The Play Of The Day
09-24-99 07:58 EST.
Good Morning Stock Fans!
With today's PLAYS I will be watching for areas of support as well as the NASDAQ composite for the level of 2730.00 or so to look to buy into today's NASDAQ Market.
*Please use my tighter then usual protective Sell Stops today!
Today's Play of the Day is: Wit Capital (NASDAQ:WITC)
Stock Fans! back on August 6, 1999, I selected as one of my "Play's of the Day!" I profiles it on that day as I saw it to go no lower then $15.50 a share anytime in the near future. It held that day and has held ever since.
I am going to go with (NASDAQ:WITC) today again as it showed sparks of life again yesterday and good volume again. It is a CO Manager in the NetZero (NASDAQ:NTZO) Internet IPO that goes public today with the like of top notch Internet IPO Lead Underwriter Goldman Sachs (NYSE:GS).
I am looking for (NASDAQ:WITC) to get more interest today and in the coming days with the release of (NASDAQ:NTZO) as a very HOT IPO today and with (NASDAQ:WITC) involved in it. I like the opportunity that (NASDAQ:WITC) presents as we head into the end of the year.
I also feel very good about the sell stop area that I am selecting today on shares of (NASDAQ:WITC) as it has held up in all types of market conditions that NASDAQ has had to offer since we hit what I still believe is the NASDAQ low on August 5, 1999.
Buy Area: $18.25- $18.93750
Sell Stop: $15.50
TARGET: $23.00 ( 5-7 trading days)
BONUS PLAY: BAMBOO.com (NASDAQ:BAMB)
Stock Fans! I have seen (NASDAQ:BAMB) featured on virtually ever chat board I have seen over the past week or so. Taking that into account tells me that (NASDAQ:BAMB) has tremendous interest in the very unique application that it offers to its audience.
(NASDAQ:BAMB) also had very promising news yesterday that should add to its value very shortly. it announced that it had inked an Alliance with Cendent as well as a Partnerships with vacationspot.com, and a well know national real estate broker Caldwell Banker in the (CO) market. I look for (NASDAQ:BAMB) to keep making deals, that will make its applications even more known and used adding to the value of its stock.
In looking at the chart formation of (NASDAQ:BAMB) it presents very strong support at about $17.93750- $18.1250. I like it today as it fell into the close in a NASDAQ sell off and looks to perhaps test its 30 day low of $18.00 or so again and then looks to chart higher back over $20.00 to 23.50 dollars a share over the next 10 trading days.
Buy Area: $17.93750- $18.68750
Sell Stop: $15.93750
TARGET: $21.31250- $23.50
STOCK TO WATCH: CMGI INC (NASDAQ:CMGI)
Stock Fans! (NASDAQ:CMGI) has been stuck in a range of over the last 30 days from $93.00 to $78.00. This stock looks as if it is trying to find an area of support and then go up from there. Today with the NASDAQ Market the way that it is. (NASDAQ:CMGI) should find that support. I am looking for an area of $73.93750- $69.93750. Once it flushes the sellers out near that level it looks as if it can find it way back up as (NASDAQ:CMGI) is still I believe the best way to own into the NASDAQ Venture Capital and selected NASDAQ Internets that (NASDAQ:CMGI) has in its portfolio. Use a sell stop on (NASDAQ:CMGI) of $68.00 even.
One of Today's Internet IPO's NETZERO (NASDAQ:NTZO)
Stock Fans! If you look at the Internet IPO Preview that I sent out yesterday (NASDAQ:NTZO) looks as if it is today's most promising Internet IPO. Since it will be going public in a NASDAQ market today that is not looking good on the onset (NASDAQ:NTZO) price today may offer a great buying opportunity. As this one comes public I will look to subtract 20% off its first public traded price, and use that as a gauge to get in o this very HOT IPO.
ALTEON WEB SYSTEMS (NASDAQ:ATON)
As CNBC's Squawk Box profiled earlier today, (NASDAQ:ATON) is in a very HOT market of late DSL. It takes web sessions that come of given web pages and collects it then takes this information and uses it web switches that speeds up e-Commerce solutions for web related companies. The demand for a company like this will do nothing but grow as the Internet continues to grow be leaps and bounds. It competes with (NASDAQ:CSCO) and with its technology and field of expertise this stock should be another great stock to pick up today in what looks to be a lower NASDAQ Market today.
Again as with NetZero I will be looking at today's first public trade on (NASDAQ:ATON) and subtract 20% off of it and use that as a possible entry area.
More to come.....
Have a great day!