NEW BEARISH Plays
RTI Intl. - RTI - close: 25.83 change: +0.52 stop: 27.65
Why We Like It:
Metal and mining related stocks were some of the worst performers today. The oversold bounce in RTI didn't get very far. Shares now have short-term resistance at the 10-dma. I am suggesting small bearish positions right here. More conservative traders could wait for a new relative low under $24.90 to initiate positions. I'm suggesting small positions because RTI does have above average short interest at 9% of the small 29 million-share float. That raises the risk of a short squeeze.
RTI is due to report earnings in early February so our time frame is about a week and a half. Our first target is $23.00. Don't be surprised to see RTI bounce from the 50 or 100-dma. Our second target is $20.75.
Entry on January 25 at $25.83 (small positions)
Change since picked: + 0.00
Earnings Date 02/03/10 (unconfirmed)
Average Daily Volume: 720 thousand
Listed on January 25, 2009