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us stock market, stock watch
Begin part 3 of 3
THE PLAYS:
Good movers Tuesday: EEFT; IDSY; ISSC; OCLR; POG
Monday night play results:
BEV: Still holding the pattern, gapping up but fading.
JAKK: Still in the nice pullback.
BLL: Managed to rally with market on steady trade.
LOW: Volume kicked in as HD reported good earnings as well. Sold back to close below 10 day EMA, however. Will watch if falls from there.
New Plays:
Upside:
Play Date: 05/18/2004
EGLS (Electroglas--$4.72; -0.02; no options): Chip equipment
http://biz.yahoo.com/p/e/egls.html
STATUS: Double bottom. We will see if AMAT can generate any excitement in the chip equipment makers. EGLS is coming up toward the 'hump' in its 14 week base, etching out its right leg as it approaches 5. Volume kicked up the past week, rising to above average levels on up sessions. It is moving more or less laterally, maybe forming a handle to the base. Accumulation is a solid 4 to 2 (4 up price weeks on rising volume to 2 down price weeks on rising volume) with excellent money flow well ahead of price. Again, looking to see if AMAT has any positive effects.
Volume: 95.781K Avg Volume: 141.409K
BUY POINT: $5.05 Volume=212K Target=$6.08 Stop=$4.66
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/egls.html
Play Date: 05/18/2004
INGR (Intergraph--$25.42; +0.81; optionable): System and technical software
http://biz.yahoo.com/p/i/ingr.html
STATUS: Reverse head and shoulders. INGR has set up a 27 week base sporting solid 8 to 3 accumulation. After a serious drop February through March and explosive jump higher it has formed the right shoulder. Tuesday it jumped off the 18 day EMA (24.82) on very strong, above average volume. Looks ready to make the breakout.
Volume: 828.274K Avg Volume: 385.272K
BUY POINT: $26.02 Volume=600K Target=$31 Stop=$24.68
POSITION: IGQ JE - Oct. $25c (59 delta) &/or Stock
http://www.investmenthouse.com/ci/ingr.html
Play Date: 05/18/2004
RHAT (Red Hat--$25.22; +0.26; optionable): Internet software and services
http://biz.yahoo.com/p/r/rhat.html
STATUS: Ascending triangle. RHAT broke out an 11 week cup base in late April, surging on strong trade. It moved to 24, then started a range between 24 to 26 the past 8 weeks, building 2 to 0 accumulation as it moves up the 18 day EMA (24.88), making higher and higher lows below a constant top near 26. Strong money flow is helping lead the way.
Volume: 3.529M Avg Volume: 4.986M
BUY POINT: $26.32 Volume=7M Target=$30.25 Stop=$24.68
POSITION: RCV IE - Sept. $25c (57 delta) &/or Stock
http://www.investmenthouse.com/ci/rhat.html
Play Date: 05/18/2004
RIMM (Research in Motion--$99.98; +6.98; optionable): Telecom. Splits 2:1 on 6-7-04
http://biz.yahoo.com/p/r/rimm.html
STATUS: Pre-split. RIMM has worked laterally in a 10 week pattern. Not the best pattern but this stock can run when it gets some momentum behind it, and Tuesday volume leapt higher as the stock surged. Looking for a break over 100 to give it more momentum to carry it up to the prior high as an initial target to give us a 45% gain with the options.
Volume: 8.949M Avg Volume: 5.18M
BUY POINT: $100.55 Volume=7M Target=$111 Stop=$96.12
POSITION: RUP IT - Sept. $100c (57 delta)
http://www.investmenthouse.com/ci/rimm.html
Downside:
Play Date: 05/18/2004
BJS (BJ Services--$40.90; -0.82; optionable): Oil and gas services
http://biz.yahoo.com/p/b/bjs.html
STATUS: Put. Broke below the 50 day EMA (42.56) early in the month and made a low volume rise back up to that level. Showed a doji Monday and then rolled over on stronger, well above average volume. Looking for a run down toward the 200 day SMA (37.88) to post a solid 48% gain.
Volume: 3.97M Avg Volume: 2.039M
BUY POINT: $40.74 Volume=2.5M Target=$38.22 Stop=$42.44
POSITION: BJS SV - July $42.50p (-68 delta)
http://www.investmenthouse.com/ci/bjs.html
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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us stock market
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