The Play Of The Day
08:14 EST 08-27-99
Good Morning Stock Fans!
Today's Play of the Day just has to be CONCENTRIC NETWORKS (NASDAQ:CNCX)
With all the added subscriptions since August 5, 1999 of to my Play of The Day I just can't ignore featuring this one again. Besides me included Veteran Players. Aren't we always looking for winning stock picks? Rather the featuring something new today when an opportunity exists to add to our position, for what looks like an almost certain situation is something I am sure you all what to know? Right? Email me if not! email@example.com and explain why?
So here is your HEADLINE on (NASDAQ:CNCX) for today! From: ME! Off course as always I am not forgetting to include my patented WHAT? WHY? and WHEN?
CONCENTRIC NETWORK (NASDAQ:CNCX) LOOKS PERFECT NOW!
Stock Fans! I just can't ignore the move that (NASDAQ:CNCX) made into the close yesterday that now make it really poised as an almost certain stock to move up and fast. The pattern yesterday was accumulation as this one traded again almost all day down. The into the close it found it way back up on more volume.
In fact take a look at the pattern that (NASDAQ:CNCX) has created for yourselves right here. It is pretty easy to see that by finishing at it high of the day up $0.18750 it was up just enough to really add to it almost perfectly configured "Cup and Saucer" pattern.
As I look at the chartIcan see how it had a nice retracement yesterday then started its up move and finished it on more volume at the high of the day. Couple that with the fact that (NASDAQ:CNCX) has now entered the DSL game (high speed access to the Internet) You know if you have been with me for the last 3 months that makes it an official inductee into the "Cable Guy's!" list.
Add 3 more major factors that cap this one off and it just gives me way to much information to show that (NASDAQ:CNCX) is headed for a trip to the upside that should take it over that $26.6250 area (over $4.50 off where it closed yesterday) and allow it to break out and run up!
First take a look at all the stock options action on this stock! Click here:
Strike Price: Options Quotes, charts, chains and more
Do you see the VOLUME on the (NASDAQ:CNCX) Option Calls. Especially the (NASDAQ:CNCX) Sept $25.00 Call Options. Do you remember if you were here for the last big run on (NASDAQ:CNCX) the amount of VOLUME on these options in August? Well, they keep buying them up even more now.
Second take the fact that (NASDAQ:CNCX) has been no slouch the past by any means. In fact if you remember right. I have said in the past that (NASDAQ:CNCX) is in no way of any danger to drop into the depths of the forgotten. In checking over 100 Internet Stocks (just to be sure) I could not find any that have vanished into the depths of the lost had a 2 for 1 split in May 1999 at over $100.00 dollars a share. If you look at the All Time high on (NASDAQ:CNCX) its high you see of over $53.00 dollars a share reached in mid April 1999 (less then 6 months ago is a split adjusted price) Take a look at my April past performance to verify that fact click here: Big Play Stocks | Past Performance Archives As you scroll down and see $112.63 on April 13, 1999 that is no misprint!
Third, the price it closed at yeserday was crucial! If you are a regular daytrader in my LIVE TRADING ROOM. You saw me typing frantically into the close on Wednesday, August 25, 1999, begging (NASDAQ:CNCX) to get to $22.1250. It just missed I was fairly certain that meant more accumulation yesterday Thursday, August 26, 1999. Well, take a look! I was right plenty of it!
Stock Fans! Now you know why I had to feature this one in some way again today! I will be buying up shares of (NASDAQ:CNCX) right off the open today. The move I am looking for to the upside is just to much to wait. The REWARD Vs RISK factor here is to strong. Again I am looking for this one still over 65% off it all-time high to break out and run up. If not today that it shouldn't be to much longer of a wait. Oh and by the way another small bit of information on (NASDAQ:CNCX) to report today. There is no new NEWS on (NASDAQ:CNCX)
Buy Area: Right off the open
Sell Stop: $21.12750 ($21.43750 is where very strong support exists. However I am lowering my sell stop a little here just to make sure I don't end up giving this one away ahead of the move.
TARGET: $27.00 to $32.50 Perhaps more.
"RUN THE OPTIONS!"
CNCX Sept $25.00 Option Calls (Symbol:QXF-IE)l Last $1.1250. Stock Fans! These will really be winners if CNCX clears $27.00 to $32.50. The CNCX Sept $30.00 Option Calls (Symbol:QXF-IF) Last $0.3750.
Have a great weekend!