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Begin Part 2 of 2

THE PLAYS:

Reading the Plays: Please note that when we reference the 10, 18, and 50 day moving averages (MVA), those are exponential moving averages (EMA). The 200 day moving average is always simple (SMA). We will note when we reference a particular MVA differently, e.g., a simple 50 day MVA. Please click on the Yahoo and chart links for company and charting information. A "prior high" refers to the high at the start of a base.
For conserving space on listings of stop losses, the symbol (7%) indicates that the stop is 7% below the buy point.

Stocks from Wednesday report:
OREX: Blasting off on huge volume!!
TDS: Rallied back up to the 50 day MVA on the heels of some positive wireless earnings, but on lower volume; a test of the breach before the 'kiss goodbye.'
ZQK: Making the breakout on above average volume.
MYK: Nothing doing. Gapped higher but then fell back.

Continued Plays:

AGAM: Begging for a breakout in that tight handle.
RPM: Still holding at the breakout point.
GMRK: Took a breather after the breakout.
CAT: Put. Still falling with volume rising.
SEBL: Put. Still falling as well.
ATPX: Bouncing between 32.50 and 35.
STSA: Looks like a shakeout before a run higher out of the wedge.
GYMB: Still a nice, low volume test.
OATS: Back and forth; a bit volatile but at least volume is still very, very low.
HNT: Testing the move, back at the 10 day MVA on lower volume. Closed at 27.50, the point we were looking for it to test. Now we will see how it responds.
ASBC: Man. Shakeout as ASBC shot higher, hitting the breakout on strong, above average volume.
HUM: Another pullback on lower volume, testing the breakout. Look for the 15 level to hold.
PMSI: Health services. Not bad, but needs more volume for a break over 8.62.
CCRN: Still working through that handle on very low volume.
PEGS: Bouncing between 18 and 19. Needs to get it together.
OMX: Here we go, shooting star doji on the 10 day MVA on slightly higher volume. Test may be over.
HARB: Another doji at the 18 day MVA on above average volume this time. Might be ready to go.
VWKS: Still in that handle, but volume moved back above average on today's slight gain. May be getting ready.

Best Plays:
1) IHI: Volume spike in the lateral consolidation.
2) CVGR: Looks ready to break higher on massive volume.
3) CHGO: Looks like the consolidation is over.

New plays:

IHI (Information Holdings--$30.93; +0.43; no options): Book publishing
http://biz.yahoo.com/p/i/ihi.html
STATUS: Double bottom w/handle. Broke out of a 13-week double bottom in April and has moved laterally the past 9 sessions on generally below average volume. Today it started to move up on rising, above average volume (105,600; avg. is 68,000). Money flow and buying are huge, and up weeks on rising volume outnumber down weeks on rising volume. Relative strength is ready to breakout over the level it was at back in July when the stock was at 34.
BUY POINT: 32.18 on volume of 150K+. Target=38.44. Stop=29.80
POSITION: Stock (no option chain).

http://www.investmenthouse.com/cd/ihi.html

CVGR (Covalent Group--$5.22; +0.30; no options): Scientific and Technical
http://biz.yahoo.com/p/c/cvgr.html
STATUS: Break over resistance. 5 has been resistance from way back in 2000. After a long correction, the stock ripped off of 3 in March, stalled just under 5, and then moved back up to that level. Today it broke over 5 on very strong volume (369K; avg. is 89,000). Money flow is huge as is buying. Relative strength has already broken out.
BUY POINT: 5.30 on continued strong volume (200K). Target=6.80. Stop=4.95.
POSITION: Stock

http://www.investmenthouse.com/cd/cvgr.html

Revisited:

CHGO (Chicago Pizza & Brewery--$7.38; +0.03; no options): Restaurants
http://biz.yahoo.com/p/c/chgo.html
STATUS: After a high volume run to 7.90, it is time to digest some of those gains. CHGO has pulled back the last week on below average volume, but then showed a hammer doji today above the 10 day MVA (7.25) on a volume spike (193K; avg. is 134K). Money flow and buying remain very strong, and today's volume spike indicates that CHGO may be ready to resume its run. It has blasted off the short term moving averages twice, and we usually get 4 to 5 runs up those support levels before a stock needs to correct more. That still gives us plenty of upside.
BUY POINT: New positions at 7.55 on 175K+. Target=9.10. Stop=7.
POSTION: Stock

http://www.investmenthouse.com/cd/chgo.html

PORTFOLIOS: Each report, we look at these to see which is in a buy position. We don't cover them all each time, just the ones that look ready to pick up a few shares.

THE LEADERS: DGX, FRX, LLL, MIK. New: ICUI; RMCI

DGX ($85.70; -0.35): Doji with tail at the 10 day MVA on massive volume (2.03 million). Maybe the selling is over, but we need to be careful here. If the stock breaks below the 18 day MVA on the close (84.90) on continued high volume, we can consider selling calls on stock positions or taking profits.

FRX (74.05; -1.75): This is why we sell on breaches of the 50 day MVA and other key support. The run down to the 200 day MVA did not take long, and now it is in real trouble. Institutions tend to use the 200 day MVA as another sell point.

LLL (124.51; +2.86): Stock split!! We LOVE stock splits. We will now have twice as many shares to ride higher and write calls on when the stock makes its pullbacks. If we can make $1 on our usual call sale (being conservative), with twice as many shares, that is twice the money, and we did not have to BUY ANYTHING to make the extra money!!! That is why we love these stocks and why we made the stock splits seminar and the covered calls seminar; great ways to get to where you want to be.

MIK (38.37; +0.76): Really starting to like this pattern as it moves laterally and shows very good price/volume action. Looking for a big break over 39 on 750K or more.

UP & COMERS PORTFOLIOS: BBBY, SRCL

BBBY (36.09; +0.76): Starting the move on rising volume (3.05 million). Relative strength is already breaking out. A bit more volume and it is ready.

MEMBER PORTFOLIO: CSCO, SEBL, EMLX, BRCM, HDI, BRCD, BUD, AMGN, WMT, ORCL, HB, NOC

BRCM (Broadcom--$35.46; -1.44; optionable): Semiconductor
http://biz.yahoo.com/p/b/brcm.html
STATUS: BRCM has started a retreat again, dropping this week from the convergence of its down trendline (from January, at 38) and 200 day MVA (38.41). Volume was not severe on the drop today (8.16m; avg. 13.8m), but the bias is clearly down, and in continued weakness in the Nasdaq we can look for a drop down to the recent double lows at 30-31.
BUY POINT: A drop through 35 on increased volume near the average. Target=31.50. Stop=38.
POSITION: August $45 puts to buy (RCQ TI)

NOC (117.40; +3.24): Bounced off the 50 day MVA on decent but not above average volume. It is getting back near the recent highs at 119; sure wish volume was stronger. Without strong volume we always have to be concerned with the double top. For now we will let it run.

Good Investing!
Jon L. Johnson and The Daily 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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