Click to Enlarge You may recall that last week, I recommended August puts on McDermott (MDR), an offshore gas and oil services stock. The stock saw a decline midweek, then more strength on Friday and Tuesday, which has brought the price of puts way down. However, that doesn’t mean the opportunity is lost—the stock still shows troubling technicals and my quantitative system is reiterating its bearish stance with another put trade with a shorter time span:
Recommendation: Buy MDR July 9 Put options at 65 cents or lower for a $1.20 target.
These puts are closer to being in the money, so you don’t have to wait as long to profit.