Trade-Ideas: SL Green Realty (SLG) Is Today's

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified SL Green Realty ( SLG) as a "water-logged and getting wetter" (weak stocks crossing below support with today's range greater than 200%) candidate. In addition to specific proprietary factors, Trade-Ideas identified SL Green Realty as such a stock due to the following factors:

  • SLG has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $67.0 million.
  • SLG has traded 343,292 shares today.
  • SLG traded in a range 218.6% of the normal price range with a price range of $2.30.
  • SLG traded below its daily resistance level (quality: 128 days, meaning that the stock is crossing a resistance level set by the last 128 calendar days. The resistance price is defined by the Price - $0.01 at the time of the signal).

Stocks matching the 'Water-Logged and Getting Wetter' criteria are worthwhile stocks to watch for a variety of factors including historical back testing and volatility. Trade-Ideas targets these opportunities because the stock is exhibiting an unusual behavior while displaying negative price action. In this case, the stock crossed an important inflection point; namely, "support" while at the same time the range of the stock's movement in price is twice its normal size. This large range foreshadows a possible continuation as the stock moves lower.

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