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Sympathy Play Off Of WAG

 
Presented by  Nick Santiago March 24, 2011
Sympathy Play Off Of WAG
This morning Walgreens Co.(NYSE:WAG) is declining sharply lower after reporting earnings that were not well received by the market. Walgreens stock looks to have some support around the $38.70 area and $37.45 area. Often after a stock reports earnings and sells off it is prudent to wait for a while for the stock to settle down and find a good pattern to trade off of.

Walgreens Co. is considered the leading drug store company in the sector. When a leading stock declines traders can look for other stocks in the industry group that could be under pressure to trade. This is called a sympathy play. CVS Caremark Corp.(NYSE:CVS) is declining lower by 0.34 cents today to $33.39 a share. This stock will have very important intra-day support around the $33.00 level. This is a likely bounce area for the stock should it trade down to that level.


Nicholas Santiago
InTheMoneyStocks.com


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