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trade stock, stock split
Begin part 2 of 3
THE PLAYS:
Weekend play results:
XRAY: Rallied up through the 200 day MVA on lower volume.
ABTL: Started higher on good trade but gave the move back.
JNPR: Still working laterally over the 10 day MVA.
TFSM: Bounced on stronger volume but still below average.
TPTH: Gapped higher but could not hold the move.
New Plays:
Downside:
Play Date: 02/02/2004
SCHN (Schnitzer Steel--$44.88; 0.00; optionable): Steel and iron
http://biz.yahoo.com/p/s/schn.html
STATUS: Put. Stellar run from May to January, and then peaked and started selling. It has sold down the 10 day MVA (45.42) since the peak. It tapped 40 on the Thursday low and has rebounded to test the 10 day. It gapped over that level Monday but then reversed to close below the 10 day. Looks ready to continue the downtrend. Not too ambitious, just looking for a trade down to the recent low.
Volume: 1.301M Avg Volume: 1.117M
BUY POINT: $44.55 Volume=1.5M Target=$40 Stop=$45.62
POSITION: SQQ OI - Mar. $45p (-47 delta)
http://www.investmenthouse.com/ci/schn.html
Upside:
Play Date: 02/02/2004
GEB (Genetronics Biomedical--$1.68; +0.18; no options): Medical instruments
http://biz.yahoo.com/p/g/geb.html
STATUS: Breakout. GEB is blasting off from a 15 week base sporting excellent 6 to 1 accumulation (6 up price weeks on rising volume to 1 down price week on rising volume), following surging money flow higher. An excellent base showing the right price/volume action, i.e., drying up at the bottom of the base then rallying as it moved up to the old high. The breakout volume Monday was solid. The base formed along the 50 day MVA (1.33) a sign of good institutional support. Relative strength broke out on the price breakout, another indication of strength as it shows the stock is currently outperforming rest of the market.
Volume: 1.698M Avg Volume: 687.363K
BUY POINT: $1.74 Volume=1M Target=$2.28 Stop=$1.58
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/geb.html
Play Date: 02/02/2004
IDXX (Idexx Labs--$49.60; +0.62; optionable): Diagnostic substances
http://biz.yahoo.com/p/i/idxx.html
STATUS: Double bottom w/handle. This one could turn into a split candidate for us. Volume jumped Monday as IDXX started toward the breakout from its 11 week base. Accumulation in the base is strong at 4 to 1 and the base formed at the 50 day MVA (47.08), both signs of institutional support. Money flow is solid and volume spiked higher Monday as IDXX started the breakout move. It could not hold the high (50.50), but it still looks solid.
Volume: 563.91K Avg Volume: 196.045K
BUY POINT: $50.22 Volume=500K Target=$58 Stop=$48.42
POSITION: UID GJ - July $50c (53 delta) &/or Stock
http://www.investmenthouse.com/ci/idxx.html
Play Date: 02/02/2004
JDSU (JDS Uniphase--$5.10; 0.00; optionable): Communications and other equipment
http://biz.yahoo.com/p/j/jdsu.html
STATUS: Testing the breakout. JDSU is testing the breakout from an 18 week cup base sporting strong 5 to 2 accumulation. Volume surged as it broke out from the base 11 sessions back. It has started moving laterally over the 10 day MVA (4.99). Typically when the 10 day MVA rises to meet the stock it typically starts the next leg higher. That is what we are looking for, that next break higher on stronger trade.
Volume: 63.623M Avg Volume: 43.049M
BUY POINT: $5.38 Volume=65M Target=$6.75 Stop=$4.98
POSITION: UQD FA - June $5c (59 delta) &/or Stock
http://www.investmenthouse.com/ci/jdsu.html
Play Date: 02/02/2004
VTSS (Vitesse Semiconductor--$8.54; +0.29; optionable): Semiconductor integrated circuits
http://biz.yahoo.com/p/v/vtss.html
STATUS: Breakout test. VTSS is bucking the semiconductor pullback, holding its gains over the 10 day MVA (8.22) as the overall chip index suffers. It reported breakeven earnings and grew revenues, and that was enough to really bring in the buyers last month. That broke the stock out of a 12 week base on strong trade. It came back to the 10 day MVA in the selling last week, but held, and started back up off that level Monday on a nice shot of stronger, above average volume. Looks strong and we are looking to pick it up from here if it can continue the move on strong trade.
Volume: 9.74M Avg Volume: 6.364M
BUY POINT: $8.66 Volume=9.5M Target=$10.44 Stop=$8.18
POSITION: VQT GU - July $7.50c (74 delta) &/or Stock
http://www.investmenthouse.com/ci/vtss.html
End part 2 of 3
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trade stock
stock split
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