NEW DIRECTIONAL CALL PLAYS
Snap-on Inc. - SNA - close: 64.24 change: +0.60
Stop Loss: 61.95
Current Option Gain/Loss: Unopened
Time Frame: 6 to 9 weeks
New Positions: Yes, see below
Why We Like It:
Shares of this American toolmaker at hitting new highs. SNA appears to be breaking out to new all-time, record highs but it's right there at the old 2011 high.
I am suggesting a trigger to buy calls at $64.55, which is just above today's high. We'll use a stop loss at $61.95. Our multi-week target is $69.00.
FYI: The Point & Figure chart for SNA is bullish with a long-term $79 target.
Trigger @ 64.55
- Suggested Positions -
buy the Jul $65 call (SNA1221G65) current ask $1.45
- or -
Buy the Sep $65 call (SNA1222I65) current ask $2.70
Entry on June xx at $ xx.xx
Earnings Date 07/19/12 (unconfirmed)
Average Daily Volume = 424 thousand
Listed on June 19, 2012