The Play Of The Day
08-09-99 06:33 EST
Good Morning Stock Fans!
There is indeed NO PLAY TODAY! Instead I am billing today Monday, August 9, 1999, as my day to give you my Swing Trades (2-5 days trades) of the WEEK! Let's look at two value plays that I really like now to go higher as all three looked to hit their bottoms last week.
The first one today is : NET2PHONE (NASDAQ:NTOP)
I really like how this one has sold down off its high of $32.00 reached on July 30 ,1999. Since that time it has sold all the way down to its low of $15.00 reached the day the Internet Stocks hit their lows on August 5, 1999. I have devised a theory that when applied to (NASDAQ:NTOP) shows that it looks to drop no further then the low it saw of $15.00 a share on August 5, 1999. This theory when applied to (NASDAQ:NTOP) also gives me great confidence in believing that (NASDAQ:NTOP) could see the same type of move that (NASDAQ:WITC) after it hit its low on June 15, 1999 of $9.00 a share and then went all the way up from there to top out at $38.00 dollars a share just 13 days later.
The fact that since (NASDAQ:NTOP) has sold off on LESS VOLUME also makes it look very attractive here. I also see little downside on this one as I again see it going no lower then $15.00 dollars a share.
Buy Area: $ off the open
Sell Stop: $ 14.93750
TARGET: $ $22.1250-$24.50 (3-5 days)
Number two today is: WebHire (NASDAQ:HIRE)
Here is yet another value play I really like off the bottom that has already proved it can go over 3 times higher July 15, 1999, $17.6250 a share than where it closed on August 5, 1999. I really like (NASDAQ:HIRE) because of the fact that it as well as (NASDAQ:NTOP) has sold down on LESS VOLUME as it hit its bottom on August 5, 1999 at $8.00 dollars even. I again like this one becuase it has little downside risk and looks as if it is again ready to head back up into the double digits.
Buy Area: $9.00
Sell Stop: $7.93750
TARGET: $11.00- $13.00 (a little longer then 5 days 7-10 day)
Have a great day
More to come...