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trade stock, stock option
Begin part 2 of 3
THE PLAYS:
Wednesday night play results:
ATSN: Started higher but unlike most stocks, could not hold the move.
CCRN: Continued the move though volume backed off.
GENE: Breaking higher on continued solid trade.
MIPS: Strong volume but ran in place.
New Plays:
Upside:
Play Date: 04/22/2004
IVGN (Invitrogen--$75.00; +3.13; optionable): Biotechnology
http://biz.yahoo.com/p/i/ivgn.html
STATUS: Double bottom. Jumped off the 50 day EMA (71.66) as it reported strong earnings and rallied on strong, above average volume. It formed what we call a 'flying W' double bottom as it did not test all the way back to the prior bottom before taking off on volume. Solid 4 to 2 accumulation (4 up price weeks on rising volume to 2 down price weeks on rising volume), showing that money is moving into the stock during this pullback. Very good accumulation for this stage of the base as it just comes off the second bottom. Looking to make a trade of this one with an initial target to 80 (with the options); we will let it run past that if it will.
Volume: 1.979M Avg Volume: 890.318K
BUY POINT: $75.78 Volume=1.2M Target=$87 Stop=$74.22
POSITION: IUV HO - Aug. $75c (54 delta) &/or Stock
http://www.investmenthouse.com/ci/ivgn.html
Play Date: 04/22/2004
MGAM (Multimedia Games--$25.57; +0.42; optionable): Gaming activities
http://biz.yahoo.com/p/m/mgam.html
STATUS: Cup. Volume shot higher Thursday as MGAM posted a modest gain as it continues to work on the right side of its 7 week base that formed over the 50 day EMA (23.57). A base over that level is a good indication the stock has solid support. Money flow is surging higher ahead of the stock price, and we are looking for MGAM to follow it. May form a handle near 26, but if volume stays strong we will start a position as it moves through the buy point.
Volume: 3.402M Avg Volume: 1.12M
BUY POINT: $26.06 Volume=1.7M Target=$31.28 Stop=$24.24
POSITION: QMG JE - Oct. $25c (59 delta) &/or Stock
http://www.investmenthouse.com/ci/mgam.html
Play Date: 04/22/2004
NATI (National Instruments--$34.10; +0.97; optionable): Computer peripherals
http://biz.yahoo.com/p/n/nati.html
STATUS: Reverse head and shoulders. Volume moved up to average as NATI jumped off the 10 day EMA as it continued its move off the 50 day EMA (32.27). Strong money flow is moving up ahead of price and relative strength is ready for the breakout. Accumulation in the 12 week pattern is a solid 3 to 1. Looking for the breakout on even better trade.
Volume: 224.866K Avg Volume: 246.727K
BUY POINT: $34.38 Volume=350K Target=$40 Stop=$32.62
POSITION: JOZ IW - Sept. 33.38c (61 delta) &/or Stock
http://www.investmenthouse.com/ci/nati.html
Play Date: 04/22/2004
RWY (Rent-Way--$9.07; +0.34; no options): Rental and leasing
http://biz.yahoo.com/p/r/rwy.html
STATUS: Cup w/handle. Volume has come alive the past week as RWY started bucking for the breakout from its 12 week base that formed roughly over the 50 day EMA (8.56), a good sign of support. Strong 5 to 2 accumulation in the base with money flow running higher ahead of the stock. Relative strength is ready to make the breakout as well, a sign of a solid breakout.
Volume: 141.6K Avg Volume: 93.727K
BUY POINT: $9.26 Volume=141K Target=$11.12 Stop=$8.61
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/rwy.html
End part 2 of 3
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