Add FLR Puts

Re-Load the Downside

By Bryan Bottarelli
Tuesday, June 16, 2009 2:10 PM EDT
Tue, 16 Jun 2009 18:10:00 GMT

PLAY: Buy the FLR July 50 Puts (FLR SJ) at or under $2.50, good for the day. Place a protective stop limit at $1.10 and a pre-determined sniper sell at $4.30.

Dear Bottarelli Research Member,

After locking in 33% gains on our BEN July 75 Puts (BEN SO), I’d like to re-establish a downside play on another chart formation that’s very similar to what we just played on BEN. It comes in the form of Fluor Corp. (FLR – NYSE).

As you can see below, FLR just engaged in a very nice upside push, but in recent trading, the upside momentum has stalled out. This morning’s attempt to engulf yesterday’s tick has also failed, which results in a formation that looks ready to test levels between $42.50 and $45.00. Let’s get positioned to profit off such a move using July puts.

FLR

PLAY: Buy the FLR July 50 Puts (FLR SJ) at or under $2.50, good for the day. Place a protective stop limit at $1.10 and a pre-determined sniper sell at $4.30.

And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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