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:
MCK, CLB, MTB, CVD, AMGN, UNP, CAB, WDR, BOH, BWLD, SPLK, PDCE, NXPI, SBUX, HAR,
NEW DIRECTIONAL CALL PLAYS
Cimarex Energy Co. - XEC - close: 116.42 change: +1.68
Stop Loss: 112.45
Current Option Gain/Loss: Unopened
Time Frame: 4 to 8 weeks
New Positions: Yes, see below
Why We Like It:
XEC is in the basic materials sector. The company, based in Colorado, produces oil and gas, mostly in its Texas, Oklahoma, and New Mexico wells.
A disappointing earnings report in February has failed to stop the rally in this energy stock. Actually just this month XEC has seen two analyst firms raise their price target. One raised their XEC target to $130 and another to $158.
Currently XEC is consolidating sideways in the $110-117 area. The level to watch is actually $118.00, which was major resistance in 2011. I am suggesting a trigger to buy calls at $118.25. If triggered our target is $128.50. I am listing the April calls but you may want to buy Junes.
Trigger @ 118.25
- Suggested Positions -
buy the APR $120 call (XEC1419C120) current ask $2.85
- or -
buy the JUN $125 call (XEC1421F125) current ask $4.90
Entry on March -- at $---.--
Average Daily Volume = 1.3 million
Listed on March 20, 2014