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stock watch, stock recommendation
Begin Part 2 of 2
THE PLAYS:
Good movers: ROOM exploded higher; OAKT made the move; ASTSF as well; PHTN leaped higher but came back; CMOS raced ahead.
Some New Plays:
SIGM (Sigma Designs--$5.80; +0.76; optionable): PC peripherals
http://biz.yahoo.com/p/s/sigm.html
STATUS: SIGM made us some money before, and after a huge move from 3 to 7, it has tested the move and started back up today on strong volume (334,600; avg. is 155K). It is in a cup base off the bottom of a larger 27-month base, but it has great buying and good money flow to help it along. Some resistance at 7, but we think after this rest it will ready to tackle that and move on to near 8.
BUY POINT: 5.85 on continued above average volume (250K+). Target=7.94. Stop=5.25.
POSITION: Given the price we are looking at stock.
http://www.investmenthouse.com/ct/sigm.html
PLAB (Photronic--$34.62; +1.78; optionable): Chip equipment
http://biz.yahoo.com/p/p/plab.html
STATUS: 14-month cup with handle. PLAB has been working trough a handle that started at the beginning of the year. The past month or so it has been riding above the 50 day MVA (32.50), showing some good price/volume action. The semiconductor news today helped propel it toward a breakout, but we are always leery of a stock that makes a couple of strong moves before breaking out. We like to see them jump up on strong volume and breakout without getting too extended. That is not really the case for PLAB right now, but it finished 55 cents off the intraday high. We need to se another strong volume move on the breakout and have it take relative strength with it (close to a breakout). Volume was 788,400 (avg. is 610K).
BUY POINT: 35.35 on volume of 900K+. Target=42.94. Stop=32.88.
POSITION: Stock and/or September 30c to buy (PQF IF; low OI currently).
http://www.investmenthouse.com/ct/plab.html
Revisiting:
SLAB (Silicon Laboratories--$36.60; +2.70; optionable): Semiconductors
http://biz.yahoo.com/p/s/slab.html
STATUS: Cup w/handle. Enjoying a solid move on the better semiconductor news, rallying off of 30 after it broke down in its handle early in the month. Volume was strong on Tuesday's move (1.27 million; avg. is 562K). It has been a strong move and it may take a breather, but the money flow is solid, and the breakdown in the handle was not on strong volume. What we are going to watch for is a strong move over the handle high at 37.19. Next real resistance is at 50.
BUY POINT: 37.30 on 750K+ shares. Target=49.62. Stop=33.
POSITION: Stock and/or July $30c to buy (QFJ GG).
http://www.investmenthouse.com/ct/slab.html
Continued plays:
XL (XL Capital--$95.86; -0.06; optionable): P&C insurance
http://biz.yahoo.com/p/x/xl.html
STATUS: Run to $100. Another nice tight doji on the pullback and reversal off the 18 day MVA (95). Volume rose on the move (820,500; avg. is 890K). Snugging up as we thought. Now looks ready to make the run.
BUY POINT: 96.55 (moved from 97.25) on volume of 900K or better. Target: 102. Stop=94
POSITION: We are looking at options on this one as it is high priced and the move is limited. July 90c to buy (XL GR).
http://www.investmenthouse.com/ct/xl.html
ASTSF (ASE Test Limited--$16.24; +1.01; optionable): Semiconductor Mftr.
http://biz.yahoo.com/p/a/astsf.html
STATUS: Double bottom w/handle. Made a solid move in the handle, hitting the aggressive buy point (15.95) and now working on the breakout.
BUY POINT: Breakout: 16.75 on volume of 450K or better. Aggressive: 15.95. Target=20.90. Stop=15.45.
POSITION: Stock and/or August 12.50c to buy (QDQ HV).
http://www.investmenthouse.com/ct/astsf.html
WEDGES, PENNANTS, FLYING PLATEAUS
RGBK (Regions Financial--$34.85; +0.53; optionable): Regional bank
http://biz.yahoo.com/p/r/rgbk.html
STATUS: Flat base. Moving toward the breakout, hitting our buy point on the high today. Volume was decent, but not there (568K; avg. is 562K). Still looking very good and ready to breakout.
BUY POINT: Breakout: 34.96 on continued strong volume (minimum 745,000). Target: 40.50. Stop: 33.
POSITION: Stock and/or July $30 calls to buy (GVQ GF).
http://www.investmenthouse.com/ct/rgbk.html
AM (American Greetings--$17.75; +0.30): regional banks
http://biz.yahoo.com/p/a/am.html
STATUS: After Monday's pullback, it held at the 10 day MVA today on light volume (476K). It looks as if it will hold here for an attempt on the break over 18.
PFG (Principal Financial--$28.00; +1.30): Accident and health insurance
http://biz.yahoo.com/p/p/pfg.html
STATUS: Ready to breakout to a new high, this new issue rose on above average volume today (1.81 million). Looking for that breakout over 28.12 on continued above average volume.
Good Investing!
Jon L. Johnson and your Technical Traders Report Team
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 in 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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