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Bullish Play Updates Sunday, July 06, 2003

Sigma Designs - SIGM - close: 11.14 change: -0.07 stop: 9.99

With the Russell 2000 pausing just below resistance at 460, new Russell 2000 initiate SIGM paused, too. Although SIGM was down on the day, it printed a small white candle inside its recent consolidation band. Volume has been dropping appropriately as SIGM consolidates.

We're pleased to see that consolidation continue above the light support at 10.80 and stronger support at 10.50, but we're not yet ready to raise our stop from 9.99. The 10-dma is rising strongly and currently crosses at 10.29. We believe that moving average will provide support on any pullbacks, but we want to give SIGM room to test the breakout level from the bull flag. If SIGM does test that breakout level again, new entries could be sought on a pullback and bounce from 10.50. Aggressive momentum players could also seek new entries on a move above last week's 11.62 high, but risk/reward parameters would not be as good on that entry.

One of our research staff currently owns shares of SIGM.

Annotated Chart for DAL:

Picked on June 27 at 11.02
Change since picked: +0.12
Earnings Date      5/27/03 (confirmed)
Average Daily Volume:  600 thousand

Link to Current Quote SIGM

Sirius Satellite Radio - SIRI - cls: 1.84 chg: +0.065 stop: 1.60

The underdog prevailed on Thursday. SIRI gained 3.66 percent while competitor XM Satellite Radio Holdings (XMSR) lost 0.54 percent. Of course, it's not hard for a penny stock to make big percentage gains, but we were still glad to see SIRI add to its recent gains, triggering our 1.81 entry into the play.

While we're rooting for underdog SIRI, we don't want to competitor XMSR to drag SIRI down. XMSR broke out of its bull flag a day or two ahead of SIRI and appears to be consolidating its recent gains. SIRI will likely do that, too, in a day or two, which is the reason for our generous (percentage-wise) 1.60 stop (also another reason why this is in the high-risk/reward section). We hope that SIRI will find support at its 10-dma, but if not, the combined historical support and trendline support at 1.60 should sustain SIRI on any pullbacks.

SIRI doesn't appear ready to pull back yet. RSI pushes up in full bullish mode, and 21(3)3 stochastics are turning up from oversold levels. MACD appears to be flattening, ready to turn up again, too. Those seeking a new entry next week might watch for a pullback to our 1.81 entry level or a move above Thursday's 1.85 high.

REMEMBER, this is an aggressive, high-risk play!

Annotated Chart for SIRI:

Picked on July 02 at $ 1.77
Change since picked:  +0.06
Earnings Date      00/00/00 (unconfirmed)
Average Daily Volume:    71  million

Link to Current Quote DAL


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