|
|
stock option, stock market
Begin part 2 of 3
THE PLAYS
Plays from the Monday report:
ARXX: Nice volume breakout.
NUFO: Still moving up but needed more volume.
OTEX: Another good move on good volume.
TTMI: Nice breakout but could use more volume.
New Plays: We want to see perfect moves on these as the market has made a good move to this point.
Play Date: 01/06/2004
ATYT (ATI Technologies--$16.54; +0.52; optionable): Semiconductors
http://biz.yahoo.com/p/a/atyt.html
STATUS: Flat base. ATYT is in the process of a breakout from its 17 week base, rallying Tuesday on a strong, above average volume surge. Positive accumulation in the pattern and relative strength ready for the breakout. Want to see another good volume session as it moves through the buy point to enter positions.
Volume: 4.309M Avg Volume: 2.609M
BUY POINT: $16.72 Volume=3.9M Target=$20 Stop=$15.55
POSITION: QFY EC - May $15c (70 delta) &/or Stock
http://www.investmenthouse.com/ci/atyt.html
Play Date: 01/06/2004
DRAX (Draxis Health--$3.42; +0.04; no options): Wholesale drugs
http://biz.yahoo.com/p/d/drax.html
STATUS: Cup w/handle. DRAX broke out from a 4 month flat base in October and rallied to 3.60. From there it formed the current 8 week base showing excellent 3 to 0 accumulation (3 up price weeks on rising volume to 0 down price weeks on rising volume). That accumulation sets the stage for another good breakout and run as it shows more buyers than sellers as it consolidated. Strong money flow to match. It has been tapping and then jumping off the 18 day MVA (3.18) as it forms the handle. Looks ready to make the breakout.
Volume: 158.067K Avg Volume: 242.954K
BUY POINT: $3.62 Volume=364K Target=$4.55 Stop=$3.27
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/drax.html
Play Date: 01/06/2004
MIPS (Mips Technologies--$6.2; +0.68; no options): Semiconductors
http://biz.yahoo.com/p/m/mips.html
STATUS: Ascending triangle. MIPS is in the process of breaking out from an 8 week base. Tuesday it shot higher on extremely strong trade. The base shows excellent 4 to 0 accumulation and formed over the 50 day MVA (5.39), an indication that institutions were stepping in to buy the stock at that key support level. Surging money flow and relative strength moving for the breakout. MIPS makes nice runs out of these patterns.
Volume: 1.207M Avg Volume: 179.041K
BUY POINT: $6.32 Volume=269K Target=$7.65 Stop=$5.88
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/mips.html
Play Date: 01/06/2004
PTEK (PTEK Holdings--$9.56; +0.09; optionable): Telecom services
http://biz.yahoo.com/p/p/ptek.html
STATUS: Flat base. PTEK is moving up toward the top of its 12 week flat base. Unlike the other moves up to the top of the pattern, this one is showing a tremendous volume surge the past two sessions. Accumulation is solid at 4 to 2 and money flow is rising up ahead of the price. May sidestep some here near the top of the base at 10, forming a handle. We will look for a break over the Tuesday high as that should be the top of any handle. The handle is where the folks that bought at the top of the range get out 'even', selling as the stock approaches the old high. They see it fade back and sell. Once they are gone the overhead supply is cleared out and the stock can make its move.
Volume: 1.819M Avg Volume: 943.227K
BUY POINT: $9.78 Volume=1.4M Target=$11.75 Stop=$9.09
POSITION: QTE EB - May $10c (46 delta) &/or Stock
http://www.investmenthouse.com/ci/ptek.html
End part 2 of 3
|
stock option
stock market
|
