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stock option, buy stock
The following plays contained incorrect data in the Monday report:
Play Date: 05/12/2003
FLSH (M-Systems Flash Disk--$8.92; +0.54; no options): Semiconductor memory chips
http://biz.yahoo.com/p/f/flsh.html
STATUS: Reverse head and shoulders. FLSH is nearing the breakout of its 6-month base showing solid 7 to 3 accumulation (7 up weeks on rising volume to 3 down price weeks on rising volume in the base). That accumulation indicates that there are more buyers than sellers in the stock and it forms a solid foundation to move higher. It formed a very nice right shoulder, holding the 18 day MVA (8.16) on the low; that makes this a shallower shoulder than the left, indicating more strength in the pattern. It is right at the neckline breakout point and shows strong money flow as well.
Volume: 307.75K Avg Volume: 127.681K
BUY POINT: $9.06 Volume=195K Target=$10.88 Stop=$8.38
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ct/flsh.html
Play Date: 05/12/2003
WCS (Wallace Computer Services--$26.93; +0.48; optionable): Printed forms and labels
http://biz.yahoo.com/p/w/wcs.html
STATUS: Flat base. You could call this a saucer or a flat base. Either way you look at it WCS moved between 25 and 26 the lat 3.5 months following a strong gap higher that moved it out of a 7-month double bottom. After such a strong move it needed some time to consolidate, and now it appears to have done just that. The current base shows outstanding accumulation at 6 up weeks on rising volume to 0 down weeks on rising volume; all buyers for the most part. The price/volume action is also very good within the pattern: stronger on the initial selling, then drying up as the stock moved laterally to well below average at the pattern lows. Then when it started up the past month volume started to swell to above average levels. Monday WCS made a strong volume move out of the pattern. It looks solid and is still a buy at this point.
Volume: 720.7K Avg Volume: 340.318K
BUY POINT: $26.12 Volume=510K Target=$31.35 Stop=$25.24
POSITION: WCS IE - Sept. $25c (76 delta) &/or Stock
http://www.investmenthouse.com/ct/wcs.html
We apologize for the inconvenience.
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