NEW DIRECTIONAL CALL PLAYS
SPX Corp. - SPW - close: 68.90 change: +0.63
Stop Loss: 68.40
Current Option Gain/Loss: Unopened
Time Frame: exit prior to earnings on Oct. 31st.
New Positions: Yes, see below
Why We Like It:
SPW is in the industrial goods sector. Traders have been buying the dip. Now the stock is pushing its way through technical resistance at its 150-dma and 200-dma. We want to wait for SPW to succeed on breaking out past these moving averages.
I am suggesting a trigger to buy calls at $70.25. If triggered our target is $74.00 but we'll plan on exiting prior to the Oct. 31st earnings report.
FYI: The Point & Figure chart for SPW is bullish with an $85 target.
Trigger @ 70.25
- Suggested Positions -
buy the NOV $70 call (SPW1217k70) current ask $2.50
Entry on October xx at $ xx.xx
Average Daily Volume = 594 thousand
Listed on October 15, 2012