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us stock market, trade stock
Begin part 3 of 3
THE PLAYS:
Upside: May get a test early in the week and that will only set some of these up better.
Play Date: 06/06/2009
CE (Celanese--$21.21; +0.02; optionable): Chemicals
http://biz.yahoo.com/p/c/ce.html
After Hours: $21.21
EARNINGS: 07/28/2009
STATUS: Double bottom w/handle. A nice little 5 week base has formed during the May consolidation, acting as the handle to a larger 9 month cup with handle base that started with the October selling. CE moved through the 200 day SMA (17.33) in late April on earnings; you could call that a breakout form the base and no one would argue with you. It rallied near 24 and then fell back with the May consolidation, forming this pattern. Nice gap higher Monday on strong volume, then a test back to the 10 day EMA (20.70) and the mid-May 'hump' in the pattern. Good upside volume, rising on all three sessions that CE posted gains this week. Very solid pattern and just looking for a strong break higher on solid trade to move in. Our buy point is more aggressive than waiting for a breakout over 22; if the volume is there we like its chances of running nicely.
Volume: 3.317M Avg Volume: 3.138M
BUY POINT: $21.33 Volume=4M Target=$24.95 Stop=$19.84
POSITION: CE ID - Sept. $20c (62 delta) &/or Stock
http://www.investmenthouse.com/ci/ce.html
Play Date: 06/06/2009
COH (Coach--$26.92; -0.02; optionable): High end handbags, accessories
http://biz.yahoo.com/p/c/coh.html
After Hours: $27.04
EARNINGS: 04/21/2009
STATUS: Flag. Consolidated the strong March to early May rally by forming a three week ascending triangle. Broke out of it to begin June. It immediately started to test, coming back to the 10 day EMA (26.56) on the Thursday and Friday intraday lows. Each session it snapped back upside showing there are buyers at that level that also coincides with the May peak. Looking for COH to break higher off this test and give us the entry point.
Volume: 6.678M Avg Volume: 7.482M
BUY POINT: $27.46 Volume=9M Target=$32.42 Stop=$25.57
POSITION: COH HE - Aug. $25c (73 delta) &/or Stock
http://www.investmenthouse.com/ci/coh.html
Play Date: 06/06/2009
FLEX (Flextronics--$4.10; -0.05; optionable): Printed circuit boards
http://biz.yahoo.com/p/f/flex.html
After Hours: $4.12
EARNINGS: 07/29/2009
STATUS: Double bottom w/handle. This is one we used to play a long, long time ago. It popped up looking for stocks in that familiar pattern of late, i.e. the November to April base, the breakout, then the short May pattern to consolidate the break higher and really set the table for a strong run. FLEX broke over the 200 day SMA (3.93) to start June and spent the rest of the week testing, holding that level and working laterally on low, below average volume. Excellent little pattern and could give us a ride well beyond our initial target.
Volume: 6.308M Avg Volume: 7.928M
BUY POINT: $4.28 Volume=9.8M Target=$5.44 Stop=$3.82
POSITION: QFL JZ - Oct. $2.50c (86 delta) &/or Stock
http://www.investmenthouse.com/ci/flex.html
Play Date: 06/06/2009
IR (Ingersoll-Rand--$22.78; +0.77; optionable): Machinery
http://biz.yahoo.com/p/i/ir.html
After Hours: $22.65
EARNINGS: 04/22/2009
STATUS: Double bottom w/handle. Another neat little 5 week double bottom formed with a break through the 200 day SMA (20.14) in the process. This follows the now familiar November to April base and breakout, consolidating the first move off the bear market low and setting up the next leg higher. Very strong trade Thursday and Friday, part of some excellent trade the past two weeks. Gapped higher Friday and anticipating some general market weakness to start the week. Thus looking for IR to test back toward the 10 day EMA at 21.55 and then we catch it on the way back up.
Volume: 10.172M Avg Volume: 6.667M
BUY POINT: $21.91 Volume=7.5M Target=$26.55 Stop=$20.38
POSITION: IR ID - Sept. $20c (65 delta) &/or Stock
http://www.investmenthouse.com/ci/ir.html
Play Date: 06/06/2009
MU (Micron Technology--$5.30; -0.20; optionable): Semiconductor memory chips
http://biz.yahoo.com/p/m/mu.html
After Hours: $5.30
EARNINGS: 04/02/2009
STATUS: Great volume Wednesday and Thursday as MU bounced off a 10 day EMA (5.07) test and tried the breakout Thursday. Friday it came back from some early gains, but the volume was low. A variation on the November to April pattern as MU formed a base in February and March and broke higher; we played that one and now it has formed a 5 week pattern and we are looking to play this one as well.
Volume: 17.074M Avg Volume: 23.935M
BUY POINT: $5.48 Volume=25M Target=$6.88 Stop=$5.04
POSITION: MU JA - Oct. $5c (67 delta) &/or Stock
http://www.investmenthouse.com/ci/mu.html
Play Date: 06/06/2009
SNDK (Sandisk--$15.67; -0.14; optionable): Memory cards, etc.
http://biz.yahoo.com/p/s/sndk.html
After Hours: $15.65
EARNINGS: 04/21/2009
STATUS: Ascending base. Another 5 week base has consolidated the March to early May run. An important base for SNDK as it gapped lower in October - hard. It broke back over that gap point in April then tested it during this base. Gapped back up in late May and has worked laterally the past two weeks in a tightening range with rising lows. Looking for a solid upside break to show us it is ready for the next run.
Volume: 6.534M Avg Volume: 8.016M
BUY POINT: $16.11 Volume=11M Target=$19.45 Stop=$14.68
POSITION: SWQ JC - Oct. $15c (62 delta) &/or Stock
http://www.investmenthouse.com/ci/sndk.html
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