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All,
Another great week in the market, even with Friday <G>. MU hit my
target during the week so I replaced my MU LEAP Calls with PDG LEAP calls.
I also wrote covered calls on IOM and SCH when they hit the top of their
channels. I don't have room for another position now, But I like Applied
Magnetics (APM) if I have to replace something during the coming week. APM
is a supplier of magnetic recording heads and head stack assemblies for
disk drives.
APM at 32.375 is in a Short Term Up Trend Channel (STUTC) within a
Long Term Up Trend Channel (LTUTC). The top of the STUTC at 39.675 and
the bottom at 29.5. APM fell from a high of 60.375 in Feb 97 to the bottom
of the LTUTC and a low of 22 on 6/20/97. It bounced up from there and
broke the intermediate term down trend channel on 07/09/97. I wasn't
tracking the stock then and I missed that breakout. It then moved up ten
points in a week and fell back the last few days. I like the fundamentals.
It has a PSR of 1.51, a PE of 8.12, Debt/Equity of 0.81, 19% insider
ownership, and its earnings are taking off. I got a MetaStock RSquared,
S/c, CCI system test buy signal Friday. If I do replace something else
with APM, I'll set the target at 60, just under the Feb high. I'll set the
stop at 28 3/4 just under the STUTC.
I'll send a APM.GIF chart to everyone on the e-mail list. If you are
not on the list and want on, just yell. The only obligation is
participation in this e-mail forum.
Jim
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