Commentary
Sector Watch


Play of the Day
Current Plays
Watch List
New Plays
Play Updates
Drops


Announcements
Current Split Catalog
New Candidates
Candidates Index
Expected Splits
Splits 101


Play Results
Split Predictions


Ask the Trader
Trading 101
Bookstore
Glossary
Dow Charts
FAQ


Splits
SEC Filings
Coming Economic Events
BoD Meetings
Earnings


Chat Room
Message Boards


Email Newsletter
Author Search
Advertise With Us
Change Password
Contact Us

Play of the Day (For Thursday)
- MTG INFO -
Quote
 
Profile
News
 
Interactive Chart
Wednesday, June 06, 2001

MTG - MGIC Investment $72.40 +2.30 (+3.77)

Tuesday's Comment:

MTG made up some lost ground on Tuesday, and did so on improved volume. MTG traded 530,000 shares and advanced back towards its neckline. The key to MTG's next leg higher will be volume in the session that it is able to close above $70.65. The more volume we have on that day, the less likely it is that MTG will roll back over. Traders may wish to time new entries with a close above $70.65 on volume of at least 600,000 shares. Our stops remain at $66.75 to protect on the downside.

Wednesday's Update:

We were waiting for good volume to come into MTG and boy did we get it on Wednesday. MTG traded 1.4 million shares as it advanced up through resistance at $70.65. The stock rocketed as high as $74 before profit taking settled in, causing MTG to ease back to $72.40. We are indeed encouraged by the strong move, but now anticipate that shares will pullback in the near term. Therefore, traders might want to think about getting into MTG on a pullback to the $71 level. If $71 holds, look to get in on a bounce of this level, accompanied by volume of at least 600,000 shares for the day. Resistance for MTG has become today's high of $74 and support should show up at $70.50. Our stop remains at $66.75 for now, but will likely be raised on Thursday.


Picked on June 5th @ $70.37
Change Since Picked +2.03
Stop Loss @ $66.75


Play of the Day Index

 


Copyright 2001 SplitTrader.com

Do not duplicate or redistribute in any form.
Privacy Statement   Disclaimer   Terms Of Service