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stock recommendation, stock market report
Begin part 2 of 2
On Tuesday and Thursday we issue a market summary and choice plays for the next session. Full reports are issued Monday, Wednesday and Saturday.
THE PLAYS
Good movers Tuesday: BBBY; GGNS; GLDN; MER; MTSN;
NEW PLAYS:
Upside:
Play Date: 07/15/2003
$SOX (Philly Semiconductor Index--$401.87; -0.21; optionable): Chip index
http://biz.yahoo.com/p/$/$sox.html
STATUS: Cup w/handle. The semiconductor index continues to work in the handle of its 7.5 month base, butting its head up against a breakout over 407 to 409 on the highs. Many leading chips have the same pattern (e.g., NVLS, KLAC), and we are looking for the overall SOX to follow their lead and make the breakout. It has to hold the move, but if it clears the recent highs we will be ready to enter positions.
BUY POINT: $409.45 Target=$448 Stop=$404
POSITION: SOY HA - Aug. $405c (49 delta)
http://www.investmenthouse.com/ct/$sox.html
Play Date: 07/15/2003
PWAV (Powerwave Technologies--$7.55; -0.4; optionable): Telecom equipment
http://biz.yahoo.com/p/p/pwav.html
STATUS: Testing the breakout. PWAV exploded out of a 7 month reverse head and shoulders base in early July. Accumulation in the base was a solid 9 to 4 (9 up weeks on rising volume to 4 down price weeks on rising volume) with excellent money flow and a relative strength breakout to boot. It has come back the past week to test the breakout, holding the 10 day MVA (7.48) Tuesday. Volume was strong on the pullback Tuesday, but it was because PWAV announced a convertible offer. Many strong stocks have done this during 2003 and take an initial hit on the announcement. This has provided very good entry points on these stocks in the past, and we are looking for a similar opportunity here. Still want to see it recover well, howeer, with a solid move up off the 10 day MVA on some good upside trade.
Volume: 5.53M Avg Volume: 1.371M
BUY POINT: $8.12 Volume=2.1M Target=$9.75 Stop=$7.45
POSITION: VFQ KU - Nov. $7.50c (58 delta) &/or Stock
http://www.investmenthouse.com/ct/pwav.html
Play Date: 07/15/2003
ORBK (Orbotech--$17.01; +0.11; optionable): Business software
http://biz.yahoo.com/p/o/orbk.html
STATUS: Cup w/handle. Working through a 7.5 month cup with handle base showing super 11 to 3 accumulation and a really nice handle forming in a very tight flat range. Money flow is up ahead of price. What we really like is the way volume has shot higher the past two sessions. Looking for a strong volume breakout.
Volume: 148.805K Avg Volume: 71.954K
BUY POINT: $17.65 Volume=150K Target=$21.22 Stop=$16.41
POSITION: OKQ JW - Oct. $7.50c (48 delta) &/or Stock
http://www.investmenthouse.com/ct/orbk.html
WATCHLIST/ CONTINUING:
LEGEND
DATE: date play first appeared on report.
PLAY: Denotes the type of pattern or play.
Upside play types: A Wedge=Ascending triangle/wedge; BO=Breakout; Cup=Cup base; Cup hdl=Cup w/handle; DB hdl=Double bottom w/handle; Dbl btm=Double bottom; Flat=Flat base; FlyPlat=Flying Plateau; Pennant=Pennant; Rv H&S=Reverse head & shoulders; Saucer=Saucer base; Test 18=Testing 18 day MVA; Test 50=Testing 50 day MVA; Test BO=Testing the breakout (could be 10 day MVA test, etc.)
Downside play types: CCall=Covered Call; DWedge=Descending triangle/wedge; Dbl Top=Double top; H&S=Head & shoulders; Put (generic downside);
PIVOT=Buy point
Tgt=Target stock price for the play. Applies to stock and options.
Vol=Volume for the most recent session.
TgtV=Target volume to enter the play.
Stop=Stop advisory point. This is advisory and we may or may not exit a play if it hits this level depending upon market conditions.
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
$SOX 07/15 Cup hdl 401.87 -0.21 409.45 448 0 0 404
New.
$SOX 07/04 Cup hdl 401.87 -0.21 386.25 405 0 0 398.25
Target Hit. Took the rest of the gain.
ADAT 06/28 Cup hdl 3.73 +0.06 3.95 5 71K 201K 3.67
Buy Not Hit.
AFL 06/12 H&S 32.09 +0.07 30.78 28 2M 2.8M 31.55
Current.
ALN 07/07 Test BO 20.18 -0.33 18.55 22.35 1.9M 465K 17.25
Buy Not Issued.
APOL 05/27 Test 50 65.36 +0.2 55.07 62 1.6M 2.7M 62.45
Current.
BBBY 06/21 Put 39.16 -0.67 39.92 36.75 2.8M 4M 39.48
Current.
CAO 06/28 Cup hdl 15.05 -0.24 14.82 17.85 332K 400K 13.74
Buy Not Issued.
CCMP 07/07 Cup hdl 59.45 +0.07 56.25 64.65 1.2M 1.3M 52.31
Buy Not Issued.
CGFW 06/11 Cup hdl 8.9 -0.2 7.75 9.35 117K 120K 8.44
Current.
CGNX 07/09 Test BO 25.95 +0.35 25.25 30 532K 465K 23.48
Buy Not Issued.
CHINA 06/21 Test BO 14.12 -0.34 7.95 9.55 19M 2.8M 10.78
Current.
CTV 07/12 Test BO 10.79 -0.17 11.08 13.88 327K 265K 10.38
Current.
DNY 06/21 FlyPlat 27 +0.13 26.25 30.25 352K 926K 25.22
Buy Not Issued.
DSCM 07/10 Test BO 5.39 -0.45 6.45 8.12 738K 425K 6
Buy Not Hit.
EPIC 05/08 FlyPlat 6.86 -0.02 3.15 4 288K 145K 5.88
Current.
EXLT 06/16 Flat 9.9 -0.1 9 11 509K 1.1M 8.94
Current.
FDRY 06/18 Test 18 16.86 -0.95 16.26 19.55 3.7M 5M 16.25
Current.
FFIV 07/14 A Wedge 17.55 -0.45 18.96 23 408K 800K 17.55
Buy Not Hit.
FLIR 05/08 PreSplt 30.63 -0.92 25.85 29.38 654K 401K 30.68
Exited. Trailing stop.
FLSH 05/22 Test BO 13.18 -0.41 10.55 12.75 198K 195K 12
Current.
FLSH 05/12 Rv H&S 13.18 -0.41 9.2 10.96 198K 195K 12
Current.
FSII 07/12 Cup hdl 4.84 0 4.9 6.25 376K 333K 4.45
Current.
GERN 06/16 Test BO 8.74 +0.27 7.55 9.95 1.2M 2.5M 7.85
Current.
GGNS 07/14 BO 3.64 +0.24 3.7 4.72 1.7M 250K 3.22
Current. Strong volume surge higher, but gave a big portion
back. Just going to let it work for us.
GLDN 07/12 Test BO 30.09 +1.74 28.05 33.75 338K 200K 26.09
Buy Not Issued. Excellent move and we watched it make it. Nice volume
up off the 18 day MVA test.
GPRO 06/17 A Wedge 49 +0.07 41.75 48 366K 766K 45.25
Current.
GPRO 04/05 Dbl btm 49 +0.07 26.5 30.75 366K 521K 45.25
Current.
GSPN 06/26 Test 50 9.27 -0.61 8.85 10.75 2.7M 3.7M 8.65
Current.
GTW 06/30 Cup hdl 4.09 -0.1 4.06 5.35 891K 2.5M 3.78
Buy Not Issued.
HB 06/16 Put 50.42 +0.1 49.95 46.95 91K 175K 50.78
Current.
HIL 05/22 Test BO 16.4 -0.06 9.2 11.2 257K 250K 15.12
Current.
HIL 05/03 BO 16.4 -0.06 7.45 8.96 257K 250K 15.12
Current.
HPOL 07/08 Test BO 7.14 +0.05 7.22 8.95 194K 541K 6.68
Current.
HPOL 06/14 Test BO 7.14 +0.05 6.7 8.38 194K 541K 6.68
Current.
HPOL 06/04 Cup hdl 7.14 +0.05 5.85 6.95 194K 541K 6.68
Current.
HTCH 05/14 A Wedge 36.43 -0.1 29 33.35 642K 802K 33.95
Current.
ICST 05/29 A Wedge 33.57 -0.57 25.5 29.75 1.1M 2.5M 31
Current.
IDT 07/12 Cup hdl 18.01 +0.01 18.26 21.95 128K 200K 17.25
Buy Not Hit.
IMAX 06/18 Flat 8.82 -0.39 8.35 10.42 504K 822K 8.72
Current.
INET 07/08 Test BO 5.72 +0.03 5.44 6.55 1.5M 1M 5.03
Current.
INTU 06/26 Put 43.21 -0.78 43.95 39.35 2.7M 6M 44.55
Buy Not Issued.
ISSI 06/14 Cup hdl 8.1 +0.03 5.56 6.95 372K 592K 7.48
ITRI 07/09 Cup hdl 23.59 -0.41 23.4 27.65 76K 224K 21.95
Current.
JNPR 07/12 Test BO 14.77 -0.26 15.12 18.85 22M 22M 14.06
Buy Not Issued.
KEA 07/02 A Wedge 13.98 -0.19 14.08 16.94 279K 509K 13.09
Buy Not Issued.
LSCP 06/30 Flat 8.3 +0.02 8.35 10.12 104K 140K 7.74
Current.
MER 04/28 Cup hdl 53.8 +2.39 43.32 49.55 18M 7.5M 47.96
Current.
MOBE 04/24 Cup 5.6 +0.25 1.88 2.38 955K 110K 4.32
Current.
MTSN 07/10 BO 4.75 +0.4 4.33 5.75 361K 150K 3.96
Current.
NCN 05/21 Cup hdl 10.09 +0.1 8.65 10.48 510K 254K 9.78
Current.
NCOG 06/21 Put 19 +0.34 17.7 15.45 81K 175K 18.28
Exited.
NENG 05/05 Cup hdl 3.73 -0.38 2.08 3.44 486K 232K 4.05
Current.
NVLS 06/23 Cup hdl 39.35 -0.16 38.32 45.55 12M 12M 36
Current.
ORBK 07/15 Cup hdl 17.01 +0.11 17.65 21.22 149K 150K 16.41
New.
PCVA 06/25 BO 9 +0.01 7.88 9.44 106K 195K 7.45
Buy Not Issued.
PDLI 06/19 Put 14.46 +0.26 14.75 12.04 2.1M 2.5M 14.75
Current.
PKI 03/04 Test BO 14.76 +0.04 9.16 13.55 582K 1M 13.75
Current.
PPCO 06/24 A Wedge 21.87 -1.48 21.7 26.85 196K 129K 22.05
Exited. Trailing stop.
PSEM 07/09 Test BO 11.02 +0.03 10.93 12.95 114K 161K 10.12
Current.
PWAV 07/15 Test BO 7.55 -0.4 8.12 9.75 5.5M 2.1M 7.45
New.
QLGC 07/01 Test BO 52.56 +0.49 52.12 60 7.6M 8M 49.88
Buy Not Issued.
RINO 06/28 Put 11.62 +0.02 12.12 10 162K 375K 12.54
Current.
RKY 06/19 Put 48.36 +0.28 50.35 46.45 326K 668K 50.05
Current.
SCH 07/14 Cup hdl 11.78 +0.23 11.92 14.45 8M 7.5M 11.05
Buy Not Issued. Volume was solid, but SCH made a quick run to the buy
point and then faded. Still solid.
SEIC 07/04 Cup hdl 35.47 -0.45 34.3 39.25 740K 827K 33.85
Current.
SEPR 06/23 Put 20.03 -0.49 17.96 14.55 1M 2.4M 20.05
Buy Not Issued.
SGMS 05/29 Test BO 9.59 -0.1 8.55 10.15 309K 571K 9
Current.
STG 07/09 Cup hdl 3.06 -0.08 2.94 3.65 437K 148K 2.73
Current.
SWIR 07/07 Test BO 8.51 -0.2 7.38 8.96 836K 355K 6.94
Current.
TSG 07/14 Cup hdl 27.15 +0.5 27.12 33 956K 1.5M 25.22
Buy Not Issued. Gapped up but volume was just not that strong. May
regret not moving in, but wanted to see more volume.
TSM 06/18 Test 18 10.34 -0.04 10.95 13 9.2M 9M 10.06
Buy Not Issued.
UTEK 06/28 Test BO 22.47 +0.53 22.05 26.45 435K 615K 20.75
Buy Not Issued. Rising volume but still trying to get over 22.75.
That is where it needs to break on volume.
VTSS 07/08 BO 6.92 +0.05 6.65 7.88 5M 8M 5.94
Current.
WDR 06/21 Test BO 27.2 -0.2 25.35 30.25 372K 578K 25.95
Current.
WFII 04/30 Cup 12.3 -0.25 7.55 9 247K 261K 11.65
Current.
WSH 07/12 Put 29.06 +0.3 29.45 26 1.2M 1.4M 30.12
Buy Not Hit.
XICO 07/02 A Wedge 8.33 +0.53 7.25 8.65 179K 172K 7.45
Current.
XING 07/02 Test BO 12.91 -0.41 11.2 13.55 1M 499K 11.94
Current.
XRIT 07/04 Cup 10.96 +0.1 11.09 13.45 16K 75K 10.56
Current.
YHOO 12/11 Test 50 32.36 +0.16 17.32 25 13M 20M 32.15
Current.
ZRAN 07/12 Cup hdl 24.78 +0.27 24.11 28.95 1.1M 1.6M 22.42
Buy Not Hit.
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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stock recommendation
stock market report
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