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Shares of IDA Corp. Purchased

idacorp_logo.gif The fears of Rita have fallen away and the market is finally moving to the upside again this morning. I have been watching IdaTech (IDA) for purchase for a couple of weeks and I had previously mentioned I have been looking for a good entry point on this stock.

IDAcorp is an Idaho power utility with electrical generation using Hydro, Natural Gas, and Coal. They also own IDATech which manufactures fuel cell solutions. I'm waiting on this one until the technical picture of the chart improves. I would be a buyer if we can either get a retest of the recent $29 support level or a break out to the upside above $33.

I may be jumping the gun on this one in anticipation of a bounce from here so I determined to purchase a starting position. I determined a fixed amount of money of the mutual fund I would be willing to invest in this name. I then decided I will take 1/3 of that total and invest it at this point. Shares of IDA were purchased at a price of $30.11.

IDA is a solid company with good financials and also pays a 4% dividend. I feel that this is one of the safer investments in this sector. The 3 year chart shown below shows a nice uptrend for the last 3 years and it is currently sitting at the lower end of the upward trading channel.

ida_20050926.gif

I also purchased some additional shares of Calpine Corp. (CPN) today for the mutual fund and also opened a position in my personal portfolio at a price of $2.61. I used a similar 1/3 approach for Calpine when I made my first purchase. This is my second third of the total amount I'm willing to invest in this name. This brings my average cost down to $2.98 for CPN in the mutual fund. This is still a very risky investment and you should use caution with this one.

DISCLAIMER: I am not a registered investment advisor. The information and trades that I provide here are for informational purposes only and are not a solicitation to buy or sell any of these securities. Investing involves substantial risk and you should evaluate your own risk levels before you make any investment. Past results are not an indication of future performance. Please take the time to read the full disclaimer here.



was posted on AltEnergyStocks.com.


       

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