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us stock market, stock market
Begin part 2 of 3
THE PLAYS:
Wednesday night play results:
AXYX: Paused on the breakout move on some lower trade. Should take a short rest and then continue.
INSP: One more test of the 10 day MVA.
TPTH: Easing back on lower volume to tap support and get ready to resume.
ZIXI: Nice move back to the 10 day MVA to better form the handle.
New Plays:
Upside:
Play Date: 04/15/2004
KMRT (Kmart Holding--$43; +0.32; optionable): Variety store rebirth
http://biz.yahoo.com/p/k/kmrt.html
STATUS: Breakout test. This is not the old K-Mart. Its new CEO has turned around Sears, Auto Zone, and other left for dead retailers. KMRT surged in March as it broke out, and it is making its first real test of that move, falling back to the 18 day MVA on the Tuesday low (42.02) and bouncing back for a gain. Nice low volume pullback to test the run, and now we look for it to blow past the 10 day MVA on above average volume.
Volume: 457.078K Avg Volume: 829.181K
BUY POINT: $43.58 Volume=1M Target=$50 Stop=$41.68
POSITION: KTQ FH - June $40c (67 delta) &/or Stock
http://www.investmenthouse.com/ci/kmrt.html
Play Date: 04/15/2004
SIRI (Sirius Satellite Radio--$3.78; +0.03; optionable): Satellite radio
http://biz.yahoo.com/p/s/siri.html
STATUS: Cup w/handle. Nice handle forming to the 14 week base, pulling back to the 18 day MVA (3.58) Wednesday and starting to bounce back up Thursday. Nice 4 to 1 accumulation in the base (4 up price weeks on rising volume to 1 down price week on rising volume), showing us that money moved into the stock during the pullback. Nice low volume pullback to form the handle. Now all we do is wait for a high volume surge.
Volume: 32.705M Avg Volume: 53.193M
BUY POINT: $4.22 Volume=80M Target=$5.25 Stop=$3.92
POSITION: QXO IA - Sept. $5c (40 delta) &/or Stock
http://www.investmenthouse.com/ci/siri.html
Play Date: 04/15/2004
VCLK (Valueclick--$11.54; -0.25; optionable): Advertising agencies
http://biz.yahoo.com/p/v/vclk.html
STATUS: Breakout test. VCLK is coming back to test the breakout from a 7 week reverse head and shoulders base. It exploded higher last Friday but then fell back in the market selling to test the breakout, holding over the 18 day MVA (11.17) on the lows and bouncing back to close. Volume surged Thursday as it rebounded but held right at the 10 day MVA on the close. Excellent 4 to 1 accumulation in the short base, setting the foundation for a strong move when the breakout resumes.
Volume: 2.155M Avg Volume: 1.104M
BUY POINT: $12.12 Volume=1.7M Target=$14.55 Stop=$11.27
POSITION: QCS IV - Sept. $12.50c (43 delta) &/or Stock
http://www.investmenthouse.com/ci/vclk.html
Play Date: 04/15/2004
WMS (Williams Industries--$30.85; -0.15; optionable): Diversified electronics
http://biz.yahoo.com/p/w/wms.html
STATUS: Breakout test. Big breakout from an 8 week double bottom in late March. It has come back to test that breakout the past two weeks, pulling back as the market sold but doing so on very light, below average volume. Nice test and money flow is still running higher even as the stock pulls back. Looking for volume to jump back up as the stock does the same.
Volume: 347.4K Avg Volume: 396.272K
BUY POINT: $31.22 Volume=500K Target=$36 Stop=$30.22
POSITION: WMS GF - July $30c (61 delta) &/or Stock
http://www.investmenthouse.com/ci/wms.html
End part 2 of 3
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us stock market
stock market
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