NYSE:BMY BRISTOL MYERS SQUIBB CO
$BMY has been struggling the first half of this year, but things are about to get worse. So far this year, each downward slide has been able to hold Sep/Oct13 resistance line converging with the 61.8% fib from the late Aug13 breakout level. Last week that crucial line was severed aided by the downward pressure of a death cross. This lower low break on high selling pressure demonstrates the bears are in control. With all indicators on the weekly in firm landslide mode, I think this daily dead cat bounce into prior support/61.8% fib this week on fading is a nice opportunity to pick up some July puts for a profit target of around 44.30, where prior resistance and a breakaway gap last year converge.