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Begin Part 2 of 2
THE PLAYS
Good movers: PETC enjoyed a good move. FRX tanked. PHTN as well.
Continuing plays table: ITN; PBG; FSS; PETC; ERTS
NEW PLAYS:
MTB (M&T Bank Corp.--$83.21; -0.34; optionable): Regional bank
http://biz/yahoo.com/p/m/mtb.html
STATUS: Put. MTB broke through the 50 day MVA (84.74) 4 sessions back on very strong volume. It moved up Friday and Monday on low volume and then jumped up to the 50 day MVA on the session high. It then reversed off of that level and closed lower on rising, above average volume. That is the breach, the test, and the reversal. Now we play the fall.
Volume: 322.7K Avg Volume: 242.636K
BUY POINT: $82.95 Volume=300K Target=$77.75 Stop=$85.60
POSITION: MTB VR - Oct. $90 put (-64 delta)
http://www.investmenthouse.com/ct/mtb.html
RE (Everest Re Group--$59.20; -1.83; optionable): Insurance
http://biz/yahoo.com/p/r/re.html
STATUS: Put: continuing downtrend. RE broke below its 7-month trading range in May, and has since been bouncing down the 18 day MVA (61.98) in its downtrend. Early this month it sold down off of that level, and it just tested the level again and reversed lower on rising, average volume. It has some support here at 59, but if it breaks that it has plenty of room to fall down to 54. A continuing downtrend just like the indexes.
Volume: 649.6K Avg Volume: 555.272K
BUY POINT: $58.55 Volume=650K Target=$54 Stop=$63
POSITION: RE VM - Oct. $65 put (--55 delta)
http://www.investmenthouse.com/ct/re.html
CONTINUING PLAYS:
Play Date: 05/21/2002
BL (Blair Corp.--$22.99; +0.28; no options):
http://biz/yahoo.com/p/b/bl.html
STATUS: Cup w/handle. Still in a very flat, tight trading range on the 18 day MVA on very low volume. Looking ready.
Volume: 5.9K Avg Volume: 14.727K
BUY POINT: $23.85 Volume=45K Target=$27.5 Stop=$22
POSITION: Stock only (no option chain)
http://www.investmenthouse.com/ct/bl.html
Play Date: 05/25/2002
BLC (Belo--$23.51; -0.21; optionable):
http://biz/yahoo.com/p/b/blc.html
STATUS: Flat base. Looks as if it is shaking out the final sellers on a low volume test of the 50 day MVA.
Volume: 174.4K Avg Volume: 273.863K
BUY POINT: $24.25 Volume=342K Target=$30 Stop=$22.55
POSITION: BLC JD - Oct. 20c (delta 91)
http://www.investmenthouse.com/ct/blc.html
Play Date: 06/01/2002
JBHT (JB Hunt Transportation--$27.47; +0.22; optionable):
http://biz/yahoo.com/p/j/jbht.html
STATUS: Flat base. Trading between 26 and 28, climbing in a down market on rising volume. A solid move in a bad market, holding up very well. Be patient for the breakout.
Volume: 384.1K Avg Volume: 435.363K
BUY POINT: $28.72 Volume=545K Target=$36 Stop=$25.40
POSITION: JHQ KX - Nov. $22.50 calls, delta 63
http://www.investmenthouse.com/ct/jbht.html
Downside:
Play Date: 06/03/2002
LZB (Lazy Boy--$27.23; -0.26; optionable):
http://biz/yahoo.com/p/l/lzb.html
STATUS: Put. Rallied up to the 50 day MVA, testing that level on the intraday high three sessions straight. Each time is has fallen back and each day has been on lower volume. Looks ready for a fall again.
Volume: 205.6K Avg Volume: 202.818K
BUY POINT: Original: $26.50. New positions: 26.75. Volume=300K Target=$23.5 Stop=$29.50
POSITION: LZB SF - July $30 put (delta -68)
http://www.investmenthouse.com/ct/lzb.html
WATCHLIST/ CONTINUING:
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 21.44 -0.46 22.23 25.75 294K 666K 20.25
Still in a low volume test of the 50 day and holding above the breakout point. Holding up well for the market.
ATH 06/08 BO 73.25 +0.55 72.25 86.75 2.1M 1.2M 67.19
Gapped higher but lost most of the gain. Still given the market it was not a bad session.
ATH 05/16 Test 50 73.25 +0.55 68.5 75 2.1M 1.2M 63
AXP 06/04 Put 38.73 -0.9 40.9 37.75 4.4M 4.7M 42.25
Falling again on rising volume.
BGG 05/11 Put 38.27 +0.38 39.4 35 144K 144K 42
Moved up on slightly rising volume.
BL 05/21 cup hdl 22.99 +0.28 23.85 27.5 5.9K 15K 22
BLC 05/25 Flat 23.51 -0.21 24.25 30 174K 274K 22.55
BYBI 05/23 BO 10.45 0 9.7 12.75 89K 47K 9.02
Stalled out on high volume.
CAND 06/06 BO 4.85 -0.15 4.98 6.95 635K 275K 4
Tried to make the breakout but gave it all back on strong volume.
CERN 05/20 A Wedge 51.18 -0.28 56.1 60 141K 456K 53
Testing the 200 day MVA still, on light volume.
CTX 05/11 Put 53.65 -0.65 53.5 49 884K 1.2M 56
Back at the 18 day MVA after some selling. If it falls again below 52 we will take money off the table.
CVH 06/05 Test BO 32.85 -0.55 32.6 39 588K 426K 29
Pulled back after a good move.
CYMI 06/03 Put 37.13 -2.4 39.45 33.8 1.1M 1.4M 44
The good news did not last long as CYMI reversed and sold off hard today.
DVN 05/25 A Wedge 47.13 -0.87 50.95 61 1.2M 1M 47.38
Tanking on rising volume.
ECL 05/23 cup hdl 45.71 -0.51 47.8 57.36 532K 346K 44.45
Disappointing drop to the 50 day MVA on rising volume.
ERTS 05/30 Cup 62.68 -0.93 66.12 79.5 2.2M 2.9M 61.49
Still forming a very nice handle. If the market was better we would be jazzed about this one. It still looks very nice.
FRX 06/10 Put 69.78 -3.21 72.45 68 2.5M 1.2M 75
FSS 05/22 DB hdl 25.48 +0.01 25.8 31 140K 188K 23.99
Still in a very nice handle to the pattern.
FTEK 06/01 A Wedge 6.75 -0.3 6.65 8 101K 60K 5.95
Lower volume test of the breakout.
HAR 05/13 Test 18 52.9 -0.95 58.55 64 147K 228K 54.45
Stopped out.
HGR 05/20 Test 50 14.22 -0.08 12.6 19 80K 117K 11.72
Took a day of rest.
HI 05/20 Put 52.99 +0.4 53.45 48.5 4.2M 3M 56
HLT 05/06 Put 13.64 -0.36 14.3 12 841K 2.1M 15.80
Falling again, but volume was still very low.
HSIC 05/15 BO 48.5 -0.75 49.4 56.9 229K 308K 46.50
IBC 06/08 BO 28.46 +0.3 28.6 34.96 184K 236K 26.6
Decent move but on light volume.
IMDC 05/20 Put 31.74 -0.24 29.9 26 187K 202K 32
Volume spiked up today; may be ready to fall.
ITN 05/13 DB hdl 12.9 -0.01 13 16.5 64K 111K 11.75
Very nice flat handle here.
JBHT 06/01 A Wedge 27.47 +0.22 28.72 36 384K 435K 25.40
KROL 06/06 BO 22.88 -1.17 20.2 24 402K 328K 19.50
Gave back Monday's gain.
LZB 06/03 Put 27.23 -0.26 26.5 23.5 206K 203K 29.50
MDC 06/06 Put 45.85 -0.35 44.7 40.35 109K 187K 47
Tried the 50 day MVA once again but turned back. Volume falling steadily.
MTB 06/11 Put 83.21 -0.34 82.95 77.75 323K 243K 85.60
NFB 04/13 BO 38.21 -0.35 36.55 43.5 555K 652K 37
Holding the 50 day MVA.
NX 06/01 Test 50 38.3 -1.32 36.5 43.8 193K 99K 33.94
Ruined some good work, but held at the breakout point.
OSI 05/29 Test BO 38.13 -1.25 39.05 46.94 494K 483K 36.32
The stalling at 40 gave way to a break below the 18 day MVA on average volume.
PBG 05/30 Test 18 32.75 -0.25 32.75 36 1M 1.2M 30.46
Still a very nice pullback to the 18 day MVA; waiting for a better day.
PCLE 06/08 BO 11.22 -0.51 11.5 19.94 1.3M 604K 10.25
Gave back Monday's gain, but holding the breakout.
PCLE 05/06 cup hdl 11.22 -0.51 10.27 13 1.3M 604K 9.40
PEGA 06/10 Test 18 11.4 +0.13 11.68 15.45 150K 123K 10.30
Tried to make the breakout but did not get the volume.
PETC 06/01 Test BO 25.86 +0.9 25.85 31 974K 252K 24.04
Nice move, rallying off the 50 day MVA on very strong volume.
PHTN 06/08 Put 35.16 -1.29 36.25 32.5 340K 524K 39
Tanked as we wanted.
PNR 06/08 Put 46.58 +0.81 44.7 39.75 410K 303K 47
Upped its guidance so it got a boost. Don't think it will hold.
QCOM 06/05 Put 31.31 -0.18 31.5 25 15M 14M 33.50
Stalling at the 50 day MVA once again showing a doji.
RE 06/11 Put 59.2 -1.83 58.55 54 650K 555K 63
SALM 06/03 cup hdl 29.1 -0.3 30.17 36.2 12K 66K 27.50
Still in that tight consolidation.
SGR 05/11 A Wedge 29.16 -0.51 34.32 40.75 332K 616K 31.92
Stopped out.
TEVA 06/04 cup hdl 61.32 -1.48 68.05 80 642K 1M 63.29
Was indeed a full-fledged test of the 50 day MVA.
TEVA 05/15 BO 61.32 -1.48 62.1 67 642K 1M 60.50
UVN 05/04 Put 37.7 -1.35 39.95 35.5 1.1M 1.1M 42
Ureka. Finally falling.
XRAY 05/25 A Wedge 37.26 -1.12 40.35 48.25 273K 334K 37.53
Fallign, but that is not the play.
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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