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Begin Part 2 of 2
THE PLAYS:
Good movers: QCOM tanked as expected.
NEW PLAYS
CAND (Candies, Inc.--$4.92; +0.45; no options): Shoes
http://biz/yahoo.com/p/c/cand.html
STATUS: Test breakout. We have made some money on CAND in the past, and it looks ready for another move higher with continuing growth in its sales and earnings. It broke out of its base in May and has since tested that move. It started off the 18 day MVA Thursday on massive volume and looks ready for a new high. Under great accumulation, and relative strength has already broken out ahead of the move.
Volume: 669.6K Avg Volume: 256.363K
BUY POINT: $4.98 Volume=500K Target=$6.95 Stop=$4
POSITION: Stock (no option chain)
http://www.investmenthouse.com/ct/cand.html
MDC (MDC Holdings--$45.11; +0.35; optionable): Residential construction.
http://biz/yahoo.com/p/m/mdc.html
STATUS: Put. MDC put up a struggle at the 50 day MVA in late May but then gave it up and fell to 42.50. It has bounced up from that level the past two sessions showing a tombstone doji reversal today on high volume. This looks like the kiss goodbye of the 50 day MVA (46.35), and is also the completion of the right shoulder in its head and shoulders pattern. While we could wait for the pattern to fully develop and break down, this is our favorite entry point and we are going to take it.
Volume: 277.4K Avg Volume: 189K
BUY POINT: $44.70 Volume=200K Target=$40.35 Stop=$47
POSITION: MDC SJ - July $50 put (-73 delta) MDC UJ - Sept. $50 put (-61 delta)
http://www.investmenthouse.com/ct/mdc.html
CONTINUING PLAYS
BL (Blair Corp.-- $22.9; +0.19; no options): Play Date: 05/21/2002
http://biz/yahoo.com/p/b/bl.html
STATUS: Cup w/handle (5 month). A bit of a price bump on the same store sales numbers, but again there was no volume. We are being patient, but it is getting to the end of the handle and has not moved. In this market that is not a great thing. The pattern is still good but it needs to show us something.
Volume: 2K Avg Volume: 14.363K
BUY POINT $23.85 Volume=45K Target=$27.5 Stop=$22
POSITION: Stock (no option chain)
http://www.investmenthouse.com/ct/bl.html
LRW (Labor Ready--$7.20; -1.70; no options): Play Date: 06/01/2002
http://biz/yahoo.com/p/l/lrw.html
STATUS: Trading range/test of 50 day MVA. Massive tank out of the pattern, crashing the 50 day MVA on incredibly high volume.
http://www.investmenthouse.com/ct/lrw.html
PETC (Petco-- $24.95; -0.14; no options): Play Date: 06/01/2002
http://biz/yahoo.com/p/p/petc.html
STATUS: Test breakout. Very nice pullback, showing a tight doji right at the 10 day MVA on below average volume. Some good accumulation and money flow.
Volume: 169K Avg Volume: 265.772K
BUY POINT: $25.85 Volume=300K Target=$31 Stop=$24.04
POSITION: Stock (no option chain)
http://www.investmenthouse.com/ct/petc.html
Downside
AXP (American Express-- $40.36; -0.65; optionable): Play Date: 06/04/2002
http://biz/yahoo.com/p/a/axp.html
STATUS: Put/head and shoulders. Gapped higher today but then started to sell. It hit our buy point, and the only thing we did not like about the day was the decreasing volume. It is in a precarious sector, however, so we will look for positions tomorrow on a move below the recent lows at 40.
Volume: 3.172M Avg Volume: 4.701M
BUY POINT: 39.90 (original $40.90) Volume=650K Target=$37.75 Stop=$42.25
POSITION: AXP VI - Oct. 45 put (delta -62)
http://www.investmenthouse.com/ct/axp.html
Continuing plays:
We have put all plays in a summary table that contains the date the stock was put on the report (so you can go back and check out the details of the play) and the other pertinent information. This provides more information than the watchlist summaries and still contains comments when appropriate. VIEW THIS IN COURIER NEW, 12 FOR BEST RESULTS. You can also easily print the table from the website (www.investmenthouse.com) from the 'current reports' section. If you just want to print the table you can cut and paste it to a word document setting the font to Courier New size 12. Just left click on the beginning of the table and drag to the table end. After selecting, right click and select 'copy.' Paste into your word processor. Select it all and choose Courier New, font size 12.
Stock Date Play Close +/- Pivot Tgt Vol AvgV Stop
ABF 05/11 BO 21.62 -0.59 22.23 25.75 468K 674K 20.25
Looking for a test of the 50 day MVA at 20.50.
ATH 05/16 Test 50 70.45 -1.55 68.5 75 1.2M 1.2M 63
Back down but market related.
AXP 06/04 Put 40.36 -0.65 40.9 37.75 3.2M 4.7M 42.25
BGG 05/11 Put 37.85 -0.18 39.4 35 133K 142K 42
A doji; may attempt a bounce.
BL 05/21 cup hdl 22.9 +0.19 23.85 27.5 2K 14K 22
BLC 05/25 Flat 23.71 -0.24 24.25 30 393K 284K 22.55
Down to the 18 day MVA on rising volume.
BRO 04/22 cup hdl 32.75 -0.86 35.63 42.75 249K 329K 32.95
Hit a stop point.
BYBI 05/23 BO 9.67 -0.17 9.7 12.75 35K 45K 9.02
Testing the 18 day MVA on low volume. Not bad.
CAND 06/06 BO 4.92 +0.45 4.98 6.95 670K 256K 4
CCMP 05/20 Put 46.59 -1.11 51 45 989K 1.4M 53.80
Still trending lower.
CERN 05/20 A Wedge 51.43 -1.09 56.1 60 270K 465K 53
No traction.
CTX 05/11 Put 53.58 +1.48 53.5 49 1.3M 1.2M 56
Back to the 50 day MVA but on lower vol. Looks to fall.
CVH 06/05 Test BO 32.26 +0.26 32.6 39 623K 406K 29
CYMI 06/03 Put 39.15 -1.44 39.45 33.8 1.1M 1.4M 44
Should tank tomorrow.
DVN 05/25 A Wedge 49.66 -0.35 50.95 61 961K 1M 47.38
Tested the 50 day MVA on the low and rebounded.
ECL 05/23 cup hdl 46.25 -0.34 47.8 57.36 316K 356K 44.45
Nowhere Thursday.
ERTS 05/30 Cup 62.95 -1.15 66.12 79.5 2.2M 2.9M 61.49
And back to the 18 day MVA on lower volume.
FSS 05/22 DB hdl 25.29 -0.1 25.8 31 147K 189K 23.99
Still looks good in the handle.
FTEK 06/01 A Wedge 6.24 -0.1 6.65 8 8.5K 62K 5.95
Holding steady on no volume.
HAR 05/13 Test 18 52.62 -2.38 58.55 64 250K 230K 54.45
Kissed the 50 day MVA on the open and started to fall again. Put?
HGR 05/20 Test 50 12.76 -0.89 12.6 19 160K 112K 11.72
Back to testing the 50 day on above average volume.
HI 05/20 Put 53.6 +1.41 53.45 48.5 5.2M 3M 56
Jumped on stronger volume. May have to end it.
HLT 05/06 Put 13.41 -0.19 14.3 12 968K 2.2M 15.80
HSIC 05/15 BO 47.86 -0.95 49.4 56.9 229K 334K 46.50
Back to the 50 day MVA.
IMDC 05/20 Put 32.13 -0.17 29.9 26 72K 207K 32
ITN 05/13 DB hdl 13.26 +0.26 13 16.5 32K 115K 11.75
Holding up well.
JBHT 06/01 A Wedge 26.13 -0.97 28.72 36 318K 439K 25.40
Fell below the 50 day MVA but on low volume. Still holding up.
KROL 06/06 BO 23.15 +0.25 20.2 24 421K 317K 19.50
Strong performer, moving up in a bad market.
LRW 06/01 BO 7.2 -1.7 9.25 12 869K 243K 7.90
Utter collapse.
LZB 06/03 Put 26.18 -0.82 26.5 23.5 226K 205K 29.50
Hit the buy point and on rising volume.
MDC 06/06 Put 45.11 +0.35 44.7 40.35 277K 189K 47
MERQ 05/28 A Wedge 31.41 -1.87 35.35 39 5.5M 4.6M 32.88
Stopped out.
NFB 04/13 BO 37.86 -0.89 36.55 43.5 488K 652K 37
Back to the 50 day MVA on continued below average volume.
NX 06/01 Test 50 37.5 -0.25 36.5 43.8 127K 100K 33.94
Holding up well.
OSI 05/29 Test BO 39.18 +0.11 39.05 46.94 372K 494K 36.32
Also holding well near its high.
PBG 05/30 Test 18 32.9 -0.25 32.75 36 854K 1.3M 30.46
Still in the nice test of the move up.
PCLE 05/06 cup hdl 10.93 -0.06 10.27 13 518K 571K 9.40
Doji on low volume. Holding steady.
PETC 06/01 Test BO 24.95 -0.14 25.85 31 169K 266K 24.04
QCOM 06/05 Put 30.76 -2.08 31.5 25 16M 14M 33.50
RAH 05/08 Test 18 26.9 -0.15 29.1 35 96K 99K 27.06
Holding steady at 27; May just hold here.
SALM 06/03 cup hdl 28.74 -0.2 30.17 36.2 66K 66K 27.50
Another test of the 18 day MVA. Still in the pattern.
SGR 05/11 A Wedge 30.2 -1.08 34.32 40.75 432K 626K 31.92
Tried the move but starting back down.
TEVA 06/04 cup hdl 64.3 -1.41 68.05 80 406K 1M 63.29
Down to the 18 day MVA on continued low volume.
TEVA 05/15 BO 64.3 -1.41 62.1 67 406K 1M 60.50
UVN 05/04 Put 38.85 -0.55 39.95 35.5 957K 1.1M 42
Edging lower on slightly higher volume.
WFC 03/28 A Wedge 49.65 -1.4 50.85 60.52 4.6M 3.9M 50
Tanked to the stop.
XRAY 05/25 A Wedge 37.9 -0.58 40.35 48.25 520K 330K 37.53
Not good; below the 50 day MVA on rising volume.
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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