RXSD, IBI, ANN, ASHW, ICST, Semiconductor stocks, CIEN.
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Interesting site, has everything that you might want to know about the S&P 100, 500, MidCap 400, and SmallCap 600 indexes. You can sort each list by ticker or industry and get a brief description of each company. The site also provides the current YTD change for each index and an outlook for each industry sector.
The move in RXSD after the halt today looks like a complete overreaction and I think it will make some upward progress over the next few days. Chart support is at 10 which I think is an excellent place to buy the stock if traders irrationally push it lower. It might have resistance at 15 because this is where support was before the break down today. The earnings estimate only went down from 1.29 to 1.18 and this does not justify the stock going down 45%. This looks like a clear case of fear pushing a stock down below reason and I think it will recover a lot of lost ground rather quickly.
IBI ran up from 24 7/8 to 26 in a matter of minutes today. I was watching it and somebody put 10k on the bid at 25. It then up ticked to 25 1/8 bid and the 10k moved up with it. That 10k moved up with the stock on each up tick and I finally sold my shares at 26 when it got to 26 x 26 1/8. Talk about luck, I got the high of the day and the stock then sold off to 25 in the next 10 or 15 minutes. I bought it back at 25 3/16. I think it's likely that the stock will test 26 to 26 1/4 again.
I'm looking to buy ANN on a pullback. I missed the big breakout on Tuesday because my Internet connection when down when I was submitting my order to buy at 30. You win some and lose some but the break above 30 is significant and I think the stock will make its way towards 38 to 40. It was down on profit taking after trading as high as 34 7/8 today. That's a nice $5 move since it broke out on Tuesday morning.
I bought some more ICST today at 14. Even though it hasn't broken above resistance at 14 1/4 yet, the chart looks good and I think it will break out soon. My target is 16 to 16 1/2.
I also bought some more ASHW today at 5 1/4. I reviewed their balance sheet, income statement, and financial ratios and can't find anything that justifies the stock trading at $5. It looks like the stock is just down on unfounded negative hype and it has good support at 5 on the chart. My target is 6 1/4 to 6 3/4.
The SOX closed at about 270 today and I think it will have resistance between 275 and 277. For that reason, I'm not holding any semiconductor stocks long right now. I want to see how they act if they test resistance before I commit to them. My favorites on a pullback are ATML, LRCX, LSI, and VLSI.
I'm still short a small amount of CIEN after covering 2/3 of my position at 18 3/16 (sold it at 21 and 19 7/16). The stock is attempting to base in the mid 16 area but I really don't think it will hold because it still has some takeover premium in it and a takeover is not coming. The stock was down today in a strong overall market...not a real good sign. My target to cover is 15 to 15 1/2.
To the lurkers...thanks for lurking but please give us some of your ideas. Just toss them out for consideration and I'm sure you'll get some feedback. Larry and Sue have an opinion on everything lol.
Dan |
