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stock recommendation, stock market today
Begin Part 2 of 2
THE PLAYS: Plays that look ready to move.
Good Movers from the report:
HBAN
NFB: Continuing the move. Steady.
FBC: Running away to the upside.
FNF: A doji after a strong move; taking a breather.
GMP: Solid move Wednesday on strong volume. Adding to the move today.
ATAC: Good point move but no volume. A break over 23.97 on 300K or better would be the buy point.
New Plays:
OEX (S&P 100 537.54; -1.00; optionable): S&P 100
STATUS: Put. As described in the market summary, the OEX rallied up to the 10 day MVA (540.52) on the high and then turned down from there to close with a doji on lower volume. Volume has tapered since the big jump on Tuesday (1.36 million). We would like to see a move up to test 540 early and then some selling. We are looking to get in and capture the move down to 525 initially.
BUY POINT: A move below 537. Target=525 initially. Stop=542
POSITION: May 540p (OEB QH) or June 540p (OEB RH).
http://www.investmenthouse.com/cd/$oex.html
SOTR (Southtrust Corp.--$26.94; +0.19; optionable): Regional southeast bank
http://biz.yahoo.com/p/s/sotr.html
STATUS: Cup w/handle. Moving in the handle of a 8-month cup with handle/ascending wedge. The stock broke out in mid-March and rallied to 27 where it failed to take out the former high. After that it fell to the 50 day MVA and has moved up that support, forming the ascending wedge. We really, really like this combination pattern. Today the stock moved toward the breakout on very strong, above average volume (1.81 million; avg. is 1.25 million). Money flow is moving up ahead of price. Price/volume action in the base favors accumulation with 7 rising weeks on rising volume versus 5 falling weeks on rising volume.
BUY POINT: 27.42 on volume of 1.87 million or more. Target=32.96 (initial). Stop=25.50.
POSITION: Stock and/or September 25c to buy (SHQ IE; delta 91).
http://www.investmenthouse.com/cd/sotr.html
GTRC (Guitar Centre--$19.55; +0.30; no options): Guitars
http://biz.yahoo.com/p/g/gtrc.html
STATUS: Test breakout. GTRC broke out of its cup base in late April on massive volume and has since pulled back to test the breakout and form something of another handle on declining volume (188,600; avg. is 185K). It held the 10 day MVA today (18.98) and rebounded. Money flow remains strong and price/volume action was good in the 10-month base. We are looking for a nice, quick move up to 24.
BUY POINT: Aggressive: 19.65 on continued above average volume. Break resistance: 20.09 on 275K+. Target=24. Stop=18.50
POSITION: Stock
Updated:
ARW (Arrow Electronics--$25.77; -0.53; optionable): Wholesale electronics
http://biz.yahoo.com/p/a/arw.html
STATUS: Put. Tested the 200 day MVA on the high again today (26.80) and then fell as volume retreated further below average (413K; avg. is 564K). We would have preferred stronger volume on today's fall, but we like the inability to generate any strength on the move up.
BUY POINT: New or additional positions on a drop through 25.50 on volume of 700K or better. Target=22. Stop=27.50.
POSITION: June 30p to buy (ARW RF).
http://www.investmenthouse.com/cd/arw.html
LPNT (Lifepoint Hospitals--$41.33; -0.95; optionable): Health care plans
http://biz.yahoo.com/p/l/lpnt.html
STATUS: Cup w/handle. After trying to start a move out of the handle to the 8-month cup with handle base, LPNT has pulled back on low volume (323K; avg. is 450K). Looks like a test of the 18 day MVA just over 40 and then a breakout move.
BUY POINT: Over 42.50 on continued above average volume in excess of 700K. Target=51. Stop=39.50.
POSITION: Stock and/or August 35c to buy (PUN HG; delta 79; low OI).
http://www.investmenthouse.com/cd/lpnt.html
SCS (Steelcase--$16.96; -0.24; optionable): Business equipment
http://biz.yahoo.com/p/s/scs.html
STATUS: Flat base. Looked as if it was ready to make the move Wednesday, but then paused today on much lighter volume (140K; avg. is 168K). Still very solid.
BUY POINT: 18.10 on volume of 250K+. Target=22.25 (initial). Stop=17
POSITION: Stock and/or July 15c to buy (SCS GC; delta 83).
http://www.investmenthouse.com/cd/scs.html
GISX (Global Imaging--$19.92; +1.27; no options): Specialty retail
http://biz.yahoo.com/p/g/gisx.html
STATUS: Double bottom. Making the breakout move but volume was below average (190K; avg. is 245K). What we are looking at now is a move over the March high of 20.43 on strong volume to add to positions. Price/volume action shows accumulation weeks leading 5 to 1, a very nice ratio.
BUY POINT: New positions: 20.45 on volume of 350K+. Target=24.50 (initial). Stop=18.22.
POSITION: Stock.
http://www.investmenthouse.com/cd/gisx.html
PLCE (Children's Place--$35.66; +0.76; optionable): Children's apparel
http://biz.yahoo.com/p/p/plce.html
STATUS: Ascending wedge. Moving up off of the 50 day MVA Wednesday and adding to the move today. Volume dropped but remained above average (285K; avg. is 256K). Looks ready to try a breakout.
BUY POINT: 37.45 on volume of 1 million or better. Target=49. Stop=34.83.
POSITION: Stock and/or September 30c to buy (TUY IF; 53 OI).
http://www.investmenthouse.com/cd/plce.html
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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stock recommendation
stock market today
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