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world stock market, us stock market
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10/12/04 Investment House Daily
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Investment House Daily Subscribers:
MARKET ALERTS:
Target hit alerts issued Tuesday: None issued
Buy alerts issued: ENER
Trailing stop alerts: SERO
Stop alerts: SNDK; SFD; CK
The market alert service is a premium level service where we issue intraday alerts relating to the general market conditions, when stocks hit action points (buy, stop, target, etc.), and when we see other information impacting the market or our stocks. To subscribe to the Daily alert service you can sign up at the following link:
http://www.investmenthouse.com/alertdly.htm
SUMMARY:
- Stocks spooked on Tuesday open, hold support and rebound on better trade.
- Chain store sales continue their climb toward holiday season.
- Nice test lower brings in some buyers.
- INTC misses, but trades up after hours along with other chips. Will the market take the lead?
Nice recovery. Stocks needed it.
The low volume recovery Monday was on the ropes early Tuesday. Futures were seriously in the tank early on some less than savory news for semiconductors. Phillips announced its chip sales were flat and was pounded in Europe. The ISA then announce August world chip equipment sales fell 29% with the US (-31%) and China (-50%) leading lower. Throw in MER with some lackluster earnings and you have the makings for a down open in an already skittish market.
NASDAQ gapped below the 18 day EMA and continued selling. SP500 opened above its 200 day SMA, but quickly gave that up and went looking for another support level. Both sold to next support and there they held, NASDAQ at 1900, SP500 at the 50 day EMA. That stopped the selling. There was no immediate rebound, no trumpets blaring, no bell ringing, just a slow, steady recovery that built on itself as the session wore on. Volume built throughout the session as well. When the closing bell sounded SP500 had recovered the 200 day SMA and more on rising volume while NASDAQ retook the 18 day EMA and almost closed above the September highs, also moving on stronger volume.
Once again stocks managed to rebound from the session lows and close near the highs. Unlike Monday, volume was much stronger. That shows some accumulation even if the indexes finished negative, a positive development as buyers stepped back in when stocks were down. SP500 topped the Friday selling volume, a pretty decent show of strength though not as strong as the Thursday selling volume. Overall, it was a positive session: bad news started stocks lower, but they held next support, shook off the news, rebounded on stronger, above average volume, retaking support that was broken. Once again they are set to rebound. Once again they need to do it.
THE ECONOMY
Chain store sales get a boost from Columbus Day.
Chain store sales posted another weekly gain, rising 0.5% on top of the 0.3% gain the prior week. Cooler weather helped apparel sales, and the extra shopping day Monday thanks to Columbus Day helped push sales along even more. Year over year sales grew 3.7% as opposed to the 2.6% gain the week before. According to UBS, most stores were at or above their sales plans for the week.
The consumer continues to strengthen despite some slowing sentiment reports and continued rising gasoline costs. Thus far consumers have mostly ignored rising gas prices, able to offset them for now with the 5% growth in earnings seen this year. If prices remain high, however, that cannot last. Indeed, prices are already starting to top $2/gal once more; when it costs $25 to fill up a small car, that starts to hurt. Of course, a 40 gallon SUV or truck hurts even more. We are not far from that increase in earnings being soaked up by increases in gasoline costs once again, and that burns up discretionary income. Instead of going to buy some good or service, the money is burned up in the tank without producing anything really new. The only beneficiary is the producer and seller.
Thus, as long as oil prices remain this high, inexorably gasoline prices will rise because it is also heating oil season and refineries need to produce more heating oil. Heating oil is already high because of low inventories. Thus there is a double squeeze ongoing, and when this happens for several months on end, the consumer ultimately suffers. Indeed, oil prices above $35/bbl for an extended period, regardless of inflation adjustments, has led to at least a slowdown in business activity. In its worst case scenario it has led to recession.
Prices need to go lower, but at the present there is not a lot to suggest they will. Each time the oil stocks and oil service stocks start to show cracks, they recover, and then oil prices rise again as well. It is when everyone is convinced things will continue to rise with no end in sight, however, that the end typically comes. With the election still two weeks away and fears of terrorism ahead of that, and problems in several oil producing countries, there seems to be plenty to continue driving prices near term.
THE MARKET
Things looked really bad before the open, but as is often the case, when things seem really good or really bad that is when change occurs. After the opening selling took stocks through near support, they found the next level and, in the words of the Fed, gained traction. Stocks started a steady albeit slow recovery, and volume recovered with them. The could not hold the highs of the afternoon rally into the close, but they held most of the gains. All in all a positive session that left stocks in position to make a higher low and continue the upside move.
Market Sentiment
VIX: 15.05; +0.34
VXN: 20.93; +0.88
VXO: 15.17; +0.18
Put/Call Ratio (CBOE): 1; +0.19. A second close at 1 or better in the past week. Many were ready to jump onto the downside Tuesday and continued to be pessimistic even as stocks recovered into the close. The put/call ratio is a contrary indicator, meaning it usually is a signal of the opposite. In other words, when it rises there are more buying puts than calls, betting on the downside, and when that happens it often gives rise to an upside stock move.
NASDAQ
NASDAQ gapped below the 18 day EMA, tapped near next support at 1900, and then found buyers. It remains in position to make a higher low and continue the rebound.
Stats: -3.59 points (-0.19%) to close at 1925.17
Volume: 1.523B (+29.19%). After taking a day off Monday, volume surged back, rising just above average. Not a great resurgence; volume was much lower than on the selling sessions to end last week. A good start, however, as the index recouped over 20 points to close.
Up Volume: 622M (-102M)
Down Volume: 857M (+416M)
A/D and Hi/Lo: Decliners led 1.33 to 1. Recovered from -3+:1 early on.
Previous Session: Advancers led 1.48 to 1
New Highs: 76 (+3)
New Lows: 55 (+2)
The Chart: http://www.investmenthouse.com/cd/^ixq.html
Unlike Monday, Tuesday showed us something with a sell off, test of support, and a rebound on rising volume. Sellers were in charge, but they lost control and buyers took over, driving stocks higher to the close. NASDAQ closed negative, but given the sell off and rebound, it is hard to call the action negative. After the test of 1900 and well above the 50 day EMA (1897), it is in position to make a higher low and also holding the September consolidation (high close at 1921). In short, it is ready to make the rebound if it can find a catalyst in the INTC and YHOO numbers.
NASDAQ 100 tested toward the 50 day EMA on the low, rebounded, and recovered to hold the 18 day EMA on the close. Still below the 200 day SMA and the down trendline, but held the September consolidation and ready to rebound as with NASDAQ overall.
SOX lagged ahead of the INTC earnings, but held the 50 day SMA (384.68) as it rebounded to the close. Still has a couple of tops from 404 to 406 to deal with near term.
S&P 500/NYSE
Tapped the 50 day EMA on the low and rebounded to hold the 200 day SMA on rising, above average volume. A very good test and hold of two important support levels.
Stats: -2.55 points (-0.23%) to close at 1121.84
NYSE Volume: 1.32B (+40.41%). Very nice volume recovery as the large cap index did the same. Still closed negative, but given the price action in holding and recovering key support levels, the rising recovery volume was a positive development for a continued move higher.
Up Volume: 437M (-16M)
Down Volume: 872M (+395M)
A/D and Hi/Lo: Decliners led 1.12 to 1. Nice recovery as the small caps turned and closed flat.
Previous Session: Advancers led 1.15 to 1
New Highs: 91 (+7)
New Lows: 39 (+12)
The Chart: http://www.investmenthouse.com/cd/^spx.html
Very solid price/volume action as SP500 tapped the 50 day EMA (1113) on the low and then rebounded to close back above the 200 day SMA (1119) in a round trip session. Though it finished negative on the session, it closed higher then the opening price after a nice recovery. A good test of important support and then a higher volume recovery. Again, very positive price/volume action, and SP500 is set up for a higher low and a continuation of the rebound rally.
SP600 sold as well, but it rebounded after holding some prior price tops at 290, showing a very nice doji with tail on the close. That tail shows the sellers were in charge, but the buyers took over and ran the table, carrying SP600 back up to flat on the close. Now it is in position to try for yet another new high.
DJ30
The blue chips managed to recover from their selling as well, but they still look shaky. In position to make a higher low, but languishing below the 50 day EMA (10,151). Pinching off some between 10,000 and the 200 day SMA (10,294), but still needs to be led as opposed to being a leader.
Stats: -4.79 points (-0.05%) to close at 10077.18
Volume: 215 million shares Tuesday versus 157 million shares Monday.
The chart: http://www.investmenthouse.com/cd/^dji.html
WEDNESDAY
The stage is more or less set for a continuation of the August rally with the indexes and leaders reaching lower and then rebounding to close near the session highs and hold near support. All of this was done ahead of the INTC, YHOO and other earnings, anticipating something to rally about.
After hours INTC was holding modest gains from the close while the rest of the chip sector, relieved INTC showed no inventory overhang, was rallying as well. YHOO cooled the internet stocks right after its release, but as the late session wore on, it improved above its 4:00ET close. Not a rip roaring reception, but setting the stage for a continuation of the rebound from the August lows, making another higher low.
When stocks dip the dips are sharp, but thus far the market has managed to continue the move higher in spite of rising oil prices and what appears to be a slowing economy. Logically this cannot continue indefinitely; rising oil prices only exacerbate slowing economic conditions, and both impact earnings. Stocks rally because they anticipate higher earnings down the road. Either stocks will have to stop rising or there is more growth in the picture than most pundits allow for.
That keeps us looking down the road for speed bumps, but right now it looks as if stocks are intent upon continuing the rebound near term, at least into the first part of earnings. That is not an unusual scenario, i.e. rallying into earnings then rolling over as earnings lose their excitement. The market certainly set itself up for a move higher as earnings start with last week's sharp decline. Stocks tested lower and rebounded, and that placed many leaders in a good rebound position. Again, those will be our overall focus.
Support and Resistance
NASDAQ: Closed at 1925.17
Resistance:
October gap up point at 1952.
The 200 day SMA at 1964
January/late June down trendline at 1970
Price resistance at 2050
Support:
The 18 day EMA at 1916
The low of the September range at 1900
September gap up point at 1894
The 50 day EMA at 1897
The October 2002/March 2003 up trendline at 1884
S&P 500: Closed at 1121.84
Resistance:
1125 to 1130 is prior price resistance, and 1128 is the September closing high.
The March/June down trendline at 1129
1142-1146 are the June highs.
The April and January highs (1150 to 1155).
1159 (February highs) and 1160 to 1175 the highs in that double top that spanned late 2001, early 2002.
Support:
The 200 day SMA at 1119.92
The 50 day EMA at 1115
The 50 day SMA at 1107
1096 to 1100 represent price support.
May low at 1084 (closing) to 1076 (intraday).
1080 (May and July lows).
1064 (August low).
Dow: Closed at 10,077.18
Resistance:
The 50 day SMA at 10,120
The 50 day EMA at 10,151
The February/June 2004 down trendline at 10,250
The 200 day SMA at 10,294
Late April, June peaks at 10,478 to 10,512
10,570 is the early April high
Price consolidation at 10,600 level
10,747 is the February high
Support:
9980 to 10,000 held last week.
9900 is some support from the May and July lows.
9783 to 9793, the August lows.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
October 14
Trade Balance, August (8:30): -$51.4B expected and -$50.1B prior
Export Prices ex-agriculture., September (8:30): 0.4% prior
Import Prices ex-oil, September (8:30): 0.4% prior
Initial Jobless Claims, 10/09 (8:30): 340K expected and 335K prior
October 15
Business Inventories, August (8:30): 0.6% expected and 0.9% prior
PPI, September (8:30): 0.1% expected and -0.1% prior
Core PPI, September (8:30): 0.2% expected and -0.1% prior
NY Empire State Index, October (8:30): 25.0 expected and 28.3
Retail Sales, September (8:30): 0.7% expected and -0.3% prior
Retail Sales ex-auto, September (8:30): 0.3% expected and 0.2% prior
Industrial Production, September (9:15): 0.3% expected and 0.1% prior
Capacity Utilization, September (9:15): 77.5% expected and 77.3% prior
Michigan Sentiment-Preliminary., October (9:45): 94.0 expected and 94.2 prior
Treasury Budget, September (2:00): $22.0B expected and $26.3B prior
THE PLAYS
THE PLAYS
Good movers Tuesday: AIRT; AMT; GRA; SBAC; SNDA
Monday night play results:
BEV: Still working on the handle to the nice base.
ENER: Nice volume but gave back much of the move.
WWCA: Still in the nice handle.
New plays for Wednesday:
Upside:
Play Date: 10/12/2004
HURC (Hurco Cos.--$15.20; +0.53; no options): Scientific and technical instruments
http://biz.yahoo.com/p/h/hurc.html
After Hours: $15.20
STATUS: Breakout test. HURC blasted out of a 16 week cup with handle base in late September, surging on strong volume. It is now making the first test of the breakout, sliding back to the 18 day EMA (13.54) intraday Tuesday and then rebounding on strong volume for a nice gain. Money flow is surging ahead of price and relative strength broke out on the original move, a good corroboration of the breakout as it shows the stock is moving better than the broader market. Looking to step in on a further rvolume move higher.
Volume: 293.401K Avg Volume: 99K
BUY POINT: $15.55 Volume=150K Target=$18.74 Stop=$14.46
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/cd/hurc.html
Play Date: 10/12/2004
MFE (Network Associates--$20.50; -0.33; optionable): Security software
http://biz.yahoo.com/p/m/mfe.html
STATUS: Breakout test. Broke out in August from its 18 week base, then moved into a 5 week flat consolidation over the 18 day EMA (20.40). Volume faded as it moved laterally and then broke higher once again in early October on strong volume. It then started fading back this week in the selling. Tuesday it held the 18 day EMA on the close after trading below that level intraday. Volume jumped to back above average as it rebounded to hold that level. Looking for volume to continue higher as it makes a further rebound.
Volume: 1.765M Avg Volume: 1.596M
BUY POINT: $20.78 Volume=1.8M Target=$24.42 Stop=$20.32
POSITION: MFE AD - Jan. $20c (61 delta) &/or Stock
http://www.investmenthouse.com/cd/mfe.html
Play Date: 10/12/2004
UPCS (Ubiquitel--$4.61; +0.15; no options): Telecom wireless
http://biz.yahoo.com/p/u/upcs.html
After Hours: $4.61
STATUS: Flat base. Volume has moved above average the past week as UPCS came off the bottom of its 24 week base. Accumulation in the pattern is an excellent 7 to 2, showing almost all buyers and setting up the breakout move. Relative strength has already broken out ahead of the stock, a very bullish move. Looking to pick up some positions on a solid volume move through the buy point.
Volume: 477.787K Avg Volume: 424K
BUY POINT: $4.72 Volume=600K Target=$5.89 Stop=$4.49
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/cd/upcs.html
New buy point on current play:
Play Date: 09/30/2004
WIND (Wind River Systems--$12.70; -0.14; optionable): Business software
http://biz.yahoo.com/p/w/wind.html
After Hours: $12.96
STATUS: Breakout test. WIND blasted out of a 24 week double bottom with handle base to start the month. It is making its test of that move, sliding back to the 10 day EMA (12.60) Tuesday, rebounding to hold that level on the close, showing a nice doji. That typically means it is ready to resume the breakout move. Want to see volume jump as it does.
Volume: 355.044K Avg Volume: 670.272K
BUY POINT: New: $13.05 (orig. positions: $12.16) Volume=973K Target=$15.48 Stop=$12.45
POSITION: QWV BV - Feb. $12.50c (59 delta) &/or Stock
http://www.investmenthouse.com/cd/wind.html
SUBSCRIBER PORTFOLIO: These are stocks subscribers suggest by vote that we put in a portfolio to track and move into the stocks if they perform well. If you have any suggestions for additions or deletions, email us. We don't cover them all each report, just when something interesting is developing.
BR, COH, EASI, EBAY, GTRC, HDWR, JNPR, MSFT, QCOM
COH: Breaking below the 200 day SMA on rising volume.
JNPR: Tapped the 200 day SMA on the low and rebounded for a gain on rising, average volume.
QCOM: Nice lateral move along the 10 day EMA on low volume. Setting up for the next move higher.
SUBSCRIBER WATCHLIST
We continually receive ideas for potential plays from subscribers. Many times they are already on our watchlists, other times not. We always take a look and sometimes find a gem or two, or more. We don't necessarily endorse these, but want to provide a forum for subscribers with ideas that may appeal to other subscribers. We may just put on the ticker or we might describe our thoughts as to why or why not we think it is a buy or sell. This is a way we can all learn a bit more and maybe find a few more candidates to make us some good money.
Upside:
URBN: Moving laterally along the 10 day EMA on below average volume. Very tight range as it sets up for the next break higher.
CONTINUING PLAYS
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http://investmenthouse.com/daily/table.php
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LEGEND FOR CONTINUING PLAY TABLE
DATE: date play first appeared on report.
PLAY: Denotes the type of pattern or play.
Upside play types: Asc Tri=Ascending triangle; 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; 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.
PLAY STATUS: Buy not hit (stock has not hit buy point); Buy not issued (stock has hit buy point but did not enter due to weak volume, poor intraday action, poor market action); Current (ongoing play already entered); Entered today (entered the play that session); Exited (closed the position); Target hit (play hit initial target; will note if took all or partial gain or let run further); Trailing stop (exited using a trailing stop loss).
Upside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
AAPL 09/14 Test BO 38.29 -0.3 36.32 42 8M 8.5M 38.88
Current. Tapped 37.65 at the low and rallied back showing a doji just above the 18 day MVA on stronger above average volume. Doji may indicate a change in pattern.
AH 09/08 DB hdl 42.55 0 38.89 44.12 361K 1M 41.21
Current. Tapped 41.90 at the low and rallied back closing flat on lower, below average volume. Moving up after testing the breakout.
AIRT 10/05 Test BO 28.93 +2.13 26.42 32 5.2M 2.2M 26.35
Current. Tested the 10 day MVA intraday and rallied back for a great move on very strong volume surge.
AKAM 10/05 Cup 15.34 +0.06 15.63 18.55 1.8M 3.7M 14.94
Current. Gapped down at the open and rallied back on rising, but below average volume. In good shape making higher lows.
AKS 09/22 Cup hdl 10.19 +0.01 7.85 9.38 1.2M 1.9M 9.97
Current. Making a lateral move on rising, but below average volume.
AMT 09/30 Flat 16.43 +0.4 15.55 18.68 3.9M 1.8M 15.39
Current. Another great move on excellent volume surge.
APCS 10/06 Asc Bse 9.25 +0.07 8.91 10.72 1.8M 1.6M 8.48
Current. Continue with the uptrend on above average volume.
AVN 10/07 FlyPlat 3.08 -0.14 3.22 4.14 1.5M 1M 2.99
Current. Pullback testing the 10 day MVA intraday and rallied back. May test back to support at 3.
BEV 10/11 Cup hdl 7.95 -0.11 8.29 10 676K 1.1M 7.79
Buy Not Hit. Pullback on rising, but below average volume. May test back to support at 7.80.
CK 09/23 Test BO 9.18 -0.12 9.31 10.89 2.1M 1M 9.32
Exited. Falling on heavy volume this morning and chased us out. Stock rallied back showing a doji on stronger above average volume. Doji may indicate a change in pattern. Will keep our eye on it.
CRZO 10/09 Cup hdl 10.1 -0.07 10.22 12.45 258K 262K 9.63
Buy Not Issued. Pullback testing the 10 day MVA intraday and rallied back showing a tight doji on stronger above average volume. Still in the pattern.
CVS 10/02 Cup hdl 42.29 -0.11 43.58 49.58 1.3M 2.5M 42.48
Current. Volatile session holding the 18 day MVA on rising, but below average volume. Stock needs to hold here and rebound.
CYTC 10/04 Flat 26.41 -0.08 25.05 29.58 528K 1.7M 25.34
Current. Tested support at 26 intraday and rallied back showing a doji on lower, below average volume. Making a lateral move.
DO 08/31 Cup hdl 32.43 -0.67 25.48 29 1.6M 1.3M 33.05
Current. Pullback holding just above the 18 day MVA on lower, but above average volume. May test back to support at 32.
DOVP 09/30 Cup hdl 17.27 -0.05 17.04 19.95 67K 447K 17.12
Current. Volatile session tapping 16.75 at the low and rallied back showing a doji on rising, but below average volume. Still in good shape making higher lows.
DRIV 10/09 Cup hdl 30.02 +0.38 30.12 35 743K 1.1M 29.05
Buy Not Issued. Volatile session tapping 29.25 at the low and rallied back showing a doji on stronger above average volume. Holding at some resistance. Looking good.
EBAY 08/31 DB hdl 93.49 -0.24 88.05 99.94 8.2M 14M 93.25
Current. Tapped 92.01 at the low and rallied back holding just above the 10 day MVA on rising, but below average volume. Making lateral move after testing the breakout.
EBAY 03/06 Flat 93.49 -0.24 71.78 82.25 8.2M 10M 92.48
Current.
EBAY 12/12 Test 18 93.49 -0.24 34.72 46 8.2M 12M 89.55
Current.
EBAY 10/15 Test 50 93.49 -0.24 31.22 46 8.2M 12M 89.55
Current.
ELGX 08/26 Cup hdl 6.65 -0.07 6.54 7.84 83K 120K 6.48
Current. Pullback holding the 18 day MVA on below average volume. Still in good shape.
ENER 10/11 Cup hdl 16.13 +0.31 16.08 19 571K 200K 14.97
Entered today. Leaped higher on continued strong volume, building
us a nice cushion after the entry. Then it gave most
of the move back. Still solid.
FFIV 10/02 Cup hdl 31.81 +0.13 32.85 38 442K 1.4M 31.88
Current. Tapped 30.76 at the low and rallied back on low volume. Moving up after testing the breakout.
GRA 09/27 FlyPlat 10.19 +0.7 9.77 11.66 3M 1.5M 9.22
Current. Bounced off the 18 day MVA for a great move on strong volume surge. Came off the higher of 10.70.
GW 09/25 Rv H&S 5.04 -0.02 4.84 6.22 3.6M 1.2M 4.87
Current. Pullback tapping 4.85 at the low and rallied back showing a doji on very strong volume. In good shape showing strength coming off the day's low.
KRY 10/09 Test BO 3.02 -0.27 3.49 4.21 955K 675K 3.25
Buy Not Hit. Gapped down and tanked holding below the 18 day MVA on stronger above average volume. The stock has not performed so will drop.
LPX 10/04 DB hdl 27.99 +0.12 27.51 31.75 1.2M 1.2M 26.62
Current. Tapped 27.44 at the low and rallied back showing a tight doji on stronger above average volume. Holding at some support. Maintaining the gain.
MSCC 10/07 Test BO 14.49 -0.56 15.75 19 1.1M 1M 14.78
Buy Not Hit. Gapped down testing the 10 day MVA intraday, but gave it back showing a doji on very strong volume surge. Doji may indicate a change in pattern. May be ready for next move up after testing the breakout.
MSSN 09/15 Cup hdl 6.35 -0.24 6.56 7.92 138K 538K 6.19
Ease back testing the 18 day MVA intraday and rallied back on low volume. May test back to support at 6.25.
NVTL 09/25 Asc Tri 22.56 +0.08 24.62 29.38 1.4M 1.8M 24.12
Current. Volatile session tapping 21.73 at the low and rallied back on rising, but average volume. Stock needs to hold here and rebound or will exit.
PAAS 10/05 Cup 16.54 -0.68 17.48 20.98 829K 1.1M 16.47
Current. Gapped down and continued to move down holding just above the 18 day MVA on rising, but average volume. May test back to support at 16.30.
PDC 09/30 Test BO 8.36 -0.09 8.72 10.25 284K 293K 8.18
Buy Not Hit. Pullback holding the 10 day MVA on stronger above average volume. May test back to support at 8.30.
PMTC 10/04 BO 5.47 0 5.66 6.88 976K 1.3M 5.28
Current. Tapped 5.32 at the intraday low and rallied back closing flat. Beginning to move laterally after testing the breakout.
PQUE 10/07 Cup hdl 5.16 -0.4 5.62 6.78 723K 716K 5.23
Buy Not Issued. Thudded down holding the 18 day MVA on strong volume surge. Stock has not performed to so will drop.
QCOM 08/31 FlyPlat 41.54 +0.33 38.82 45 9M 11M 38.88
Current. Continue with the uptrend on rising, but below average volume.
QCOM 08/14 Flat 41.54 +0.33 35.42 40.48 9M 11M 38.88
Current.
SBAC 08/14 Test BO 8.09 +0.52 5.88 7 2.3M 635K 7.11
Current. Explosive move up the 10 day MVA on excellent volume surge.
SERO 08/19 Cup hdl 23.55 -0.23 21.47 25.45 320K 538K 23.38
Trailing Stop. Pullback on rising, but average volume holding the 18 day MVA.
SNDA 10/11 Test BO 32.81 +0.91 31.32 36.85 2M 1.2M 29.88
Current. Tapped 30.53 at the low and rallied back for a nice move on lower, but still very strong volume.
SNDK 09/29 Cup 28.3 -0.66 30.41 35.55 14M 7M 30.48
Exited. Gapped down to open below the 18 day MVA and rallied to recover some of the loss on strong volume surge.
SWKS 10/02 Test 20 10.11 +0.03 10.55 12.78 5M 4.9M 9.98
Current. Gapped down at the open and rallied back holding above the 10 day MVA on stronger above average volume. Beginning to move laterally after testing the breakout.
TV 08/10 Cup hdl 54.72 +0.73 47.48 53.88 639K 561K 53.88
Current. Tapped 53.44 at the intraday low and rallied back for a nice breakout move up after testing the 10 day MVA.
TWTI 09/30 Test BO 7.53 +0.04 6.97 8.32 238K 236K 7.17
Current. Tapped 7.09 at the low and rallied back on rising, but below average volume. Nice move up after testing the breakout.
VRSN 09/29 DB hdl 20.74 -0.21 20.44 24.44 2.1M 2.6M 20.25
Current. Pullback on lower, below average volume. Still in good shape.
VWPT 10/09 Cup hdl 2.88 -0.06 3.11 3.89 323K 683K 2.89
Buy Not Hit. Gapped down at the open testing the 10 day MVA intraday and rallied back showing a doji on rising, but below average volume. Still in the pattern.
WIND 09/30 DB hdl 12.7 -0.14 12.16 14.48 353K 973K 12.45
Current. Pullback showing a doji just above the 10 day MVA on low volume. Testing the breakout. May be ready for next move up.
WWCA 10/11 Cup hdl 27.55 -0.15 28.06 32.48 891K 1.4M 26.88
Buy Not Hit. Pullback tapping 26.88 at the low and made a fierce rally on rising, but average volume. Still in the pattern.
ZQK 10/06 FlyPlat 25.41 -0.29 26.95 32 238K 525K 25.74
Buy Not Issued. Pullback holding below the 18 day MVA but at support on lower, below average volume. Needs to hold here and rebound or will drop.
Downside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
ACDO 09/30 Put 23.65 -0.09 23.55 21.55 264K 1.1M 23.52
Current. Moving down the 10 day MVA on low volume.
PTEK 09/27 Put 8.9 +0.05 8.71 7.38 310K 825K 9.02
Buy Not Issued. Tapped 8.55 at the intraday low, but made low volume rally showing a doji just above the 18 day MVA. Needs to break through support here.
SFD 09/22 Put 24.03 -0.14 24.48 22.85 654K 715K 24.24
Exited. Showing a doji on rising, but below average volume. Stock looked like it is ready for next move up so exited the play.
WMGI 09/27 Put 23.7 -0.3 25.22 23.68 334K 525K 24.37
Continue to move down the 10 day MVA on rising, but below average volume. Looking for stock to hit the target tomorrow.
Good Investing!
Jon L. Johnson and The Daily Staff
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 of 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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