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Thanks, Jim. I turned a 30% profit on HWP and APM, and 14% on ASND.
"Nobody ever lost money taking a profit." is one of my favorite
sayings. (Right after "Stolen goods are never sold at a loss." :-)
I'm thinking the same way about QNTM. That's funny because HWP also
broke out above its channel, and I sold *it*. The rise in HWP was
just so sharp that it *has* to fall back.
I think its going to be hard to find really good entry points to get
back into these stocks. I just don't expect them to go back down to
the bottom of their respective channels. I may have to settle for
buying in mid-channel if I get a buy signal from the RSI. I hate
relying on just one indicator, but this market is STRONG. With so
much money out there to be invested I don't expect prices to go too
low in the next few weeks.
This fall, watch for the media to play up the 10 year anniversary of
the "crash" (correction) of 87, thus preventing another from
happening.
However, a 17 year chart of the DOW, from 1980 to the present shows a
disturbing similarity between now and 87. You can draw a channel over
the entire 17 years. We are above that channel now. When we hit DOW
9000 we will above it by about the same amount as we were in Oct 87.
There's no telling how long the DOW can climb. Anything could trigger
a correction, but I see nothing on the horizon. Rising interest rates
did it in 1987. With gridlock in Washington, and Greenspan in the
Fed, I foresee clear sailing until the next presidential election.
But something could blind-side us. War in Korea. Terrorists with
Nukes. Who knows?
On Thu, 17 Jul 1997 17:55:47 -0400, you wrote:
>Guy,
> Way to Go! It never hurts to take profits, especially if you are near
>the top of a channel. The question now is what's next <G>.
> I wouldn't be in any hurry on QNTM. The break out yesterday looked
>strong and the little pull back today could be expected. I redrew the
>Intermediate Term Up Trend Channel after yesterday's break out and the top
>of it is just over 32. I'd set 32 as my current target, stop at 24 3/4
>just under the short term up trend channel and the top of the old
>horizontal channel.
>
>Jim
>
>----------
>From: Guy Gordon <gordon@xxxxxxxxxxx>
>To: metastock-list@xxxxxxxxxxxxx
>Subject: ASND, APM, and HWP trades
>Date: Thursday, July 17, 1997 3:54 PM
>
>I lightened up a lot this morning, anticipating a pullback.
>I sold all my ASND, APM, and HWP.
>
>I just thought I'd post that, since I posted when I bought them.
>
>These are great companies, and I intend to buy them back
>(just at a lower price). If you are investing in them (rather than
>trading) you're doing fine to hold them.
>
>I'm still holding my QNTM, but looking for the top.
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