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us stock market, stock recommendation
Begin part 3 of 3
THE PLAYS:
We looked across the entire market again and there simply is not a lot out there to the upside. The downside gapped and sold hard Wednesday so those are somewhat extended coming up to last week's lows where they could find support. Hate to move in just over that level. Thus we have some plays at the ready for a bounce off those recent lows if that should happen, mainly plays on the indices. If the indices break through we will have to let them make the test of the breakdown and then look at some downside plays as they try to find the next potential floor.
Play Date: 10/15/2008
DIA (Diamonds Trust (DJ30 EFT)--$84.87; -8.80; optionable)
STATUS: Selling back down after the bounce that started last Friday when we moved in for the last move higher. It sold hard Wednesday, but volume was quite low as with the market overall. Looking for a bit of a further pullback to test the recent lows near 80 and playing it up off of that level. The buy point is an educated guess at this point; need to move in as it bounces after a strong selloff if it will do so.
Volume: 36.221M Avg Volume: 28.821M
BUY POINT: $80.00 Volume=40M Target=$93.50 Stop=$78.45
POSITION: DIJ LB - Dec. $80c &/or Stock
http://www.investmenthouse.com/ci/dia.html
Play Date: 10/15/2008
IWM (Ishares Russell 2000--$50.41; -4.97; optionable)
STATUS: Another index play selling back after the last bounce higher and now heading back toward the prior lows at 46.50. Watching to see if IWM holds there and then rebounds similar to the last run. Again, we are watching for it to hold around the prior lows and bounces. Have to play it by ear and see where it holds if it does.
Volume: 109.135M Avg Volume: 123.573M
BUY POINT: $48.00 Volume=150M Target=$57.00 Stop=$46.45
POSITION: IQX LV - Dec. $48c &/or Stock
http://www.investmenthouse.com/ci/iwm.html
Play Date: 10/15/2008
SPY (S&P Depository Receipts--$90.02; -9.83; optionable)
STATUS: Looking for a new play on SPY as well as it comes back toward the prior low (83.58) and then rebounds. Not expecting it to get all the way to the low so our buy is a bit higher, but as with the other plays coming down we will have to see where it lands, how it holds, and then move in on a strong bounce.
Volume: 482.067M Avg Volume: 335.306M
BUY POINT: $86.00 Volume=450M Target=$99.75 Stop=$83.42
POSITION: SZC LH - Dec. $86c &/or Stock
http://www.investmenthouse.com/ci/spy.html
New buy points on current positions:
Play Date: 10/15/2008
MA (MasterCard--$153.55; -20.52; optionable): Credit services
http://biz.yahoo.com/p/m/ma.html
EARNINGS: 11-3-08
STATUS: Selling back but held support at 150 on Wednesday, the bottom of its three week lateral move. Looking for a solid bounce from around this level to move into to some more positions.
Volume: 5.106M Avg Volume: 4.444M
BUY POINT: $155.88 Volume=6M Target=$172.45 Stop=$149.72
POSITION: MAL AK - Jan. $155c (51 delta) &/or Stock
http://www.investmenthouse.com/ci/ma.html
Play Date: 10/15/2008
QQQQ (Nasdaq 100 Trust--$30.60; -3.01; optionable)
STATUS: Heading back to last Fridays lows (29.38) rapidly. As with the other index plays we are watching how it holds around that prior low and if it delivers a bounce for us to move into.
Volume: 311.523M Avg Volume: 207.037M
BUY POINT: $29.00 Volume=325M Target=$35.55 Stop=$28.45
POSITION: QAV LC - Dec. $29c &/or Stock
http://www.investmenthouse.com/ci/qqqq.html
Good Investing!
Jon L. Johnson and the Stock Split Report Staff.
All of the foregoing is commentary for informational purposes only. All statements and expressions are the opinion of Online Investment Services, LP or its paid consultants and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. We are not licensed or registered in the securities industry. The information presented herein and on our related web site has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. The security portfolio of Partners of Online Investment Services, LP or its paid consultants may, in some instances, include securities mentioned herein and on our web site. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future developments may differ materially due to many factors.
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us stock market
stock recommendation
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