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stock recommendation, stock market report
Begin part 3 of 3
THE PLAYS
Good movers: BIDU; CAT; LUFK
New Plays:
Upside:
Play Date: 07/10/2007
RS (Reliance Steel--$59.47; -0.84; optionable): Metal fabrication
http://biz.yahoo.com/p/r/rs.html
EARNINGS: 7-19-07
STATUS: Double bottom. RS gapped higher Monday on a strong shot of above average volume. That cleared the 'hump' in a short 8 week base. Tuesday it could not complete the move, slipping back below the hump at 60. Volume appropriately faded on this pullback. Looks as if it is going to try and form a handle to its base and that could take 2 to 3 more days. It closed on the 50 day SMA Tuesday, and we would like to see it hold here to form the handle as it is a good support level to break it higher. Nice action after a good rally in the spring. Very nice set up for the next run higher.
Volume: 966.912K Avg Volume: 1.179M
BUY POINT: $60.85 Volume=1.8M Target=$69.95 Stop=$58.11
POSITION: RS LL - Dec. $60c (57 delta) &/or Stock
http://www.investmenthouse.com/ct/rs.html
Play Date: 07/10/2007
VLO (Valero Energy--$77.71; +0.76; optionable): Oil and gas refining, marketing
http://biz.yahoo.com/p/v/vlo.html
EARNINGS: 7-31-07
STATUS: Ascending base. VLO bucked the market trend Tuesday, continuing its move higher as it cleared the June highs on rising, average volume. It closed almost 1 point off the session high; it may try to pause here before continuing higher. Whether it continues higher from here or slides laterally for a few sessions we want to be ready to move in as it makes the next break higher. If it continued from here we will take a half position and then let it test the move. When it bounces from there we will buy the remaining position.
Volume: 11.524M Avg Volume: 11.629M
BUY POINT: $77.95 Volume=13M Target=$90.95 Stop=$75.08
POSITION: ZPY IO - Sept. $75c (68 delta) or ZPY LP - Dec. $80c (48 delta) &/or Stock
http://www.investmenthouse.com/ct/vlo.html
Good Investing!
Jon L. Johnson and your Technical Traders Report 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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stock recommendation
stock market report
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