Fresh Bottom-Watchlist
Our morning scan yielded up a couple of stocks trading at or near their relative bottoms that we want to put on the radar this midweek.
Canadian Solar, Inc. CSIQ
CSIQ began showing some life yesterday after it briefly touched its lowest PPS since last summer and began to rebound into the close. This morning, a Q1 earnings beat is fueling a gap-up into the $17-range. We’ll be on the lookout for quick-strike options trades with the CSIQ Weekly $16.50-18 Calls. Especially if a dip-and-rip occurs at the outset, we could really see some significant intraday swings out of contracts in that range.
Sequenom, Inc. SQNM
SQNM is interesting as a bottom-watcher on a couple of different levels. Not only is it extremely low-priced for a NASDAQ play at just over the exchange minimum PPS of a dollar, but it has also seen an influx of insider buying this week. We’ll have to stay wary as chart indicators suggest the stock may yet need to search out its ultimate bottom, but we’ll be ready for a rebound at any time in coming sessions. It could come quickly in this case, so keep your eyes peeled.
Macy’s Inc. M – Options Idea
We’ve also got our eyes on Macy’s this morning, which has been on a fairly continuous downslide for the better part of three weeks, and is getting kicked hard again in premarket trading this morning.
The company tempered its guidance for the remainder of the year, and missed estimates on sales considerably in this morning’s earning call. We’re going to look to turn the bearish sentiment surrounding the stock at the into a possible boon for ourselves. To do this we’ll look to the M Weekly $36-34 Puts for possible daytrades and/or swing trades into week’s end.
Extended Watchlist:
APRE, ENGA, GEQU, SYNC, ESI, ASM, ACLS(Insider Buying)