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All,
I canceled my WMT buy stop since it closed below the channel and I'm no
longer interested in it. However, I'm still way over 50% cash with stock
positions in CPU, FLC, IOM, and SCH along with LEAP calls on DELL and ABT.
I think it's time to start converting that cash back into large cap stock
positions. I'm going to use the strategy I described in the weekly pick
where I try to catch stocks bouncing up off the bottom of up trend channels
by placing buy stops just above the previous day's high. I'm going to
p[lace good to canceled buy stops on AOL at 134, BBY at 49, and C at 74.
All three spiked below the bottom of their channels this morning, but
reversed this afternoon and closed above the bottom. I'm hoping that's a
sign that the channels will hold.
JimG
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