In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these stocks may need to see a break past key support or resistance:
COF, ACE, SXL, DECK, CME, UPS, ETN, LII, YELP, LAD, VIPS, WAGE, SOHU
NEW DIRECTIONAL PUT PLAYS
Energizer Holdings - ENR - close: 92.12 change: -1.67
Stop Loss: 94.65
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below
Why We Like It:
ENR makes the popular Energizer brand batteries. They also make a number of other personal goods including shaving products, skin care products, and more. The stock peaked near six-year highs back in July. The correction started following the company's earnings report on July 31st where ENR beat the bottom line estimate but missed the revenue estimate.
Since the late July peak ENR has been consistently weak with traders selling every rally. Now ENR is breaking down through multiple layers of support and today's drop just broke through another layer of support near $92.50. We suspect this downward momentum continues and ENR could drop toward its simple 300-dma near $87.65.
I am suggesting small bearish positions now, at the open tomorrow morning. We'll use a stop loss at $94.65, just above yesterday's high. Our exit target is $88.00.
- Suggested Positions -
Buy the Oct $90 PUT (ENR1319v90) current ask $1.05
Entry on September -- at $---.--
Average Daily Volume = 424 thousand
Listed on September 25, 2013