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September 30, 2013  Mon 7:32 AM CT

ACHN: SEE CHART GET CHAIN FIND STRATEGIES

Liver Complications Won't Go Away

Achillion Pharmaceuticals said the U.S. Food & Drug Administration kept its experimental hepatitis C drug sovaprevir on hold. The company had tried to address regulators' concerns earlier in the year, but liver complications remain a problem. ACHN plunges more than 50 percent before the opening bell on my tradeMONSTER platform.

Morgan Stanley Downgrades Panera

Panera Bread was downgraded to "equal weight" from "overweight" by Morgan Stanley, which says Chipotle Mexican Grill might do a better job driving sales. PNRA falls 2 percent in the premarket and CMG inches higher.

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Education & Strategy

Sweet Spot Exceptions

As discussed last week, when using the Stock Replacement Strategy to replace a stock position to trade direction, we want to use an option that has very similar characteristics to the stock. We talked about using the deep in-the-money, 80 to 85 delta option that is similar in the Greeks and has relatively little extrinsic value which tends to work against us in stock directional trading.

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