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Harley,
I'll be more then glad to take some profits if I can just hit
some targets <G>.
Jim
-----Original Message-----
From: Harley Meyer <meyer@xxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Sunday, August 23, 1998 6:43 PM
Subject: Re: Weekly Pick
>Jim,
>
>I too see some concerns moving forward. But to go
>long in a large cap stock on Monday is not a bad
>idea. I see a short term rally as well. But I
>don't see us heading towards the old highs. To
>many profit warnings still coming out and the
>global economy is looking a bit sickly. So don't
>be afraid to take some small profits and run if
>you have some by Wednesday.
>
>
>Harley
>
>Jim Greening wrote:
>>
>> Onno,
>> You may be right, I've been wrong before and will be wrong
again.
>> That's what my stops are for <G>. However, I can't help but notice
>> the similarity in the major U.S. indices trend channel patterns to
the
>> Oct97 lows.
>>
>> Jim
>> -----Original Message-----
>> From: Onno Goedknegt <goedkneg@xxxxxx>
>> To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
>> Date: Saturday, August 22, 1998 9:23 PM
>> Subject: Re: Weekly Pick
>>
>> >Jim,
>> >
>> >Thanks for your opinion and strategy.
>> >
>> >But I don't think we have seen the bottom of this correction yet.
>> >
>> >For the Dutch stock market the advance/decline and call/put-ratio
>> give more
>> >bad news for the near future...
>> >
>> >DJIA support 8300, when broken: price target 7300
(head&shoulder)
>> >S&P500 support 1060, when broken: price target 940
(head&shoulder)
>> >AEX support 1120, when broken: price target 920
(head&shoulder)
>> >
>> >Onno
>> >
>> >
>> >At 14:55 22-8-98 -0400, you wrote:
>> >>All,
>> >> A choppy week for the market in which my portfolio dropped a
>> >>little. However, I wasn't stopped out of any positions and now
have
>> >>AOL, BBY, DELL, INTC, and SMOD stock, CPQ LEAP calls, and about
30%
>> >>cash. Also, the market action reinforced my thoughts that we
have
>> >>seen the market low for a while. The Dow Jones Industrial
Average
>> >>(DJIA), for example, is typical of the indices that I watch. It
>> >>dropped Friday to test the 8/5 and 8/11 lows and they held. In
fact
>> ,
>> >>it spiked through the bottom of the long term channel interday
only
>> to
>> >>pull back and close well above the bottom of the channel. That's
>> >>another indication that we have seen the lows for this
correction.
>> >>However, to play it safe, I'm going to stick with the large cap
>> market
>> >>leaders again this week. I may begin to add some small cap spice
>> next
>> >>week if we have a good week in the market. This week I'm going
to
>> >>move to the Drug & Pharmaceutical group and pick Warner-Lambert
>> >>Company (WLA).
>> >> WLA at 71.8125 is in an Intermediate Term Up Trend Channel
>> >>(ITUTC) with the top at 90 1/8 and the bottom at 69. It's
another
>> >>momentum play that hit an all time high of 85.9375 on 7/20/98.
It
>> >>then pulled back to a low of 68.5 on 8/4/98 and has essentially
>> moved
>> >>sideways from there, getting close to the bottom of its ITUTC and
>> >>breaking out of its short term down trend channel Wednesday. It
may
>> >>still move down a little more to touch the bottom of the ITUTC,
but
>> it
>> >>also may not and this looks like a good entry point to me. The
>> >>PDI-MDI and directional movement indictors look like they are
trying
>> >>to signal the start of a new short term up trend. The
fundamentals
>> >>are OK with the price/sales a little high at 6.27, the
debt/equity
>> >>good at 0.59, 7% insider ownership, good earnings and revenue
>> growth,
>> >>and a pipeline full of new products. I'll open a position
Monday.
>> >>I'll set my target just under the top of the ITUTC at 90 and my
stop
>> >>just under the bottom of the ITUTC at 68 3/4. I'll move the stop
up
>> >>to under the bottom of the short term up trend channel just as
soon
>> as
>> >>it forms <G>.
>> >>
>> >>Jim
>> >>
>> >>
>> >>
>> >>
>> >>
>> >>
>> >>
>> >
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