Office Depot (ODP) NewsBite - ODP Could Be On the Move

Posted: Monday, August 31, 2009 10:19 AM EDT

Office Depot (ODP) could be on the move today and is now at $5.12, down $0.20 (-3.76%) on volume of 837,779 shares traded. Over the last 52 weeks the stock has ranged from a low of $0.59 to a high of $8.50. ODP was covered in a Vic Wisemann report today. To read the report, go to www.marketintelligencecenter.com/vw083109 . Office Depot stock has been showing support around $5.08 and resistance in the $5.52 range. Technical indicators for the stock are bearish and S&P gives ODP a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on ODP the stock seems like it could be a candidate for a January out-of-the-money bear-call credit spread above the 7.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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