The stock market has rallied to new highs on the Fed's decision. The market's move today has produced a lot of breakouts but we don't want to chase the rally.
We are adding a bearish candidate but I'll post some bullish looking symbols for your watch list.
In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Many of these need to see a break past key support or resistance:
BKI, HMIN, HSTM, LGF, HCII, PCAR,
NEW BEARISH Plays
Synacor, Inc. - SYNC - close: 7.46 change: -0.16
Stop Loss: 7.70
Current Gain/Loss: unopened
Entry on September xx at $ xx.xx
Listed on September 13, 2011
Time Frame: 6 to 8 weeks
Average Daily Volume = 628 thousand
New Positions: Yes, see below
Why We Like It:
SYNC is an online content provider. If a stock can't rally today when is it going to rally? Shares have been underperforming the market for weeks and especially the last few days. The stock barely budged off support near the $7.50 level today.
Yesterday's low was $7.35. I am suggesting bearish positions if shares can hit $7.30. I do consider this an aggressive, higher-risk trade. The most recent data listed short interest at 15% of the very small 8.0 million share float. We will target a drop to $6.10.
Trigger @ 7.30
Suggested Position: short SYNC stock @ (trigger)