In addition to tonight's new candidate, consider these stocks as possible trading ideas and watch list candidates:
SM, CXO, EOG, XEC, SLB, LULU, CVX
NEW DIRECTIONAL PUT PLAYS
Siemens AG - SI - close: 84.39 change: -1.39
Stop Loss: 87.75
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below
Why We Like It:
SI is listed as being in the technology sector but it's more like a conglomerate. Unfortunately for shareholders the stock has been falling in a bearish trend of lower highs and lower lows. The next stop appears to be the $80 area.
I am suggesting small bearish put positions at the open tomorrow. We'll use a stop loss just above the 10-dma. Our exit target is $80.25.
FYI: The Point & Figure chart for SI is bearish with a $74 target.
- Suggested (SMALL) Positions -
buy the Jun $80 PUT (SI1216R80) current ask $1.50
Entry on May xx at $ xx.xx
Earnings Date --/--/--
Average Daily Volume = 832 thousand
Listed on May 15, 2012