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Jim,
One other thing if you look at the volume that
started the new rally (which is this one) in the
first part of September. It was on very light
volume.
Harley
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Date: Sat, 03 Oct 1998 22:12:31 -0500
From: Harley Meyer <meyer@xxxxxxxxxxx>
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Subject: Re: Yahoo - Intel May Take Stake In Micron Technology Inc., Reports CMP's Electronic Buyers' News
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Hi Jim,
I wanted to get back to you. I am not a CANSLIM
expert but if it doesn't have the earnings growth
it isn't CANSLIM. Mu by all means doesn't have
that. As far as the chart, I would say that the
cup you are talking about actually ended in the
end of August. The last part of August had a
downturn in price on heavy volume. Now if it had
gone down on light volume then it might of been a
different technical interpretation.
Harley
Jim Greening wrote:
> Harley, Best of luck, hope you're right.
> As I understand the CANSLIM cup, all that's
> required for volume is: 1) that it's lower on
> the left hand side of the cup (march to June )
> 2) higher on the right hand side of the cup
> (July to now), and 3) most importantly, very
> high to confirm the breakout.The breakout hasn't
> occurred yet. For your sake I hope it doesn't
> because it would require a push through the 39
> level on high volume. Jim
>
> -----Original Message-----
> From: Harley Meyer <meyer@xxxxxxxxxxx>
>
> To: metastock@xxxxxxxxxxxxx
> <metastock@xxxxxxxxxxxxx>
> Date: Sunday, September 27, 1998 11:42
> PM
> Subject: Re: Yahoo - Intel May Take
> Stake In Micron Technology Inc.,
> Reports CMP's Electronic Buyers'
> NewsAhh, my good friend Jim,
>
> At the moment I am trying not to feel
> like Homer Simpson. I am worried about
> this MU position and feel that I
> stepped into the short a little early
> based on my trading system. After
> looking at the chart of MU I don't
> think it is in a CANSLIM type of
> breakout. The volume formation is not
> there and my guess is that earnings
> are not there.
>
> As far as the Intel deal I can't see
> it. After doing a little more reading
> by following the links that were in
> the article. I read that as soon as
> the 2nd tier chip makers can get
> ramped up they will create new supply
> in the DRAM market. Also MU and
> Samsung are going to increase
> production. i.e., increased supply.
> The outlook is that DRAM will be a
> commodity. It doesn't make sense that
> Intel would spend money to guarantee
> lower chip prices. When the trend for
> memory is to commodity status.
>
> Lastly MU has been a buyer of
> companies or parts there of.
>
> Like I suggested earlier, I think this
> rumor is a way to push the price up
> because somebody's portfolio is
> suffering with too much MU in it. Same
> thing happened with AMD and IBM.
>
> Now what matters is what people think
> and for now they think that the price
> should go up and my poor butt has
> decided to face the other way. I just
> hope the crowd won't trample me to
> debt (pun intended). I will say that
> MU earning are supposed to be out on
> Monday some time. So I am going to
> wait until earnings come out before I
> make any decisions.
>
> Harley
>
> Jim Greening wrote:
>
> > Harley, That's a rumor that
> > makes a lot of sense to me and
> > you're asking for trouble by
> > fighting the tape. MU is in a Short
> > Term Up Trend Channel (STUTC) and is
> > trying to complete a CANSLIM type
> > cup and handle formation. it could
> > really jump if the rumor becomes
> > true. Jim
>
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