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Begin part 3 of 3
THE PLAYS:
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Each play contains an additional link to a VIDEO that discusses the play in terms of the CHART PATTERN it is currently showing. Patterns, buy points, and targets are discussed along with other points that make the play a good one as well as what areas to watch for. *********** *************
Upside:
Play Date: 06/02/2010
AKS (AK Steel Holding--$14.94; +0.84; optionable): Steel
http://biz.yahoo.com/p/a/aks.html
After Hours: $14.94
EARNINGS: 07/19/2010
STATUS: Reverse head and shoulders. After a tumble from early April that cut AKS in half the stock is setting up for a bounce. It is in the process of forming the right shoulder of an inverse head and shoulders, the last part of the pattern. AKS rallied Wednesday, moving up to the trendline formed from the left shoulder to the start of the right. When it breaks through we are ready to move in. Plenty of space to the upside to run when it makes that move.
VIDEO: http://investmenthouse1.com/ihmedia/AKS.wmv
Volume: 7.694M Avg Volume: 12.173M
BUY POINT: $15.23 Volume=14M Target=$19.31 Stop=$14.03
POSITION: AKS 10I14.00 - Sept. $14c (59 delta) &/or Stock
Play Date: 06/02/2010
BUCY (Bucyrus International--$53.73; +4.29; optionable): Mining equipment
http://biz.yahoo.com/p/b/bucy.html
After Hours: $54.00
EARNINGS: 07/19/2010
STATUS: Reverse head and shoulders. Another stock that sold hard from late April through May, but checked up at the February low after undercutting it, and now is trying to rally. BUCY held the 200 day SMA on the flash crash, bounced, but then gapped through it two weeks back. It held and recovered the past week. That action formed the left shoulder and the head. Tuesday BUCY gapped lower and sold, then Wednesday it was back up through the 200 day SMA. This looks to be putting in the right shoulder. If BUCY can continue the move and show some volume, we like the pattern and the probabilities for a run higher from here back toward the mid-March consolidation. It can go higher but that is a good point to take some partial profits and then see just how high it can go.
VIDEO: http://investmenthouse1.com/ihmedia/BUCY.wmv
Volume: 3.223M Avg Volume: 3.482M
BUY POINT: $54.55 Volume=4.5M Target=$62.94 Stop=$50.73
POSITION: BUCY 10J50.00 - Oct. $50c (72 delta) &/or Stock
Play Date: 06/02/2010
MRVL (Marvell Technology--$19.52; +0.87; optionable): Semiconductor integrated circuits
http://biz.yahoo.com/p/m/mrvl.html
After Hours: $19.03
EARNINGS: 08/27/2010
STATUS: MRVL is coming off the 200 day SMA at the bottom of its 6 month trading range. MRVL spent quite a bit of time at the bottom of the range and the 200 day, building its strength to make the upside move. It made a higher low the past four sessions and Wednesday posted a solid advance. If it can continue the move through our buy point then we are ready to move in for a run back to the top of the range.
VIDEO: http://investmenthouse1.com/ihmedia/MRVL.wmv
Volume: 14.229M Avg Volume: 15.238M
BUY POINT: $19.74 Volume=18M Target=$22.55 Stop=$18.36
POSITION: MRVL 10H19.00 - Aug. $19c (54 delta) &/or Stock
Play Date: 06/02/2010
WYNN (Wynn Resorts--$83.19; +1.66; optionable): Resorts and casinos
http://biz.yahoo.com/p/w/wynn.html
After Hours: $83.25
EARNINGS: 07/30/2010
STATUS: ABCD up. You have to like Steve Wynn and his comments regarding what the administration is doing to the country; he quoted Tocqueville the other day re the US republic lasting until the elected realize they can bribe the voters with the voters' own money. How timely. In any event the stock pattern is near term bullish with an ABCD pattern starting in late February. It formed the D point last week and rallied off of that through the 50 day EMA, and is now testing that move, coming back to the 50 day Tuesday and then bouncing off that level Wednesday. Not any volume to talk about, but that can change. Looking for this to hold and WYNN to continue the break upside for a run back up to the pattern highs near 93. That move lands a 55%ish gain on the option play.
VIDEO: http://investmenthouse1.com/ihmedia/WYNN.wmv
Volume: 2.404M Avg Volume: 3.212M
BUY POINT: $83.31 Volume=3.6M Target=$92.94 Stop=$80.48
POSITION: WYNN 10I80.00 - Sept. $80c (59 delta) &/or Stock
Good Investing!
Jon L. Johnson and The Daily 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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