Additional Trading Ideas:
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:
PAY, ACTG, CLF, LRN,
FTR, CNL, DORM, STX, YPF, NGLS, MDSO
NEW BEARISH Plays
Synaptics Inc. - SYNA - close: 24.78 change: -0.68
Stop Loss: 26.55
Current Gain/Loss: + 0.0%
Entry on September 26 at $ xx.xx
Listed on September 25, 2011
Time Frame: 3 to 6 weeks
Average Daily Volume = 439 thousand
New Positions: Yes, see below
Why We Like It:
SYNA is a technology company. Unfortunately for shareholders the stock has been showing a lot of relative weakness. SYNA is down four weeks in a row. Now shares are in the process of breaking major support near $25.00.
I do consider this a higher-risk, more aggressive trade because SYNA has already seen a big move down but today's break under support could signal another big leg down. We want to limit our risk and keep our position size small.
I am suggesting new bearish positions at the open tomorrow with a stop loss at $26.55. Our first target is $22.00.
Suggested Position: short SYNA stock @ (the open)
- (or for more adventurous traders, try this option) -
buy the Oct $25 PUT (SYNA1220v25) current ask $1.15