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All,
My portfolio showed signs of life today, but I was stopped out of MDM
and FNM. The oil patch is once again showing signs of maybe having bottomed
and I'm going to open a position in Schlumberger Ltd. (SLB) tomorrow in case
the oils do start to run. SLB looks like it bottomed in early Dec98, then
rose to break out of Its Intermediate Term Down Trend Channel (ITDTC) in
early Jan99. It then moved sideways in small CANSLIM type cup formation
which it broke out of today. It's about 15 points below the top of its Long
term Down trend Channel at 71 3/8. I'm going to play it for at least a run
to 71 and maybe a breakout. I'll open a position tomorrow. I'll set my
stop at 48 3/4 which is just under the bottom of a standard deviation Short
Term Up Trend Channel with the deviation set at 1 from the 12/4/98 low to
today's high.
JimG
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