NASDAQ:ASNA   ASCENA RETAIL GROUP INC
ASNA             announces earnings tomorrow, and it may be worth watching if you're looking to get in long on this clothing retailer at bargain basement prices. http://www.marketwatch.com/investing/stock/asna Truth be told, I generally dislike clothing retailers; in addition to just running their company effectively, they have to deal with changing tastes in a far more nimble fashion than other companies ... .

In any event, I'd like to acquire it lower, if at all. For instance, that Zig-Zag indicated resistance at between 6.30 and 6.40 looks like it would be a "good spot," and I would normally shoot for selling a short put there on the notion of either getting put the stock there or keeping the premium ... . Unfortunately, the Oct             21st 7 short put is only offering .25 at the mid; the 6 even less, which hardly makes that strategy "worth it." So, it's either (a) wait for a dip to 6.50-ish or (b) pass on it entirely ... .

The other option would be to short straddle it (i.e., the Oct             21st 8/8 short straddle). Unfortunately, there is also not enough premium in that setup (1.25 cr at the mid) to make that worthwhile either ... . I generally shoot to take short straddles off at 25% max profit and 25% of $125 is about $31/contract.
Comment: Oh, wow. Looks like it's going to paint a new 52-week low. Off 23% to 6.25 in AH post-announcement.
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