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trade stock, stock recommendation
Begin part 3 of 3
THE PLAYS:
Upside: Getting some pullbacks.
Play Date: 06/03/2009
BUCY (Bucyrus International--$29.67; +0.10; optionable): Breakout test
http://biz.yahoo.com/p/b/bucy.html
After Hours: $29.60
EARNINGS: 04/23/2009
STATUS: Test breakout. BUCY formed a 6 month cup through early May, but could not seal the deal with a breakout. It came back and formed a short ascending base in May. Broke out the last day of the month and gapped higher to start June. Testing back the past two sessions, tapping at the early May high on the Tuesday low (28.50) and rebounding to close flat on a big jump in volume. May come back to full test 28, but with that Wednesday rebound we are not going to bank on that and will be ready to move in if BUCY can continue the move higher. If it tests that is okay as well. Very nice set up.
Volume: 5.059M Avg Volume: 2.942M
BUY POINT: $29.89 Volume=4M Target=$35.95 Stop=$27.66
POSITION: HBU JF - Oct. $30c (51 delta) &/or Stock
http://www.investmenthouse.com/ci/bucy.html
Play Date: 06/03/2009
CHK (Chesapeake Energy--$22.69; -1.40; optionable): Gas producer
http://biz.yahoo.com/p/c/chk.html
After Hours: $22.67
EARNINGS: 05/04/2009
STATUS: Test breakout. CHK broke higher from a 6 month base in early May and rallied up to the 200 day SMA (now at 22.44) but it could not and really did not try to punch through. It fell back and formed a short three week double bottom base. Gapped over the 200 day to start June, breaking higher on strong volume. Came back to test Tuesday and Wednesday, holding the 200 day Wednesday. Looking to pick CHK up off of this test.
Volume: 17.165M Avg Volume: 16.769M
BUY POINT: $23.33 Volume=20M Target=$27.95 Stop=$21.77
POSITION: CHK JQ - Oct. $22.50c (53 delta) &/or Stock
http://www.investmenthouse.com/ci/chk.html
New buy points on current positions:
Play Date: 06/03/2009
BTU (Peabody Energy--$34.01; -1.72; optionable): Coal
http://biz.yahoo.com/p/b/btu.html
After Hours: $34.01
EARNINGS: 04/15/2009
STATUS: Breakout test. What a familiar pattern: six month base from November, breakout in early May, then a three week cup/double bottom under the 200 day SMA (31.37), breaking out in late May. Made it up to resistance near 36 and is now testing, tapping the 10 day EMA (33.27) on the Wednesday low. That also coincides with the early May peak hit on the initial breakout move. Looks as if BTU might try and hold here at that near support.
Volume: 7.553M Avg Volume: 7.966M
BUY POINT: $34.55 Volume=9.5M Target=$39.95 Stop=$32.18
POSITION: BTU IN - Sept. $33c (61 delta) &/or Stock
http://www.investmenthouse.com/ci/btu.html
Play Date: 05/18/2009
FSLR (First Solar--$178.51; -5.99; optionable): Solar semiconductors
http://biz.yahoo.com/p/f/fslr.html
After Hours: $178.78
EARNINGS: 04/29/2009
STATUS: Test gap. FSLR gapped higher in late April on strong volume and strong earnings. It has rolled up and down in a range from 175 to 205 since. It made us money on the last run and we held some positions on the test to our short term detriment. But it held the gap up point on the Wednesday low and rebounded some off the low. Looking for this support to hold again and bounce FSLR back up in its rolling range.
Volume: 3.124M Avg Volume: 3.823M
BUY POINT: $189.22 Volume=5M Target=$214.88 Stop=$192.32
POSITION: HJQ GQ - July $185c (54 delta) &/or Stock
http://www.investmenthouse.com/ci/fslr.html
Play Date: 06/03/2009
PCU (Southern Copper--$22.25; -1.12; optionable): Copper
http://biz.yahoo.com/p/p/pcu.html
After Hours: $22.25
EARNINGS: 10/28/2008
STATUS: Another breakout test. PCU gapped out of a 7 week ascending base to start June, clearing the pattern on strong, above average volume, the best trade in over a month. It is now testing, tapping down near the 10 day EMA (21.16) on the Wednesday low (21.50) and rebounding to recoup over half the loss. Nice hold of the breakout. May come back a bit more and fully test the 10 day, but whether it continues higher from here or makes that full test PCU is a buy when it holds and starts back up. Would prefer another day or two down to the 10 day, but again, we take whatever it gives.
Volume: 6.625M Avg Volume: 5.301M
BUY POINT: $21.44 Volume=6M Target=$24.98 Stop=$20.48
POSITION: PCU ID - Sept. $20c (68 delta) &/or Stock
http://www.investmenthouse.com/ci/pcu.html
Play Date: 06/03/2009
XME (S&P Metals & Mining ETF--$38.20; -2.63; optionable)
After Hours: $38.23
STATUS: And yet another breakout test. Cleared a six month base to start May, held the breakout on the mid-May test. Of that test it formed a 4 week ascending base, breaking out to start June. Testing back to the 10 day EMA (37.64) on the Wednesday low and bouncing modestly. May test a bit more but it has filled the gap and is in position to buy if it continues higher. Of course would prefer a bit more backfilling but we may not get it.
Volume: 4.369M Avg Volume: 2.597M
BUY POINT: $38.54 Volume=3.8M Target=$45.95 Stop=$36.22
POSITION: EXF IL - Sept. $38c (54 delta) &/or Stock
http://www.investmenthouse.com/ci/xme.html
Good Investing!
Jon L. Johnson and your IH Alerts 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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