JockStocks: A peak inside the Under Armour (UA) swag bag

The annual NFL dog-and-pony show known as the Scouting Combine has wrapped up and professional teams have now gone back to their war rooms to craft a draft strategy (except for my Cincinnati Bengals, who are trying to figure out how they will screw up the draft). Basically, college seniors are invited to workout in their underwear in front of a bunch of scouts, displaying their athletic prowess for all to see. The NFL calls the combine "... the annual job fair for prospective new NFL players."

While the combine has been going on for years, the recent dawn of the NFL Network has drawn more attention to the event -- garnering it a major sponsor in the process. Recently, Maryland-based Under Armour started to provide its performance apparel to combine participants. This year, the performance-apparel firm decided to toss each of the 331 players a "swag bag." What's in the bag? CNBC's Darren Rovell got the answer:

• 1 Under Armour Combine Bag
• 3 pieces of UA Metal apparel (with position and number on front and name on the back)
• 1 customized travel suit (name, number, and position on the jacket)
• 1 pair of customizable shoes
• 1 pair of UA cleats
• 1 pair of UA sandals
• 1 pair of UA running shoes
• 1 pair of UA trainers
• 1 fleece UA crew top and bottom
• 1 pair of UA Metal Compression shorts
• 1 pair of UA Heat Gear Leggings
• 1 pair of UA micro-shorts
• 1 pair of UA combine shorts

The total for this swagfest? How about more than $900? A nice haul -- and a pretty penny for the company. Let's do the math, 331 bags at $900 = $297,900.

Perhaps Under Armour will recoup this money through sales and sponsorships, but that is a lot of cash for a struggling firm to hand out. Granted, this gift could attract some big-name athletes to sign into the UA stable, but will the New England upstart be able to turn up the heat on Nike (NYSE: NKE) and Reebok?

The stock had better hope so, UA has declined steadily since August 2007, losing potential support from its 10- and 20-month moving averages in the process. With the shares flailing in the upper $14 region, the picture is about to get real ugly, real quick.

The $15 level had provided support for UA, but this support was recently lost -- giving $15 a chance to step up and act as resistance. Couple this level with UA's descending 10-day moving average and the picture is pretty bleak.

With a bleak technical picture, Under Armour may change its motto from "We Must Protect This House!" to "We Have to Get This Stock Moving!"