Play WFT Calls Now

Another Possible Breakout

By Bryan Bottarelli
Thursday, May 08, 2008 2:54 PM EDT
Thu, 8 May 2008 18:54:00 GMT

PLAY: Buy the WFT May 85 Calls (WFT EQ) at or under $2.50, good for the day.

Dear Bottarelli Research Member,

As we head into the final hour of trading, we have another upside breakout candidate in the form of Weatherford International (WFT – NYSE).As you can see, the Houston-based oil server (which provides various oil drilling and equipment services) could be on the verge of a new 52-week high breakout, so let’s play any forthcoming upside moves using May calls. Here’s the play:

WFT

PLAY: Buy the WFT May 85 Calls (WFT EQ) at or under $2.50, good for the day. Place a protective stop limit at $1.30 and a pre-determined sniper sell at $3.20.

Also, maintain your EOG May 140 Calls (EOG EU) and your ABX June 42.5 Calls (ABX FV). Jim Cramer was just on CNBC talking about how gold stocks are now over-sold, so hopefully this bullishness carries over into tomorrow. And in terms of EOG, my official entry price is $2.65, simply because the stock was jumping just as our buy alert was issued. In cases like this, where stocks are moving fast, please feel free to pay 5 to 10 cents above the listed buy price, just to ensure that you get into the play. And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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