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NETL (Netlogic Microsystems--$29.73; -0.80; optionable): Semiconductors
After Hours: $29.73
EARNINGS: 07/28/2010
STATUS: Cup w/handle. Nice test to end last week is forming the handle to an 11 week cup with handle base. A real market leader, NETL rallied from February to late April, the run that most stocks of caliber made. Instead of imploding, however, it sold back into May, holding over the 200 day SMA as it worked laterally into late June. Nice rally with the market, and now that modest pullback to the mid-June peak and the 18 day EMA. Looking for NETL to hold in this range and then start back up. Looking for a break higher that can stick the move into the close as our trigger. Would be nice to see the market overall hold as well to give the move real power.
Volume: 1.329M Avg Volume: 1.433M
BUY POINT: $29.88 Volume=2M Target=$34.89 Stop=$28.32
POSITION: NETL 10J27.50 - Oct. $27.55c (67 delta) &/or Stock
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