|
|
us stock market, stock picking
Begin part 2 of 3
THE PLAYS:
Tuesday night play results:
NGAS: Burst higher on volume but then gave it back.
TMWD: Still working on a nice handle on low volume.
ZILA: Started back and looks as if it is going to form a handle over the 10 day MVA.
ZOOM: Volume dropped and it stalled. Still solid.
New Plays:
Upside:
Play Date: 04/07/2004
$SOX (Philly Semiconductor Index--$507.22; -0.85; optionable):
http://biz.yahoo.com/p/^/^sox.html
STATUS: Test 50 day MVA. As noted in the market summary, NASDAQ and SOX have formed longer bases and have turned to accumulation. After the 2 week rally SOX ahs come back to tap at the 50 day MVA (496) Wednesday, and then rebounded sharply. We are looking for it to use this intraday reversal to start the move higher, picking up positions as it moves through the April/August up trendline.
BUY POINT: $514 Volume=0 Target=$545 Stop=$508
POSITION: SJX ED - May $520c (36 delta)
http://www.investmenthouse.com/ci/$sox.html
Play Date: 04/07/2004
BBOX (Black Box--$56.54; -0.11; optionable): Networking & communication
http://biz.yahoo.com/p/b/bbox.html
STATUS: Cup w/handle. BBOX is forming a nice, tight handle to its 11 week base. The base formed over the 50 day MVA (52.22) a very good sign of institutional support. Accumulation during the base is a solid 4 to 2 (4 up price weeks on rising volume to 2 down price weeks on rising volume); that shows money moved into the stock during the base as well. Very nice pattern; all it needs to show us is a volume breakout through the buy point.
Volume: 97.619K Avg Volume: 235.909K
BUY POINT: $56.98 Volume=354K Target=$65 Stop=$54.72
POSITION: QBX IK - Sept. $55c (61 delta) &/or Stock
http://www.investmenthouse.com/ci/bbox.html
Play Date: 04/07/2004
GNLB (Genelabs--$3.08; +0.28; no options): Diagnostic substances
http://biz.yahoo.com/p/g/gnlb.html
STATUS: Cup w/handle. Making the breakout from a 10 week base sporting strong 4 to 1 accumulation. Super money flow is surging ahead of price and relative strength is making the breakout. Tuesday volume surged as GNLB started the move. Looking to pick it up on a continued solid volume move through the buy point.
Volume: 1.39M Avg Volume: 494.681K
BUY POINT: $3.18 Volume=700K Target=$4 Stop=$2.84
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/gnlb.html
Play Date: 04/07/2004
PHMD (Photomedex--$2.77; +0.17; no options): Excimer laser-based instrumentation to treat skin diseases.
http://biz.yahoo.com/p/p/phmd.html
STATUS: Double bottom w/handle. Volume is surging as PHMD starts the breakout move from a 9 month double bottom w/handle base. Accumulation is an outstanding 12 to 3 in the pattern, showing us that big money was accumulating the stock even as it corrected. Great price/volume action, drying up on the second leg as it tested lower and then surging as it rallied up to complete that leg. Surging money flow and we are looking for PHMD to follow that money flow to a strong breakout.
Volume: 452.511K Avg Volume: 214.954K
BUY POINT: $2.88 Volume=322K Target=$3.62 Stop=$2.65
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/phmd.html
End part 2 of 3
|
us stock market
stock picking
|
