SHLD is way oversold on RSI and Stochastics. We're heading to major support levels at 41.50, which we tagged when I picked up my 1/2 position today. We got some capitulation volume at 41.50 an If we loose 40, we could easily go down to mid-30s. Perhaps the way to play this is buy some $35 puts to hedge against the position. I'm expecting atleast a small bounce here to 46 level just on oversold RSI and stochastics. Picked up 1/2 position long with stop loss at $40.
Support levels - 41.50, 40, 37.90, 34.40, 29