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us stock market, stock picking
Begin part 2 of 3
THE PLAYS
Plays from the Wednesday report:
ABGX: Still in the handle on lower volume.
DVA: Took a breather on low volume. Still a nice pattern.
MEDT: Volume jumped and it started up but could not hold the gain.
PLXT: Not doing it.
TLAB: Tanked. So much for the pullback.
New Plays:
Play Date: 01/22/2004
ANPI (Angiotech Pharmaceutical--$50.93; +1.93; optionable): Drugs. Splits 2:1 on a date to be announced.
http://biz.yahoo.com/p/a/anpi.html
STATUS: Double bottom. Volume was up Thursday as ANPI started toward the breakout from an 18 week base that used the 50 day MVA (46.75) as the floor. We like that because that level is where the big money steps in to support a stock. The base has solid accumulation at 5 to 2 (5 up price weeks on rising volume to 2 down price weeks on rising volume), another indication of big money moving into the stock over the period of the base. Money flow is surging and ANPI is moving up to follow it. Want to see a further volume move to make the breakout and move into the stock.
Volume: 471.736K Avg Volume: 352.045K
BUY POINT: $51.32 Volume=528K Target=$59 Stop=$47.68
POSITION: AUJ FJ - June $50c (58 delta) &/or Stock
http://www.investmenthouse.com/ci/anpi.html
Play Date: 01/22/2004
BPOP (Popular, Inc.--$47.28; -0.19; optionable): Foreign regional banks
http://biz.yahoo.com/p/b/bpop.html
STATUS: Cup w/handle. BPOP is forming a very nice handle to a 7 week base that has formed right on top of the 50 day MVA (45.71). This stock has been a market leader, and this is another very nice base showing 3 to 1 accumulation, another indication of institutional support. It has eased back to the 10 day MVA (47.10), showing a very tight doji Thursday on a spike in volume. This combination of indicators tells us to get ready for the next breakout. Looking for another high volume session as BPOP breaks higher and follows money flow.
Volume: 285.965K Avg Volume: 132.272K
BUY POINT: $48.29 Volume=200K Target=$55.55 Stop=$46.54
POSITION: BQW GI - July $45c (81 delta) &/or Stock
http://www.investmenthouse.com/ci/bpop.html
Play Date: 01/22/2004
CHT (Chunghwa Telecom--$15.50; +0.02; optionable): Chinese wireless communications
http://biz.yahoo.com/p/c/cht.html
STATUS: Cup w/handle. Working on low, below average volume in a two week handle to a 10 week base. This stock was a new issue in July, and this is a very good looking base sporting 4 to 1 accumulation, showing money has been moving in all through the consolidation. Money flow is leading higher as volume remains low. It is preparing for a breakout and we just have to be patient and let it show the move on strong volume.
Volume: 296.9K Avg Volume: 407.59K
BUY POINT: $15.68 Volume=1.1M Target=$18.85 Stop=$15.12
POSITION: CHT FC - June $15c (70 delta) &/or Stock
http://www.investmenthouse.com/ci/cht.html
Play Date: 01/22/2004
MTEX (Mannatech--$14.75; +1.59; no options): Drug related products
http://biz.yahoo.com/p/m/mtex.html
STATUS: Double bottom w/handle. Health stocks in general have formed up nice bases, and MTEX is no exception. It is making the breakout from a nice 7 week base that formed on the heels of a 4 month flat base July to October. Accumulation in the current base is a solid 3 to 1, showing money moving into the stock. It is another stock that has formed its base over the 50 day MVA (11.21), another indication of solid support. Thursday it was racing to a breakout on strong volume. We are looking at picking it up on a further extension of the move.
Volume: 714.348K Avg Volume: 234.954K
BUY POINT: $14.94 Volume=352K Target=$17.95 Stop=$13.89
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/mtex.html
End part 2 of 3
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us stock market
stock picking
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