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Email Version, Section 1, Thursday 03/01/01
The SplitTrader.com Newsletter           Thursday 03/01/01 1 of 1
Copyright 2001, All rights reserved.
Redistribution in any form is strictly prohibited.

 - Your World Leader for Trading Stock Splits on the Internet -

Posted online for members at: http://www.SplitTrader.com

To view this email newsletter in HTML format with imbedded
charts and graphs, click here:

http://www.splittrader.com/htmlemail/030101_1.asp
==================================================================

In This Newsletter:
===================

Market Commentary - International Rumor Machine
Definition of the Day
Thursday's Split Announcements - ING, INOD
Friday's Expirations
Stock Plays - New - Updates - Drops
Friday's Play-of-the-Day - TX

==================================================================


Market Commentary
=================

International Rumor Machine

International Business Machines (NYSE:IBM) sparked a sharp
late session rally on swirling rumors that an analyst was
reiterating his positive 2001 outlook for the computer giant
and that the company had supposedly given optimistic comments
at an investor meeting.  At precisely 2:30 p.m. EST, IBM
started to "boot-up" and within an hour and a half, had
rocketed over 7.5%, closing up $6.15 to $106.05.

Before the gunpowder smell from the rumor gun had settled out
of the air, the rest of tech land was off and running.  And
run they did.  Sun Microsystems (NASDAQ:SUNW) popped from
$29.50 at 2:30 p.m. to close at $32.25, EMC Corp. (NYSE:EMC)
went from $37.50 at 2:30 p.m. to close at $42.90 and Applied
Micro Circuits (NASDAQ:AMCC) bounced from $23 to close at
$29.63.

AMCC actually was halted midday on what turned out to be an
on-air, live profit warning on CNBC earlier in the day.  The
company's CEO, Dave Rickey, read a prepared statement in an
interview with Maria Bartiromo, which indicated that the
company was lowering fourth-quarter revenue estimates to $125-
$135 million from previous estimates of $175 million due to
warnings from its largest customers.  The fact that investors
were able to brush this off and take the stock higher as soon
as it was reopened for trading is suspect, but I'll have to
admit, slightly encouraging.

The fact that the market is still reacting to rumors like a
giddy schoolgirl, however, is not good news.  But being
rational traders, we can look at this in two ways.  I will let
you be the judge as to what scenario is closer to the truth.

Number one, we are in a market that is thirsty to believe any
good news that comes along, whether it's true or not.  This
probably means that once the Fed cuts, earnings improve and
the market stabilizes, the optimistic investors will come out
of the woodwork in droves, tipping their money market accounts
(which are bursting at the seems) into tech and the rest of
the market and we will be off and running again.

Number two, we are in a schizoid market that doesn't know
which way is up and that is hanging on any piece of news that
may give it direction to the upside.  In this scenario, the
market swings violently and emotionally; in part because there
are so many people on the short side that cover-buy with a
vengeance anytime a hint of positive news hits the market.

Suffice it to say that I believe number one and a half.  I
believe that yes, we are in a market that is acting irrational
and desperate but that behind the scenes, there is a pile of
money that belongs to folks that are willing to forgive and
forget, given more clarity in profit outlooks.

In addition, I believe that number one is driving number two.
By this I mean that investors (in general) are still too
optimistic.  The banner year of 1999-2000 is still in the back
of investors' minds causing most to hold on to high hopes.  We
therefore have still not seen the now clichi, "capitulation
bottom" that marks the beginning of a new bull market.

One indicator that tracks investor sentiment is the CBOE
Volatility Index (VIX.X).  When we bottomed in October 1998,
during the "Asian Crisis" the VIX.X was hovering around 50,
signifying high levels of fear and put/call buying.  But
throughout this whole NASDAQ drubbing, the VIX has not closed
above 40.

Chart of the Market Volatility Index:



Today's Markets

Up until the IBM induced rally, the markets acted as if they
were content to do a slow burn lower for the whole session.
There was no real sector rotation, but rather general weakness
across all areas of the market.

The NASDAQ (COMPX) gained 31.54 today, closing at 2183.37
after briefly venturing below the 2100 level.  Volume was
impressive, with 2.25 billion shares crossing the tape, a
large portion of that occurring in the volatile afternoon
session.

The DOW (INDU) closed off 45.14 to 10450.14 after having been
down almost 200 points earlier in the day.  NYSE volume was
1.2 billion and market breadth continued lower with decliners
beating advancers 1562 to 1469.

Treasuries continued higher today despite the late day flow of
capital back into stocks.  The 10-year note finished up 6/32
to yield 4.88% and the 30-year bond closed higher by 9/32 to
yield 5.30%.

Turning to economic news, the National Association of
Purchasing Management Index (NAPM) came out at 41.9%, just
slightly above January's figure of 41.2% but lower than
economists' expectations of 42.4%.  But lest you think this is
actually good news, any reading below 50 still indicates a
contracting manufacturing sector.

Stocks and Sectors on the Move

While quite a few tech stocks rebounded in the afternoon, 3Com
(NASDAQ:COMS) had dug too large a hole in the morning to
benefit by the exuberance.  COMS came out late Wednesday and
said that it would miss its current third quarter revenue
bogey.  It now expects to lose $135-$145 million on revenues
of $625-$640 million.  COMS closed down $1.63, or 17.81%, to
$7.50.

Other losers on the day included the brokerage sector, as
measured by the AMEX Broker/Dealer Index (XBX.X).  It fell
1.64 on the day, after being down close to 30 points in the
early going.  The sector came under continued pressure after
J.P. Morgan (NYSE:JPM) downgraded two of its own, Goldman
Sach's (NYSE:GS) and Morgan Stanley Dean Witter (NYSE:MWD) to
"market perform" from "long-term buy".  The stocks finished
down $0.14 and $1.53 respectively.

Airline stocks were also grounded today, as US Airways
(NYSE:U) indicated that its first-quarter loss would be wider
than expected.  Goldman Sach's also go in on the action and
proceeded to downgrade a slew of the winged wonders.  These
included Northwest (NASDAQ:NWAC), which finished down $0.69 to
$21.31, Southwest (NYSE:LUV) down $0.60 to $18.00, Delta
(NYSE:DAL) down $1.77 to $40.35 and AMR Corp. (NYSE:AMR) down
$1.93 to $31.32.

Accomplishing a complete 180-degree turnaround and avoiding a
new 52-week low in the process was the PHLX Semiconductor
Index (SOX.X).  On the heels of the aforementioned IBM and
AMCC about face, the SOX.X added 29.53 to close at 570.76.
Earlier in the day, the SOX.X had taken out previous intraday
lows at 516.64.  Winners included Texas Instruments (NYSE:TXN)
up $2.85 to $32.40, Xilinx (NASDAQ:XLNX) up $2.63 to $41.5 and
Linear Technology (NASDAQ:LLTC) up $3.50 to $43.13.

Looking Forward, Always Forward

Tomorrow might prove to be more rough sailing for techs,
especially software stocks.  After the bell, Oracle
(NASDAQ:ORCL) issued a downward revision in its third-quarter
earnings per share figure.   They now expect to come in with
an EPS of $0.10, down from previous estimates of $0.12.  They
also announced that sales are flat to slightly lower.

Also, expect the folks who bought tech today on the IBM rumor
to unload in the early going.  We'll see if we get an
afternoon oversold bounce, but I wouldn't hold my breath.
Friday afternoons have been a tough time for the longs, as the
pros have not been willing to hold stock over the weekends
lately.

On the bright side, compared to the Nikkei, we are rocking and
rolling.  The Nikkei has just hit a 15-year low and interest
rates are at .25%.  In addition, the 50-basis point cut in
interest rates that the Fed enacted in January should just be
starting to work its magic upon the economy as we fire up the
barbeque and take to the beach in July.  Hold onto your flip-
flops, I smell a summer rally.

Trade Smart and Have a Good Weekend

Craig Seidler
Assistant Editor
www.SplitTrader.com


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Definition of the Day
=====================

Growth Stock

A company that, relative to other companies, is growing at an
accelerated rate.

For the complete definition, please go to:
http://www.splittrader.com/glossary/viewglossary.asp?glossaryid=164


===================
Split Announcements
===================

Thursday, March 01, 2001, Before the Bell

ING Group Proposes Stock Split; Earnings Rise to Expectations

Before today's opening bell, Dutch financial group, ING Group
(NYSE:ING) announced that its Executive Board will propose a 2-
for-1 stock split to shareholders at the Annual General Meeting
on April 17, 2001. An exact payable date has not been determined
but the split is expected to occur "as soon as possible" after
the shareholder meeting. The last split announced by ING was a
5:2 in 1996. Currently the shares outstanding total 958 million
and the float is at 948 million.

For the complete announcement, please go to:
http://www.splittrader.com/announcements/030101_1.asp

===

Thursday, March 01, 2001, Before the Bell

Innodata Announces Stock Split

Before the opening bell on Thursday, Innodata Corporation
(Nasdaq:INOD) announced that its Board of Directors approved a 2-
for-1 stock split, payable March 23, 2001 for common stock
holders of record on March 13, 2001.

For the complete announcement, please go to:
http://www.splittrader.com/announcements/030101_2.asp


====================================
Friday's Expirations by Payable Date
====================================

Jack Henry & Assoc (JKHY) splits 2:1
Cytyc Corp. (CYTC) splits 3:1


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=====================
SplitTrader.com Plays
=====================

The PLAY LEGEND:

SplitTrader.com Play Recommendations.

Play-of-the-Day is our number one play recommendation for the
following trading day.
Updates are just that - updates on continuing plays.
New plays are brand new for the newsletter.
Drops are closing plays that we feel have lost the advantage.

You will see:
Stock Symbol, Company Name, Closing Price, (change for the week)
Picked at date and Change since picked

Terms:
BoD = Board of Directors meeting
ADV = Average Daily Volume
dma = daily moving average

On the SplitTrader.com website we have very detailed profiles
for the stocks we play.  Please take the time to visit the site
and look up a stock's profile if you are interested in more
information.
================================================================


=========
NEW PLAYS
=========


NEW SPLIT RUN PLAYS 03/01/01
============================

BAX - Baxter International Incorporated $92.61 +0.52 (+3.21)

Baxter International (BAX) has more to offer than meets the
casual eye. Currently, the company is trying to become a biotech
powerhouse. BAX plans on accomplishing this ambitious effort
through peeling off its slow growing businesses and investing
heavily in R&D. So far, the gamble is paying off. The company's
bioscience sales have more than tripled over the last few years
to $2.5 billion. We also like the stock because the company's
Board of Directors announced a 2:1 split of the stock, subject to
a shareholder approved increase in the number of common shares
the company is authorized to issue. Assuming the approval is
received, the record date will be on May 9th 2001. On Thursday,
BAX added $0.52 and came within $0.55 of hitting a new all time
high. Looking at chart, we can't help but notice the excellent
set-up for a momentum breakout. However, we'll look for
resistance to come at the all time high of $93.16 and then at the
$95 mark. Support comes in at the $91 mark, bolstered by the
5-dma of $91.10. Traders considering a position in BAX should
look to time their entries when the stock breaches above
resistance or recoils from support on strong volume of 900,000
shares traded by noon. We will set our stop at $89 to limit our
downside risk.

Picked on March 1st @ $92.61
Change since picked 0.00
Stop Loss @ $89.00

Chart = 


NEW SPLIT CANDIDATE PLAYS 03/01/01
==================================

None


NEW MOMENTUM PLAYS 03/01/01
============================

None


=======
UPDATES
=======


SPLIT RUN PLAY UPDATES 03/01/01
===============================

LTR - Loews Corporation $107.35 -1.32 (+8.85)

Loews Corporation, a provider of insurance, cigarettes, watches,
hotel operation services, and oil and gas drilling services,
traded to a new 52-week high of $110.30 on Thursday.
Unfortunately, the stock reversed directions following news that
the U.S. Justice Department has filed an amended lawsuit against
the tobacco industry designed to recover billions of dollars
spent by the government on smoking-related illnesses. Shares of
LTR ended the session at $107.35 with 460,000 shares changing
hands. Hopefully, the stock will be able to bounce back, as we
are now less than three weeks away from the 2:1 split, payable on
March 20th. Until then, support has moved up to Tuesday's
intra-day high of $106.90 with stronger support at $104.67, the
5-dma. Resistance has come in at Thursday's intra-day high of
$110.30 and then $113.87, the 11/5/97 intra-day high. Consider
opening new positions on a bounce off of $106.90 or a breakout
above $110.30 on volume greater than 225,000 shares by noon. We
are leaving our stops at $98.50 as downside protection.

Picked on February 27th @ $106.40
Change since picked +0.95
Stop Loss @ $98.50

Chart = 

===

GVA - Granite Construction Inc. $33.40 +0.30 (0.33)

Granite Construction closed in the green thanks to a broad market
rally Thursday afternoon. Like synchronized swimmers, the Dow
Jones Industrial Average (INDU) and the NASDAQ Composite Index
(COMPX) stopped their downward spiral and headed higher at 2:15
EST. Like many other stocks, GVA jumped on the bandwagon and
headed north too. Recovering from an intra-day low of $32.41, GVA
climbed about a $0.30 to close at $33.40. Thursday's volume was
recorded at 82,000 shares, slightly higher than its three-month
average of 65,000.  GVA is currently sitting at resistance at
$33.50. The next challenge will come when the stock attempts to
conquer the 52-week high of $34.40. Support is underfoot at the
10-dma at $32.44 and then the 50-dma at $31.00. So, possible
entry points for a play might include a bounce off support or a
move through resistance on good volume, meaning better than
60,000 traded by midday. We have raised the volume limit because
the stock is now so close to a new high we'd like to see strong
volume when going to a new level.  We will hold our stop loss in
place at $30.50 just below support.

Picked on February 25th at $33.07
Change since picked +$0.33
Stop Loss at $30.50

Chart = 


SPLIT CANDIDATE PLAY UPDATES 03/01/01
=====================================

AYE - Allegheny Energy Incorporated $47.34 -0.11 (-0.06)

A state-by-state restructuring program in the power supply market
could position Allegheny as one of the largest independent power
producers in the country. As you can imagine, this has attracted
plenty of attention from analysts, many of whom rate the stock as
a "Buy." On Wednesday, the latest firm to jump on board was
Friedman, Billings, Ramsey & Company. The firm initiated coverage
of the stock with the aforementioned rating and set a 12-month
price target of $60. However, the announcement did little to lift
shares of AYE in trading, as the stock trended lower in the
session, shaving $0.11 off its total.  Still, the bigger picture
remains in tact, as the stock continues to form a tight
consolidation pattern on diminished volume, without breaking the
upward trendline. In addition, the Stochastic looks to be
rounding out and may be on the verge of issuing a buy signal. For
now, we'll wait to see if support holds at the $47 mark (recent
top) and then at the 20-dma of $46.62. Resistance should come in
at the all time high of $49. Low risk entry points may present
themselves with a bounce off support on volume of at least
350,000 shares by mid-day or a move through resistance on similar
mid-day volume. We'll continue to keep stops at $45.94 to guard
against lower levels.

Picked on February 22nd @ $48.22
Change since picked -0.88
Stop Loss @ $45.94

Chart = 

===

BJ - BJ's Wholesale Club $45.47 -0.04 (+0.77)

BJ will be a very quick play for us, as the company is slated to
report its earnings next Tuesday before the market opens.
Consequently, we will exit this position no later than Monday's
closing print.  We may see a quick rally in anticipation of a
split announcement that could come in conjunction with the
earnings release. As for today's trading, BJ remains in a decided
up trend despite today's mild sell-off.  The stock closed above
the 10-DMA of $45.44.  Those who wish to attempt to catch an
earnings and split anticipation run can purchase the stock if it
can stay above $45.44 over the next couple of days.  A move into
new high ground of $47.00, accompanied by midday volume over
400,000 shares tomorrow, could give momentum traders a good entry
point.  The MACD is curiously negative.  However, this may be a
non-factor during the very short duration of this play.

Picked on February 27th @ $46.49
Change since picked -1.02
Stop Loss @ $44.00

Chart = 

===

IGT - International Game Technology $54.21 +0.21 (+0.52)

IGT held fast during some vigorous selling in the early going
today.  IGT has enjoyed a substantial rally since September.
Despite this move, IGT is currently trading with a P/E of 25.21,
which is a true value considering the company is expected to grow
its earnings by 36.62% this year. IGT strong stock price is near
levels that have previously resulted in a split announcement.
This fact is probably another reason why current shareholders are
reluctant to sell during the market's gyrations.  If IGT can
establish a new high above $55.50 with decent first hour trading
volume over 200,000 shares. This scenario may create a good entry
opportunity, especially if today's late market rally has any
follow through tomorrow.  Another possible entry point would
present itself if IGT pulls back and bounces off trendline
support of $53.00.  Keep an eye on the MACD, which continues to
reside in positive territory but has slowed its ascent.  If this
indicator issues a sell signal, we would hold off on adding new
positions.  On the plus side, the RSI is giving the stock a
little room before it becomes overbought.

Picked on February 20th @ $53.52
Change since picked +0.69
Stop Loss @ $49.50

Chart = 

===

PFGC - Performance Food Group Company $53.50 +0.50 (+3.38)

Performance Food Group Company has been trading higher despite a
generally weak market. On Tuesday, shares of the food product
manufacturer hit an intra-day high of $53.75 after trading as low
as $51.50 early in the session. The stock continues to make
higher highs coupled with higher lows and its upward trend
remains strong. Unfortunately, the volume has been unimpressive
so the stock may run into resistance in the near future unless
the volume picks up. Going forward, support is currently at
Wednesday's intra-day high of $53 with additional support at
$51.44, the 5-dma. Resistance has moved up to the December 29th
intra-day high of $55.13 and then the December 27th intra-day
high of $56.75. Traders should be looking for a bounce off of $53
or a move above $55.13 on midday volume of at least 100,000
shares before starting new plays. Our stops remain at $47 to
limit potential losses.

Picked on February 25th @ $50.13
Change since picked +3.38
Stop Loss @ $47.00

Chart = 

===

PII - Polaris Industries Inc. $46.25 -$0.55 (-2.56)

Polaris has been losing ground daily since hitting a new high
this past Monday.  PII was slapped with a downgrade from "Buy" to
"Neutral" from the investment firm USB Piper Jaffray. This,
coupled with a decidedly negative market, has wreaked havoc on
the stock this week, which is down 10% from Monday's close.
Thursday, the stock traded on better than twice its normal volume
as more than 180,000 shares changed hands.  PII is now just above
former consolidation at $46.00. Resistance will be challenged at
the 20-dma at $47.88.  If you are looking at starting a new play,
consider a bounce off support or a move through resistance on
volume surpassing 100,000 traded by midday. We will keep our stop
loss in place just above the 50-dma at $44.88.

Picked on February 13th at $46.70
Change since picked -0.55
Stop Loss at $44.88

Chart = 


MOMENTUM PLAY UPDATES 03/01/01
===============================

BDX - Becton, Dickinson and Co. $36.06 +0.08 (+0.86)

This play survived the Dow Industrials (INDU) morning swoon of
just over 200 points.  BDX, a major supplier of a wide variety of
medical products and equipment, appears to be one of the few
stocks that people are comfortable holding while market
participants anxiously await the Fed's next move.  BDX may have
been further buoyed during today's wild swings due to a
presentation the company gave concerning its future business
prospects at the Lehman Brothers Healthcare Conference.  Although
we do not know exactly what was said, companies generally put a
positive spin on future business prospects during these type of
conferences in order to encourage investment in their stock.  As
for trading, BDX may be very close to completing a consolidation
phase that followed the establishment of a new 52-week high of
$39.25.  We expect a quick rally to retest this high if BDX can
trade to $37.00 on midday volume over 700,000 shares.  Otherwise,
we remain comfortable adding positions, as long as the stock
stays above the $35.00 support.  Further boosting our confidence
is the fact that OBV and the Money Flow both appear poised to
move to higher ground.

Picked on February 11th @ $37.03
Change since picked -0.97
Stop Loss @ $34.50

Chart = 

===

BVF - Biovail Corporation $44.21 -1.94 (+0.04)

Biovail Corporation, a leading developer of controlled-release
drugs, announced first quarter earnings on Thursday morning.
Revenues for the quarter increased 54% to $99.8 million and pro
forma earnings increased 128% to $40.4 million compared to the
same quarter last year. The company also raised its revenue and
earnings guidance for 2001 and 2002. Despite the positive
guidance, the stock sold off on Thursday. Shares of BVF closed
just above its intra-day low of $44.20 on volume of 1.27 million
shares. However, BVF is not falling out of its recent $42-$46
trading range so not much has changed technically. For now,
support is the February 23rd intra-day low of $43 with stronger
support at the February 14th intra-day low of $42. Resistance has
moved up to the Thursday's intra-day high of $46.50 and then the
February 13th intra-day high of $47.35. Traders may consider
entry points on a bounce off of $43 or a move above $46.15 on
volume greater than 400,000 shares by noon. We are keeping our
stops at $41.50 as downside protection.

Picked on February 12th @ $46.15
Change since picked -1.94
Stop Loss @ $41.50

Chart = 

===

ELY - Callaway Golf Corporation $25.30 +1.25 (+1.31)

Callaway Golf drives for more gains on Thursday and scores a new
52-week high. More impressive was the fact that the breakout
unfolded without the assistance of a news release. This is a good
indication that momentum players are keeping a close watch on the
stock and are buying on the breakouts. The intra-day chart
confirms this possibility, as a large volume spike occurred just
as ELY shares broke above the previous high ($25). What's more,
we're impressed with good technical readings in both the MACD and
OBV indicators, which support the present uptrend. All of these
factors make the daily chart quite compelling and lead us to
believe that a run to $30 is possible.  On the other hand, should
the stock retrace to lower levels before heading higher, expect
to see support at the recent high of $25, and just below at the
5-dma of $24.40. Consider adding to positions if ELY bounces off
support on volume exceeding 250,000 shares traded by mid-day or
move through today's intra-day high of $25.41. We'll hold stops
at $20 to protect our backside.

Picked on February 25th @ $23.99
Change since picked +1.31
Stop Loss @ $20.00

Chart = 

===

LMT - Lockheed Martin Corp. $36.73 -0.62 (-0.22)

Aerospace contractor Lockheed Martin Corporation has lost some
ground over the past two sessions. On Thursday, shares of LMT
traded below its 20-dma to an intra-day low of $35.65. However,
the stock bounced back late in the day to close at $36.73 on
volume of 1.87 million shares. Hopefully, this is just a round of
profit taking and LMT will be able to regain its momentum. From a
technical standpoint, support has fallen to the 20-dma at $36.63
with additional support at Thursday's intra-day low  $35.65.
Resistance is the 5-dma at $37.42 and then Wednesday's intra-day
high of $38.15. A bounce off of $36.63 or a breakout above $37.42
on midday volume of at least 800,000 shares may be possible entry
points. We are leaving our stops at $35 to limit potential
losses.

Picked on February 4th @ $36.40
Change since picked +0.33
Stop Loss @ $35.00

Chart = 

===

TX - Texaco Inc $65.20 +1.10 (+2.15)

Texaco received merger approval from the European Union (EU)and
could soon be the world's fourth largest oil company. On
Thursday, Texaco moved closer to a merger with Chevron (CHV).
Texaco and Chevron have been in merger talks for a while now. and
although the deal is not set in stone, today's hurdle was a big
one. The next step will be approval from U.S. antitrust
authorities, which sources familiar with the situation said will
take some time. Once the merger is complete, the combined firm
would have an output of 2.7 million barrels of oil per day. The
two firms have interests in more than 40,000 gasoline stations
around the world. For us, the news brought this play back into
profitable territory, barely. We are now looking to reap some
further gains and would like to see the stock bounce off support
at $64.50 or the 20-dma at $63.40. This, or a direct move through
resistance at $65.65, might trigger an entry point for a new play
on this stock. If you are considering such a move, look for
volume to come in at better than 1 million shares traded by
mid-day. Thursday's advance was achieved on volume of 1.6
million, just shy of the three-month average of 1.8 million. In
the event that things run-a-muck, we will post our stop loss at
$61.88.

Picked on February 18th at $64.90
Change since picked +$0.30
Stop Loss at $61.88

Chart = 


=====
DROPS
=====


SPLIT RUN PLAY DROPS 03/01/01
=============================

None


SPLIT CANDIDATE PLAY DROPS 03/01/01
===================================

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MOMENTUM PLAY DROPS 03/01/01
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Friday's Play-of-the-Day
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Thursday, March, 2001
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TX - Texaco Inc. $65.20 +1.10 (+2.15)

Texaco received a thumbs-up today from the European Union (EU),
meaning its proposed merger with Chevron could soon produce the
world's fourth-largest oil company.  The two oil giants have
been in merger talks for a while now, and although the deal is
not set in stone, today's hurdle was a big one. The next step
will be approval from U.S. antitrust authorities, which sources
familiar with the situation said will take some time. Once the
merger is complete, the combined firm will have an oil output of
2.7 million barrels per day and have interests in more than
40,000 gasoline stations around the world. For us, the news
brought this play back into profitable territory. We are now
looking to reap some further gains, so we would like to see the
stock bounce off support at $64.50. This, or a direct move
through resistance at $65.65, might trigger an entry point for a
new play on this stock. If you are considering such a move, look
for volume to come in better than 1 million shares traded by mid-
day.  To protect our backside, we will post our stop loss at
$61.88.

Picked on February 18th at $64.90
Change since picked +$0.30
Stop Loss at $61.88

Chart = 


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