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Begin part 2 of 2

THE PLAYS

Good moves: EBAY; ZMH; ADI; AMZN; COH; ELAB; EXPE; IGT; LLTC; SBUX, etc.

In each report we prepare full write-ups for those that look ready to move. If the move has been made already we discuss the play in the summary table. The purpose is to focus on the next good movers.

NEW PLAYS:

Upside:

Play Date: 03/03/2003
BLL (Ball Corp.--$53.67; +1.56; optionable): Packaging & containers (making preserves)
http://biz.yahoo.com/p/b/bll.html
STATUS: Flat. Taking another look at BLL as it moves between 51 and 54 the past 3 months. BLL was ready to make the move out of the range in early March but fell a quick $4 to some support at 50 and rebounded on some very impressive volume. Monday the trade was even stronger as BLL shot up toward the breakout point from the range. It left us at the altar the last time it did this, but it has been forming up very well as the rest of the market sold off early in the year. This is very interesting as BLL is an economically sensitive stock. As it has held up well that says some interesting things about the economy - - possibly.
Volume: 620.6K Avg Volume: 389.909K
BUY POINT: $54.22 Volume=550K Target=$62 Stop=$51.88
POSITION: BLL HJ - Aug. $50c (71 delta, low OI) &/or Stock
http://www.investmenthouse.com/cs/bll.html

New Post-Split:

Play Date: 03/17/2003
APPB (Applebees Intl.--$26.89; +0.91; optionable): Restaurants
http://biz.yahoo.com/p/a/appb.html
STATUS: Cup w/handle. Working through an 11-month base that has spent the past 4-months working through a rather volatile but predictable handle that works between 24 and 27. Money flow is shooting to the upside. We have had our eye on APPB for some time, but being patient to let it work through its handle. Monday it jumped higher on a good shot of above average volume and is on the verge of a breakout. Want to see a clear break higher on very strong volume.
Volume: 1.591M Avg Volume: 743.772K
BUY POINT: $27.05 Volume=1.1M Target=$32.45 Stop=$25.16
POSITION: AQB HE - Aug. $25c (72 delta) &/or Stock
http://www.investmenthouse.com/cs/appb.html

CONTINUING LEADER PLAYS

Upside:

Play Date: 02/15/2003
ARRO (Arrow Intl.--$41.95; +0.25; optionable): Medical instruments
http://biz.yahoo.com/p/a/arro.html
STATUS: Flat. ARRO continues to work laterally in its 3-month base, using the 50 day MVA (40.79) as its support. Friday ARRO was stronger than the rest of the market, rallying to the top of the pattern on a solid shot of volume. Accumulation in the short but solid base is 3 up weeks on rising volume to 0 down weeks on rising volume. Money flow is leading the way & ARRO looks ready to make its move with the next market break higher.
Volume: 26.764K Avg Volume: 30.727K
BUY POINT: $42.25 Volume=55K Target=$48.42 Stop=$39.65
POSITION: QRO HH - Aug. $40c (64 delta, low OI) and/or Stock
http://www.investmenthouse.com/cs/arro.html

Play Date: 03/05/2003
ICST (Integrated Circuit System--$24.51; +0.82; optionable): Semiconductors
http://biz.yahoo.com/p/i/icst.html
STATUS: Cup w/handle. ICST has formed that nice 3.5 month base showing solid accumulation and great money flow. Monday it started rising on rising, above average volume. Moving well and not too far ahead on the breakout, keeping it in the buy point.
Volume: 2.158M Avg Volume: 1.558M
BUY POINT: New: $24.75 (orig. $23.65) Volume=2M Target=Initial: $27; Next: $28 Stop=$21.99
POSITION: IUY GX - July $22.50c (60 delta, low OI) &/or Stock
http://www.investmenthouse.com/cs/icst.html

Play Date: 03/08/2003
NDC (NDC Health--$22.39; +0.41; optionable): Management services
http://biz.yahoo.com/p/n/ndc.html
STATUS: Saucer. Big volume surge Monday in the short 7-week pattern, but NDC could not make the big breakout. Positive accumulation at 2 up weeks on rising volume to 1 down week on rising volume. Again, need to see a strong move coupled with the volume.
Volume: 458.9K Avg Volume: 242.5K
BUY POINT: New: $22.65 (orig. $22.22) Volume=300K Target=$25 Stop=$20.66
POSITION: NDC HD - Aug. $20c (70 delta, low OI) &/or Stock
http://www.investmenthouse.com/cs/ndc.html

PRE-ANNOUNCEMENT PLAYS

Continued:

Explosions higher by EBAY, IGT and friends

Play Date: 02/20/2003
FCN (FTI Consulting--$44.32; +1.87; optionable): Management services. Announced a 3:2 split payable 5-7.
http://biz.yahoo.com/p/f/fcn.html
STATUS: Testing the breakout/50 day MVA. FCN announced the split. Strong performer for a long time, FCN went through a short consolidation starting in January and after a strong start to a breakout in late February it has moved laterally over the 18 day MVA (43.20). Friday FCN dropped on strong volume toward the 50 day MVA (42.07). It found a lot of support at that level, jumping back up Monday on lower though still above average volume, helped by the announcement of a 3:2 stock split effective May 7. Looking for a stronger move through the late February highs.
Volume: 303.8K Avg Volume: 240.363K
BUY POINT: New: $44.85 (orig. $43.60). Volume=400K Target=$49.35 Stop=$42.55
POSITION: FCN FH - June $40c (66 delta, low OI) &/or Stock
http://www.investmenthouse.com/cs/fcn.html

WATCHLIST/ CONTINUING

Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop

ADI 03/15 Cup 30.36 +1.6 30.35 34.65 5.7M 4.5M 27.65
Current.

ADVP 03/04 Cup hdl 29.7 +0.86 28.55 32.84 2.4M 1.8M 26.55
Current.

AMZN 01/09 Test 50 26.56 +1.85 23.15 29.95 15M 13M 21.65
Current.

AMZN 10/21 Cup hdl 26.56 +1.85 20.32 24.38 15M 10M 22.68
Current.

ANPI 03/08 PreSplt 20.97 -0.15 20.16 22.93 334K 156K 18.75
Buy Not Issued.

APOL 02/18 A Wedge 48.89 +1.05 46.25 52.88 2.7M 22M 44.25
Current.

ARRO 02/15 Test 50 41.95 0 42.25 48.42 20K 55K 39.29
Buy Not Issued.

AVCT 02/13 Test BO 24.75 -1.28 28.45 31.15 3.7M 725K 25.94
Current.

BCGI 02/22 Cup 14.15 -0.12 13.95 16.65 419K 215K 12.97
Current.

BLL 03/03 A Wedge 53.67 +1.56 54.22 62 621K 550K 51.88
Buy Not Hit.

BRL 01/27 Test 18 78.58 +2.63 77.78 88 544K 875K 72.34

BSX 03/13 Cup 45.97 +2.42 44.55 50.55 2.8M 3.4M 41.65
Buy Not Hit.

CCU 02/24 Put 37.33 +2.18 35.77 31.75 5.7M 4.8M 37.15
Buy Not Issued.

CECO 02/15 Cup hdl 49.24 +1.24 48.07 54 783K 1.4M 45.74
Buy Not Issued.

CGNX 02/04 DB hdl 24.34 +1.16 24 27.88 406K 525K 22.24
Current.

COH 02/25 Flat 38.8 +1.82 35.5 41.25 1.3M 1.3M 34.74
Current.

DNEX 02/27 BO 32.87 +0.37 33.55 38.58 139K 150K 31.94
Buy Not Issued.

EBAY 03/08 BO 87 +3.09 80.08 92 10M 8M 77.04
Current.

ELAB 03/06 Cup hdl 25.51 +1.22 24.06 28.88 582K 325K 22.38
Current.

ERES 01/30 Cup hdl 24.89 +0.45 21.55 24.45 274K 436K 21.48
Current.

EXPD 02/24 Cup 35.51 +0.77 34.25 39.49 1.5M 1.1M 33.15
Current.

EXPE 03/05 Cup 39.38 +2.24 34.35 39 4.7M 2.5M 34.55
Current.

EXPE 02/22 PreSplt 39.38 +2.24 33.98 38.22 4.7M 3M 32.25
Target Hit. Took some gain on some of the options as EXPE surged higher again.

EXPE 11/30 A Wedge 39.38 +2.24 39.12 44 4.7M 3.2M 34.55
Current.

FBC 02/01 Cup hdl 24.65 +0.25 23.85 26.85 94K 199K 22.38
Buy Not Issued.

FBC 01/07 Cup hdl 24.65 +0.25 23.35 26.85 94K 199K 23.74
Current.

FCN 02/20 A Wedge 44.32 +1.87 43.6 49.35 304K 400K 42.55
Current.

GSOF 03/04 Cup hdl 15.85 -0.55 17.05 20.55 196K 164K 15.86
Buy Not Hit.

ICST 03/05 DB hdl 24.51 +0.82 23.65 27 2.2M 2M 21.99
Current.

IGT 03/13 Flat 82.04 +4.03 80.06 88 1.8M 1.2M 77.74
Current.

IMCL 03/01 Test BO 15.09 +0.1 14.6 16.72 1.6M 2M 14.05
Current.

JCI 03/15 Put 75.99 +1.59 73.96 70 1.2M 700K 75.25
Buy Not Issued.

JEC 03/05 Cup hdl 40.8 +0.75 39.6 45.55 1.4M 374K 37.78
Current.

LLTC 03/01 BO 34.4 +1.82 32.3 37.26 10M 7M 29.88
Current.

MACR 03/05 Test 18 15.23 +0.2 15.35 18 803K 800K 14.28
Buy Not Hit.

MVL 03/03 BO 13.51 +0.54 11.82 14.25 1.6M 675K 11.15
Current.

MXIM 03/13 BO 39.47 +1.94 38.9 44.95 15M 10M 35.94
Current.

NDC 03/08 Saucer 22.39 +0.41 22.22 25 459K 300K 20.66
Buy Not Issued.

NSM 03/15 Test BO 18.8 +0.95 18.55 21.65 3.9M 3M 17.04
Current.

PRX 03/12 Test 18 38.8 +0.8 37.05 42.94 419K 700K 35.25
Buy Not Issued.

PSUN 03/15 Cup 20.36 +0.63 20.4 24.25 2.3M 1.6M 18.97
Current.

QCOM 12/04 Test 18 39.02 +1.54 40.85 50 21M 18M 37
Current.

QCOM 11/07 Test BO 39.02 +1.54 34.78 42 21M 18M 37
Current.

QLGC 11/07 Test BO 39.99 +1.47 41.4 50 16M 25M 39.88

QQQ 03/15 Test 50 26.6 +0.88 25.26 28 141M 90M 23.49
Current.

RNBO 02/27 DB hdl 9.63 +0.23 8.45 10.25 308K 161K 8.45
Current.

SBUX 03/13 Cup hdl 25.43 +1.17 24.75 29.35 8.1M 5M 22.52
Current.

SRCL 03/08 A Wedge 37.41 +2.18 36.55 41 750K 629K 34.45
Buy Not Hit.

STN 01/04 Rv H&S 20.5 +0.64 19.05 22.86 960K 600K 18.45
Current.

SYK 03/11 Test 50 70.28 +3.03 65.55 73.75 1.4M 800K 63.94
Current.

TTC 02/25 Test BO 68.54 -0.21 68.85 76.55 119K 137K 65.35
Current.

UOPX 03/04 Cup hdl 39.48 +0.59 37.96 43.75 195K 300K 35.32
Buy Not Issued.

VAR 12/18 Rv H&S 50.12 +0.9 50.25 58 576K 700K 49.15
Current.

VIA 02/15 Put 38.97 +1.94 37.05 33.85 581K 485K 38.35
Buy Not Issued.

WFR 02/22 Flat 10.44 +0.99 9.35 11.25 380K 217K 8.59
Current.

XLNX 03/12 Test 50 27.09 +1.71 24.24 27.45 21M 12M 22.88
Target Hit.

XTO 03/01 PreSplt 24.78 -0.25 25.55 28.75 1.4M 1.2M 24.33
Buy Not Issued.

ZMH 02/06 DB hdl 48.97 +2.28 42.65 50.88 2M 1.6M 44.45
Current.

ZQK 03/11 Cup 30.54 +0.56 28.55 32.85 717K 320K 26.55
Buy Not Issued.

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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