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Begin part 2 of 3
We needed additional room so the report is 3 parts this evening.
THE PLAYS
Good movers Wednesday: ENCY; GPRO; MATK; NTPA; PLMD; JAH; SEAC; SFE; UOPX; ZMH; MND
On Monday and Wednesday we include some new choice plays and update others that look ready to make the next move.
NEW PLAYS
Play Date: 09/17/2003
ENMD (Entremed--$5.08; +0.7; optionable): Medical labs
http://biz.yahoo.com/p/e/enmd.html
STATUS: Cup. ENMD is starting to make the move to form the right side of its 13 week cup base, starting higher the past two weeks on swelling volume. After selling off to the bottom of the pattern, volume dried up, coming in well below average week after week. It has now started to rise as it should when the stock starts to form the right side of the base, and it sports strong 3 to 1 accumulation (3 up weeks on rising volume to 1 down week on rising volume) already at this juncture in the pattern. That is an indication there is plenty of big money buying. Wednesday ENMD was juping higher on strong volume, breaking over the July high and following money flow higher. While we usually wait until a stock rallies further and forms a handle, ENMD can run up close to its former high (6.53) and make us a nice gain right there and then breakout and really run.
Volume: 1.988M Avg Volume: 593.636K
BUY POINT: $5.18 Volume=890K Target=$6.48 Stop=$4.44
POSITION: QMA AA - Jan. $5c (65 delta) &/or Stock
http://www.investmenthouse.com/cs/enmd.html
Play Date: 09/17/2003
NSM (National Semiconductor--$35.12; +0.86; optionable): Semiconductors
http://biz.yahoo.com/p/n/nsm.html
STATUS: Breakout. NSM reported excellent earnings and raised its guidance in early September and jumped higher. It has moved laterally below 34 the past two weeks on lower volume. Wednesday it started up again on strong, rising volume. This is more a momentum play, using the breakout to open a position in a stock that has emerged as a leader in the semiconductor sector.
Volume: 6.258M Avg Volume: 3.804M
BUY POINT: $35.35 Volume=5M Target=$42 Stop=$32.88
POSITION: NSM AG - Jan. $35c (55 delta) &/or Stock
http://www.investmenthouse.com/cs/nsm.html
CONTINUING LEADER PLAYS
Play Date: 09/02/2003
CRUS (Cirrus Logic--$6.41; +0.04; optionable): Semiconductors
http://biz.yahoo.com/p/c/crus.html
STATUS: Testing the breakout. CRUS continues to work laterally over the 10 day MVA (6.23) as it presses up against resistance at 6.50. The stock broke out from an 8.5 month cup with handle in August and ran to 6.90 on the high. Strong money flow is leading the way as it works laterally on low volume. Looks ready.
Volume: 610.141K Avg Volume: 1.436M
BUY POINT: New: 6.55 (orig. $6.41) Volume=2.3M Target=$8 Stop=$5.82
POSITION: CUQ LA - Dec. $5c (75 delta) &/or Stock
http://www.investmenthouse.com/cs/crus.html
Play Date: 09/04/2003
HGSI (Human Genome Sciences--$15.53; -0.04; optionable): Biotechnology
http://biz.yahoo.com/p/h/hgsi.html
STATUS: Cup w/handle. HGSI has formed a very nice handle to its 3 month base, holding on the close over the 10 day MVA (15.48). Tuesday it showed a doji over the 10 day MVA on very low volume. This is a very nice pattern that has formed.
Volume: 1.137M Avg Volume: 2.142M
BUY POINT: Breakout: $16.78 (orig. $16.48) Volume=3M Target=$19.68 Stop=$14.88
POSITION: HQI AC - Jan. $15c (61 delta) &/or Stock
http://www.investmenthouse.com/cs/hgsi.html
End part 2 of 3
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