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Begin part 3 of 3

THE PLAYS

Good movers Monday: IR; PRFT

Weekend play results:
BEAV: Went nowhere Monday as volume backed off. Not bad for the market selling.
CPHD: Gapped higher but could not hold the move.
KLAC: Shopped higher but then reversed on stronger volume.
OTIV: Gapped higher but volume failed to move higher.
SHFL: Rallied on volume but gave back a good chunk of the move.
STR: Held steady on lower, below average volume. Still set to continue the breakout.

New Plays:

Upside:

Play Date: 02/28/2005
GGAL (Grupo Financiero Galicia--$9.25; -0.18; no options): Financial services and investment holding company (South American bank)
http://biz.yahoo.com/p/g/ggal.html
After Hours: $8.29
STATUS: Ascending base/test breakout. Nice break higher in early February from a 13 week cup with handle, and now a good test of the breakout and the start of the next bounce higher in the breakout. A nice rolling move higher on good volume this month when most of the market was struggling on overall lower volume. Excellent money flow as the stock formed the base along the 50 day EMA (8.63), a very good institutional support level. Strong relative strength is ready to breakout once more, a good sign of the stock's leadership in the market. Looks good and we are ready to move in on a break past the recent highs.
Volume: 726.185K Avg Volume: 326.545K
BUY POINT: $9.68 Volume=500K Target=$11.55 Stop=$9.05
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/ci/ggal.html

Play Date: 02/28/2005
GMT (GATX Corp.--$29.98; +0.19; optionable): Rental & leasing services
http://biz.yahoo.com/p/g/gmt.html
After Hours: $29.91
STATUS: Reverse head and shoulders. Volume surged Monday as GMT probed the breakout point from its 12 week pattern formed using the 200 day SMA (26.95) as support for the 'head'. The recent right shoulder sold to the 50 day EMA (28.78) and held that level as support, another important support level. Strong 5 to 2 accumulation in the base (5 up price weeks on rising volume to 2 down price weeks on rising volume) shows plenty of buying and has set up the breakout. Looks ready.
Volume: 541.3K Avg Volume: 311.681K
BUY POINT: $30.22 Volume=468K Target=$34 Stop=$29.88
POSITION: GMT FF - June $30c (56 delta) &/or Stock
http://www.investmenthouse.com/ci/gmt.html

Play Date: 02/28/2005
OPTN (Option Care--$19.33; -0.68; optionable): Home health care. Splits 3:2 on 4-1-05
http://biz.yahoo.com/p/o/optn.html
STATUS: Breakout test. OPTN is coming back on lower volume to test the massive volume breakout last Wednesday when it gapped out of a 10 week Cup w/handle base that followed on the heels of a 20 week double bottom. A nice base on base pattern that has worked to weed out the sellers. Excellent 5 to 1 accumulation in the most recent base, showing solid buying that led to the breakout. Looking for it to test the 10 day EMA (18.95) and from there continue the move higher. Want to see strong volume when it does turn back to the upside.
Volume: 350.054K Avg Volume: 210.045K
BUY POINT: $19.45 Volume=335K Target=$23 Stop=$18.88
POSITION: UOC GD - July $20c (50 delta) &/or Stock
http://www.investmenthouse.com/ci/optn.html

Downside:

Play Date: 02/28/2005
VNO (Vornado Realty--$68.70; -1.55; optionable): Industrial REIT
http://biz.yahoo.com/p/v/vno.html
STATUS: Put. Volume surged Monday as VNO turned back over after tapping at the 18 day EMA (70.68). It reached this level in late January before it managed to rebound, so there is the potential for a double bottom here. Still, the volume has been quite distributive as it sold hard Tuesday and Wednesday last week, bounced modestly Thursday and Friday, and then turned back over Monday. Looking for it to continue lower on strong trade to move into the downside play. A move to the target grabs us a 42%ish gain.
Volume: 843.2K Avg Volume: 463.5K
BUY POINT: $68.48 Volume=500K Target=$66.39 Stop=$69.04
POSITION: VNO PN - Apr. $70c (-60 delta)
http://www.investmenthouse.com/ci/vno.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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