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Guy,
Thanks for the charts. Let's hope the Nasdaq does parallel the top of
the channel for a few months <G>. I sure enjoyed the CUBE bounce since I'm
still in that position.
Jim
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From: Guy Gordon <gordon@xxxxxxxxxxx>
To: metastock-list@xxxxxxxxxxxxx
Subject: My latest charts: Worried about the Nasdaq Composite
Date: Monday, September 29, 1997 8:53 AM
Take a look at http://www.white-crane.com/comp.htm. This is a
three-year chart of the Nasdaq, showing a clear long-term channel.
The problem is, it has hit the top of that channel twice in the las
two months. This makes me become quite cautious. Nothing says it
can't stay up at the top of the channel as long as it wants, but any
bad news well send it down due to profit taking.
Since I don't see any bad economic news on the horizon, I rather
expect the market to move sideways for the next few months.
Friday I sold my APM, ASND, and QNTM (107% profit!) I had a small
profit in AMP, and a small loss in ASND.
http://www.white-crane.com/apm.htm
http://www.white-crane.com/asnd.htm
http://www.white-crane.com/qntm.htm
I also sold my AGPH last week http://www.white-crane.com/asnd.htm.
This is just a channel trade. I intend to buy it back next week.
Another buy in pharmaceuticals is KOSP. Watch out for the huge spread
in this thinly traded stock. http://www.white-crane.com/kosp.htm
Also, take a look at CUBE http://www.white-crane.com/cube.htm. Look
at that great bounce at the bottom of the channel. CNBC just
mentioned it, attributing it to take-over rumors spread in an attempt
to start a short squeeze.
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