The Play Of The Day
07:55 EST 08-26-99
Good Morning Stock Fans!
Today's Play of the Day is: ANCOR Communications (NASDAQ:ANCR)
Many NASDAQ related stocks broke out of their 30 day ranges yesterday as the long bond dropped to under 5.95%. With this in mind I looked over several NASDAQ issues that traded in tight ranges yesterday on more VOLUME then they did over the previous 3 days of trading.
One of the stocks that really stuck out at me was ANCOR Communications (NASDAQ:ANCR) This NASDAQ stock traded more shares then it had on August 23, 1999, and August 24,1999. Yesterday it had a smaller range on more shares trading.
A stock that trades in this matter especially in a rally like yesterday was for this stocks sector usually means it is being held in check by market makers or it is gathering to make a big run on accumulation of bigger investors buying up shares. regardless with (NASDAQ:ANCR) still of its high of over $32.00 dollars a share reached in late July of 1999 there still looks to be plenty of room to the upside for shares of (NASDAQ:ANCR)
Stock Fans! I also like the trading chart that (NASDAQ:ANCR) has created of late. The pattern suggests that it looks to break out to a new high as it is a cup and saucer configuration currently. With shares of (NASDAQ:ANCR) closing at $26.81250 yesterday if it is going to break out to a new high like it pattern suggests then it must go over $32.50 a share. That leaves a nice 5 point plus area and perhaps a little more on a small pullback for this one.
Buy Area: $25.93750 - $26.43750
Sell Stop: $24.75
Paradise Music & Entertainment (NASDAQ:PDSE)
Stock Fans! I make this a BONUS PLAY today after much thought. With shares of (NASDAQ:GRIN) literally making me turn away from my screen and smile up at one point over 85% yesterday. This PONKEEMAN! Craze is just been to much of late to turn away from and ignore.
So with (NASDAQ:KIDE) and (NASDAQ:GRIN) BIG runs I would think out of the way at least for now. Investors have now based on yesterdays last 3 hours of trading and after market as it was the most traded stock on the NASDAQ turned their eyes on shares of Paradise Music and Entertainment (NASDAQ:PDSE) It is yet another stock that has come into focus as involvement with the of course POKKEMAN Craze!
This one traded a ton in after-hours. It is gapping up already this AM. I will look to play it on any kind of run over $8.3750. I will also look to play it under $7.8750. This one has a small float (amount of outstanding shares) of less then 4 million. It is already of 2.50 off it usual 30 day trading range of $5.25 more then $2.50 at present. However it went over $9.00 yesterday before pulling back. If it is anything like (NASDAQ:GRIN) turned out to be yesterday this one could go as high as $13.6250 It could but don't bank on it
THIS PLAY IS DANGEROUS USE PROTECTIVE SELL STOPS!
Buy Areas: $7.75-$8.3750
Sell Stop: $6.3750
TARGET:$ 11.75 ? Watch the VOLUME!
Have a great day!
More to come...