See What Pushed Williams Sonoma (WSM) To New Highs

Posted: Friday, November 20, 2009 1:46 PM EDT

Williams Sonoma (NYSE: WSM) hit a new 52-Week high of $22.42 so far today. Currently the stock is down $0.41 (-1.86%) to $21.67 on 1,579,443 shares traded. Today's high is up $17.32 from a 52-Week Low of $4.35. Williams Sonoma stock has been showing support around $20.44 and resistance in the $23.00 range. Technical indicators for the stock are bearish and S&P gives WSM a negative 1 STARS (out of 5) strong sell ranking. The stock is trading slightly lower after hitting a new 52 week high earlier in the session. The company reported its third quarter numbers before the market opened yesterday and it posted earnings of 16 cents per share, verse analyst estimates of 5 cents. If you are looking for a hedged play on WSM the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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