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PLAY > New Plays Monday, February 12, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

AGC - American General Corporation $78.68 +1.42

American General Corporation (AGC) is a leading provider of retirement annuities, life insurance, and credit-related financial services. The recent fall of interest rates has renewed excitement in the financial services industry, which we feel could attract a wave of new buyers to leaders like AGC. What's more, the company recently announced a 2:1 split, payable on March 1st. In our opinion, this certainly makes AGC a standout in its group and offers an attractive new split run play. As for the stock, AGC shares suggest that an increase in buying activity is taking place. Today's run through $78 cleared two previous highs and closed sharply above the 50-dma of $77.75. Moreover, a positive MACD and good volume of 735,900 shares accompanied the advance, which may improve the possibility of a breakout scenario. So, should this set-up unfold, we'll look for resistance points to follow at the $80 and $85 levels. Keep in mind that AGC's all-time high resides at the $83.44 mark and could also pose a challenge for the stock. For entry points on the upside, we'll look for shares to advance through resistance on volume of at least 400,000 shares by 1:00 EST. On the other hand, a pullback will likely hit an initial support base at the 50-dma. Just below, a strong base at $75 provided good support for the recent rally and should remain as a good barrier. We'll set stops below support at $74.50 to protect are backside. We'll plan our exit strategies ahead of the March 1st payable date, unless stopped out beforehand.


Picked on February 12th @ $78.68
Change since picked 0.00
Stop Loss @ $74.50
 
Interactive Chart Quote News Zacks on AGC
 

New Candidate Plays

None

New Momentum Plays

BVF - Lockheed Martin Corp. $36.40 +1.52

Biovail Corporation develops and manufactures drugs utilizing advanced oral controlled-release, rapid dissolve, enhanced absorption and taste masking technologies. The Company currently has developed 15 products that are sold under license in over 55 countries. BVF ran into some profit taking in November after hitting an all-time high of $45.38 on November 8th. The stock then put in a triple-bottom over the course of two months. Now the stock has regained its momentum and on Monday, the stock broke out to an all-time high of $46.15 on volume of 956,000 shares. This was the move we were looking for so we are adding them to our current plays list. Going forward, support is the 10-dma at $43.76 with additional support at $42.90, Monday's intra-day low. Resistance could show up in the $47-$48 range with heavier resistance at $50. Traders may consider staring new plays on a bounce off of $43.76 or a break out above $47 on volume greater than 800,000 shares by noon. We plan to set stops at $41.50 as downside protection.


Picked on February 12th @ $46.15
Change since picked +0.00
Stop Loss @ $41.50
 
Interactive Chart Quote News Zacks on BVF
 


New Plays Index

 


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