If you are in a bullish frame of mind then consider these watch list candidates below.
In addition to tonight's new candidate(s), consider these stocks as possible trading ideas and watch list candidates. Some of these stocks may need to see a break past key support or resistance:
CP, MON, VTR, LMT, SNA, APH
NEW DIRECTIONAL PUT PLAYS
Amgen Inc. - AMGN - close: 104.21 change: -2.46
Stop Loss: 106.75
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below
Why We Like It:
Wall Street was not happy with AMGN's recent earnings report when they reported last week. The company did miss the revenue estimate. Then again AMGN had been sprinting higher and was due for some profit taking. Shares gapped down sharply on the 24th. Since then the oversold bounce has reversed at short-term resistance at AMGN's 10-dma. Now AMGN is rolling over and starting to hit new relative low.
We think the correction continues, especially if the broader market stumbles. Today's low was $103.85. More aggressive traders could buy puts now but I am suggesting a trigger to buy puts at $103.65. If triggered our target is $96.00. However, more conservative traders may want to exit near $100 since it's possible the $100 level could prove to be round-number support.
Trigger @ 103.65
- Suggested Positions -
buy the Jun $100 PUT (AMGN1322R100) current ask $2.41
Entry on May -- at $---.--
Average Daily Volume = 1.4 million
Listed on April 30 2013