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Begin part 2 of 3
NOTE: Part 2 follows part 3 this evening.
THE PLAYS
Good movers: BHI; BIDU; CNX; CROX; CRZO; CXW; DXPE; ESV; FDP; ICE; IOC; NTGR; OIH; OMNI; RIG; SUN; SWN; VMSI; WNR; XTO
New Plays:
Upside:
Play Date: 06/04/2007
CHK (Chesapeake Energy--$36.23; +1.19; optionable): Independent oil & gas (primarily gas)
http://biz.yahoo.com/p/c/chk.html
EARNINGS: Announced 5-3-07
STATUS: Cup w/handle. Strong volume for the second out of three sessions as CHK broke out from the 4 week handle to its long, 21 month base. We call it a cup because if you draw a ling from the October 2005 high down through all the lows you can make a cup; the mid-portion however is a trading range it broke out of in early May on those earnings. It consolidated that move and is now ready to get serious. Ready to buy on a continued move higher.
Volume: 14.978M Avg Volume: 9.979M
BUY POINT: $36.62 Volume=11M Target=$43.50 Stop=$34.72
POSITION: CHK JG - Oct. $35c (71 delta) &/or Stock
http://www.investmenthouse.com/cd/chk.html
Play Date: 06/04/2007
DRI (Darden Restaurants--$46.71; +0.91; optionable): Red Lobster, Olive Garden, Bahama Breeze
http://biz.yahoo.com/p/d/dri.html
EARNINGS: 6-19-07
STATUS: Flying plateau breakout. DRI is making the break from a 3 week flying plateau that formed to consolidate the early May gap higher from its 7 month double bottom on word it was closing some dog chains. Market loved it, and what we like is that DRI held onto the gains, refusing to give up ground. After a couple weeks of low trade volume moved up to average and better the past two sessions as DRI made the move. Ready to move in as DRI continues higher.
Volume: 1.275M Avg Volume: 1.276M
BUY POINT: $46.89 Volume=1.5M Target=$53.95 Stop=$45.05
POSITION: DRI JI - Oct. $45c (75 delta) &/or Stock
http://www.investmenthouse.com/cd/dri.html
Play Date: 06/04/2007
NUVA (Nuvasive--$26.05; -0.51; optionable): Medical instruments for surgical treatment of spine disorders
http://biz.yahoo.com/p/n/nuva.html
EARNINGS: 4-25-07
STATUS: Test 50 day EMA. NUVA gapped out from a 5 month ascending base in late April on its earnings news. It surged but could not keep the move going. It spent the past 5 weeks testing, coming back to the 50 day EMA (25.29) last week and then bouncing Thursday on a strong shot of above average volume. Nice test back at the 10 day EMA (25.83) on Monday, setting up the next bounce higher. Strong money flow is surging higher ahead of price. Looking for NUVA to hold this near support and then resume the break higher on once again rising volume.
Volume: 198.213K Avg Volume: 279.262K
BUY POINT: $26.72 Volume=400K Target=$31.95 Stop=$25.57
POSITION: QNU IE - Sept. $25c (68 delta, 121 OI) &/or Stock
http://www.investmenthouse.com/cd/nuva.html
Play Date: 06/04/2007
TS (Tenaris--$49.80; -0.05; optionable): Steel and iron
http://biz.yahoo.com/p/t/ts.html
EARNINGS: 8-3-07
STATUS: Double bottom w/handle. Strong break higher Thursday as TS gapped above the 'hump' in its 23 week base. After that break higher it has slid laterally the past two sessions on lower volume, forming something of a handle to its pattern. Nicely formed base that used the 200 day SMA on the two legs, solid break over the hump. Strong money flow is shooting higher ahead of price. Ready to move in as TS turns 50. Very nice.
Volume: 2.279M Avg Volume: 2.025M
BUY POINT: $50.11 Volume=2.5M Target=$57.95 Stop=$48.11
POSITION: TSW IJ - Sept. $50c (55 delta) &/or Stock
http://www.investmenthouse.com/cd/ts.html
New buy point on a current position:
Play Date: 06/04/2007
BCSI (Blue Coat Systems--$41.96; -0.09; optionable): Security and performance enhancing solutions
http://biz.yahoo.com/p/b/bcsi.html
EARNINGS: Announced 5-29-07
STATUS: Breakout test. Huge surge out of the 8 week base last week and now a test back toward the 10 day EMA (41.11). This short base is the handle to a large, 20 month cup with handle base. Nice set up to the next break higher. Love those first breakout tests; once the stock starts back up on volume that shows the big money wants even more positions at this higher price. Have to like that.
Volume: 460.012K Avg Volume: 396.837K
BUY POINT: $42.27 Volume=450K Target=$48.65 Stop=$40.95
POSITION: IYU JH - Oct. $40c (65 delta) &/or Stock
http://www.investmenthouse.com/cd/bcsi.html
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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