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Daily Newsletter, Monday, 03/04/2002

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The Option Investor Newsletter                   Monday 03-04-2002
Copyright 2001, All rights reserved.                        1 of 2
Redistribution in any form strictly prohibited.

Posted online for subscribers at http://www.OptionInvestor.com
******************************************************************
MARKET WRAP  (view in courier font for table alignment)
******************************************************************
      03-04-2002          High     Low     Volume Advance/Decline
DJIA    10586.82 +217.96 10600.10 10366.78 1.60 bln   2247/ 927
NASDAQ   1859.32 + 56.58  1859.72  1789.72 2.30 bln   2324/1273
S&P 100   586.52 + 10.36   586.60   575.22   Totals   4571/2200
S&P 500  1153.84 + 22.06  1153.84  1130.93             
RUS 2000  488.00 +  9.66   488.90   478.34
DJ TRANS 3050.40 +152.83  3050.40  2897.66
VIX        22.08 -  0.05    22.66    21.71
VXN        40.92 -  1.02    43.74    40.69
TRIN        0.52 
PUT/CALL    0.65
******************************************************************

Maria Says. . .
By Buzz Lynn
buzz@OptionInvestor.com

"This just in, investors thank Greenspan for irrational exuberance as 
dollar nears all-time high!"  Actually, I believe her exact words were, 
"This market is on fire!"  However, I for one, am not convinced that 
happy days are here again.  While I note that short-covering seems to 
have ended as of last week and that today's buying was heavily based 
from institutions, I also note that the Dow has run just under 900 
points in the last two weeks without benefit of improved economic 
conditions, or a market pullback.  As long as Wall Street continues to 
deny actual operating expenses of corporate America, investors remain 
confident that stock prices will move higher.  With a near-term charts 
heavily overbought and a VIX approaching 21, this is not the time to be 
backing up the truck on calls.  

Still, for those awaiting their bearish wish to come true, I encourage 
you one and all to not come tail-to-sharpened horn with a charging bull.  
It will make for a fast trip to the financial emergency room where Wall 
Street surgeons have an uncanny ability to extract money from our 
collective bearish "wazoos" (tip of the hat to old E-Trade commercial).  
If not running from a charging bull, there's also little worse than the 
southern draft of a northbound cow if you happen to be chasing it.

While I still believe that in the end, this will prove to be a bullish 
rally within a bigger bear market, today's volume suggests the baby bull 
has some legs and that for us traders, "dips are buyable" so long as the 
charts remain bullish on a weekly/daily scale.

Jeeze, Buzz!  You're such a curmudgeon!  Sorry about that, I can't help 
but stare at ORCL's and the wireless/telco's woes, as this bunch tells 
me that businesses aren't putting capital spending budgets at the 
forefront of business investment, which makes a strong recovery seem 
suspect to me.  I don't see many companies upgrading their rail service, 
adding production capacity, or increasing their communications 
infrastructure.  I thought that was the crux of growth?  How else do we 
continue to improve efficiencies?  Call me old-fashioned, but real 
economic growth doesn't happen without business investment in productive 
means, something we already have plenty of as shown by our lowly 71% 
production capacity utilization.

OK, now I've made a short case for why the equity market and to a lesser 
extent, the economy are not likely to effervesce with new highs in the 
long run over a few years.  But markets can remain irrational longer 
than I can remain solvent.  Trading is a different story.  And rather 
than bore us silly with the ins and outs of news events that supposedly 
drove the market, I think the charts tell a better story.

Dow Industrials - INDU (weekly/daily/60):


 


The picture of strength fraught with intraday peril.  Weekly chart is in 
breakout mode over previous resistance at 10,250.  The stochastic 
indicators are pointed upward just now entering overbought.  However, 
note the 10,600 resistance level is going to formidable and it's nearly 
there.  

The daily chart too, despite hitting its upper Bollinger band of 
resistance, has also broken out with stochastics pointed up, but 
entering overbought.  The daily chart moving averages are the key focus. 
 If the bulls can keep control no matter how slight, the 20-dma (red 
line) and the 50-dma (magenta line) should cross above the 200-dma (gray 
line) soon, which would have bullish chartists slobbering at their salt 
blocks, especially since the Dow Transport confirmed the move - trucks 
are filling and moving; planes are flying.

That said, expect some immediate downside giver the overbought nature of 
60-min chart.  Support could come as early as 10,500, or not until as 
little as 10,250.  Keep in mind that after 800 + points, this index is 
due for a breather.

NASDAQ chart - COMPX (weekly/daily/60):


 


Wish I could say such things about the NASDAQ.  Yes, the weekly chart 
looks like it has turned bullish as has the daily chart.  However, the 
50% retracement bracket from the May highs last year through the 
September lows is about to apply pressure, as will the declining upper 
Bollinger band, and 50-dma (magenta) that has crossed down over the 200-
dma (gray).  With the 60-min chart way over-extended too, I think it's 
going to bump its head pretty hard on the 1875 +/- level.  While support 
may be found intraday at 1835, COMPX is susceptible to more damage.

S&P 500 chart - SPX (weekly/daily/60):


 


Somewhere in between lies the SPX, granddaddy index of them all and the 
one followed most by the pros (who are not always right by the way).  
Major resistance will be found around 1175 as shown on the weekly chart.  
Note however that the weekly and daily stochastics are pointed bullishly 
up.  But here is the danger - two actually.  First, SPX has hit its 200-
dma (gray) and broken above its upper Bollinger band.  Even that might 
offer some resistance going forward.  Second, the daily is in complete 
support of a pullback to 1142 and further to 1122 should the 60-min 
stochastic take a fall as it is likely to do.  A dip-buy here may not be 
a hands down winner if the daily stochastic also turns south.  Maybe I'm 
just nervous, but the 200-dma is something technical to be reckoned 
with, especially following nearly 75 points of gain in the last two 
weeks.

VIX?  22.08, which though low, can still fall lower, say to 17 or 18 
level where it was in 2000 or perhaps even 20 where it was in mid-2001.  
While this is on the low end and certainly has my bearish ears perked 
up, it by no means signals that we should buying puts right now.

So for tomorrow, let's see. . .800 + Dow points in two weeks, overbought 
60-min stochastics (yet daily and weekly remain strong), and strong 
points of resistance about to be met, the immediate time frame has bear 
tracks upon it.  However, with volume as strong as it was today (1.6 bln 
NYSE; 2.3 bln NASDAQ), we are in the midst of a bullish move of greater 
strength than those more recently seen.  To see some follow through in 
the early going tomorrow would not be surprising given the close at or 
near the highs of the day.  

While I see dips as currently buyable swing trade or day trade events, 
we should not assume that the bull is back forever.  This is still not a 
time to invest, as I believe lower prices lie ahead in coming months.  
That's just seasonal.  But bullish day trades?  Have at 'er until 
resistance wins at a lower high or support fails at a lower low.

See you at the bell!


********************
INDEX TRADER SUMMARY
********************

Squeeze Squared
Austin Passamonte

500 Dow points in two sessions? Either we have all the sideline 
cash gathering moss for two years unleashed at once or shorts 
continue to domino the ever rising "ask" in sequential fashion. 
Which is it? With a VIX hovering right at 22 this is not what 
market bottoms are made of. These bear-market rallies can really 
be impressive when massive shorts are forced to come in!

(Weekly/Daily Charts: SMH)


 

We noted in weekend Index Wrap that the SOX looked ready to roll 
higher. On Friday I actually wrote down for my own Monday 
instructions to buy the March 47.5 SMH calls as a buy & hold play 
into expiration week. That sheet got shuffled around over the 
weekend and my next thought to do so was late in the morning 
today, after they ran nearly +100% higher from the open. Darn!

From the look of these charts we'd have to say that 48.50 area is 
looking possible from here, but intraday charts pinned in 
overbought extreme zones aren't likely to remain there. The next 
successful pullback should offer an upside entry for the SOX/SMH 
once again but not before price action can be expected to relax a 
bit.

(Weekly/Daily Charts: OIH)


 

Oil Services sector popped higher outside a bullish triangle today 
and appear destined to visit the 69 area next. Chart signals are 
toppy via the HOLDR symbol and I wouldn't want to get long right 
here, but for those who may be in components of this sector it 
looks to go higher ahead.

(Weekly/Daily Charts: RTH)


 

Has any sector done much better than retail lately? The Retail 
HOLDR posted a V-bottom reversal from $70 in September to $100 
today in impressive fashion. But can such a vertical move with no 
real base be expected to last indefinitely? I'd certainly have 
tight stops in place myself and wouldn't consider new longs unless 
the bottom of that channel was revisited while W/D chart signals 
both reached oversold extreme.

Summation
A powerful & surprising rally these past two days. Dozens of 
readers have sent me piles of links & references to other advisory 
services trying to short this market since Thursday. I believe 
that describes the majority of market participants, which is why 
we continued to see those stair-stepped bursts higher.

Last Monday we posted 18 new bullish play entries within Sector 
Share model and all of them are obviously up right now, some 
considerably so for the low-beta symbols that they are. That was 
only 2/3rds of the best ones, too. I should have known by that 
preponderance of components that a big move was prepping to burst, 
but all those trees I watch every minute cluttered the forest. At 
this point we see all major indexes right at or just below 
critical measure of resistance and my sector scan shows most chart 
signals topping out. I'm not ready to say go short with impunity, 
but I for darn sure wouldn't try to get long right now!

Best Trading Wishes,
austinp@OptionInvestor.com


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**************
TRADERS CORNER
**************

Observations With Greater Clarity
By Mark Phillips
mphillips@OptionInvestor.com

Describing the response to last week's article, where I
introduced the concept of gauging intraday action in the major
indices, as a flood of email would be an understatement of
gross proportions.  Even after a relatively quiet weekend, I'm
still in the process of answering all the questions the
discussion triggered, and I'm learning more about those breadth
indicators at warp speed.  

Rather than waste time and space here recapping our previous
discussion, I've just included a link to last week's article for
anyone that happened to miss it.

Interesting Observations

For those that were with me last week as I began this process of
discovery, let's pick up where we left off.  My premise was that
the volume-based breadth indicators (ADVDECV.NY for the NYSE)
and (ADVDEC.NQ for the NASDAQ) could be used to show us whether a
rally (or selloff) was being driven by strong volume AND a
healthy advance decline line, all represented in one easy to use
indicator.  Afterall, we all know that a chart or graph is always
a more productive way to present information about the market
than static numbers.  A picture is worth a thousand words, and
we'll save a few thousand here this afternoon through the miracle
of embedded charts.

But first, let's answer one of the more popular questions that
surfaced in the past week, that of how exactly these ADVDECV
indicators are constructed.  While I don't have a concrete answer,
let me share my best understanding.  All the volume of the
declining issues for the day (based on the prior day's close) is
subtracted from all the volume of advancing issues, and is
represented as a single number (at any one point in time).  If it
is positive, that means the advancing issues are seeing more
total volume, and if it is negative, then the declining issues
have the edge.  

But it is more than just the value at any given time that is
important, it is the trend that has been established during the
day and how it relates to the current value of the ADVDECV line.
We looked at a couple of interesting and informative examples of
this relationship last week, but I think the best contrast I can
give you is the action that unfolded last Wednesday.  Recall that
last week's action was rather volatile, as several morning rallies
fell apart into the afternoon.  Playing the long side in the
morning and the short side in the afternoon was the next best
thing to printing money.  But like all repetitive behavior, it
doesn't last forever.  The trick is being able to read when the
change actually begins to take place.



 

I'll never give up on my trusty Stochastics oscillator as my
primary technical tool (aside from trendlines) to tell me whether
the long or short side is the high odds bet at any point in time.
But I think these ADVDECV indicators provide a powerful confirming
tool  If they agree with my chosen trade direction, then it is
another ace up my sleeve that I'm going with the prevailing trend.
But where they become really powerful is when they DISAGREE with
my chosen trade.  The reason why is that they tell me there is
something different happening internal to the market than what I'm
seeing from the price charts and my chosen technical tools.
Wouldn't you agree that an indicator that can keep you out of
losing trades is one worth having in your arsenal?

Let's take a look at today's action, and I think you'll see why
this indicator has captured my attention.  I'll use the S&P500
(SPX.X) for this example.  After working higher throughout the
morning, price action finally began to relax near 1pm ET, and we
got a synchronized rollover in the Stochastics in the 5/10 minute
charts (blue circles) and the beginning of one in the 30-minute
chart.  Intraday traders that were quick on the trigger were
lining up to buy puts, but I wasn't among them today.  First
let's look at just the price charts (5/10 minute time frame).



 

We're in the final two weeks of the expiration cycle, so its okay
to start attempting to game counter-trend moves with front-month
contracts.  We need to be quick to get in and quick to lock in
profits, but it is a winnable game.  The key is to play when there
is a reasonable expectation that the retracement off the primary
trend will give enough movement to be profitable.  Looking at the
stacked charts below (and the charts above) makes it clear that
wasn't the case today.



 

There wasn't any point during today's session where the breadth
indicators gave a hint of internal weakness in the broad market.
Traders that were monitoring the ADVDECV indicators should have
been kept clear of the temptation to game the downside when
internally the market was so strong.

Hopefully this helps to clarify how the ADVDECV indicators can
be useful as a confirming indicator for those of you that
day-trade the major indices.  Once again, we can't use it by
itself, but I think it does an admirable job of telling us which
direction to be on, and more importantly, which direction to
avoid.  Too many tools can cloud the judgment, but not enough
tools and we may find ourselves making poorly informed decisions.

One of my faithful readers pointed out that there is a similar
pattern to the TRIN indicator on an intraday basis, and the
interesting part about that observation is that on a trend
change, the TRIN actually appears to lead the ADVDECV indicators.
But there are some undesirable aspects of the TRIN when used in
the same manner we've been discussing here.  While it isn't
perfect, I think it would make sense to discuss the TRIN as it
pertains to the action of the ADVDECV and attempting to catch
the turning points in the broad market indices.  And that will
be the topic of our visit next week.

In the meantime, steer clear of falling (or soaring) knives!

Mark


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***********************
INDEX TRADER GAME PLANS
***********************

IS Swing Trade Model: Monday 3/04/2002
Banging Horns At Resistance

News & Notes:
------------
This two-day bear market rally has shocked many people in the 
profession. A majority has tried to short it much of the way, 
increasing longevity and power. That may come to cease for now as 
a pullback from resistance to support is likely.


Featured Markets:
----------------
[60/30-Min Chart: OEX]


 

The new ascending channel is confirmed, and price action currently 
hugs the upper line. With all chart signals now pinned in 
overbought extreme for two day's straight it is not likely to 
remain that way for a third. Put play entries right here and stops 
placed just above the channel have a solid chance of performing 
well tomorrow.

[60/30-Min Chart: SPX]


 

No centerline was drawn in these channels to give a different 
perspective: the next excellent call-play setup would come at the 
bottom channel while a real market break to the downside would be 
expected to bounce strong off the top of that older channel we 
traded for two months denoted in blue.

[60/30-Min Chart: QQQ]


 

The QQQ actually broke out of its narrower (relative to S&Ps) 
channel and is floating in space right now. A pullback to 36 area 
is probable and 35.50 mark quite possible.

Summation:
---------
Short resistance & buy support is our game right now. We'll track 
put plays right from current levels if price action breaks lower 
and set stops just above resistance. A third rally after two big 
sessions is far, far less likely right not than a pullback to 
support. Trading is seldom a sure thing and this isn't one of 
those, but odds favor the downside for a little ways tonight.

Trade Management:
----------------
Option traders may choose listed In-The-Money (ITM) or Out-The-
Money (OTM) contracts by personal preference. They are selected 
based on volume, open interest and "Delta" values in that order. 
Our preference is usually OTM contracts except for the last few 
days of expiration when ATM or ITM contracts are preferred.

Entry triggers are points where plays are tracked when price 
action breaks above for calls or below for puts. Stops are the 
exact opposite of that. Sell targets are points to exit based on 
index levels or %gain on option contract price as noted.

*No entry targets listed mean the models are idle at that time.


New Play Targets:
----------------
         QQQ                          DJX
Mar Calls: 37 (QQQ-CK)            Mar Calls: 102 (DJV-CX)  
Long: BREAK ABOVE none            Long: BREAK ABOVE none
Stop: Break Below                 Stop: Break Below 
                                

Mar Puts: 36 (QQQ-OJ)             Mar Puts: 104 (DJV-OZ) 
Long: BREAK BELOW 37.00           Long: BREAK BELOW 105.75
Stop: Break Above 38.00           Stop: Break above 106.50


=====


         OEX                         SPX
Mar Calls: 570 (OEB-CN)           Mar Calls: 1125 (SPT-CE)
Long: BREAK ABOVE none            Long: BREAK ABOVE none
Stop: Break Below                 Stop: Break Below 


Mar Puts: 580 (OEB-OP)            Mar Puts: 1125 (SPT-OE)
Long: BREAK BELOW 586.00          Long: BREAK BELOW 1149.00
Stop: Break Above 590.00          Stop: Break Above 1157.00



Open Plays:
----------
None


IS Position Trade Model: Monday 3/04/2002
Friday's Squeeze = Monday's ??

News & Notes:
------------
We honestly expected a dip in today's action before resumption of 
the higher trend but saw nothing of that kind in charts used here. 
Two days of solid bear-market rally tacked on significant gains to 
long calls for those who may have played them. Bear market rallies 
are impressive and sudden, more driven by fear & short covering 
than methodical accumulation by big-money investors. Charts are 
obviously extended and toppy, with a pullback to support very 
likely from here.


Featured Plays:
--------------
None


Summation:
---------
We'll target April call plays on a successful pullback to support 
but before then should see retracement from critical resistance 
right now to back & fill significant upside covered.


Trade Management:
----------------
Option traders may choose listed In-The-Money (ITM) or Out-The-
Money (OTM) contracts by personal preference. They are selected 
based on volume, open interest and "Delta" values in that order. 
Position Trade model usually tracks OTM contracts with several 
weeks of time premium left until expiration for buy & hold plays.

Entry triggers are points where plays are tracked when price 
action breaks above for calls or below for puts. Stops are the 
exact opposite of that. 

*No entry targets listed means the model is idle at this time.


New Play Targets:
----------------
None


Open Plays:
----------
None


Sector Share Trade Model: Monday 3/04/2002
Continued Squeeze

News & Notes:
------------
Markets doubled up on Friday's gains to post a twin session today. 
Charts are getting toppy and we're getting defensive with trailed 
stops guarding modest gains on open plays tracked.

Featured Plays:
--------------
None


Summation:
---------
Current open plays have stops trailed tightly with no new entries 
listed tonight.


Trade Management:
----------------
Entry triggers are points where plays are tracked when price 
action breaks above for calls or below for puts. Stops are the 
exact opposite of that. Sell targets are points to exit based on 
index levels or %gain on share price as noted.

No entry targets listed mean the model is idle at that time.

* Asterisk means stop-loss level changed since prior posting


New Play Targets:
----------------
None


Open Short Plays:
----------------
None


Open Long Plays:
---------------
IIH             BHH
Long: 4.75      Long: 3.50
Stop: 5.00      Stop: 4.00

HHH             XLE             IYV
Long: 28.00     Long: 26.75     Long: 11.40
Stop: 31.00     Stop: 27.25     Stop: 13.00

BDH             WMH             MKH
Long: 12.75     Long: 45.60     Long: 57.60
Stop: 13.50     Stop: 47.00     Stop: 59.60
            
OEF             SPY             FFF
Long: 56.65     Long: 111.60    Long: 80.15
Stop: 58.65     Stop: 115.00    Stop: 82.65

IYZ             IYW             IYC
Long: 26.60     Long: 48.10     Long: 55.60
Stop: 26.60     Stop: 50.60     Stop: 57.00

IYG             IVE             IVW
Long: 87.00     Long: 53.10     Long: 58.10
Stop: 92.00     Stop: 55.50     Stop: 58.20

MDY             XLF             XLK
Long: 92.70     Long: 25.25     Long: 21.40
Stop: 96.70     Stop: 26.50     Stop: 22.40


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The Option Investor Newsletter                   Monday 03-04-2002
Copyright 2001, All rights reserved.                        2 of 2
Redistribution in any form strictly prohibited.



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*****************
STOP-LOSS UPDATES
*****************

ACS - call
Adjust from $47.50 up to $49.50

BA - call
Adjust from $46.50 up to $47.50

ETN - call
Adjust from $78 up to $80.25

MMM - call
Adjust from $114 up to $117

SII - call
Adjust from $62 up to $64.25

TDW - call
Adjust from $37.50 up to $39

UTX - call
Adjust from $69.50 up to $72.75


*************
DROPPED CALLS
*************

None


************
DROPPED PUTS
************

ALTR $22.51 +1.75 (+1.75) Even the wimpy Telecom sector tagged
along again on Monday, as the broad markets rocketed higher
again, powered by another helping of stellar gains from
Semiconductor stocks.  Any expectations that the rally would be
short-lived were dashed early this morning as shares of ALTR
blasted through our $21.50 stop and never looked back.  Clearly
we're dropping the play this evening.  Use any weakness on
Tuesday as an opportunity to exit any remaining open plays.

CLS $37.33 +4.81 (+4.81) To heck with bearish chart patterns said
the bulls this morning, as they once again charged higher out of
the gate.  With Chip stocks leading the way, it didn't take long
before the heavy buying found its way into the Contract
Manufacturing stocks and shares of CLS were among the big winners
of the day.  After the gap open, the stock didn't pause until
reaching the $37 level, which is above our stop.  Needless to say,
our play was stopped out today, caught in the stampede towards
higher prices.  With resistance broken and our stop violated,
we'll chalk this one up as being too late to the bearish party.

ISSX $28.04 +2.84 (+2.84) Even with the weakness in Software
stocks due to the earnings warning from ORCL Friday night, ISSX
investors found themselves in a buying mood.  Our $26.50 stop
fell victim to the charging bulls in the first hour, and the
expected selling never materialized as strong buying volume
propelled the stock higher right into the closing bell.  While
the stock may have trouble scaling the $29 resistance level, we
aren't willing to stick around to find out.  ISSX is a drop
tonight.

NVDA $59.06 +3.12 (+3.12) Amazingly, the Semiconductor index
(SOX.X) wasn't even in the top five gainers on Monday, but that
didn't stop the Chip bulls from tacking on almost 6% for the day.
With the rising tide lifting all boats, shares of NVDA shook off
the recent weakness and powered through solid resistance at $56
right out of the starting blocks.  We mentioned over the weekend
that this one was on a short leash, and that leash snapped early
today.  With a violated stop and broken resistance, it is clear
that this is not the place to be attempting downside plays right
now.  Use any weakness on Tuesday as an opportunity to exit open
plays, not to initiate new ones.


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**********************
PLAY OF THE DAY - CALL
**********************

ACS – Affiliated Computer Services $52.22 +2.03 (+2.03 this week)

ACS is a global Fortune 1000 company that delivers comprehensive
business process outsourcing and information technology
outsourcing solutions, as well as system integration services,
to both commercial and federal government clients.  

Most Recent Write-Up

The usual pattern for a stock after its splits is to languish for
awhile, recovering from the run that went before.  Not so in this
case.  Without so much as a hesitation, shares of ACS followed up
on the 2-1 split a week ago Friday by staging an impressive
rally, all in the face of a market that couldn't decide what it
wanted to do.  After dipping to the $44 level to confirm support,
the bulls drove the stock solidly higher all last week and volume
really picked up the last two days of the week, running more than
triple the ADV.  Resistance levels were falling quickly too, with
the $48 level removed on Thursday and $49 on Friday, as the stock
continued its impressive momentum run.  While a consolidation dip
would provide for the best entries, there is nothing to say that
the stock can't just keep right on running until it runs into the
next level of resistance.  Right now, mild resistance is waiting
at $51 with a firmer level of congestion up at $52.  Of course,
it will become more difficult for the bulls the closer ACS gets
to its mid January highs near $55.  Pick the entry strategy that
works for you, either buying a breakout over the $50.25 level, or
wait for a dip and bounce from either of the recently cleared
support (old resistance) levels, first at $49, and then $48.
We're initiating the play with our stop set at $47.50.

Comments

Continuing its vertical ascent, and on double its average volume,
ACS is benefiting from the perception that the economy is on the
mend.  After gapping higher on Monday, the stock consolidated for
much of the day, putting in higher intraday lows as buyers chipped
away at the $52 resistance level.  Then in the final 30 minutes
of trade, they pushed through, clearly focusing on driving the
stock back towards its mid-January highs near $55.  With daily
Stochastics now deep in overbought territory, we need to exercise
caution in initiating new positions.  While ACS could continue
towards its all-time highs unimpeded, we think it is due for a bit
of a pullback before continuing higher.  Target new positions on
an intraday dip near $51.  $50 would be even better, but a dip
that low will need to be met by renewed strong buying, as it is
just above our new stop at $49.50.

*** March contracts expire in less than 2 weeks ***

BUY CALL MAR-52*ACS-CT OI= 472 at $1.45 SL=0.75
BUY CALL MAR-55 ACS-CK OI= 345 at $0.40 SL=0.00
BUY CALL APR-52 ACS-DT OI= 528 at $3.20 SL=1.50
BUY CALL APR-55 ACS-DK OI=1860 at $1.85 SL=1.00
BUY CALL APR-57 ACS-DA OI= 218 at $1.10 SL=0.50

Average Daily Volume = 790 K



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