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Play of the Day (For Thursday)
Interactive Chart
Wednesday, February 28, 2001

LTR - Loews Corporation $108.67 +2.27 (+10.17)

Tuesday's Comment:

Loews Corporation is a diversified holding company that provides property, casualty and life insurance, hotel operation services, and offshore oil and gas drilling services. The company also manufactures cigarettes, watches, and clocks. The stock has been on fire over the past year. Shares of LTR hit a four-year low of $38.25 last March. On Tuesday, the stock hit an intra-day high of $106.90, representing a 178% gain and a new three-year high. On February 20th, the company announced a 2:1 split, payable on March 20th, and we believe that LTR has started its split run. Going forward, support is the February 16th intra-day high of $105.40 with additional support at Monday's intra-day high of $103.06. Resistance is the 12/5/97 close of $107.56 and then the 11/21/97 close of $108.50. Traders may consider entry points on a bounce off of $105.40 or a breakout above $107.56 on volume of at least 225,000 shares by noon. We plan to place stops at $98.50 to limit potential losses.

Wednesday's Update:

Loews put in what we feel is a breakaway gap on Wednesday. The stock opened up $1.95 out of the gate and followed through with an additional $0.31 by the end of the session. The MACD issued a buy signal on this strong move higher and OBV notched a new high. Even though the past two days has seen the stock appreciate 10%, the RSI is indicating that the stock has a ways to go before becoming overbought. Going forward, we are anticipating that the gap created today will provide support at the $107.50 level. Resistance may very well come in at $110, which also coincides with the highs made in 1998. Lower risk entry points may present themselves with a bounce off of $107.50 on volume of at least 200,000 shares by midday or a breach of today's high of $106.90 on similar volume by midday. We are keeping our stops at $98.50 until we have a little more breathing room to adjust them higher in order to lock in gains.

Picked on February 27th @ $106.40
Change since picked +2.27
Stop Loss @ $98.50 

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