NEW DIRECTIONAL CALL PLAYS

Occidental Petroleum - OXY - close: 90.53 change: +1.36

Stop Loss: 87.75
Target(s): 98.50
Current Option Gain/Loss: Unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
OXY is in the energy sector. The stock has been showing strength and continued to show relative strength today with a +1.5% gain. There has been a lot of drama surrounding OXY's leadership but it appears the company has sorted the mess out with the current CEO staying on board through 2014.

Technically traders are buying the dip to $88 and now OXY is crossing back above the $90.00 level. On the weekly chart (see below) OXY has created a huge, inverse head-and-shoulders pattern, which is bullish.

I am suggesting a trigger to buy calls at $90.75. If triggered our target is $98.50. FYI: The Point & Figure chart for OXY is bullish with a $114 target.

Trigger @ 90.75

- Suggested Positions -

buy the Jun $92.50 call (OXY1322F92.5) current ask $1.85

Annotated Chart:

Weekly Chart:

Entry on May -- at $---.--
Average Daily Volume = 6.3 million
Listed on May 13 2013


NEW DIRECTIONAL PUT PLAYS

Intuit Inc. - INTU - close: 58.99 change: -1.21

Stop Loss: 60.25
Target(s): 55.65
Current Option Gain/Loss: Unopened
Time Frame: exit PRIOR to earnings on May 21st
New Positions: Yes, see below

Company Description

Why We Like It:
INTU is in the software industry. Back on April 24th the company issued an earnings warning. The next morning shares collapsed with a plunge past $56.00. Since then INTU has managed an oversold bounce. That rebound has reversed at resistance near its 200-dma. Now INTU is rolling over.

Last week's low was $58.88. I am suggesting a trigger to buy puts at $58.75. If triggered our target is $55.65. More aggressive traders could definitely aim lower.

Trigger @ 58.75

- Suggested Positions -

buy the Jun $57.50 put (INTU1322R57.5) current ask $1.35

Annotated Chart:

Entry on May -- at $---.--
Average Daily Volume = 3.4 million
Listed on May 13 2013