The Play Of The Day
07-29-99 07:15 PM EST.
We look to open way down today. This is what I see as a good buying oppourtunity right off the open. I will HOLD CURRENT HOLDINGS and average down into to even more weekness on any postions I take off the open.
Good Morning Stock Fans!
Today's Play of The Day is: Wit Capital (NASDAQ:WITC)
Well Stock Fans, It looks like the old Internet IPO market is back again in full force! This means that those "Boyz" of at Wit Capital (NASDAQ:WITC) are at it again. My guess for (NASDAQ:WITC) big move yesterday late to get up and over $27.00 a share (a big indicator for recent resistance) tell me that (NASDAQ:WITC) sure looks ready to get going and head back up towards it all-time high of $38.00 a share again. I'm really BULLISH on this one as I really like how it sold way down to about exactly half where it's original underwritten price of late just under $22.00 dollars a share as recently as July 26, 1999, to hit a intra-day low of $21.68750. What really impressed me is how fast (NASDAQ:WITC) made it way back up to what looks to be solid 30 day support of $24.50. It only took 2 day to get back up there. Not only that but it powered up through $25.00 -$26.00- $27.00 a share. That is up over $3.1250 yesterday on big volume of well over million shares. I am looking for this one to drop back down to about $23.93750- $24.81250 a share.
A "Swing Trade"
Buy Area: $23.93750- $24.81250
Sell Stop: $22.75
Target: $29.00- $31.3750 (3-5 days)
Dell Computer (NASDAQ:DELL) The Stock of Dell (NASDAQ:DELL) & DELL September 21, 1999 $50.00 Option Calls
Stock Fans, It is Dell Computer (NASDAQ:DELL) times to start making its familiar well received run into earnings again. Yes, Wallstreet"s "Darling" is getting ready to report their second quater numbers on 08-17-99. That leaves a little bit over two weeks for Mike Dell's well tuned "box maker" to make it run into earnings. I am going be getting on the old Mike Dell train today picking up the stock today at about what I am seeing as close to just over $42.00 dollars a share. I am looking for Dell (NASDAQ:DELL) to make about a $8.00 to $9.00 dollar move. So that mean getting hold of the Dell (NASDAQ:DELL) September 18 ,1999, $50.00 Option Calls. The Symbol on those is (DLQ-IJ)
Buy Area: $41.93750-$42.43750 or LOWER maybe the open today!
Sell Stop: $39.43750
TARGET: $52.3750 (08-17-99 ahead of earnings)
Dell (DLQ-IJ) September 18, 1999, $50.00 Call Options
They closed at $1.00 dollar even yesterday on the ask.
UPDATE: Marketing Services Group (NASDAQ:MSGI)
Stock Fans! I know a lot of you feel like this one is dead money presently as it just seems to drop under $23.00 a share making it way back up to over $22.00. Then make an its familiar rather pathetic move back up to just short of $23.00. Looking at yesterdays trading on (NASDAQ:MSGI) the volume was just over 100,000 shares. This is about 20% or so of its usual 440,000 shares it has averaged trading over the last 30 days. This one has huge 60 day support just over $21.43750 a share. I see to much of a REWARD VS RISK factor not to stay in this one longer. It looks to get going real soon now on NASDAQ. Upgrades are coming most defiantly. It could get hot and EXPLODE up $10.00 plus on an upgrade by a major brokerage house
Stocks to Watch
CNBC is reporting this morning that Sprint (NYSE:FON). Dueuche Telecome (DT) maybe going after Sprint.
Waste Mangement (NYSE:WMI)
Stock Fans! They have warned yet again that numbers are going to be low. This company has now had its CFO resign. Mr. Wayne Hingza (CEO) better start stepping to the plate real soon if he is to save Waste Management (NYSE:WMI) from further problems. It seems that yet again (NYSE:WMI) accounting department looks to be about as reelable as the Florida Marlins pitching staff. Waste Mangement has even now had its CFO say so long! As he has quit the team! (NYSE:WMI) may just waste away today. I am looking for it to tank. I will look to short this one right off the open today. Use cation here. It has already been hammered!
OK that will do it for today.
Be sure to meet me in The LIVE TRADING ROOM today! I called some big winners yesterday in there!
GET IN THE GAME!!