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:
CTXS, LMT, QIHU, KORS, TIF, WHR, ORLY, UTX, EQT,
NEW DIRECTIONAL CALL PLAYS
Polaris Industries - PII - close: 110.09 change: +1.20
Stop Loss: 108.49
Current Option Gain/Loss: Unopened
Time Frame: 3 to 4 weeks
New Positions: Yes, see below
Why We Like It:
PII makes a wide variety of recreational vehicles and accessories. The company reported earnings on July 23rd and beat analysts' profit estimates by two cents. Management then raised their 2013 guidance.
PII has delivered an impressive six-week rally. Boil it down and this is a momentum trade. Right now PII is seeing a short-term consolidation sideways under the $110 level. Today's high was $110.84. We are suggesting a trigger to launch small bullish positions if PII can hit $111.05. If triggered our short-term target is $114.85.
I want to warn readers that while the trend for PII is up it could be a prime target for profit taking if the FOMC announcement or Q2 GDP estimates or the jobs report on Friday disappoint market participants. We definitely want to keep our position size small to limit our risk.
Trigger @ 111.05 *small positions*
- Suggested Positions -
Buy the Sep $115 call (PII1321i115) current ask $1.80
Entry on July -- at $---.--
Average Daily Volume = 765 thousand
Listed on July 30, 2013