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Guy,
Thanks, I'm sure planning to <G>.
JimG
-----Original Message-----
From: Guy Tann <grt@xxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Monday, April 12, 1999 9:05 PM
Subject: RE: Weekly Pick
>JimG
>
>Have a good vacation. We'll be thinking about you.
>
>Yesterday they announced on the news that it was warmer in Alaska then here
>in So. CA. We're freezing our collective rears off. It's supposed to
start
>warming up this week.
>
>Regards
>
>Guy
>
>
>-----Original Message-----
>From: owner-metastock@xxxxxxxxxxxxx
>[mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Jim Greening
>Sent: Sunday, April 11, 1999 3:44 PM
>To: Metastock
>Subject: Weekly Pick
>
>
>All,
> A busy week with a lot of portfolio changes. I opened a FDX position
>Monday. I was stopped out of NSOL Monday, SCH hit my target Tuesday, and
>both RDC and SLB were stopped out on Wednesday. Finally I opened a C
>position Thursday. Even with all those changes, it was a good week for my
>portfolio.
> We're going on vacation Friday to see my parents in Texas and spend
>some time at the beach on South Padre Island so there won't be a weekly
pick
>the next two weeks. This week I want to add another market leader momentum
>type stock. I narrowed my list to Home Depot (HD), WalMart (WMT) and
>WorldCom (WCOM). I finally decided on HD because they are entering their
>prime spring sales season which I think gives them a little better short
>term potential.
> HD at 67.31 is broke out of a small, month-long cup formation on good
>volume to a new all time high Friday. This is a classic CANSLIM type buy
>signal. It's in a long, intermediate, and short term up trend channel.
The
>Intermediate Term Up Trend Channel (ITUTC) is a Trader Vic type channel
with
>the bottom formed from the 10/8/98 low to the 4/5/99 low and extended to
the
>right. The top of the ITUTC was made by drawing a parallel line through
the
>12/30/98 high. The top of the ITUTC is at 78.32 and the bottom is at 61.
I
>drew a standard deviation Short Term Up Trend Channel (STUTC) from the
>4/5/99 low to Friday's high and the bottom with a deviation of 1 is at 65.
>The Binary Wave Composite is barely positive and flat, the QStick is more
>positive and rising slightly rising. That's bullish, but not strongly
>bullish. The fundamentals are good with the price/sales 3.48, debt/equity
>at 0.16, ROE at 19.4%, 25% annual sales growth and 35% annual earnings
>growth. I'll open a position Monday. I'll set my target just under the
top
>of the ITUTC at 78 and my stop just under the bottom of the STUTC at 64
3/4.
> Speaking of targets, I'm thinking about changing my system slightly.
>The last several stocks that I've closed when they hit their targets have
>gone on to much higher levels. They have either gone on up by paralleling
>the top of their channel or have broken out of their channel to set new
>steeper channels. I want to take a profit near the target if the stock
does
>turn down, but still allow it to run if it continues higher. What I'm
>thinking about is instead of closing the position, I'll just tightening my
>stop to a trailing three day low and stay in the position until the stop is
>hit. If the stock does go on to set a new steeper up trend channel, I'll
>eventually revert to a target and stop based on the new channel. Any
>comments?
>
>JimG
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