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trade stock, stock recommendation
Begin part 3 of 3
THE PLAYS:
Wednesday night play results:
CNMD: Could not continue the Wednesday move, falling back to the bottom of the pattern.
CYTC: Still holding over the 18 day MVA as volume backed off to below average.
TKO: Took a breather on low volume after the strong Wednesday surge.
WMI: Still holding in the pattern, and holding up well in the market pullback.
New Plays:
Upside:
Play Date: 03/18/2004
KFY (Korn Ferry Intl.--$14.15; +0.53; no options): Staffing & outsourcing
http://biz.yahoo.com/p/k/kfy.html
STATUS: Cup w/handle. The stocks in this sector are setting up nicely and KFY is not exception. It had formed a nice 11 week base on top of the 50 day MVA (12.73). Solid 4 to 2 accumulation in the pattern (4 up price weeks on rising volume to 2 down price weeks on rising volume), setting the foundation for the breakout as it shows money moving into the stock during the base. Thursday the stock started to break higher and out of the pattern on strong trade. Money flow is surging and relative strength is making the breakout. The latter shows how solid the breakout is. Looking for KFY to follow the money and continue the breakout.
Volume: 601K Avg Volume: 181.727K
BUY POINT: $14.27 Volume=300K Target=$17.12 Stop=$13.27
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/kfy.html
Play Date: 03/18/2004
KRY (Crystellex Intl.--$3.39; +0.33; no options): Gold mining
http://biz.yahoo.com/p/k/kry.html
STATUS: Flat base. KRY is testing the break higher out of a 24 week base that formed over the 50 day MVA (2.90). Accumulation during the base is an excellent 8 to 3, showing money moving into the stock during the entire lateral move. Two weeks back it started to break out from the pattern on strong trade but it then faded back to the 18 day MVA (3.11) on very low, below average volume. That showed very few sellers during this breakout test. Thursday it vaulted off the 18 day MVA on rising, above average volume. Money flow has been strong all along, and now it is rising ahead of the stock. In addition relative strength is making the breakout as well, a good confirmation of the breakout tmove.
Volume: 1.789M Avg Volume: 759.09K
BUY POINT: $3.52 Volume=1.1M Target=$4.41 Stop=$3.24
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/kry.html
Play Date: 03/18/2004
TTP (Titan Pharmaceuticals--$5.20; +0.47; no options): Biotechnology
http://biz.yahoo.com/p/t/ttp.html
STATUS: Test 18 day MVA. TTP has broken out of a base on base pattern, two cup bases spanning October to March. We caught TTP on the Stock Split Report as it made its breakout from the second cup, a 6 week pattern that formed on top of the 50 day MVA (4.15). After coming back to test the 18 day MVA (4.67), the breakout point from the second cup, it started higher Thursday on rising volume. Looking for it to continue the resumption of the breakout as it follows the surging money flow.
Volume: 280.1K Avg Volume: 275.5K
BUY POINT: $5.28 Volume=300K Target=$6.59 Stop=$4.91
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/ttp.html
Downside:
Play Date: 03/18/2004
GGG (Graco--$40.5; -0.89; optionable): Machinery
http://biz.yahoo.com/p/g/ggg.html
STATUS: Put. GGG gapped through the 50 day MVA (41.12) 8 sessions back and has since made a low volume move back up to the 50 day. It tried to break over that level Wednesday and Thursday, but then rolled over as volume moved higher and closed above average. Looking for a test of the 200 day MVA (38.05) as the stock continues the move lower.
Volume: 153.7K Avg Volume: 115.5K
BUY POINT: $40.22 Volume=165K Target=$38.22 Stop=$41.38
POSITION: GGG QH - May $40p (-40 delta)
http://www.investmenthouse.com/ci/ggg.html
Good movers Thursday: CHT; OMNI; PTNR; ULTI
Good Investing!
Jon L. Johnson and your IH Alerts Team
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 in 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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trade stock
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