.25
Current Option Gain/Loss: Unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
HP is an oil and gas drilling company. HP is sinking under a bearish trend of lower highs and lower lows. Today the stock just broke round-number support at the $50.00 mark.

I am suggesting bearish positions at the open tomorrow. We'll start with a stop loss just above the simple 20-dma. Our target is $45.25.

- Suggested Positions -

Buy the May $50 PUT (HP1219Q50) current ask $1.95

- or -

Buy the Jun $45 PUT (HP1216R45) current ask $1.05

Annotated Chart:

Entry on May xx at $ xx.xx
Earnings Date 07/27/12 (unconfirmed)
Average Daily Volume = 1.5 million
Listed on May 03, 2012