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stock recommendation, stock market report
Begin part 2 of 2
THE PLAYS
All plays from Monday's report still look solid.
NEW PLAYS:
Upside:
Play Date: 05/18/2004
WCN (Waste Connections--$40.65; +0.60; optionable): Waste Management
http://biz.yahoo.com/p/w/wcn.html
STATUS: Ascending triangle. WCN broke out from a 13 month cup with handle base in February, rallying on strong volume. It then fell into the current 14 week ascending triangle that is forming over the 50 day EMA (39.73). Accumulation in the base is an excellent 6 to 2 (6 up price weeks on rising volume to 2 down price weeks on rising volume). Solid money flow and relative strength already breaking out ahead of the stock a very bullish indication.
Volume: 175K Avg Volume: 254.363K
BUY POINT: $41.06 Volume=350K Target=$47 Stop=$39.62
POSITION: WCN JH - Oct. $40c (61 delta) &/or Stock
http://www.investmenthouse.com/ct/wcn.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/ct/bjs.html
CONTINUING PLAY TABLE:
* * SPREADSHEET DOWNLOAD * * *
The following link is to a spreadsheet download of the continuing play table. It will allow subscribers to sort the data for your personal investment use. This is a service to our subscribers only, and no other use of the information is authorized. Simply click on the link, enter your username and password, and download the spreadsheet!
http://www.technicaltraders.com/ttr/table.php
You will need your password. If you need help click on this link and our automated system will email it to you immediately once you fill in your email address:
http://www.investmenthouse.com/rescue/rescue.php3
LEGEND
DATE: date play first appeared on report.
PLAY: Denotes the type of pattern or play.
Upside play types: Asc Tri=Ascending triangle/wedge; BO=Breakout; Cup=Cup base; Cup hdl=Cup w/handle; DB hdl=Double bottom w/handle; Dbl btm=Double bottom; Flat=Flat base; FlyPlat=Flying Plateau; Pennant=Pennant; Rv H&S=Reverse head & shoulders; Saucer=Saucer base; Test 18=Testing 18 day MVA; Test 50=Testing 50 day MVA; Test BO=Testing the breakout (could be 10 day MVA test, etc.)
Downside play types: CCall=Covered Call; Dsc Tri=Descending triangle/wedge; Dbl Top=Double top; H&S=Head & shoulders; Put (generic downside);
PIVOT=Buy point
Tgt=Target stock price for the play. Applies to stock and options.
Vol=Volume for the most recent session.
TgtV=Target volume to enter the play.
Stop=Stop advisory point. This is advisory and we may or may not exit a play if it hits this level depending upon market conditions.
Upside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
ABMD 04/12 Test BO 11.03 +0.14 10.88 13 35K 115K 10.94
Current.
AMT 04/27 Test BO 12.9 +0.24 13.65 16.35 1.5M 4M 12.78
Buy Not Issued.
ASKJ 05/12 Test 50 37.2 +0.24 38.55 43.98 2.2M 5.4M 36.22
Current.
AVL 05/15 Test BO 16.9 +0.45 17.32 20.85 166K 140K 16.22
Buy Not Hit.
BCRX 05/11 Test 50 9.7 +0.28 9.72 11.55 156K 300K 8.96
Buy Not Issued. Tried to make the move as volume moved higher, but
could not hold it at the close. Still looks solid.
BLUD 05/18 Test BO 27.86 +2.11 27.49 32 623K 500K 25.57
Entered today. Bonus alert. A leader in a good sector (diagnostics)
that made a strong volume resumption of its breakout
after its 1st test after late April breakout from
its double bottom base.
CAND 05/12 Cup hdl 2.58 +0.04 2.68 3.35 40K 221K 2.49
Buy Not Hit.
CDIS 04/24 Cup hdl 28.53 -0.23 28.23 33.78 236K 475K 28.28
Current.
CEY 05/15 Asc Tri 36.52 +0.62 36.78 42.32 121K 263K 35.24
Buy Not Hit.
COO 05/15 Asc Tri 54.58 -0.09 55.88 64.25 196K 404K 54.18
Buy Not Hit.
DRIV 05/17 DB hdl 29.75 +1.28 29.62 34 800K 1.1M 27.55
Buy Not Issued. Needs a bit more volume as it moves through 30.
DYAX 04/28 Cup 13.45 +0.35 15.03 17.95 99K 371K 13.62
Current.
EFII 05/06 Cup hdl 26.79 -0.05 27.48 32 255K 725K 25.78
Buy Not Issued.
EXBD 05/12 Cup hdl 52.82 +0.72 54.02 62 177K 361K 51.52
Buy Not Hit.
JAKK 05/17 Test BO 16.89 +0.14 17.22 20.65 358K 398K 16.01
Buy Not Hit.
KROL 05/01 Asc Tri 28.1 +0.16 30.37 34.55 309K 773K 29.18
Current. Explosive move after hours up $8 on a cash takeover. As it is cash, it probably wont get sweeter, but it puts a lot of change in our pocket.
LEXG 05/03 Cup hdl 7.07 +0.23 7.62 9.15 136K 369K 7.09
Buy Not Hit.
MCHP 05/05 Test 50 29.16 +0.7 31.21 34.75 1.9M 4M 29.03
Current.
MDT 05/03 DB hdl 49.1 -0.2 51.78 59 4.5M 7.5M 49.92
Buy Not Hit.
MIPS 04/21 DB hdl 6.77 +0.32 6.82 8.22 134K 339K 6.48
Current.
OSIP 05/10 Test BO 79.34 -1.01 77.18 89 3.6M 6M 73.88
Current.
PHMD 04/07 DB hdl 3.52 +0.04 3.02 3.82 106K 322K 3.54
Current.
PSYS 05/08 Cup hdl 24.49 -0.1 24.54 28.75 143K 300K 22.62
Current.
PTEK 05/03 Test BO 9.95 +0.08 10.88 13.05 221K 1.1M 10.22
Buy Not Issued.
SKIL 01/03 Cup hdl 11.73 -0.24 9.32 11.24 458K 518K 11.98
Trailing Stop. Took the rest off of the table as it slid below the
50 day & could not retake it by the close. Still a
nice gain on the remaining stock positions.
SLXP 05/01 Test 18 33 +0.88 32.06 37.88 196K 350K 30.88
Buy Not Issued.
WAT 03/20 Cup hdl 44.62 +0.5 40 46.12 1M 850K 42.28
Current.
WWCA 05/10 Test BO 24.81 +0.68 25.22 29 888K 2.7M 23.45
Buy Not Issued.
Downside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
$SOX 05/05 Put 452.25 +3.94 443.12 424 0 0 451.22
Current. AMAT beat street on earnings, revenues. Choppy after
hrs but scratched out a modestly higher after hrs close.
SOX stalled @ 10 day EMA intraday so let it ride for
another session.
BC 05/17 Put 39.28 +0.81 38.25 36 317K 850K 40.02
Buy Not Hit.
BG 05/01 Put 34.09 -0.23 37.65 34.45 618K 884K 35.71
BRL 05/10 Put 44.53 -0.14 45.22 41.22 841K 1.6M 46.35
Buy Not Issued.
DHI 05/15 Put 26.69 +0.12 26.41 24.05 1.3M 2M 27.29
Current.
DHR 05/13 Put 89.88 +0.88 89.75 86.25 471K 950K 91.65
Current.
EMIS 05/10 Put 5.53 -0.17 4.98 4 87K 145K 5.22
Current.
ESST 05/08 Put 11.64 +0.56 11.64 9.88 291K 825K 12.11
Buy Not Issued.
LOW 05/17 Put 51.1 +1.42 49.49 47 6.5M 5M 50.92
Buy Not Hit.
MSTR 05/15 Put 45.4 +0.51 44.32 40.38 222K 626K 46.45
Current.
NTE 05/06 Put 16.63 +0.44 16.76 13.75 400K 1.3M 17.88
Current.
POG 05/13 Put 26.02 -0.63 26.04 23.78 386K 800K 27.24
Entered today.
VSH 05/08 Put 18 +0.38 18.45 16.55 1.3M 2.6M 18.97
Current.
Good Investing!
Jon L. Johnson and your Technical Traders Report 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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stock recommendation
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