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us stock market, stock split
Begin part 3 of 3
THE PLAYS
Good moves Thursday: GRA; PMTI; SNDA
Wednesday night play results:
COL: Took a breather on low volume in its nice base.
GRA: Super breakout on tremendous volume.
JCP: Still setting up for the breakout move.
PHRM: Started the move but volume forgot to show up.
Upside:
Play Date: 08/26/2004
BOL (Bausch & Lomb--$65.13; -0.47; optionable): Medical instruments (contact lenses, etc.)
http://biz.yahoo.com/p/b/bol.html
STATUS: Double bottom w/handle. BOL is easing back in a nice, low volume handle this week, putting the finishing touches on a 20 week base. Accumulation in the pattern is outstanding at 8 to 1, showing heavy buying during the base and setting the foundation for a good breakout. Money flow is also outstanding, surging higher and out ahead of price. After this pullback toward the 10 day EMA (64.57) BOL will be ready to deliver the breakout move.
Volume: 196.6K Avg Volume: 385.636K
BUY POINT: $66.42 Volume=578K Target=$72 Stop=$64.44
POSITION: BOL AM - Jan. $65c (56 delta) &/or Stock
http://www.investmenthouse.com/ci/bol.html
Play Date: 08/26/2004
CSAR (Caraustar--$16.07; +0.57; no options): Paper and paper products (recycled paperboard)
http://biz.yahoo.com/p/c/csar.html
After Hours: $17.75
STATUS: Breakout test. Paper? Yes, a nice 7.5 month cup with handle base that provided the breakout seven sessions back. Strong 9 to 3 accumulation in the base set up the breakout. Thursday volume shot higher once more as CSAR took off to follow strong money flow higher. Relative strength broke out as well. Starting the next leg higher, ready to continue the breakout run.
Volume: 293.812K Avg Volume: 124.727K
BUY POINT: $16.22 Volume=175K Target=$19 Stop=$15.08
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ct/csar.html
Play Date: 08/23/2004
WCN (Waste Connections--$29; +0.14; optionable): Waste Management
http://biz.yahoo.com/p/w/wcn.html
STATUS: Cup w/handle. A post-split play, WCN split in late June and is now working laterally above the 50 day EMA (28.54) in a very flat and tight handle. Volume surged Thursday as money flow is shooting higher, a 'get ready' spike telling us to get ready for the breakout move.
Volume: 542.9K Avg Volume: 321.681K
BUY POINT: $29.06 Volume=400K Target=$32.15 Stop=$28.35
POSITION: GWC JY - Oct. $26.62c (95 delta) or WCN AF - Jan. $30c (35 delta) &/or Stock
http://www.investmenthouse.com/cs/wcn.html
Downside:
Play Date: 08/26/2004
PTEK (PTEK Holdings--$8.71; -0.33; optionable): Telecom
http://biz.yahoo.com/p/p/ptek.html
STATUS: Put. PTEK cratered through the 200 day SMA (9.91) two weeks back and has made a rally back to the 18 day EMA (9.38) as the market moved higher, but the volume has been rather anemic. Thursday the stock turned back down on much stronger trade. Money flow is still tanking and it continues under distribution. Looking to move in on a further move lower.
Volume: 728.922K Avg Volume: 668.363K
BUY POINT: $8.68 Volume=725K Target=$7.39 Stop=$8.89
POSITION: QTE VB - Oct. $10p (-72 delta)
http://www.investmenthouse.com/ci/ptek.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
stock split
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