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trade stock, stock option
Begin part 2 of 3
THE PLAYS:
Tuesday play results:
ACLS: Sold off with the rest of the market, cut some losses, still holding the pattern.
MATK: Excellent volume breakout.
BPA: Still a very solid base.
New Plays:
Upside:
Play Date: 05/12/2004
ASKJ (Ask Jeeves--$37.70; +0.61; optionable): Internet information provider
http://biz.yahoo.com/p/a/askj.html
STATUS: 50 day EMA test. Nice breakout and run March to April. As a big mover, it took the selling hard to end April and begin March. It has come back to test the 50 day EMA (34.53), but the character changed in March. The volume fell well below average. When it hit the 50 day volume jumped, and it has been jumping the past two sessions on above average volume. Looks ready to take to the high road once more.
Volume: 5.726M Avg Volume: 3.569M
BUY POINT: $38.25 Volume=5.4M Target=$43.98 Stop=$35.88
POSITION: AUK IH - Sept. $40c (49 delta) &/or Stock
http://www.investmenthouse.com/ci/askj.html
Play Date: 05/12/2004
CRZO (Carrizo Oil & Gas--$8.88; -0.04; no options): Independent oil and gas
http://biz.yahoo.com/p/c/crzo.html
STATUS: Breakout test. Nice breakout from an 11 week double bottom with handle pattern in mid-April. CRZO rallied to 9.50, and then in the past week has sold back with the oil sector and indeed the market. It has checked up at the 10 day EMA (8.77), showing a very tight doji after a 4 day pullback. After a breakout that often means it is ready to continue the run. Excellent 4 to 1 accumulation (4 up price weeks on rising volume to 1 down price week on rising volume) in the base set a solid foundation with money moving into the stock. Strong money flow continues even as it comes back to test.
Volume: 116.646K Avg Volume: 82.863K
BUY POINT: $9.08 Volume=125K Target=$10.95 Stop=$8.46
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/crzo.html
Play Date: 05/12/2004
LPNT (Lifepoint Hospitals--$35.98; -0.01; optionable): Hospitals
http://biz.yahoo.com/p/l/lpnt.html
STATUS: Breakout test. LPNT gapped out of a 13 week cup w/handle base in late April, ran to 36, and is now coming back to test the move. Solid 5 to 3 accumulation in the base that formed over the 50 day EMA (34.12); good money moving into the stock and the hold at the 50 day shows solid support. It tapped at the 18 day EMA on the Wednesday low (35.32) and then rebounded to show a doji on average volume. Money flow is strong and it looks ready to continue the move.
Volume: 503.294K Avg Volume: 466.636K
BUY POINT: $37.25 Volume=700K Target=$43 Stop=$35.42
POSITION: PUN HG - Aug. $35c (64 delta) &/or Stock
http://www.investmenthouse.com/ci/lpnt.html
Play Date: 05/12/2004
MXIM (Maxim Integrated--$48.41; -0.90; optionable): Semiconductors
http://biz.yahoo.com/p/m/mxim.html
STATUS: Double bottom. MXIM is approaching the middle 'hump' in its 12 week base. Volume surged the past two weeks as it bottomed on the right leg of the base and started back up. It cleared the 50 day EMA (47.79) four sessions back on very strong trade and has eased back on lower trade Wednesday, tapping the 200 day SMA (47.34) on the low and rebounding to recoup most of its loss for the session. Looking for the stock to resume the move. Chips were lagging somewhat today on the rebound; want to see strong volume and a clean breakaway move.
Volume: 8.462M Avg Volume: 6.011M
BUY POINT: $50.12 Volume=9M Target=$55.95 Stop=$48.55
POSITION: XIQ HJ - Aug. $50c (44 delta)
http://www.investmenthouse.com/ci/mxim.html
End part 2 of 3
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