The Play Of The Day
07-20-99 08:40 EST.
Good Morning Stock Fans!
Today's Play of The Day is: ISS Group (NASDAQ: ISSX)
Stock Fans, NEWS on this one (NASDAQ: ISSX) just hit the wires today. CNBC's Martha McCallum just reported that ISS Group was getting hammered in pre-market today. In fact a stock that closed at near $40.00 a share yesterday. is now trading at under $30.00 a share today. It turns out that ISS Group (NASDAQ: ISSX) Just reported earnings yesterday. They looked to be in line with first call estimates. What in the world then is causing this stock to get blasted in pre market down over $8.00 now a share on over 34,000 shares trading? It seems that Goldman Sachs has downgraded the stock today. They site that its recent run up, as well as what Goldman apparently sees as a fear of a slowdown has caused panic to set bin on this one right off the get go.
I pulled up a recent chart on (NASDAQ: ISSX) It seem to me that it is trading now right about at 30 day support. Goldman can "X" out of the equation that (NASDAQ: ISSX) has run up to much of late ahead of earnings. Stock Fans, I see this one as just a case of overreacting in a market that looks to open lower today anyway. This is a bit of a risky one today or is it? I mean who would be stupid enough to buy (NASDAQ: ISSX) right off the open today. I mean come on it is getting slammed in pre-market!
Well, Stock Fans! As far as I know? I have never seen an analyst rating of a company send it to points of non existence. I just see (NASDAQ: ISSX) today as a classic case of overreacting. This is even more magnified today as we are looking at according to the S& P Futures a very negative open. So Stock Fans! There you have it. I am going to get my shares of (NASDAQ: ISSX) today right off the open as this stock get hit this hard just plain makes no sense.
Buy Area: RIGHT OFF THE OPEN as it was a low as $29.00 a few minutes ago in pre-market. It has since pulled up just over $30.00. Look for $29.6250 to be the absolute low on this one. Sell Stop: I will have NONE! This one can't go much lower. Target: $35.00 (I am hoping to see it sometime today) I am looking for move of about $5.00 from where I buy it today. Stock Fans! This one is RISKIER then normal. However looking at it could pay very nice rewards in a matter of 1 day.
Stock Fans! The market looks to open DOWN today. I am going to HOLD. I may also look to buy here. The market is just looking for a reason to sell off. I don't really see any reason for that personally today. With that in mind I see all this RED in the NASDAQ and NYSE as an excellent buying opportunity. I have seen this market overcome to many BAD NEWS days. I don't really see anything today as being all that negative. Again with that in mind. I HOLD on open, and probably look to BUY at bargain prices.
OK Stock Fans!
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