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PLAY > New Plays Tuesday, May 22, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

None

New Candidate Plays

None

New Momentum Plays

SCH - The Charles Schwab Corp $21.18 +0.43 (+1.73)

The share price of this leading brokerage concern is starting to rise for two principle reasons. First, the recovery in the stock market inevitably leads to more investor enthusiasm, which results in more trading activity that ultimately results in more commissions. Secondly, Schwab has made aggressive efforts to slash its workforce and cut its expenses, which should enable the company to improve its profits later this year. In the short term, it looks like the momentum that the stock is seeing could continue. We especially like the rising volume (today's volume was a solid 6.25 million, which was nearly 1 million more shares than the average daily volume of 5.35 million). The stock's current cup and handle breakout may find resistance at a previous spike high of $23.16. Therefore, a move above today's high of $21.60, accompanied by midday volume exceeding 2.75 million, could result in a good lower risk entry point. More aggressive traders might consider entering as long as support at $21.10 holds up. The Money Flow has been solid and points towards more gains for the stock. Another positive development is the fact that the MACD is on the verge of issuing a buy signal. We also like the RSI, which has plenty of upside potential before indicating an overbought condition.


Picked on May 2nd @ $21.18
Change since picked +0.00
Stop Loss @ $18.50
 
Interactive Chart Quote News First Call on SCH
 

New Plays Index

 


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