In addition to tonight's new play these stocks caught my eye and might offer an opportunity.
ALTR - this semiconductor stock appears to be breaking support near $34.00. This might be an entry point for bearish positions. I'd look for a drop toward the October lows.
CHSI - the larger trend for CHSI is bearish with a pattern of lower highs and lower lows. Shares just produced a lower high and a failed rally near $53.00. Today's close under $50.00 might be a bearish entry point.
OXM - this stock has been showing relative strength and just hit new multi-year highs on Tuesday morning. Traders bought the dip near $40.20 today and the intraday chart is suggesting OXM is poised to bounce. Traders might want to open small bullish positions now with a tight stop just under $40.00.
NEW BEARISH Plays
Cash America Intl. - CSH - close: 45.32 change: -1.34
Stop Loss: 47.25
Current Gain/Loss: unopened
Time Frame: 3 to 6 weeks
New Positions: Yes, see below
Why We Like It:
CSH operates multiple chains of pawn shops and check cashing outlets. You'd think business would be good in this tough economic times. The stock did hit new all-time highs back in July and September of this year. Since then the stock has begun to breakdown. The recent oversold bounce in late November failed at resistance near $50 and its 200-dma.
Now CSH is testing support near $45.00. I am suggesting a trigger to open bearish positions at $44.75 with a stop loss $47.25. Our target is $40.25.
FYI: The Point & Figure chart for CSH is bearish with a $33 target.
Trigger @ 44.75
Suggested Position: short CSH stock @ 44.75
- or -
buy the Jan $45 put (CSH1221M45) ask $2.00
Entry on December xx at $ xx.xx
Earnings Date 01/26/12 (unconfirmed)
Average Daily Volume = 331 thousand
Listed on December 14, 2011