Editor's Note:

In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates. Many of these need to see a break past key support or resistance:

(bullish ideas) IWM, VMI, MAA, FRT, PPS, PSA, DLR, RKT< EQR, ESRX, CHTR, IBB


NEW DIRECTIONAL CALL PLAYS

Amgen Inc. - AMGN - close: 75.81 change: -0.28

Stop Loss: 73.95
Target(s): 79.85
Current Option Gain/Loss: Unopened
Time Frame: exit prior to the July 26th earnings
New Positions: Yes, see below

Company Description

Why We Like It:
Biotech stocks managed to hit new multi-year highs in early July. This recent pullback looks like a buying opportunity. AMGN has been outperforming its peers in that there has been no pullback. Today's high was $76.24. I am suggesting a trigger to buy calls at $76.35. We'll use a stop at $73.95. Our target is $79.85. More aggressive traders could aim higher but we do not want to hold over the July 26th earnings report.

Trigger @ 76.35

- Suggested Positions -

buy the Aug $77.50 call (AMGN1218H77.5) current ask $1.21

Annotated Chart:

Entry on July xx at $ xx.xx
Earnings Date 07/26/12 (confirmed)
Average Daily Volume = 5.3 million
Listed on July 12, 2012