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us stock market, stock ticker
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10/18/04 Investment House Daily
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Investment House Daily Subscribers:
MARKET ALERTS:
Target hit alerts issued Monday: None issued
Buy alerts issued: LTD; SAY; IDNX; DRIV
Trailing stop alerts: None issued
Stop alerts: None issued
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 rebound but volume light as earnings response still tentative.
- SP500 approaching 50 day EMA, another step in its recovery attempt.
- Earnings start to shine a bit better after hours Monday.
Tentative rebound off support, but overall picture little changed by the close.
Friday's modest rebound from the prior selling continued Monday as stocks started soft but then found strength as the day progressed. Much more bullish price action than the prior sessions, but volume did not find the same strength as did stocks. Volume was solid moving through lunch, but it never was able to kick it in as the afternoon rally took hold. Thus SP500 had a hard time breaking through the 50 day EMA. Indeed, it made three tries but could not do the deed. It did avoid, however, selling off after that third try, something that often occurs after three swings (three strikes and you are out).
Stocks started ragged because the earnings coming out were ragged. MMM, a big broad manufacturing company and a general barometer of the economy much as is GE, reported basically weak earnings and was not inspiring regarding the future. LXK, the printer maker, reported good results but its outlook was not bright. That is a familiar story early in this earnings season: doing okay now but given tough comparisons from a strong 2003 and a slowing expansion, the future just is not as bright. Yes they can still grow earnings in a slowing expansion, but the growth rate is less.
Thus the more tepid response to earnings reports. If you are golden for the quarter and are strongly optimistic about the next then investors will be hot to buy. If you are so-so or miss, investors are hot to sell. As of yet there is no overall groundswell or rising tide lifting all stocks based on future earnings. Given the outlooks as described above, that is not surprising. After hours Monday, however, IBM and TXN provided a lift as both beat on earnings and revenues. TXN benefited from some tax benefits and lower operating expenses to held drive the current quarter higher, but it also mostly reiterated Q4 earnings at the 0.26/share expected, giving a range of 0.24 to 0.28. Revenue forecasts, however, appear lower with a range of $2.96B to $3.2B, less than the $3.209B consensus.
Even with this relatively modest guidance, the stocks were higher after hours. These are important stocks to the overall tech sector and they are large caps as well, impacting both NASDAQ and SP500. They will not carry the day alone, however, without a continued strong showing from more and more stocks. And there are going to be a lot more earnings hitting the tape every day for the next two weeks. The problem we foresee is the continued tepid guidance simply because of tougher comparisons and a slowing expansion.
THE ECONOMY
Earnings are front and center for the market, along with oil, Iraq, terror threats, the election; basically the usual entourage of worries that just seem to shift in order of importance based on where we are on the calendar. There is a lull in the economic data barrage that peaked last week. Frankly, given earnings season we doubt whether any economic data released would have much impact unless it was really strong or really weak.
Based on the latest data last week, the economy continues its expansion at a slower pace. There is some good consumer spending and there will be some more business capital investment this quarter ahead of the expiration of bonus expensing. That will help drive a decent economy to the end of 2004. After that the same problems exist, the primary being oil sapping buying power from both consumers and businesses. Regardless of efficient our economy is in using each barrel of oil, we still require a lot of oil to function, and prices have climbed a lot faster in the past six months than our efficiency levels in using them. In short, the price increases are not offset by more efficient use of each barrel. That means more pocket money going to gas and heating, and that does not add anything to the overall economy. After some important incentives to invest disappear at year end 2004, Q1 and Q2 2005 could be rather slow for the economy as the incentives will be gone and as businesses spent their money in a rush to take advantage of those expiring incentives.
THE MARKET
Last week the market held where it had to, avoiding lower lows on SP500 and NASDAQ. Monday the rebound effort continues, but it was no major surge. Volume was above average as the rebound continued, but it was still significantly lower than the last three sessions of last week when stocks experienced some selling pressure and on expiration Friday where volume typically rises.
It was enough to push SP500 up to the 50 day EMA, but no further as it made three attempts at that near resistance. NASDAQ bounced nicely and rallied into the close. Breadth was decent as well. An admirable afternoon rally, but it lacked punch, dogged by those same problems impacting the economy as outlined above. The market is said to climb a wall of worry; it has a high wall right now, and it is still capable of pulling off another up leg here if it can make these higher lows stick on NASDAQ and SP500. That would basically be the election rally many have talked about. If it gets some volume traction the move could carry beyond that toward year end given that Q3 GDP is looking to come in significantly higher than expected. Beyond that we will have to see how the forward looking economic indicators shape up toward year end as to how far a year end run can push into 2005.
Market Sentiment
VIX: 14.71; -0.33
VXN: 20.72; -1.08
VXO: 14.69; -1.2
Put/Call Ratio (CBOE): 0.77; -0.11. The market started a bounce on those 3 consecutive closes above 1.0. As of yet stocks have not shown overall strength in response, but it is still recent since those closes.
NASDAQ
Extended the move off the 50 day EMA, easily making a higher low. Could have used more volume to cement the move.
Stats: +25.02 points (+1.31%) to close at 1936.52
Volume: 1.521B (-7.97%). Above average volume but lower than expiration Friday and the selling volume Wednesday and Thursday. As noted, with the lower volume, the bounce did not cement the higher low off the 50 day EMA.
Up Volume: 1.212B (+415M)
Down Volume: 266M (-451M)
A/D and Hi/Lo: Advancers led 1.46 to 1. NASDAQ led the market, but it was a large cap move with NDX leading the way. There are fewer large cap techs, thus the narrow breadth reading. That also smacks of some short covering at the 50 day EMA.
Previous Session: Advancers led 1.45 to 1
New Highs: 82 (+28)
New Lows: 62 (-3)
The Chart: http://www.investmenthouse.com/cd/^ixq.html
Took basically a week, but NASDAQ found some traction at the 50 day EMA (1900) and rebounded on some solid though lower trade. It held at the key price support at 1900 and the 50 day, leading the rest of the market. It too is heading toward another showdown of import at the 200 day SMA (1962) and the January/June 2004 down trendline (1960). Those are what stopped the last NASDAQ rally attempt, and if NASDAQ is going to lead beyond this bounce, it has to clear those levels with a bit of authority.
NASDAQ 100 put on the best show, clearing the 200 day SMA with a solid move. QQQ volume was solid though lower and also below the Wednesday reversal selling volume.
SOX posted a modest gain but not before selling intraday to 375, barely holding the late September lows. It rebounded to close at session highs and still holding a higher low as well. It is in position to bounce, but it is not really in a position to lead unless it gets some powerful help from TXN and if IBM's contribution to the chip market (chips for Apple Mac's) and other chip stocks reporting this week.
S&P 500/NYSE
If at first you don't succeed, try, try again. SP500 tried three times but could not take out the 50 day EMA. Not a bad session, but not the breakthrough it needed.
Stats: +5.82 points (+0.53%) to close at 1114.02
NYSE Volume: 1.378B (-16.38%). Volume was lower as SP500 sold early in the session, a good indication as it showed no major surge in selling again. When the buyers came back, however, volume failed to surge and show they had clearly taken control from the sellers. It certainly was not enough to push through important resistance at the 50 day EMA.
Up Volume: 734M (-243M)
Down Volume: 603M (-33M)
A/D and Hi/Lo: Advancers led 1.2 to 1. Breadth was modest on NYSE as well as the small caps lagged the market. As with NASDAQ, the action primarily involved large cap stocks and after a hard round of selling as seen the prior week, that often indicates some short covering as the large cap, very liquid and readily shorted stocks are covered after a round of selling. Certainly breadth was no equal to Friday.
Previous Session: Advancers led 2.16 to 1
New Highs: 117 (+18)
New Lows: 48 (-13)
The Chart: http://www.investmenthouse.com/cd/^spx.html
It was a volatile session for the large caps. They clearly did not have the backing the large cap NASDAQ stocks had as insurance lawsuit worries lingered along with big cap manufacturing concerns given the MMM earnings. Three tries at the 50 day EMA (1114.44) failed to yield a breakout over that level, but that did not lead to a rollover into the close. Good to see a test of 1101 hold again, and a modest silver lining in that SP500 held its gains into the close. That had some short covering characteristics, and certainly the pattern is not that enticing; it has to clear 1130 and keep going to avoid a small head and shoulders trying to form the past 7 weeks.
The small cap SP600 tested the 50 day EMA again on the low (287.12) and rebounded to post a modest gain. It has tested back to the 50 day, a support level that should hold if it is to continue being a leader.
DJ30
The blue chips had the typical problems of late, i.e. a big name blue chip reporting some form of bad news. That fell upon MMM Monday. It was a credit to the index that it fought off the selling and closed modestly higher. It undercut the recent October low intraday, but it has already done the damage by undercutting the September low (9988) last week. It has held the May lows at 9900, but it has a long way to go to get back on track.
Stats: +22.94 points (+0.23%) to close at 9956.32
Volume: 227 million shares Monday versus 317 million shares Friday. That lower volume was even with MMM traded at almost 7 times normal volume.
The chart: http://www.investmenthouse.com/cd/^dji.html
TUESDAY
Still no significant economic data for Tuesday, but again, earnings are the key right now. Even oil is not that big of an issue, at least day to day. Why? Because it is not altering its course much, just steadily trending higher. That is definitely a problem longer term, but day to day it is just another factor weighing on the overall action. Only if oil really moves one direction or another will it have a notable, specific impact on the market that day.
Tuesday is going to see another flood of earnings in addition to the two big names Monday. With SP500 tentative at the 50 day EMA and DJ30 in poor condition, leadership is trying to emerge in technology, a thought that sends many fund managers running. After this pullback in energy, metals, and basic materials, they will more than likely be ready to resume leadership roles as well.
For the most part, there are stocks in many sectors that are in good shape, but it is a stock by stock situation. As noted above, there is no tide lifting all boats. That makes sense as the expansion continues to slow. In such a market we look for the leaders that are setting up for new breaks higher and we also look for those stocks that are emerging from some selling and are in a good risk/reward position, i.e. where we can move in with logical support near at hand.
Support and Resistance
NASDAQ: Closed at 1936.52
Resistance:
October gap up point at 1952.
The 200 day SMA at 1962.54
January/late June down trendline at 1960
Price resistance at 2050
Support:
September high at 1921.
The low of the September range at 1900
The 50 day EMA at 1900
September gap up point at 1894
The October 2002/March 2003 up trendline at 1892
S&P 500: Closed at 1114.02
Resistance:
The 50 day EMA at 1114.44
The 200 day SMA at 1120
1125 to 1130 is prior price resistance, and 1128 is the September closing high.
The March/June down trendline at 1127
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 50 day SMA at 1109
September low at 1101
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 9956.32
Resistance:
9980 to 10,000.
The 10 day EMA at 10,023
The 50 day EMA at 10,121
The February/June 2004 down trendline at 10,240
The 200 day SMA at 10,285
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:
9900 is some support from the May and July lows is trying to hold.
9783 to 9793, the August lows.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
October 19
Housing Starts, September (8:30): 1950K expected and 2000K prior
Building Permits, September (8:30): 1950K expected and 1969K prior
CPI, September (8:30): 0.2% expected and 0.1% prior
Core CPI, September (8:30): 0.2% expected and 0.1% prior
October 21
Initial Jobless Claims, 10/16 (8:30): 345K expected and 352K prior
Leading Economic Indicators, September (10:00): -0.1% expected and -0.3% prior
Philadelphia Fed, October (12:00): 18.0 expected and 13.4 prior
THE PLAYS
Good movers Monday: BYD; CYTC; DRIV; IDNX; LTD; QCOM; SAY; SBAC; SNDA; UPCS
Weekend play results:
ODFL: Gapped higher but could not hold the move though volume remained solid.
SAY: Nice volume as SAY continued the move off the 10 day EMA.
TEO: Ready for the breakout.
TV: Volume jumped at the 18 day EMA. May be ready.
New plays for Monday:
Upside:
Play Date: 10/18/2004
JLG (JLG Industries--$16.45; +0.28; no options): Farm and construction machinery
http://biz.yahoo.com/p/j/jlg.html
STATUS: Breakout test. One of the early movers in September, surging higher toward the end of the month as it broke out from a 7.5 month base. The last 5 month of the base formed a nice double bottom with handle sporting positive 7 to 5 accumulation (7 up price weeks on rising volume to 5 down price weeks on rising volume). That shows net buyers of the stock during the base. It has come back on lower volume to make this test with volume rallying Friday and Monday as it moved up off of the 18 day EMA (16.20). Money flow is shooting higher ahead of price. Looking for a continued bounce higher on solid volume to move in. The first breakout test is one of our favorite entry points.
Volume: 470.2K Avg Volume: 300.909K
BUY POINT: $16.62 Volume=350K Target=$20 Stop=$15.89
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/cd/jlg.html
Play Date: 10/18/2004
PKD (Parker Drilling--$3.96; +0.15; optionable): Oil and gas drilling & exploration
http://biz.yahoo.com/p/p/pkd.html
After Hours: $4.05
STATUS: Double bottom w/handle. Volume surged Monday as PKD started the breakout move, rallying out of the handle to its 7.5 month base. We like the way PKD went about its business during the recent selling in the oil stocks. It is now reaping the benefit, starting the breakout. Money flow is surging higher ahead or price. Looking for PKD to continue the move and follow the money.
Volume: 570.1K Avg Volume: 279.5K
BUY POINT: $4.05 Volume=300K Target=$4.92 Stop=$3.77
POSITION: PKD AZ - Jan. $2.50c (90 delta) &/or Stock
http://www.investmenthouse.com/cd/pkd.html
Play Date: 10/18/2004
TTH (Telecom Holders Trust--$29.70; +0.11; optionable)
http://biz.yahoo.com/p/t/tth.html
STATUS: Breakout test. TTH has come back to the 18 day EMA (29.42), testing the breakout from a 9 month cup with handle base. Strong 9 to 5 accumulation in the pattern; telecoms have shown some leadership characteristics and this is a good way to get in on the group move. Nice volume Friday as TTH held the 18 day, but volume dried up almost completely Monday. Looking for volume to return as it continues the rebound off the 18 day.
Volume: 36.3K Avg Volume: 275K
BUY POINT: $30.05 Volume=400K Target=$34.55 Stop=$29.37
POSITION: TTH BG - Feb. $30c (49 delta)
http://www.investmenthouse.com/cd/tth.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
EBAY: Setting up for the next break higher. Want to see a move over 96 on 12 million shares or better.
MSFT: Moving up for a breakout from the handle with a move over 28.75. Needs more volume.
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:
LMRA: Strong volume as LMRA continued the move off of the 50 day EMA test.
NXTP: Trying to make the breakout from the nice 16 week base.
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
AH 09/08 DB hdl 43.04 +1.52 38.89 44.12 595K 1M 41.32
Current. Gapped up at the open and continued to soar on stronger, but average volume. Moving up on rising volume after testing the breakout.
AKAM 10/05 Cup 14.98 -0.48 15.63 18.55 2.1M 3.7M 14.94
Current. Pullback testing the 18 day MVA intraday on rising, but average volume. Still in good shape making higher lows. Will need to hold here.
AKS 09/22 Cup hdl 9.87 +0.5 7.85 9.38 2.1M 1.9M 9.58
Current. Continue to move up on stronger above average volume for a nice gain after testing the breakout.
ALDN 10/13 DB hdl 22.32 -1.07 25.55 30.68 428K 457K 23.98
Buy Not Hit. Thudded down tapping 21.57 at the intraday low and rallied back holding below the 18 day MVA. The stock has not made the move we were looking for so will drop, but will keep our eye on it.
ALVR 10/13 DB hdl 15 +0.4 15.12 18.15 2M 750K 14.25
Buy Not Issued. Volatile session tapping 14.20 intraday and rallied on strong volume surge. Came off day's high of 15.45. Did not enter the play, because of the volatility. Holding at some resistance.
AMT 09/30 Flat 16.26 +0.13 15.55 18.68 4M 1.8M 15.97
Current. Moving up after routine pullback on stronger above average volume. Showing good strength.
APCS 10/06 Asc Bse 9.63 +0.16 8.91 10.72 1.4M 1.6M 8.93
Current. Continue with uptrend for a nice move up on rising, but above average volume.
AVN 10/07 FlyPlat 3.14 -0.02 3.22 4.14 448K 1M 2.99
Current. Making a lateral move above the 10 day MVA on low volume. Managing to retain its gain.
BEV 10/11 Cup hdl 7.85 +0.09 8.29 10 270K 1.1M 7.79
Buy Not Hit. Bounced off the 18 day MVA as stock moves up on low volume holding above the 10 day MVA. Still in the pattern.
BYD 10/13 Test BO 29.87 +1.21 28.79 33.54 687K 400K 28.89
Current. Explosive move on stronger above average volume making a 52 week high.
CRZO 10/09 Cup hdl 9.8 -0.05 10.22 12.45 141K 262K 9.63
Buy Not Issued. Pullback testing the 18 day MVA intraday and rallied back holding the 10 day MVA on rising, but below average volume. Still forming the handle.
CVNS 10/13 Cup hdl 11.81 +0.01 12.12 14.75 58K 142K 11.38
Buy Not Hit. Moving along the 10 day MVA on low volume as stock continues in the pattern.
CVS 10/02 Cup hdl 43.25 +0.49 43.58 49.58 1.2M 2.5M 42.48
Current. Tested the 10 day MVA and rallied back on below average volume. Still in good shape.
CYTC 10/04 Flat 26.25 +0.74 25.05 29.58 2.2M 1.7M 25.34
Current. Nice move off the 18 day MVA on strong volume surge. Came off the day's high of 27.02. Moving up on rising volume after testing the breakout.
DOVP 09/30 Cup hdl 17.02 +0.07 17.04 19.95 94K 447K 16.89
Current. Showing a doji on the 18 day MVA on low volume. Forming a handle.
DRIV 10/09 Cup hdl 29.7 +0.23 30.12 35 395K 1.1M 29.05
Buy Not Issued. Still in the pattern.
EBAY 08/31 DB hdl 93.76 -1.71 88.05 99.94 9.7M 14M 93.25
Current. Pullback holding the 10 day MVA on rising, but average volume. Still in good shape.
EBAY 03/06 Flat 93.76 -1.71 71.78 82.25 9.7M 10M 92.48
Current.
EBAY 12/12 Test 18 93.76 -1.71 34.72 46 9.7M 12M 89.55
Current.
EBAY 10/15 Test 50 93.76 -1.71 31.22 46 9.7M 12M 89.55
Current.
ELGX 08/26 Cup hdl 6.5 -0.03 6.54 7.84 46K 120K 6.48
Current. Pullback testing the 50 day MVA intraday and rallied back on lower, below average volume. Still in the pattern showing strength coming off the day's low.
ENER 10/11 Cup hdl 19.75 +0.09 16.08 19 875K 200K 18.98
Current. Gapped up at the open, but gave most of it back tapping 18.61 intraday on much lower, but still strong volume. Still in uptrend.
FFIV 10/02 Cup hdl 31.35 -0.94 32.85 38 1.1M 1.4M 31.88
Current. Pullback testing the 18 day MVA intraday and rallied back on stronger above average volume. Needs to hold the 18 day MVA and rebound.
HURC 10/12 Test BO 15.57 -0.36 15.76 19 117K 150K 14.97
Current. Pullback on lower, but average volume. Still in good shape.
IDNX 10/14 Rv H&S 6.99 +0.03 7.22 8.62 1.2M 1.5M 6.89
Buy Not Hit. Tapped 6.72 at the intraday low and rallied back showing a tight doji on lower, but average volume. Still in the pattern. Looking good.
MFE 10/12 Test BO 20.81 +0.16 20.78 24.42 758K 1.8M 20.32
Buy Not Issued. Gapped up at the open showing a tight doji on low volume. Have not entered the play because volume was not there. Still a buy if stock follows through with the move with some volume.
MRVC 10/14 Cup 3.2 +0.1 3.21 4.55 2.1M 1.1M 2.99
Entered today. Continued with yesterday move as stock gaps up at the open and continues to move up on lower, but still very strong volume. Came off the day's high of 3.30.
MSCC 10/07 Test BO 14.54 -0.03 15.25 19 499K 1M 14.68
Buy Not Hit. Tapped 14.25 at the low and rallied back showing a doji under the 10 day MVA on rising, but below average volume. Testing the breakout.
PER 10/14 Test BO 15.86 +0.23 15.89 19 292K 540K 15.31
Buy Not Issued. Moving up after testing the breakout on lower, below average volume. Needs more volume before we will enter the play.
PMTC 10/04 BO 5.87 +0.32 5.66 6.88 5.7M 1.3M 5.28
Current. Gapped up at the open for a great move up the 10 day MVA on very strong volume surge making a 52 week high.
QCOM 08/31 FlyPlat 42.47 +0.31 38.82 45 14M 11M 40.55
Current. Volatile session tapping 41.89 at the low and rallied back showing a doji on rising, but average volume. Continue with uptrend.
QCOM 08/14 Flat 42.47 +0.31 35.42 40.48 14M 11M 40.55
Current.
SBAC 08/14 Test BO 8.1 +0.24 5.88 7 1.3M 635K 7.44
Current. Nice move up the 10 day MVA on stronger above average volume. Holding at some resistance.
SNDA 10/11 Test BO 27.95 -2.01 31.32 36.85 2.8M 1.2M 31.78
Current. Gapped down again, but held above the 18 day EMA on
the close. Given the gap we decided to see if it gives
a rebound from that level.
SWKS 10/02 Test 20 9.79 -0.11 10.55 12.78 2.7M 4.9M 9.98
Current. Ease back below the 18 day MVA on lower, below average volume. Still in the pattern, but needs to hold here and rebound.
TWTI 09/30 Test BO 8.02 +0.58 6.97 8.32 443K 236K 7.78
Current. Explosive move up the 10 day MVA on excellent volume surge.
UPCS 10/12 Flat 4.7 +0.01 4.82 5.99 347K 600K 4.49
Current. Volatile session showing a doji on average volume. Routine pullback.
VRSN 09/29 DB hdl 22.05 +0.59 20.44 24.44 7.5M 2.6M 21.48
Current. Great move up the 10 day MVA on stronger above average volume.
WIND 09/30 DB hdl 13.1 -0.03 12.16 14.48 1M 973K 12.45
Current. Pullback on lower, but still above average volume. May test back to the 10 day MVA. Still in good shape.
WWCA 10/11 Cup hdl 28.2 0 28.06 32.48 559K 1.4M 26.88
Buy Not Issued. Showing a doji on lower, below average volume. Have not entered the play, because volume was not there.
ZQK 10/06 FlyPlat 25.85 +0.77 26.32 32 367K 525K 25.22
Buy Not Issued. Moving up on rising, but below average volume. Still in the pattern.
Downside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
PTEK 09/27 Put 8.63 +0.22 8.71 7.38 266K 825K 8.76
Low volume rally testing the 10 day MVA intraday, but could not hold the gain on low volume. Still in downtrend.
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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