Target (TGT) is part of the retail sector and from my analysis looks to be one of the weaker sectors out there this week. Many of the names, such as TGT, are showing signs of rolling over and retracing some of their recent gains. The last few days TGT has consolidated in a bear flag formation into resistance near the 40 level. I got into some August 38 puts in TGT on Tuesday for 2.65 after the nice down candle. I am expecting a breakdown of the 38 support level very soon and am targeting a move to 34-35 as an exit level for those puts. My stop is if TGT trades above Tuesday's highs at the 39.75 mark.
Tuesday, June 23, 2009
Long TGT Puts
Target (TGT) is part of the retail sector and from my analysis looks to be one of the weaker sectors out there this week. Many of the names, such as TGT, are showing signs of rolling over and retracing some of their recent gains. The last few days TGT has consolidated in a bear flag formation into resistance near the 40 level. I got into some August 38 puts in TGT on Tuesday for 2.65 after the nice down candle. I am expecting a breakdown of the 38 support level very soon and am targeting a move to 34-35 as an exit level for those puts. My stop is if TGT trades above Tuesday's highs at the 39.75 mark.
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