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us stock market, trade stock
Begin part 3 of 3
THE PLAYS
Good movers Thursday: EBAY; GMR; RTI; RWY
Wednesday night play results:
ABGX: Still working well in the handle of its base, taking a breather on low volume.
NTOP: Tanked lower on volume.
RTI: Gapped higher on tremendous volume.
New Plays for Friday:
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 (3 up weeks on rising volume to 1 down price week on rising volume), 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/cs/bpop.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/cd/mtex.html
Play Date: 01/22/2004
SNIC (Sonic Solutions--$20.27; +2.15; optionable): Business software
http://biz.yahoo.com/p/s/snic.html
STATUS: Reverse head and shoulders. SNIC is making a strong volume breakout move form a nice 14 week base sporting excellent 5 to 1 accumulation. Money flow is surging ahead of the stock and relative strength is ready to make the breakout. Nice move and we are looking to pick up positions on a further breakout move.
Volume: 1.632M Avg Volume: 519.363K
BUY POINT: $20.55 Volume=779K Target=$24.68 Stop=$19.11
POSITION: QNI ED - May $20c (58 delta) &/or Stock
http://www.investmenthouse.com/cd/snic.html
SUBSCRIBER PORTFOLIO: These are stocks subscribers suggest by vote that we put in a portfolio to track and move into the stocks if they set up well.
AVID, COH, DIS, GTRC, KKD, LPNT, OCR, TGT, UTSI, XMSR
XMSR: Volume was back above average as XMSR started up off of the breakout test. Looks ready but want to see it over 27.50.
SUBSCRIBER WATCHLIST
We continually receive ideas for potential plays from our subscribers. Many times they are already on our watchlists, other times not. We always take a look at them and sometimes find a few pearls. We are including subscriber choices that could develop into plays. We are not necessarily endorsing these, but want to provide a forum for subscribers with ideas that may appeal to their portfolio. Typically we will put these on without commentary, but if we see something we really like or dislike we will point it out. That way we can maybe come up with some new plays, find some plays that may fit your style, and have another great educational tool to discuss problems or good aspects about stocks our subscribers are looking at.
MDRX: Big volume spike Tuesday and raced higher Wednesday before reversing on volume. It is testing the move on much lighter volume now. If it holds 6 and then rebounds on rising trade it looks pretty solid.
ELGX: Volume has surged the past two weeks as ELGX moved to breakout from its 3.5 month flat base. It made the definitive move Wednesday on a huge volume spike. It ran in place Thursday. May come back to test 5 once more, but it is in the medical instruments sector, and when the rest of the market fades this group may continue higher.
Good Investing!
Jon L. Johnson and The Daily Staff
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 of 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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