Add HES Calls

Playing A Move Off Support

By Bryan Bottarelli
Tuesday, April 14, 2009 11:03 AM EDT
Tue, 14 Apr 2009 15:03:00 GMT

PLAY: Buy the HES May 60 Calls (IGG EL) at or under $3.80, good for the day. Place a protective stop limit at $2.10 and a pre-determined sniper sell at $5.00.

Dear Bottarelli Research Member,

This morning, I mentioned that we have a real wrestling match at the 8,000 level — and I wasn’t kidding. After an opening-session drop, the Dow has now cut its early losses in half, which has once again moved the Blue Chips above the 8,000 threshold. At the same time, oil prices have reversed, and this could lead to a nice opportunity to add to our upside exposure. Specifically, I think we could be setting up for a major upside move in crude oil and natural gas refiner Hess Corporation (HES – NYSE).

HES

As you can see from the chart below, HES is currently in the process of establishing a support level right at the 50-day moving average. If this level holds, you could see a quick move above the $65.00 level. Let’s get positioned to ride this upside move using May calls. Here’s the play…

PLAY: Buy the HES May 60 Calls (IGG EL) at or under $3.80, good for the day. Place a protective stop limit at $2.10 and a pre-determined sniper sell at $5.00.

And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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