A Pair of After-Hours Plays

Last night was a snoozer after the bell, both for earnings and trading, but tonight looks to be a little better. Qihoo 360 (QIHU) and Fresh Market (TFM) are two names I expect to be active tonight.

QIHU has been on an absolute tear as of late. There is simply nothing bearish on this chart. The only thing bearish might be the selling tails off on the intraday chart the last five days. The stock, each day, has surged higher only to be pushed back. Still, the stock is up sharply net over those five days. Price is pushing the upper end of this bullish channel with the RSI already pushing new highs and above resistance. Options have $109 and $131 as expected destinations, which match well with the chart, where I see $110 as support and the $135 area as the upside. I could absolutely see this exceeding one end of expectations, although I expect it to come after some trading and not on a gap. I might consider being long 1x March 7 $114 put and short 2x March 7 $110 put for a $0.20 net credit if you are willing to own the stock below $110....148 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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