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us stock market, stock trading
Begin part 2 of 3
THE PLAYS
Good movers Monday: ALT; IDBE; SSYS; WFII; CAH
Best Plays:
1) ADPT: Nice test during the selling.
2) AVE: Falling on rising volume.
3) PRX: Struggling below the 50 day MVA.
4) CCU: Lower volume test, great money flow.
5) MED: Nice lateral move in the market selling.
6) PWN: Moving higher on volume as the market sells.
7) NBIX: Testing the 10 day MVA, holding up well.
NEW PLAYS:
Upside:
Play Date: 05/19/2003
ADPT (Adaptec--$7.24; -0.21; optionable): PC networking
http://biz.yahoo.com/p/a/adpt.html
STATUS: Testing the 18 day MVA. One of the leading tech sectors, ADPT broke from a 4.5 month cup with handle base last Monday, rallied a bit, then was taken back in the selling late last week. Volume backed off, however, and ADPT has now come back to test the 18 day MVA on the Monday low (7.20). volume rose, but remained below average. Accumulation in the base is excellent at 6 up weeks on rising volume to 2 down weeks on rising volume. Money flow is excellent as well. This is a stock that could hold right here and start the move back up after perhaps an intraday test lower Tuesday. We wan to see it making the upside move on strong volume.
Volume: 653.017K Avg Volume: 678.954K
BUY POINT: $7.65 Volume=825K Target=$9.21 Stop=$7.11
POSITION: APQ JU - Oct. $7.50c (52 delta) &/or Stock
http://www.investmenthouse.com/ct/adpt.html
Play Date: 05/19/2003
ONXX (Onyx Pharmaceuticals--$9.27; +0.27; optionable): Biotechnology
http://biz.yahoo.com/p/o/onxx.html
STATUS: Reverse head and shoulders. Kind of a ragged pattern, but it is showing excellent 4 to 1 accumulation, very good money flow, and a relative strength breakout. We have had an eye on ONXX for three weeks, watching it move laterally at 9. We were waiting for a shakeout, i.e., a pullback on lower volume. It gave us that, tapped the 50 day MVA on the Thursday low (8.09) and rebounded on strong volume. It is now moving higher, making a breakout move on solid volume. We are looking to jump on boad when it clears the pattern high.
Volume: 432.565K Avg Volume: 131.772K
BUY POINT: $9.55 Volume=300K Target=$11.55 Stop=$8.74
POSITION: OIQ HU - Aug. $7.50c (83 delta) &/or Stock
http://www.investmenthouse.com/ct/onxx.html
Downside:
Play Date: 05/19/2003
AVE (Aventis--$51.15; -2.57; optionable): Drugs
http://biz.yahoo.com/p/a/ave.html
STATUS: Put. After rallying back up to the 200 day MVA (53.29), AVE failed twice in trying to take that resistance out. Monday it rolled over on a big volume surge on the Supreme Court ruling in the Maine case. It managed to hold the 18 day MVA on the close, but thudded hard to that level. We are looking for it to break through and then fall to the simple 50 day MVA (47.68) range for a nice downside gain.
Volume: 581.4K Avg Volume: 370.09K
BUY POINT: $50.96 Volume=375K Target=$48 Stop=$52.25
POSITION: AVE SK - July $55p (-75 delta)
http://www.investmenthouse.com/ct/ave.html
Play Date: 05/19/2003
PRX (Pharmaceutical Resources--$38.45; -1.05; optionable): Generic drugs
http://biz.yahoo.com/p/p/prx.html
STATUS: Put. PRX has been trading below the 50 day MVA (40.36) for the past two weeks after gapping below that level on massive volume. It has moved laterally between 37.50 and 40 since, but made a lower high last Friday on lower volume. It did not sell off hard Monday on the selling in the drug sector, but it is undergoing heavy distribution during this lateral move with money flow tanking ahead of the stock price. We are looking for it to make the breakdown on higher volume and follow that money flow lower.
Volume: 478.3K Avg Volume: 708.227K
BUY POINT: $38.18 Volume=700K Target=$35 Stop=$39.75
POSITION: PRX SH - July $40p (-56 delta)
http://www.investmenthouse.com/ct/prx.html
CONTINUING PLAYS:
Play Date: 05/17/2003
AOS (A.O. Smith--$31.01; -0.36; no options): Electric motor and water heater equipment
http://biz.yahoo.com/p/a/aos.html
STATUS: Testing the breakout. AOS is continuing the test despite the market selling. It sold below the 18 day MVA on the low (30.20) and then rebounded to close right at the 10 day MVA as volume fell off again. Very good action in the selling. Solid 7 to 2 accumulation in its 3-month base (7 up weeks on rising volume to 2 down weeks on rising volume), and money flow remains strong.
Volume: 101K Avg Volume: 89.227K
BUY POINT: $31.65 Volume=136K Target=$37.65 Stop=$30.25
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ct/aos.html
Play Date: 05/17/2003
CCU (Clear Channel Communications--$39.34; -1.34; optionable): Broadcast radio
http://biz.yahoo.com/p/c/ccu.html
STATUS: Cup w/handle. Still in the 4-month base showing solid 5 to 2 accumulation. CCU tested back to close at the 18 day MVA Monday on lighter, below average volume. Not bad action for a selling market. Outstanding money flow is still moving higher.
Volume: 2.887M Avg Volume: 4.468M
BUY POINT: $41.26 Volume=6.9M Target=$47.45 Stop=$39.25
POSITION: CCU JH - Oct. $40c (60 delta) &/or Stock
http://www.investmenthouse.com/ct/ccu.html
Play Date: 05/17/2003
EXTR (Extreme Networks--$5.08; -0.25; optionable): Internet software
http://biz.yahoo.com/p/e/extr.html
STATUS: Testing the 200 day MVA. EXTR is still in the breakout test, falling to the 200 day MVA on the Monday low (5.05) on lower, below average volume. Not bad at all in a selling market. Accumulation is solid at 6 up weeks on rising volume to 4 down weeks on rising volume. Money flow has shot up ahead of the stock price and is still leading the way higher.
Volume: 3.201M Avg Volume: 2.938M
BUY POINT: $5.45 Volume=4.5M Target=$7.42 Stop=$5.07
POSITION: EXJ IA - Sept. $5c (65 delta) &/or Stock
http://www.investmenthouse.com/ct/extr.html
Play Date: 04/05/2003
GPRO (Gen Probe--$36.29; -0.38; optionable): Research services
http://biz.yahoo.com/p/g/gpro.html
STATUS: Testing the breakout. GPRO broke out of its base in late April and has made two runs off the 10 day MVA since. Friday and Monday it came back to test lower on falling, below average volume. Monday it tested the 10 day MVA on the low (32.26) and rebounded sharply. Money flow is still up ahead of the stock and accumulation is excellent. Looking for it to snug up closer to the 10 day MVA and then provide a strong bounce higher.
Volume: 342.168K Avg Volume: 414.409K
BUY POINT: New: $37.25 (orig. $26.50) Volume=521K Target=$30.75 Stop=$34.05
POSITION: PSU HG - Aug. $35c (51 delta) &/or Stock
http://www.investmenthouse.com/ct/gpro.html
Play Date: 05/14/2003
HTCH (Hutchinson Technology--$26.54; -1.02; optionable): PC data storage devices
http://biz.yahoo.com/p/h/htch.html
STATUS: Ascending Triangle. Not giving up on it. HTCH shot higher Monday but could not hold the move, falling back to the 10 day MVA on the close as volume rose well above average. It remains in the pattern, however, and we are willing to let it ride out this current market volatility and see if it can still give us the breakout. Accumulation is solid at 6 up weeks on rising volume to 4 down weeks on rising volume. Another triangle that has formed after a cup base.
Volume: 891.837K Avg Volume: 555.272K
BUY POINT: $27.78 Volume=802K Target=$33.35 Stop=$25.84
POSITION: UTQ HE - Aug. $25c (74 delta) &/or Stock
http://www.investmenthouse.com/ct/htch.html
Play Date: 05/14/2003
LU (Lucent Technologies--$2.29; -0.07; no options): Telecom processing equipment
http://biz.yahoo.com/p/l/lu.html
STATUS: Cup w/handle. Solid move Thursday and Friday, LU pulled back some Monday on lower, below average volume, holding the move quite well in the selling market. It may come back to test the 10 day MVA at 2.20; as long as it does that on lighter volume that is okay. Solid 5 to 1 accumulation (5 up weeks on rising volume to 1 down week on rising volume) in the 4-month base and excellent money flow.
Volume: 37.716M Avg Volume: 41.697M
BUY POINT: New: Test toward 2.20 that holds and then rallies (orig. $2.32) Volume=60M Target=$3 Stop=$2.17
POSITION: - Stock
http://www.investmenthouse.com/ct/lu.html
Play Date: 04/28/2003
MED (Medifast--$9.2; -0.21; no options): Wholesale food
http://biz.yahoo.com/p/m/med.html
STATUS: Testing the breakout. MED rallied off the 10 day MVA (8.80) as expected, but then the late week market selling stalled the move. It did not send it back down, just moved it laterally. Monday MED tapped the 10 day MVA on the low and rallied back on stronger, above average volume. Solid money flow and accumulation support the stock, and we are looking for a break over the recent highs it is banging against to take new positions.
Volume: 188.5K Avg Volume: 136.863K
BUY POINT: New: $9.75 (orig. $8.70) Volume=145K Target=$10.42 Stop=$8.09
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ct/med.html
Play Date: 05/03/2003
NBIX (Neurocrine Biosciences--$47.87; -1.33; optionable): Biotechnology
http://biz.yahoo.com/p/n/nbix.html
STATUS: Cup w/handle. The market caught NBIX somewhat, sending it back to the 10 day MVA on rising, average volume. This is not a bad move after the breakout from its 5-month base sporting solid 4 to 2 accumulation and strong money flow. It is making that 10 day MVA that we saw as a possibility. Biotechs are moving well, and we are watching for NBIX to move higher on stronger volume.
Volume: 384.001K Avg Volume: 381.5K
BUY POINT: New: 48.65 on the way back up. From here if no test: 49.72 (orig. $48.20) Volume=600K Target=$54.25 Stop=$46.76
POSITION: UOT HI - Aug. $45c (64 delta) &/or Stock
http://www.investmenthouse.com/ct/nbix.html
Play Date: 05/07/2003
PWN (Cash America--$11.69; +0.39; no options): Pawn shops
http://biz.yahoo.com/p/p/pwn.html
STATUS: Testing the breakout. PWN ignored the market Monday, surging higher on rising, above average volume. It hit 11.96 on the high but then pulled back toward the close. That pullback is what we used to enter. It is still showing good accumulation and excellent money flow. It is still a buy on a further move up on volume.
Volume: 157.5K Avg Volume: 80.818K
BUY POINT: New: 11.78 (orig. $11.66 Volume=117K Target=$13.75 Stop=$11.03
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ct/pwn.html
Downside:
Play Date: 05/17/2003
SLAB (Silicon Labs--$26.6; -0.22; optionable): Semiconductors
http://biz.yahoo.com/p/s/slab.html
STATUS: Put. SLAB started down again Monday after breaking the 50 day MVA Friday, but it did not make a real drop further. The failure to sell in the overall market selling indicates that SLAB may test back toward the 50 day MVA (27.77) before falling again. We will look for that test toward that level, and then let it roll over.
Volume: 1.51M Avg Volume: 1.105M
BUY POINT: Test toward 27.75 then falling again (orig. $26.58) Volume=1.1M Target=$24 Stop=$28.06
POSITION: QFJ SF - July $30p (-66 delta)
http://www.investmenthouse.com/ct/slab.html
End part 2 of 3
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us stock market
stock trading
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