The Play Of The Day
08-06-99 06:33 EST
Stock Fans, I am SHORT in this market with DCLK, and Puts, the August 65's AMZN, PCLN. I am short in all 3 at their highs yesterday as LIVE TRADING ROOM viewers watched. I may be wrong but I doubt it! Will August 5, 1999, go down as the day the NASDAQ (especially the NETS) recovered? Will they, after huge "fast selling", bounce at levels we have not seen before?
Joe Kernin of CNBC said yesterday after the Internet Stocks had recovered with many of them going from very RED to GREEN, " Is there a way to tell where the bottom on these stocks is when they do this?" Not expecting any of his colleagues on CNBC set to give him an answer, he said, "I guess not, if there was we would all be millionaires!"
Today's Play(s) of The Day are:
Double Click (NASDAQ:DCLK) and Wit Capital (NASDAQ:WITC)
(NASDAQ:DCLK)- KEY INDICATORS:
Buy DCLK at about *****$67.93750 - $75.50 ***** Below it explains why the spread is so far apart
Sell Stop: 60.43750
TARGET: $250.00 (split adjusted $125.00 - time frame 6 to 7 months)
Hang with MJ #23 - and sky for those LEAPS! (leaps are options that go into the next year)
DCLK OPTION LEAPS
The January 2000 $110.00 LEAPS
(NASDAQ:WITC) KEY INDICATORS
Buy Area: $19.93750- $24.50
Sell Stop: $15.43750
TARGET: $39.00 (6 months from now that $39.00 is taking a split into accountwhich I am predicting to come in Feb. 2000, so the true number is $78.00)
*****Keep in mind, I have no idea what today's labor report will be as it is now only 7:00 EST on August 6, 1999. If that number is bad for the markets, I suspect these prices should be available. It looked to me like the Market Makers were gathering up shares to squeeze today! This is why many of you in my LIVE TRADING ROOM saw me SHORT AMZN at $96.8750 and DCLK at $76.50 as well as buying August 21, 1999 $65 Put Options on DCLK. I also shorted shares of PCLN at $79.00 even. I suspect that these 3 stocks and many other stocks will be closing near their high of the day. I may just be on the right side of a MAJOR BLOOD BATH that could be coming if or when that labor report is not stellar!
No Play on Monday as I have had over 9 plays this week. OK.. I gotta take a day off and maybe in the AM play that game I once knew - GOLF! The Live Trading Room will be gavel to gavel as always!
Have a great weekend!