From today's Options Investor Newsletter
NTAP $118.38 +24.69 (+24.69) What happened to the price of NTAP
shares today? Well, we will tell you. It ended the day $24.69
higher than where it began. The volume supporting the move was
strong at over 3.7 million shares. What left some investors
scratching their heads, was there was no company specific news
today, that would have moved the stock in such a fashion. The
Nasdaq saw investors return to some old favorites today in the
technology sector. PSIX a company in the networking sector,
with NTAP, announced a 2:1 for stock split, and did receive a
reiteration of a Buy recommendation from analysts at Robertson
Stephens. Traders may have viewed these comments as, whatever
they can do, NTAP can do better. CSCO, PSIX, and NTAP all
finished the day with solid gains, but NTAP was clearly the
leader of the group, gaining over 26% for the session. NTAP
opened $4.19 higher and continued to climb higher into the close,
setting a new high of $120, in the last 5 minutes of the day.
If you entered this play early in the day, congratulations. If
not, intraday support for NTAP is now found at $115, $110 and
$107. If traders take some money off the table, look for bounces
off support as an entry point for this play. |
