Research In Motion - RIMM - cls: 69.33 chg: -1.57 stop: 73.01
The NASDAQ may have closed in the green (just barely) but there was no strength to be seen for RIMM. Actually that's not entirely true. RIMM started the session this morning with a brief spout higher but it faded. Today's 2.2 percent decline on above average volume looks like bad news. RIMM has now broken its trendline higher lows (support) dating back to May and it has broken technical support at the 200-dma and it has broken round-number, psychological support at the $70.00 level. Our entry point or trigger to buy puts was at $69.75. This play is now open. Our initial target is the $64 region.
Picked on February 23 at $ 69.75