A recreational activities stock that insiders are buying up a large amount of shares in is Churchill Downs ( CHDN), a multi-jurisdictional owner and operator of pari-mutuel wagering properties and businesses. Insiders are buying this stock into modest strength, since shares are up 5.9% so far in 2013. Churchill Downs has a market cap of $1.2 billion and an enterprise value of $1.3 billion. This stock trades at a fair valuation, with a trailing price-to-earnings of 21.10 and a forward price-to-earnings of 17.17. Its estimated growth rate for this year is 17.4%, and for next year it's pegged at 12.3%. This is not a cash-rich company, since the total cash position on its balance sheet is $37.18 million and its total debt is $215.76 million. A director just bought 16,573 shares, or about $1.10 million worth of stock, at $66.90 to $66.98 per share. From a technical perspective, CHDN is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending for the last month and change, with shares moving higher from its low of $63.61 to its recent high of $70.73 a share. During that uptrend, shares of CHDN have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CHDN within range of triggering a near-term breakout trade. If you're bullish on CHDN, then look for long-biased trades as long as this stock is trending above $69 to $68, and then once it breaks out above its 52-week high of $70.73 a share with high volume. Look for a sustained move or close above $70.73 a share with volume that hits near or above its three-month average action of 53,648 shares. If that breakout triggers soon, then CHDN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $75 to $80 a share.