Opened a position in Protein Design Labs today. The stock is looking like a probable double bottom bouncing off a very old and strong support line. The up potential is to around $40.00 plus. The down potential, with a stop at $16.25, is just a few bucks. It is an interesting firm in an important, hot biotech area. Maybe Dr. Martin will chime in with some comments on this one.
Opps! WRA has fallen from Grace (pun intended). Don't bother with that one. In the mean time, I have gotten into Canterbury Park Holdings (TRAK). It is an apparant money printing operation in the gambling industry. They seem to have huge profits and a reasonable PE. Dr. Martin turned me on to this one a couple of weeks ago. I could have bought in at $7.00 if I had not waited for a chart confirmation. The chart is just at the breakout point. I am in at $9.00 with a stop at $7.75
Also today, I have purcahsed Manhattan Associates (MANH) at $37.49 with a stop at $33.75. It is making a handle on a cup (or saucer) formation with the handle above the pivot (breakout) point. This is a classic bullish formation with good vol. Anyone want to add their thoughts on these two?
My most recent purchases include W.R. Grace (WRA) which is trading around $2.00 on the NYSE. That is a very low priced stock for the NYSE. The stock has recently crossed a 200 day MA and is just holding above it. If it dips below $1.90 I would bail out. Sun Microsystems (SUNW) is in the same boat. It has just bounced off a double bottom and looking like a good candidate for a return to up trending status. If it falls below $8.00 give it up. Identix (IDNX) makes hi-tech identification equipment which is in great demand these days. There is very strong support at $7.00 and a new up trend seems to have begun. The RSMA has shifted to positive. It is very early in the up trend and failure is a genuine possibility. Set a close stop if you jump on board.
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