Editor's Note:

In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates.

(bearish ideas) RL, IWM, CRR, CHRW, AGP, PXD, JLL, AXE, CLH, GS, SHLD, FFIV, MELI.


NEW DIRECTIONAL PUT PLAYS

Celgene Corp. - CELG - close: 63.70 change: -1.34

Stop Loss: 65.55
Target(s): 60.50
Current Option Gain/Loss: + 0.0%
Time Frame: 3 to 4 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
CELG is a biotech stock. Traders have been selling the rallies for a while now. There is a very steady trend of lower highs. CELG just broke down under last week's low.

I am suggesting bearish put positions at the open with a stop loss at $65.55, just above today's high. Our target is $60.50. FYI: The Point & Figure chart for CELG is bearish with a $47 target.

- Suggested Positions -

buy the Jul $62.50 PUT (CELG1221S62.5) current ask $2.17

Annotated Chart:

Entry on June xx at $ xx.xx
Earnings Date 07/26/12 (unconfirmed)
Average Daily Volume = 2.9 million
Listed on June 11, 2012