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Begin part 3 of 3

THE PLAYS

Good movers Thursday: CETV; SBUX

Wednesday night play results:
FDS: Not the move we wanted, tanking through the 18 day EMA on rising volume.
INFY: Still a very nice handle forming as it ignores the market.
IT: Working in the handle on very light trade.
PDYN: Still making the test, coming back toward the 18 day EMA as expected.

New Plays:

Upside:

Play Date: 07/01/2004
ACF (Americredit--$19.71; +0.18; optionable): Credit services
http://biz.yahoo.com/p/a/acf.html
STATUS: Breakout test. A nice, easy pullback to test last week's breakout from a 17 week cup with handle base. The base sports solid 6 to 3 accumulation (6 up price weeks on rising volume to 3 down price weeks on rising volume), telling us that big money has been moving in during the base. The pattern formed over the 50 day EMA (18.05) and the volume was on strong volume. Very nice pullback to test the breakout. Strong money flow and relative strength ready to breakout again as ACF outperforms the market.
Volume: 1.224M Avg Volume: 1.297M
BUY POINT: $20.12 Volume=1.8M Target=$24.15 Stop=$18.71
POSITION: ACF KD - Nov. $20c (55 delta) &/or Stock
http://www.investmenthouse.com/ci/acf.html

Play Date: 07/01/2004
ANDW (Andrew Corp.--$19.92; -0.09; optionable): Telecom equipment
http://biz.yahoo.com/p/a/andw.html
STATUS: Cup w/handle. In this market patterns don't always look beautiful, but if they have the necessary elements, they breakout and run just the same. A solid 11 week base that formed over the 50 day EMA (18.94) and sporting solid 4 to 2 accumulation. After a high volume surge off the 50 day last week it has come back to test and hold at the 10 day EMA (19.76) on lower, below average volume, trading in a narrow range. Looking for a high volume jump off of this test. ANDW ignored the market as it sold off Thursday, a very good sign of leadership as it makes its own wake.
Volume: 2.396M Avg Volume: 2.725M
BUY POINT: $20.88 Volume=4.1M Target=$24.38 Stop=$19.42
POSITION: AQN JD - Oct. $20c (54 delta) &/or Stock
http://www.investmenthouse.com/ci/andw.html

Play Date: 07/01/2004
CACS (Carrier Access--$13.25; +1.33; optionable): Telecom equipment
http://biz.yahoo.com/p/c/cacs.html
STATUS: Cup. Received an upgrade Thursday and shot higher on strong, strong volume. It is coming off the bottom of a 22 week base, jumping off the 50 day EMA (11.59). Money flow is surging higher ahead of price, and accumulation is positive at 5 to 4 in the base; at this stage of the pattern, positive accumulation is good. It is only going to get better as it rallies. Nice play because it can give us a solid return without having to hit a new high since the base started.
Volume: 2.021M Avg Volume: 323K
BUY POINT: $13.62 Volume=484K Target=$16.95 Stop=$12.67
POSITION: CQQ JV - Oct. $12.50c (64 delta) &/or Stock
http://www.investmenthouse.com/ci/cacs.html

Play Date: 07/01/2004
SLXP (Salix Pharmaceuticals--$32.82; -0.13; optionable): Drug related products. Splits 3:2 on 7-15-04
http://biz.yahoo.com/p/s/slxp.html
STATUS: Cup w/handle. After a nice run from an August 2003 breakout that ran SLXP up to 35, SLXP needed a breather and has formed the current 6 week base. It is moving laterally the past three sessions, moving on very low, below average volume, forming the handle to the base. This is where the last sellers are shaken out as they become frustrated that the stock is stalling below the prior high. Once they are gone the stock is in stronger hands and can make the breakout. Want to see volume surge on the move through the buy point. With the split about two weeks away, it is getting into that range where the momentum takes over.
Volume: 157.928K Avg Volume: 332.363K
BUY POINT: $33.62 Volume=500K Target=$38.68 Stop=$31.65
POSITION: PQN JF - Oct. $30c (71 delta) &/or Stock
http://www.investmenthouse.com/ci/slxp.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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