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trend trading stock, top stock pick
Begin part 3 of 3
THE PLAYS:
New Pre-Announcement Play
Play Date: 12/05/2007
WFT (Weatherford International--$65.71; +2.01; optionable): Oil and gas service company
http://biz.yahoo.com/p/w/wft.html
EARNINGS: Third week of January 2008
STATUS: Trend reversal. WFT ran to a high in September after clearing a 14 week trading range. It surged to 70 on the move and then started a pullback, trending lower for 9 weeks to the top of the summer 2007 trading range. It held using that level and the 90 day SMA as support. It started to show some life late last week with some higher volume upside; we looked at it over the weekend and again on early this week. Well, it broke higher Wednesday on rising, above average volume. Watched it move right up. It is still a buy, however, and we are ready to move in as it continues higher, and if it gives us a test we will pick up some more then.
Volume: 4.251M Avg Volume: 4.04M
BUY POINT: $66.31 Volume=6.1M Target=$76.00 Stop=$63.95
POSITION: WFTBM - Feb. $65c (57 delta) &/or Stock
http://www.investmenthouse.com/cs/wft.html
New Leader Plays:
Play Date: 12/05/2007
FCX (Freeport McMoran--$101.60; +4.23; optionable): Copper
http://biz.yahoo.com/p/f/fcx.html
EARNINGS: Late January 2008
STATUS: Reverse head and shoulders. After a double top in October and a sell off in November as the 'world growth' stocks all gave back gains, FCX double bottomed last week as it formed the head of a short 4 week reverse head and shoulders pattern. Rallied well last week, tested Monday and Tuesday, and then surged on Wednesday on rising trade, moving through the 50 day EMA (101.28) on the close. Looks ready to make a run toward the prior highs. Ready to move in as it continues.
Volume: 11.228M Avg Volume: 11.516M
BUY POINT: $102.08 Volume=14M Target=$119.85 Stop=$98.92
POSITION: FCX BT - Feb. $100c (54 delta) &/or Stock
http://www.investmenthouse.com/cs/fcx.html
Play Date: 12/05/2007
WFR (Memc Electronic--$76.36; +2.09; optionable): Semiconductor integrated circuits
http://biz.yahoo.com/p/w/wfr.html
EARNINGS: Late January 2008
STATUS: Double bottom w/handle. Big leap higher in October on its earnings, rallying over 80 on the move. It sold back in the November selling but used it to set up a double bottom over the 50 day EMA, rallying sharply last week on rising, above average volume. Nice pullback this week to form a handle and starting back up on Wednesday. Looking for more volume as it continues the move. If we get it we will move in.
Volume: 4.092M Avg Volume: 4.576M
BUY POINT: $77.92 Volume=5.5M Target=$93.45 Stop=$74.78
POSITION: WFR AO - Jan. $75c (60 delta) or WFR DP - Apr. $80c (47 delta) &/or Stock
http://www.investmenthouse.com/cs/wfr.html
Good Investing!
Jon L. Johnson and the Stock Split Report 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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trend trading stock
top stock pick
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