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us stock market, stock recommendation
Begin part 3 of 3
THE PLAYS
New Plays:
Upside:
Play Date: 08/02/2007
CIEN (Ciena--$37.13; +1.16; optionable): Telecom equipment
http://biz.yahoo.com/p/c/cien.html
STATUS: Test 50 day EMA. We said we were going to look for another opportunity to get into CIEN, and this test of the 50 day EMA (35.66) looks to be doing that. After a nice run up the 18 day EMA after a late May gap higher it is making the test to lower support; pretty typical. Bigger picture, this is forming the handle or final shakeout to a much larger 16 month cup with handle base. Looking for a break higher on some strong volume; this pullback has been on low volume and so we are looking for the volume to run back in as it makes the break higher off of this key support.
Volume: 2.652M Avg Volume: 4M
BUY POINT: $38.05 Volume=5M Target=$44.95 Stop=$35.87
POSITION: EUG JG - Oct. $35c (72 delta) &/or Stock
http://www.investmenthouse.com/ct/cien.html
Play Date: 08/02/2007
GIVN (Given Imaging--$29.13; +0.93; optionable): Medical imaging appliances
http://biz.yahoo.com/p/g/givn.html
STATUS: Test 50 day EMA. GIVN surged higher in late June, breaking out from an 18 month base (something of a cup with handle). Nice breakout run to 32, and then during the July market selling it made a very orderly pullback to the 50 day EMA (27.75), testing that breakout. Used the selling to its advantage. Thursday GIVN gapped higher on strong, above average volume, clearing the 10 and 18 day EMA resistance on the move. Nice action and looking to move in as GIVN continues this resumption of its breakout move.
Volume: 343.3K Avg Volume: 235K
BUY POINT: $29.88 Volume=285K Target=$36.95 Stop=$27.79
POSITION: QPG KF - Nov. $30c (51 delta) &/or Stock
http://www.investmenthouse.com/ct/givn.html
Play Date: 08/02/2007
MR (Mindray Medical Intl.--$31.11; +0.01; optionable): Chinese medical instruments
http://biz.yahoo.com/p/m/mr.html
STATUS: Double bottom w/handle. MR made us some money on its last run and it also took some back when it gapped lower in mid-July, testing down to the 50 day EMA (29.75). It bounced then faded back to the 50 day EMA to end July. It held there and formed the second leg to the short 7 week pattern. Nice surge higher then a test back to the 18 day EMA to form the handle this month. Good price/volume action (up on the up days, down on the down days) shows accumulation. Looking for the breakout over the prior highs to give us the entry point.
Volume: 471K Avg Volume: 640K
BUY POINT: $32.22 Volume=750K Target=$38.45 Stop=$29.96
POSITION: MR JF - Oct. $30c (57 delta) &/or Stock
http://www.investmenthouse.com/ct/mr.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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us stock market
stock recommendation
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