us stock market, stock split

Begin Part 3 of 3

OEX PUT

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).

WATCHLISTS:

PRE-ANNOUNCEMENTS WATCHLIST: AROW, BRL, EASI (5/27), EXPD (5/8), GTK, LE, LSTR, MUR, PDCO, SLM, and STU.

BMS ($53.90; +2.14): We are researching a date. Made a strong drop Wednesday, but rebounded sharply in today's session. Again BMS closed just below the resistance of the 50 day MVA (54.15). Watching carefully to see that it does not power through that level, in which case we are ready to exit.

AROW ($32.75; +1.80): Researching a date. Blasted up a to a new high! AROW broke out in April, but dropped suddenly to test its 50 day MVA (29.77). It has blasted back up, today on great volume (19,500; avg. 9000). On a test of 32 we can look at positions on a move back up.

KSS ($72.50; -0.88): Forecast to announce a split on 5-16-02 after the market closes in conjunction with earnings or on 5-21-02 in conjunction with its annual shareholder meeting. Still testing the breakout and showing three consecutive intraday lows that are holding 72. Lost a bit of ground today as volume picked up a notch, but remained below average. Still looking for a move over 75 on increased volume, with stock and/or July $70 alls to buy (KSS GN).

BBBY ($36.87; -0.04): Researching a new date. Broke from an ascending wedge last week, taking it out of its five-month range. Still looking a bit erratic, with repeated tests of the 10 day at 36.39, today on below average volume. Riding current positions as long as support holds, looking for a quick move to 42.

CTAS ($52.36; +0.65): Working on a new date. Still trying to move, but the price/volume action is not solid, and CTAS is erratic. After an intraday test of the 50 day (49.76) Wednesday, CTAS moved up on lighter volume (1.04m, average 739m). With this set up, we will wait for a more stable consolidation to set up a solid move up before we look at new positions.

XL ($91.87; -1.83): Dropped back again today, and again touched through the put buy point of 91.50 as volume remained strong at 1.08m (avg. 810k). Looking for a continued drop, targeting the 200 day MVA at 88.

PRE-SPLITS WATCHLIST: Watching IFNY (5/14), BBY (5/13), MCHP (5/9), WTSLA (5/10), IFIN (6/14).

PNRA ($71.80; +2.75): Splits 2:1 effective June 25. Gapped up to a new high and continued to run, with volume exploding to 1.1m (avg. 414k). Riding toward the target of 76, but on this strength we could get more.

FULT ($25.29; +0.22): Splits 5:4 effective 5-21-02. FULT tried to breakout today, after gapping up it pulled back to close with a loose doji over the recent consolidation closing highs. Looking for it to hold here and run.

LLL ($130.79; -0.91): Splits 2:1 5-21-02. Took a slight breather today on slightly lower, but still healthy volume of 1.07 million (average 775k). Riding positions, and if we get a hold in the 130 range we can look for new or additional positions toward the target of 145.

ANN ($44.07; +0.12): Splits 3:2 effective 5-21-02. Tried to clear the tight convergence of the short-term MVA's (10 day at 44.24) today, but despite a surge of volume (up to 819,500), it fell back below the 18 day to close with a tombstone doji. Watching out for another test of the 50 day, and looking for a stronger bounce.

RYL ($114.95; +1.23): Splits 2:1 effective May 31. Still moving up on gently increasing, above average volume. Great for existing positions. Support at the short-term MVA's is below at 105-109.

MI ($63.91; +0.44): Splits 2:1 effective 6-15-02. Steadily moving up, and pushed up again today, so we continue to ride positions as MI makes its way toward the high of 64.24.

PMI ($82.75; -0.75): Splits 2:1 effective 6-18-02. Made a great breakout move in early April, followed by a test to support at the prior highs. It made a nice recovery, taking out our aggressive buy point Wednesday, followed by a low volume dip today that held the 10 day MVA today. Looking for the stock to hold here and continue the run.

GG ($18.58; +0.36): Splits 2:1 on a date TBA. Trying to move to a new high, but again today pulled back on its move, not quite hitting the buy point. We will see if it can catch itself at the 18 day at 17.51.

CONTINUING CANDIDATES WATCHLIST: When splits are not announced, we will keep the best split prospects on the report rather than continue to carry all of them in case there is a an unexpected announcement. We will continue to monitor the stocks that are trimmed and add them again when we ascertain a revised split announcement date. These include AHC, CPS, CYN, DHR, DIAN, DRYR, ESI, ETN, GNSS, GOSHA, HB, INVN, KRB, MMM, RNR, STI, TGIC and YUM.

ACDO ($62.13; -1.01): After powering up Tuesday and hitting our initial target, ACDO is showing a low volume test that tapped through the 18 day (61) intraday. As long as support holds, we will continue to ride remaining positions - but stand ready to protect profits on a strong breach.

APPB ($40.46; +1.50): Pushed up again today off the breakout test, but the volume, although increased, barely tapped the average at 449k. Riding existing positions toward the target of 46.

ASD ($75.77; +0.97): Broke out but moved on decreased, below average volume, so we continue to exercise caution with existing positions. If we get volume in the 700k range, we can still look at aggressive positions, a buy up to 78, with July $70 calls (ASD GN).

AZO ($76.20; +0.10): Consolidating a bit in the range of the prior handle and over the 10 day at (75.57) as volume is bouncing around near the average. Still watching out for more of a pullback and not looking to ride any remaining positions through the 18 day MVA (74). Still viable for a run to 85 if it can hold here.

ETH ($41.80; +0.98): Did not set up into a handle. Instead ETH pushed up toward the pattern center (42, from a double bottom) as volume fell further to 213,000 (avg. 238k). Not much behind the move, so we will see if a pullback can shape up into a better handle.

FBC ($30.40; +0.56): What can we say - it just keeps going, so we continue to enjoy the ride. Volume picked up considerably today to 129,000 (avg. 54k). At the risk of sounding redundant we must point out that it has made quite a move without a rest, so we are pulling up stops to protect profits. The 10 day MVA is at 28.40.

JCI ($88.28; +1.58): We were looking for a put play, but JCI gapped back over the 50 day (87.27) and pushed up, closing above resistance. We will see if it holds or falls back.

KLAC ($55.21; -3.75): Nice move today! Volume shot way up (18.7m, avg. 11m) as KLAC initially tapped up to the 10 day at 60 before beginning its free fall. Still targeting 54.

MTG ($72.22; +0.55): Did not get the announcement, but MTG held the short-term MVA's (71.11) as volume fell just bit to 497k (avg. 493k). Made a good bounce from the 50 day, and we continue to look for the bounce move to resume on up to 80, with June $70 calls to buy (MTG FN).

PII ($75.89; +0.19): Still creeping up slightly as volume continues to gently creep back (and is now about average). Still watching to see if we get another consolidation that sets up another breakout - but we prefer to see consolidation patterns drift back, and not up.

RCII ($61.12; +0.60): Have yet to see a test; instead, RCII seems to be catching its breath in a low-volume consolidation over 60. Still holding existing positions.

RUS ($37.41; +0.45): Still moving as volume is holding steady and above average at 48,700. Quickly approaching the target (38), and we are moving up stops along the way to protect profits.

SRCL ($71.50; +2.51): Did not get the announcement or a pullback. Instead, SRCL powered up to a new all-time high of 73.85 on increased above average volume of 454k (avg. 264k). It fell way off of that high to close, so we are ready to protect profits on a pullback. Support from recent highs and the 10 day is at 67.

STJ ($84.09; +1.50): STJ powered up again as volume shot up to 1.5 million (average 686k). It tapped an intraday high of 85.10 before pulling back to close. We continue to ride positions with care, as the stock is over its upper channel trendline and its recent erratic behavior and today's candles may indicate a coming pullback.

TGH ($102.40; +0.79): Continuing to rise after Monday's massive gap up. Ready to take profits with at least some (especially short-term options) on a drop.

THC ($73.35; -0.31): Holding in an erratic lateral pattern after its steady move up. Still over the 18 day MVA (86.68), and we are protecting profits.

POST SPLITS WATCHLIST: Watching ACS, CHBS, DF, ICUI, MKC, OPTN, WLP and WTNY.

AMAT ($22.87; -1.53): Split 2:1 effective 4-17-02. Got the move we were looking for today, as AMAT took a solid tumble on sharply increased above average volume of 34.7 million (avg. 19.4m). Targeting 21.80 (200 day MVA at 21.56).

APOL ($37.29; -0.48): Split 3:2 effective 4-26-02. Since the split, APOL has been bouncing around between the 18 day at (37.30) and the 39 level. Looking for APOL to settle down and hold the 18 day post-split and continue its trend; on a strong drop through the 18 day we will drop any short-term positions, but look at a possible test of the 50 day to re-load.

JEC ($40.45; +0.38): Edging up rather than giving us the strong move on the test we were looking for. Moved over 40, but without volume (today 168k; avg. 187k), so we are carefully riding positions toward the target of 44.

PRHC ($24.92; -0.82): Split 3:2 effective 5-1-02. Strong move into the split, but pulled back today to the test the breakout as volume remained strong at 917,200 (avg. 700k). Good pattern and good sector, so we are looking for PRHC to hold 24.50 and set up a move with post-split strength.

SONC ($29.70; +0.55): Split 3:2 on February 11. Made a move over the buy point at 30, but volume was way down at 205k (avg. 325k) and SONC closed with a doji. Needs more time to settle down.

UOPX ($31.52; -0.40): Split 4:3 effective 4-26-02. Showing a bit of erratic behavior post-split. After gapping up and reversing Wednesday, UOPX continued back today on lower volume, holding the 18 day. We will exit any remaining short-term positions on a breach of the 18 day MVA (30.91).

Good Investing!
Jon L. Johnson and the Stock Split Report 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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