RealMoney Pro

Most of Wall Street is ready to push the politicians off the fiscal cliff at this point. We can't get a day without several politicians or the president speaking about progress on the fiscal-cliff talks. I'm not alone in saying stop talking to the press, get behind closed doors and get something done. I'm not sure we are going to see any progress over the weekend, which I believe will weigh on shares going into next week. I will be looking at some SPDR S&P 500 (SPY) Dec. 7 $142.50-$140.50 put spreads, which are trading around $0.75 currently. Another approach would be to use a higher beta name, but I am looking to keep the approach simple.

I am adding two more potential shorts to my list from this morning. The first one on the list may actually be my preferred choice among the four today: Scripps Network Interactive (SNI). My wife would probably be upset with me as she loves HGTV, but the chart is worrisome. If SNI loses the $58.75 level, then I expect $57 to be tested quickly, with $55 being the ultimate target. I would want to set a stop just above $60 in this name. Neither the RSI nor the stochastics are arguing anything other than bearish overtures. There are no earnings forthcoming and I don't see a buyout here, and the valuation won't send folks stampeding into the name. SNI has very little insider ownership, so I am also not too concerned about a special dividend unless institutions really start to lean on this one, but with SNI's debt levels, I don't see it happening to any large degree....203 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.